Figures attributed to a confidential Anthropic IPO prospectus put the company’s 2025 revenue at nearly $4.6 billion and its net loss at about $42 billion. Anthropic reportedly submitted a confidential draft Form S-1 to the U.S. Securities and Exchange Commission in June 2026.
What the reported Anthropic prospectus figures show
The reported figures describe a fast-growing business with substantial operating costs. Anthropic’s 2025 revenue was nearly 12 times its level the year before, while spending on compute and infrastructure reached $7.33 billion.
What sits behind the reported loss
Nearly $34 billion of the reported $42 billion net loss was a noncash accounting charge associated with financing instruments convertible into shares. The reported operating loss was a separate measure: $8.06 billion.
| 2025 measure | Reported figure | Scope |
| Revenue | Nearly $4.6 billion | Annual revenue; about 12 times the prior year |
| Net loss | About $42 billion | Total reported loss |
| Noncash accounting charge | Nearly $34 billion | Associated with financing instruments convertible into shares |
| Operating loss | $8.06 billion | Operating result |
| Operating expenses | $12.65 billion | Total operating expenses |
| Compute and infrastructure spending | $7.33 billion | Reported at three times the 2024 level |
Where Anthropic’s reported 2025 revenue came from
Claude usage reportedly generated about $3.8 billion in 2025, while subscriptions accounted for $789 million. Separately, sales through Amazon and Google cloud marketplaces made up a reported 47% of annual revenue, or about $2.16 billion.
| Year | Share of revenue through Amazon and Google cloud marketplaces |
| 2023 | 11% |
| 2024 | 32% |
| 2025 | 47% |
Two unnamed customers reportedly accounted for nearly one-quarter of 2025 revenue. That is a customer-concentration measure; the percentages in the table describe sales through marketplace channels.
Reported AI risks and the possible IPO
The prospectus reportedly warns that advanced AI could pose catastrophic or existential risks to humanity. It also describes possible behaviors such as self-preservation, resisting shutdown, concealing or manipulating information, and actions resembling blackmail. These are framed as potential risks.
A reported valuation target for Anthropic’s possible IPO exceeds $2 trillion. The company’s reported private valuation in May 2026 was $965 billion. Anthropic had not completed an IPO as of September 30, 2026.
