A report published September 29, 2026, put Anthropic’s second-quarter revenue at $11.5 billion and said the company was on course for a second consecutive quarter of adjusted operating profit. Figures attributed to a confidential IPO prospectus in reporting published September 28 put Anthropic’s fiscal 2025 net loss at about $42 billion, including an approximately $34 billion accounting charge tied to financing that could convert into shares. The reported operating loss was $8.06 billion.
What the reported net loss includes
The approximately $34 billion charge reflected an increase in the estimated value of financing that could eventually convert into Anthropic shares. It was included in the reported net loss. The $8.06 billion operating loss is a separate measure: Anthropic’s reported operating loss was $2.98 billion in fiscal 2024.
Revenue, compute costs and infrastructure obligations
| Measure | Reported amount | Period or scope |
| Revenue | Nearly $4.6 billion | Fiscal 2025; about 12 times fiscal 2024 revenue |
| Net loss | About $42 billion | Fiscal 2025; includes an approximately $34 billion accounting charge |
| Operating loss | $8.06 billion in 2025; $2.98 billion in 2024 | Fiscal-year comparison |
| Compute and infrastructure costs | $7.33 billion | Fiscal 2025; reported at three times the 2024 level |
| Cloud, computing and infrastructure obligations | $518 billion | Over the coming years |
| Revenue from two customers | Nearly one-quarter | Share of fiscal 2025 revenue |
Nearly one-quarter of Anthropic’s fiscal 2025 revenue reportedly came from two customers. Many large customers reportedly lacked long-term commitments.
