Anthropic lost $42 billion in 2025 while revenue grew 12-fold

Anthropic reported its 2025 results in a confidential IPO filing, and Reuters was the first to report it. The company's net loss for 2025 came to about $42 billion on revenue of nearly $4.6 billion, which grew roughly twelve-fold. The filing itself has not been published: in June the company submitted it to the U.S. Securities and Exchange Commission on a confidential basis.

Most of the loss is not tied to current spending. About $34 billion comes from an accounting entry that reflects the rising valuation of funding that can later convert into shares. Excluding it, the operating loss widened to $8.06 billion from $2.98 billion a year earlier. Operating expenses reached $12.65 billion, of which $7.33 billion went to compute and infrastructure, three times more than in 2024.

By the end of 2025 Anthropic had $20.28 billion in cash, cash equivalents and short-term investments. The filing also carries a warning: many of its largest customers are not bound by long-term contracts and may cut or stop spending. Two customers accounted for almost a quarter of revenue, and Reuters does not name them.

A separate section of the document covers infrastructure commitments. Over ten years the company expects to spend at least $518 billion under contracts with six partners, and about 80% of that sum cannot be cancelled without payment. The largest commitments are $111.1 billion to Google, $110 billion to Amazon and $31.4 billion to Microsoft, over terms of seven to ten years.

There are also more flexible arrangements. Deals with Elon Musk's xAI could provide up to $84.5 billion in Nvidia-based capacity through 2029, and most of them can be terminated with 90 days' notice. AMD has committed to buy up to $5 billion of Anthropic shares and to supply more than $20 billion in compute. The filing also lists lease obligations of roughly $161.2 billion tied to Broadcom.

The company is seeking a valuation above $2 trillion, more than double its May valuation of $965 billion. The offering, according to Reuters, is likely to take place after the U.S. midterm elections in November. Seven co-founders will receive 50.1% of the votes through a new entity called Founder LLC.

The 2025 figures describe the position before the current growth. According to CNBC, in the second quarter of 2026 Anthropic's revenue reached $11.5 billion, and the company expects a second consecutive quarter with adjusted operating profit. About 80 of the filing's 261 pages are devoted to risk factors, including a warning about catastrophic or existential risks from advanced AI.

Translation editor: Салтанов А.