Anthropic’s IPO filing reveals massive growth plans, huge losses and soaring compute bills

The useful part

Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters. Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, according to the prospectus. The prospectus details how the company has grown sharply in the last year — while also posting wider losses.

How it works

• These reports have broken into the wider public sphere, igniting fears over how companies can keep the increasingly powerful systems under control as they race to deploy them commercially.
• Anthropic had cash, cash equivalents and short-term investments totaling $20.28 billion as of December 31, the prospectus shows.
• Anthropic's debut would follow SpaceX's recent blockbuster IPO that valued Elon Musk's company at $1.77 trillion.
• Anthropic was founded by researchers who left its rival after disagreements over governance and AI safety.
• Anthropic's IPO prospectus shows sweeping AI vision, surging costs.

What to take from it

Anthropic CEO Dario Amodei has called for the global AI community to slow the pace of releasing new capabilities to address those concerns. Still, Anthropic rolled out its new Opus 5.5 model last week to counter OpenAI's momentum since its launch of GPT-6 Astra, ahead of its own expected IPO. Anthropic's public market debut is likely to be pushed to after the November US midterm elections, Reuters previously reported, citing sources.

Example or evidence

• It also competes with SpaceX's xAI, Alphabet's Google and Meta to build out AI infrastructure.
• A $2 TRILLION VALUATION EXPECTED Anthropic's expected valuation target is more than double its own estimated valuation of $965 billion in May.
• That company's shares surged 19 per cent in their June 12 debut to $160, but currently trade at around $147.
• That performance could give investors pause as they assess the still-lofty valuations for high-growth companies.

Details worth keeping

REUTERS/Carlos Barria 29 Sep 2026 07:17AM (Updated: 30 Sep 2026 12:23AM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Get bite-sized news via a new cards interface. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, according to the documents, reported here for the first time.

Related coverage

• Koreatimes: Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters.
• Investinglive: A listing at the reported scale would set the first public-market benchmark for a pure-play AI lab, so the prospectus numbers are likely to be read across AI and chip stocks, which have sold off recently.
• Cryptobriefing: Anthropic's IPO could redefine AI market dynamics, influencing future public listings and testing investor appetite amid regulatory uncertainties.
• Fortune: Anthropic's leaked IPO prospectus offers a closer look at the cost of building frontier AI.