Anthropic's IPO filing: revenue up twelvefold, a $42 billion loss, and a warning about humanity
The prospectus seen by Reuters and the Financial Times shows $4.6 billion in sales last year. Most of the loss is an accounting charge, and the seven founders keep control through a single share.
Anthropic, the maker of the Claude models, made $4.59 billion in revenue in 2025, up from $386 million a year earlier. Its operating loss widened from $2.98 billion to $8.06 billion, and its net loss under US accounting rules came to $41.97 billion, against $8.31 billion in 2024. Roughly $34 billion of that is a paper charge on convertible financing. Spending on computing and infrastructure tripled to $7.33 billion, and the company lists $518 billion in future cloud and compute obligations. It ended the year with $20.3 billion in cash and short-term investments.
The filing also shows how concentrated the business is: two customers each brought in about 12% of revenue. VentureBeat names them as the coding tools Cursor and Microsoft's GitHub Copilot, heise notes, so both now belong to rivals. TechCrunch reports the company is on track for a second straight quarter of operating profit on an adjusted basis this year.
Almost a third of the document is risk factors, the FT says, including manipulation, blackmail and unpredictable behaviour by AI. Control stays with a new "Founder LLC" of the seven co-founders, among them chief executive Dario Amodei and president Daniela Amodei. By majority vote they cast one Class F share that carries 50.1% of the vote on major decisions, such as choosing some board members. The company stays a public benefit corporation, and the founders pledge 80% of their equity to charity.
Anthropic is aiming for a valuation above $2 trillion. heise reports it could raise as much as $100 billion, beating SpaceX's $86 billion and Saudi Aramco's $29 billion in 2019. The listing is now expected after the US midterm elections in November.