Anthropic Files for IPO with $42B Loss and $518B Spending Plans

Anthropic's IPO prospectus shows a $42 billion net loss in 2025 and $518 billion in cloud, computing and infrastructure commitments over the coming year. Revenue surged 12-fold to nearly $4.6 billion. Operating losses exceeded $8 billion. The company spent $7.33 billion on computing and infrastructure, three times 2024 levels, within $12.65 billion in total operating expenses. About $34 billion of the net loss was an accounting charge tied to convertible financing value. Cash, cash equivalents and short-term investments stood at $20.28 billion as of December 31. A potential IPO valuation above $2 trillion would more than double the May 2026 private valuation of $965 billion. The filing lists co-founder Dario Amodei as CEO and outlines executive, board and trustee roles. Nearly a quarter of 2025 revenue came from two customers; the company warned many major clients lack long-term contracts and could cut spending. The IPO is expected after U.S. midterm elections in November. Anthropic unveiled Opus 5.5 last week. In August a U.S. judge blocked its temporary addition to a Pentagon restricted list. SpaceX's IPO began trading June 12.