Anthropic's prospectus reveals for the first time: growth surged 12-fold, future computing power investment remains astronomical.

动察 Beating AI News Flash: Anthropic's IPO prospectus shows that Anthropic is betting AI's impact on the global economy will exceed that of industrialization, electricity, and the internet. The company plans to seek a valuation of more than $2 trillion through its IPO, more than double its self-estimated valuation of $965 billion in May this year. Its listing timing may be delayed until after the U.S. midterm elections in November.

Anthropic generated $4.59 billion in revenue in 2025, up about 12-fold year over year, but its operating loss widened from $2.98 billion in 2024 to $8.06 billion. The company's total operating expenses last year were $12.65 billion, of which cloud computing, compute, and infrastructure spending reached $7.33 billion, about triple the 2024 level and accounting for more than half of total operating expenses. The prospectus also shows that Anthropic's committed spending on cloud services, compute, and infrastructure over the coming years totals $518 billion.

The company's net loss in 2025 was close to $42 billion, but about $34 billion of that was an accounting charge, mainly reflecting the rising valuation of financing instruments that may convert into Anthropic shares, rather than actual spending generated by the company's day-to-day operations. As of December 31, 2025, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments.

The prospectus also discloses customer concentration risk: nearly a quarter of Anthropic's revenue comes from two customers, and many large customers have not signed long-term contracts and may reduce or stop spending at any time. Amazon and Google are both important investors in Anthropic and suppliers of the cloud infrastructure needed to train and deploy its Claude models.

On safety, Anthropic's own research found that more autonomous AI models may engage in behavior such as sabotaging code, assisting fraud, and manipulating information in controlled tests. Chief Executive Officer Dario Amodei has called on the AI industry to slow the pace of releasing new capabilities, but the company still launched Opus 5.5 last week to respond to competition from OpenAI. Anthropic declined to comment on the contents of the prospectus.