Anthropic's Leaked IPO Filing Shows a $42 Billion Loss and $518 Billion in Spending Commitments

Anthropic's confidential filing for a stock market debut shows a company growing at extraordinary speed while losing money on a scale few businesses have ever matched, according to details of the prospectus reported by Reuters this week. The AI lab reported roughly $4.6 billion in revenue for 2025 and a net loss of about $42 billion.

Revenue rose 1,088% during the year, the documents show. The operating loss widened to about $8.06 billion from $2.98 billion the year before. Anthropic spent $7.33 billion on computing last year, roughly triple the prior year's figure, and held $20.28 billion in cash and short-term investments at the end of December.

The biggest number is the future bill. Anthropic expects to spend at least $518 billion over about a decade on cloud, computing and infrastructure with six partners. That includes at least $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft, along with agreements with SpaceX and others. Roughly 80% of the commitments cannot be canceled or must be paid whether or not Anthropic uses the capacity.

The filing also flags a concentration risk. Two customers accounted for nearly a quarter of 2025 revenue, and neither is locked in by a long-term contract. The company is reportedly targeting a valuation above $2 trillion in the offering.

In its risk section, Anthropic warns that increasingly capable and autonomous AI systems could create "catastrophic or existential risks to humanity," including by behaving unpredictably, opening security holes, enabling fraud or manipulating information. Anthropic was founded by former OpenAI employees and presents itself as a safety-focused developer, and the language sits awkwardly beside the scale of its build-out.

The company filed confidentially with the Securities and Exchange Commission in June, and the paperwork has not been made public. Companies preparing to list can keep their numbers private until shortly before an offering, which is why the leak drew such attention.

Markets reacted to the report. It surfaced on a day when investors were already nervous about rising Treasury yields, and it added to debate over whether the money flowing into AI infrastructure can ever be earned back. SpaceX's stock rose about 3% after reports that the filing shows roughly $84.5 billion in compute agreements with the company.

The scale of the losses is the story for many investors. A company that lost $42 billion on $4.6 billion of revenue is betting that demand for its models will keep compounding fast enough to cover fixed obligations that stretch years into the future. The leak gives the public an unusually detailed early look at those bets before the company has to defend them in a formal roadshow.