Anthropic PBC’s revenue and losses grew significantly last year, while its cloud spending is on track to top $500 billion over the next decade.

The newly published financial information comes from the company’s confidential S-1 filing. The document, which outlines Anthropic’s plans to go public, was prepared in June. Reuters and the Financial Times published details from the filing late Monday.

Anthropic’s revenue ballooned from $400 million in 2024 to $4.6 billion last year. According to the Financial Times, the company experienced even faster growth in the first half of this year. Its sales reached $11.5 billion in the second quarter alone.

Anthropic is spending heavily to maintain its growth. It logged a massive $42 billion net loss last year, which represents a more than fivefold increase from 2024. That figure includes a $34 billion accounting charge related to the funding that Anthropic has raised from investors.

The company’s operating loss, a metric that only includes its spending on business operations, reached $8 billion in 2025. Computing infrastructure costs accounted for more than 91% of that sum.

Its bottom line appears to have improved over the past few months. The Financial Times reported that the company is on track to close the current quarter with an adjusted operating profit. However, maintaining that financial posture may prove difficult going forward.

Anthropic plans to spend $518 billion on computing infrastructure over the next decade. According to Reuters, 80% of the sum is tied to contracts that either can’t be canceled or require the company to pay for the allocated infrastructure even if it goes unused. 

Nearly half of Anthropic’s cloud budget will go to Amazon Web Services Inc., Microsoft Corp. and Google LLC. Additionally, the company has about $161.2 billion worth of equipment lease contracts with Broadcom Inc. In April, the chipmaker partnered with Google to provide several gigawatts of TPU capacity to Anthropic. TPUs are custom artificial intelligence accelerators that the search giant develops in collaboration with Broadcom.

Anthropic’s steep spending commitments are only one focus of its prospectus’ “Risk Factors” section, which runs for no fewer than 80 pages. It also includes a lengthy discussion of the company’s AI safety concerns.

The filing warns that advanced AI models could pose “catastrophic or existential risks to humanity.” Anthropic plans to inform investors that such algorithms may demonstrate “self-preserving behaviors,” “conceal or manipulate information” and engage in behavior “resembling blackmail.” The prospectus adds that the company’s ongoing product development efforts “could further increase the risk that our models cause harm.”

Anthropic reportedly hopes to go public in November at a valuation of $2 trillion or more. The offering is expected to fetch as much as $100 billion. Nvidia Corp., which invested $10 billion in Anthropic last November, could reportedly join the IPO as an anchor investor.

Image: Anthropic