Financial Results Show Explosive Growth and Deep Losses

Anthropic generated $4.59 billion in revenue in fiscal 2025, a roughly twelvefold increase from $386 million the prior year. The surge came as the developer of the Claude family of AI models expanded its commercial operations. Operating losses widened to $8.06 billion from $2.98 billion a year earlier, while total operating expenses reached $12.65 billion.

Computing and infrastructure costs alone totaled $7.33 billion, representing 58 percent of operating expenses and about 1.6 times annual revenue. The company’s net loss approached $42 billion. Roughly $34 billion of that figure consisted of non-cash accounting charges linked to changes in the value of financing instruments that may convert into equity. At year-end, Anthropic held $20.28 billion in cash, cash equivalents and short-term investments.

Two customers each accounted for 12 percent of 2025 revenue, or 24 percent combined. The company noted that many of its largest customers lack long-term contracts and could reduce spending. Anthropic projects revenue of about $190 billion to $200 billion in 2028.

Massive Multiyear Infrastructure Obligations

The prospectus outlines approximately $518 billion in multiyear commitments for cloud computing and infrastructure. These obligations span contracts with major providers and do not represent spending planned for any single year. Confirmed arrangements include more than $100 billion with Amazon Web Services over the next decade for up to five gigawatts of capacity, a $50 billion U.S. infrastructure project with Fluidstack covering data centers in Texas and New York expected online through 2026, and multiple gigawatts of Google TPU capacity beginning in 2027. One related agreement calls for payments of $1.25 billion per month through May 2029.

The filing presents the scale of these commitments as part of a broader view that advanced AI will transform the global economy on a larger scale than industrialization, electricity or the internet. Amazon and Google rank among both major investors and key infrastructure partners, tying financing, revenue and computing capacity to a limited group of large technology firms.

Path to Public Markets and Valuation Expectations

Anthropic confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on June 1, 2026. The company has not disclosed the number of shares, offering price or a firm listing timetable. Any public offering remains subject to SEC review, market conditions and other factors.

A listing is widely expected after the November 2026 U.S. midterm elections and could value the company above $2 trillion. That figure more than doubles the $965 billion post-money valuation from Anthropic’s May 2026 Series H financing, in which it raised $65 billion. Prediction markets assign a 56 percent probability to a November IPO and a 76 percent probability to a listing by December 31, 2026.

Pre-IPO perpetual futures contracts, which track an implied valuation rather than actual equity ownership, traded near $1,998 on major exchanges, down about 2 percent over 24 hours. The level implies a roughly $2 trillion valuation under common pricing frameworks. Open interest across the contracts exceeded $100 million, with limited immediate reaction to the spending disclosures.

Governance Structure and Risk Disclosures

Anthropic intends to remain a Delaware Public Benefit Corporation, a structure that requires directors to consider the company’s stated public-benefit mission alongside shareholder interests. Seven co-founders would control a new Founder LLC that directs a special Class F share carrying 50.1 percent of voting power on important matters. The prospectus notes that some governance decisions under this arrangement may conflict with the financial interests of Class A shareholders.

Roughly 80 pages of the main prospectus address risk factors. Among them is the possibility that sufficiently advanced AI systems could create catastrophic or existential risks to humanity, behave unpredictably or become difficult to control. The disclosures present public investors with both the scale of Anthropic’s growth ambitions and the distinctive risks attached to the technology at the center of its business.