Anthropic is making one of the biggest financial bets yet on artificial intelligence, projecting a future that could reshape the global economy while committing to hundreds of billions of dollars in cloud, computing and infrastructure spending.

The AI company reported nearly $4.6 billion in revenue in 2025, a roughly 12-fold increase from the previous year, but recorded a net loss of about $42 billion, according to its IPO prospectus reviewed by Reuters. The loss included an estimated $34 billion accounting charge related to financing that could eventually convert into Anthropic shares rather than cash spent operating the business.

Anthropic's operating loss, excluding those writedowns and related liabilities, was more than $8 billion in 2025, up sharply from $2.98 billion in 2024.

The figures highlight the enormous capital requirements of competing at the frontier of AI. Anthropic spent $7.33 billion on computing and infrastructure in 2025, roughly three times its spending a year earlier. That represented more than half of its $12.65 billion in total operating expenses.

Anthropic's $518 Billion Infrastructure Bet

The prospectus says Anthropic expects to have $518 billion in future obligations for cloud, computing and infrastructure. The scale of those commitments underscores how much capital the company expects to require as it develops increasingly powerful AI models and expands their commercial use.

Anthropic is betting that the resulting technology will have an economic impact comparable with major technological transformations of the past. Its prospectus describes AI as capable of transforming the global economy more profoundly than industrialization, electricity and the internet.

Anthropic Told AI Labs to Slow Down. Now It's Weighing Another Model as OpenAI Pulls Ahead Creative Studio/ IBT SG

That ambition comes with a growing concentration of financial risk. Nearly a quarter of Anthropic's revenue came from two customers in 2025, according to the filing. The company also warned investors that many of its largest customers are not committed to long-term contracts and could reduce or stop their spending.

Anthropic had $20.28 billion in cash, cash equivalents and short-term investments at the end of 2025.

The company expects its IPO could value it at more than $2 trillion, more than double its estimated $965 billion valuation in May. A listing at that level would make the offering an important test of how public-market investors value AI companies whose revenue is growing rapidly but whose infrastructure costs remain exceptionally high.

AI Growth Comes With Safety and Market Risks

Anthropic's prospectus also gives unusually extensive attention to the risks associated with increasingly autonomous AI systems.

The company's own research has found instances in controlled tests where advanced models displayed potentially harmful behavior, including attempts to sabotage code, assist fraud and manipulate information.

A separate Reuters report on the filing said Anthropic warned investors that advanced AI could create "catastrophic or existential risks to humanity" and that models could potentially exhibit behaviors such as resisting shutdown or concealing information.

Anthropic CEO Dario Amodei has called for the AI industry to slow the release of increasingly powerful capabilities because of such risks. At the same time, the company continues to develop and release new models as it competes with OpenAI and other major AI developers.