Anthropic’s confidential IPO prospectus sets nearly $4.6 billion in 2025 revenue against a $42 billion net loss. But about $34 billion of that loss came from an accounting charge, according to Reuters. The prospectus also outlines at least $518 billion in infrastructure commitments over the next decade.

The headline loss is not the same as cash spent on operations. The longer-term test is whether Anthropic can support its infrastructure commitments with revenue that may not all be secure.

The loss needs context

Revenue grew 12-fold in 2025, Reuters reported on September 28. Anthropic also recorded an operating loss of more than $8 billion. It spent $7.33 billion on computing and infrastructure, more than half of its $12.65 billion in operating expenses.

About $34 billion of the $42 billion net loss came from an accounting charge tied to financing instruments. Their value rose as they could eventually convert into company shares, Reuters reported in its review of the prospectus. That charge helps explain why the net loss was far larger than the operating loss.

A decade of infrastructure commitments

In a separate report on September 29, Reuters said Anthropic expects at least $518 billion in infrastructure commitments with six partners over the next decade. About 80% of the total is either non-cancelable or payable regardless of how much capacity the company uses.

The prospectus lists these obligations:

  • At least $111.1 billion to Google
  • $110 billion to Amazon
  • $31.4 billion to Microsoft
  • About $161.2 billion in largely non-cancelable equipment leases tied to Broadcom

These commitments make computing capacity a long-term financial bet, not just a cost that rises and falls with usage.

What investors will weigh

Nearly a quarter of Anthropic’s 2025 revenue came from two customers, according to the prospectus. It also warns that many large clients can reduce or stop spending because they do not have long-term contracts. That leaves the company facing substantial infrastructure commitments while some customer revenue may be less secure.

Anthropic held $20.28 billion in cash, cash equivalents and short-term investments at the end of 2025, Reuters reported. The planned public offering could value the company above $2 trillion, but that is an expected target, not a completed market valuation.

Reuters’ reports point to the central trade-off for investors: strong revenue growth and substantial cash reserves, alongside operating losses, customer concentration and years of costly infrastructure commitments.

Reuters reported on the confidential prospectus on September 28 and detailed the infrastructure commitments on September 29, 2026.