Anthropic filing exposes $42 billion loss and concentration

Anthropic’s confidential initial public offering prospectus has revealed a nearly $42 billion net loss for 2025 despite revenue of about $4.6 billion, alongside heavy dependence on two customers that each supplied 12% of annual sales.

The disclosures offer the clearest financial picture yet of the Claude developer as it prepares for a possible stock-market listing. Revenue expanded roughly twelvefold from 2024, but the company’s operating loss widened to more than $8 billion as spending on computing capacity, infrastructure and model development accelerated sharply.

The headline net loss substantially exceeds the operating deficit because roughly $34 billion arose from a non-cash accounting charge linked to the revaluation of financial instruments that may convert into shares. Anthropic’s underlying operating loss was about $8.06 billion, compared with approximately $2.98 billion a year earlier.

Computing and infrastructure costs reached $7.33 billion during 2025, accounting for more than half of total operating expenses of $12.65 billion. The scale of those costs illustrates the capital requirements facing developers of frontier artificial-intelligence systems as they train increasingly sophisticated models and provide computing capacity for rapidly expanding customer usage.

Customer concentration emerged as another significant disclosure. Two unnamed customers each generated about 12% of Anthropic’s 2025 revenue, meaning almost one-quarter of sales depended on two clients. The prospectus also warns that many of the company’s largest customers are not committed under long-term contracts and can reduce or stop spending.

Anthropic also relies heavily on large technology groups that simultaneously act as investors, infrastructure suppliers, distribution partners and, in some areas, competitors. About 47% of its 2025 revenue, equivalent to roughly $2.16 billion, was routed through the cloud marketplaces operated by Amazon and Google.

Those platforms collected approximately $351 million in distribution fees from Anthropic during the year. Sales routed through Amazon and Google have grown rapidly as a proportion of the business, rising from 11% of revenue in 2023 to 32% in 2024 before approaching half of revenue last year.

Most of Anthropic’s sales are generated through consumption-based payments for use of Claude. About $3.8 billion of 2025 revenue came from customers paying according to usage, while subscriptions contributed approximately $789 million. The company expects consumption-based revenue to remain the substantial majority of its sales.

The filing also underscores the enormous infrastructure commitments required to support Anthropic’s expansion. The company plans at least $518 billion of cloud, computing and infrastructure spending over the coming decade, much of it through long-term agreements. Roughly 80% of those commitments are binding regardless of actual usage.

Long-term computing commitments include major agreements with Google, Amazon and Microsoft, while Anthropic is also securing dedicated capacity from other suppliers. The company has said access to large cloud platforms allows Claude to reach established corporate customers at a scale that would be difficult to reproduce independently.

Anthropic ended 2025 with $20.28 billion in cash, cash equivalents and short-term investments, providing substantial liquidity against its heavy operating expenditure. Its accounts nevertheless show how rapidly infrastructure requirements increased alongside revenue during the year.

The 2025 figures are already being overtaken by the company’s 2026 growth. Anthropic generated more than $11.5 billion of revenue in the second quarter alone and has told investors it expects positive adjusted operating income for a second consecutive quarter. Adjusted operating profitability, however, is not directly comparable with the net-loss figure reported under standard accounting rules.

Anthropic confidentially submitted its draft Form S-1 registration statement to the US Securities and Exchange Commission on June 1. The company said at the time that the filing gave it the option to pursue an IPO after regulatory review, subject to market conditions and other factors.

The number of shares to be offered and the proposed price have not been set. Investors have discussed valuations exceeding $2 trillion, although the ultimate valuation will depend on the offering terms and market conditions when Anthropic proceeds.