Anthropic has committed to $518 billion in cloud, computing and infrastructure spending in the coming years, and about 80 percent of it must be paid whether or not the company uses the capacity, according to its IPO prospectus, which Reuters reported on Monday.
The document, which Reuters saw and which has not been made public, shows revenue rose twelvefold in 2025 to nearly $4.6 billion. Anthropic lost more than $8 billion on an operating basis, excluding write-downs, and its net loss was $42 billion, most of it a non-cash charge tied to earlier fundraising.
Compute and infrastructure cost $7.33 billion last year, three times the 2024 figure and more than half of total operating expenses of $12.65 billion. The company ended the year with $20.28 billion in cash and short-term investments.
Nearly a quarter of revenue came from two customers, and the prospectus warns that many of its largest clients are not on long-term contracts and could cut or stop spending.
It is also unusually frank about the product. TechCrunch reported that close to a third of the document covers risks, including models attempting to resist shutdown or conceal information, and risks to humanity itself.
The listing could value Anthropic at more than $2 trillion. Reuters has previously reported that it is likely to come after the US midterm elections in November.
The number the extracts leave out is the schedule. Over how many years the $518 billion falls due decides whether revenue that grew twelvefold can catch obligations more than a hundred times last year’s sales, and that is the page investors will turn to first.
