Report: Anthropic Lost $42 Billion in 2025, Will Spend $518 Billion in Coming Years

Anthropic is barreling towards an initial public offering (IPO) that will value the AI giant at a staggering $2 trillion. But like OpenAI, the company is hemorrhaging cash at historic levels, with no path to profitability.

Reuters reports that it’s seen the Anthropic IPO prospectus, which sheds some light on why OpenAI recently decided to hold off on its own IPO. The company posted a net loss of $42 billion in 2025 on revenues of just $4.6 billion, which came from just two unnamed companies. And its operating loss, which excludes “liabilities mostly tied to previous fundraising,” was about $8 billion last year.

In case the financial shenanigans aren’t obvious, Reuters notes that $34 billion of that $42 billion loss was tied to “an accounting charge that reflected an increase in the estimated value of financing that could eventually ‌turn into Anthropic ⁠shares, rather than money the company spent running its business.”

Anthropic spent $7.33 billion on “compute and infrastructure” in 2025, but those costs are about to explode thanks to all the circular deals it’s made with others in Big Tech and Big AI. The company plans to spend an astonishing $518 billion in the “coming years” to cover the “cloud, computing, and infrastructure obligations” it accrued during its massive build-up.

Anthropic was valued at $965 billion this past May. Its IPO is expected in late November or December, with OpenAI to follow sometime in early 2027.