Anthropic IPO Filing Reveals $42 Billion Net Loss in 2025, Reuters Reports

Anthropic posted a net loss of $42 billion in 2025 and plans to spend “$518 billion on cloud, computing and infrastructure obligations in coming years,” Reuters reported on September 28, 2026, citing an IPO prospectus it said it had seen. Anthropic declined to comment, Reuters said.

The 2025 net loss included a roughly $34 billion accounting charge reflecting an increase in the estimated value of financing that could eventually become Anthropic shares, rather than money spent running the business, according to Reuters. Operating loss widened to $8.06 billion in 2025 from $2.98 billion in 2024, while revenue grew twelvefold to nearly $4.6 billion, Reuters reported.

Reuters reported that Anthropic spent $7.33 billion on compute and infrastructure in 2025, triple its 2024 level, that nearly a quarter of 2025 revenue came from two customers, and that the prospectus’s risk factors warn many of its largest clients are not locked into long-term contracts.

Reuters reported the public sale could value Anthropic at more than $2 trillion, more than double the $965 billion valuation Anthropic announced in May 2026, and that the debut is likely to be pushed until after the November 2026 US midterm elections, as Reuters previously reported, citing sources.

Anthropic’s 2026 Funding Rounds

On February 12, 2026, Anthropic announced a $30 billion Series G at a $380 billion post-money valuation, led by GIC and Coatue. The company said at the time that its run-rate revenue was $14 billion, that more than 500 business customers were each spending over $1 million on an annualized basis, that eight of the Fortune 10 were Claude customers, and that Claude Code’s run-rate revenue had grown to over $2.5 billion.

On May 28, 2026, Anthropic announced a $65 billion Series H at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, and said its run-rate revenue had crossed $47 billion earlier that month. The company said the round included $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon, and added Micron, Samsung, and SK hynix as strategic infrastructure partners. Anthropic said the funding was expected to advance its safety and interpretability research, expand compute to meet demand for Claude, and scale its products and partnerships.

2026 Compute Commitments

Across spring 2026, Anthropic announced a series of compute agreements. On April 6, 2026, it announced an expanded agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity it expects to come online starting in 2027, saying the vast majority of the new compute would be sited in the United States, making the partnership a major expansion of its November 2025 commitment to invest $50 billion in American computing infrastructure. In that announcement, Anthropic said its run-rate revenue had surpassed $30 billion, up from approximately $9 billion at the end of 2025, and that customers each spending over $1 million on an annualized basis exceeded 1,000.

On April 20, 2026, Anthropic announced an expanded agreement with Amazon securing up to 5 gigawatts of new capacity and committing more than $100 billion to AWS technologies over ten years, with nearly 1 gigawatt of Trainium2 and Trainium3 capacity expected online by the end of 2026. Amazon invested $5 billion that day, with up to $20 billion more in the future, on top of $8 billion previously invested. Anthropic said it uses over one million Trainium2 chips, that more than 100,000 customers run Claude on Amazon Bedrock, and that AWS remains its primary cloud provider and training partner.

On May 6, 2026, Anthropic announced an agreement with SpaceX to use all compute capacity at the Colossus 1 data center, which it said would provide more than 300 megawatts of new capacity, over 220,000 NVIDIA GPUs, within the month. Anthropic said it had also expressed interest in partnering with SpaceX to develop multiple gigawatts of orbital AI compute capacity. The announcement recapped Anthropic’s strategic partnership with Microsoft and NVIDIA, which includes $30 billion of Azure capacity, and its $50 billion investment in US AI infrastructure with Fluidstack.

September 2026 Model Releases

On September 22, 2026, Anthropic introduced Claude Opus 5.5, the first model in its Claude 5.5 family. Anthropic said the model costs 40% less to run than Opus 5, with input and output tokens priced at $4 and $20 per million, and that it was tested before release by external evaluators including Frontier Design and METR. Anthropic said Opus 5.5 deploys with cybersecurity, biology, and anti-distillation safeguards and is available on all its platforms, including Amazon Web Services, Google Cloud, and Microsoft Azure.

On September 28, 2026, Anthropic introduced Claude Sonnet 5.5, the second model in the Claude 5.5 family, at unchanged Sonnet 5 pricing of $2 per million input tokens and $10 per million output tokens. Anthropic said Sonnet 5.5 generates output more than 30% faster than Sonnet 5 and is the first Sonnet model to launch with cybersecurity safeguards. Anthropic said Claude Haiku 5.5, built for high-volume and cost-sensitive applications, will join the Claude 5.5 family in the coming weeks.