Anthropic Lost $42 Billion Last Year. It Wants to Go Public at $2 Trillion — SkimNews
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- Anthropic posted a net loss of nearly $42 billion in 2025 on $4.6 billion in revenue, with about $34 billion tied to non-cash convertible-financing charges and operating losses exceeding $8 billion—up from roughly $3 billion the prior year.
- Anthropic's compute and infrastructure spending tripled to $7.33 billion in 2025, and the company plans roughly $518 billion in cloud and computing outlays in coming years—about 80% non-cancelable—with Google at $111 billion and Amazon at $110 billion of that pipeline.
- Anthropic held $20.28 billion in cash at the end of 2025 and agreed to pay SpaceX $1.25 billion a month through May 2029 for computing capacity, per SpaceX's own IPO filing.
- Anthropic's Q2 2026 revenue topped $11.5 billion—more than double all of 2025—though nearly a quarter of 2025 revenue came from just two customers, most of whom lack long-term contracts.
- Anthropic raised $65 billion in May at a $965 billion valuation, and backers are now pushing for a public-market valuation above $2 trillion after the November midterms; the company confidentially filed a draft prospectus with the SEC on June 1.
- Anthropic's prospectus devotes 80 of its 261 pages to risk factors—longer than the 48 pages on the business itself—warning that increasingly autonomous models may exhibit self-preserving behavior, resist shutdown, sabotage code, and assist fraud.
Why it matters: Against $20.28 billion in cash and $4.6 billion in 2025 revenue, Anthropic is committing to roughly $518 billion in compute contracts—80% non-cancelable—before its IPO, meaning public investors must underwrite both the spending and the existential-risk warning disclosed in the prospectus.
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