A leaked IPO prospectus is giving investors the first detailed view of Anthropic’s finances ahead of an upcoming public listing. The company is burning cash—losing $42 billion last year—while bringing in $4.6 billion in revenue, according to the leaked filing reviewed by Reuters. The filing shows how quickly the Claude maker has grown but also how much the lab is spending to keep up in the race to build increasingly powerful AI systems. Revenue rose 1,088% in 2025, while its operating loss widened to $8.06 billion from $2.98 billion a year earlier. Anthropic also spent $7.33 billion on computing and infrastructure last year, up threefold from 2024. The company had been rapidly trying to secure more compute after products like Claude Code spurred a sudden growth in users and Anthropic suffered from a compute crunch. According to the prospectus, it has also committed to $518 billion in future cloud, computing, and infrastructure obligations. Amazon and Google have invested billions in Anthropic and supply much of the cloud infrastructure it uses to train and run Claude. Anthropic has also struck computing deals with SpaceX and smaller providers as it tries to secure the capacity needed for future models. Read more [paywall removed for Redditors]: https://fortune.com/2026/09/29/anthropic-leaked-ipo-prospectus-losses-growth-ai-end-humanity/ submitted by /u/fortune
Originally posted by u/fortune on r/ArtificialInteligence