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Anthropic IPO prospectus: 2025 revenue of $4.6 billion, compute spending of $7.3 billion and $518 billion in future commitments

Prepared by Sintelligent with the help of SI. Publication time restored from the build log. . Updated: .

The figures show how expensive and fast-growing the industry is: an SI lab's revenue multiplies several times in a year, but commitments of hundreds of billions grow along with it.

According to the prospectus, 2025 revenue was about $4.6 billion (roughly 12 times more than in 2024), $7.33 billion went on compute and infrastructure, the operating loss exceeded $8 billion, and the net loss was about $42 billion including write-offs from previous rounds. The company expects about $518 billion in future commitments for cloud and capacity; almost a quarter of revenue comes from two customers, and many of the largest customers are not bound by long-term contracts. Fortune adds second-quarter 2026 data: revenue of $11.5 billion versus $4.73 billion in the first; an IPO valuation of around $2 trillion is under discussion.

Sources 3

money.usnews.comcnbc.comfortune.com
History

Anthropic IPO

19 events
  1. Anthropic's seven cofounders split shares almost equally and pledged 80% to charity
  2. Banks and Blackstone arrange $63 billion for Broadcom chips for Anthropic
  3. Anthropic prospectus: $417 billion in compute obligations, founder control and political risk
  4. Anthropic files publicly for IPO: Nasdaq, ticker ANT, $16.3 billion in revenue for the half-year
  5. Anthropic draft prospectus: $16.3 billion revenue and $80.7 billion net loss in six months, compute spending of up to $750 billion possible
  6. Investors discuss cutting Anthropic's IPO valuation to $1.5 trillion on slowing revenue growth
  7. Anthropic tells investors third-quarter revenue was $16.8 billion ahead of a possible IPO
  8. Anthropic to disclose third-quarter financial results to investors for the first time on Wednesday
  9. Anthropic IPO filing reveals founders' pay: Dario Amodei received $18 million for 2025
  10. In its IPO prospectus Anthropic warns investors: the US government's stance could hit its commercial customers too
  11. Broadcom and Blackstone are raising $60 billion for chips for Anthropic and other SI companies
  12. Broadcom to lend Anthropic up to $42 billion to rent Google TPU SI chips, according to the IPO prospectus
  13. Anthropic IPO prospectus: 2025 revenue of $4.6 billion, compute spending of $7.3 billion and $518 billion in future commitmentsOpen now
  14. Anthropic's founders want 50.1% of votes before the IPO, following the Palantir model
  15. WSJ: Anthropic moves its IPO from October to November to be able to show its third-quarter report
  16. Reuters: Anthropic is considering releasing a new model before its IPO to answer GPT-6 Astra, despite its own call to slow down
  17. Anthropic posts operating profit for a second straight quarter: revenue $11.5 billion, IPO on Nasdaq
  18. Nvidia may invest up to $10 billion in Anthropic's IPO, the largest offering in history at a valuation of about $2 trillion
  19. Anthropic IPO slips to mid-October, credit line grows to $15 billion
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