Reuters reviewed the Anthropic IPO prospectus.

Revenue grew 12-fold, while compute spending nearly tripled from $2.5B in 2024 and accounted for more than half of $12.65B in operating expenses.

Those expenses left an operating loss of $8.06B, widening from $2.98B a year earlier.

The nearly $42B net loss mostly reflects a roughly $34B charge from revaluing financing that could convert into shares, not money spent running the business.

Sales have since surged, with preliminary second-quarter revenue above $11.5B, more than double all of 2025, and adjusted operating income positive.

Anthropic spent $7.33B on compute and infrastructure last year, more than the nearly $4.6B it booked as revenue.

On that trajectory, the IPO could value Anthropic at more than $2T, over double the $965B post-money valuation of its May funding round.