Anthropic IPO prospectus reveals $42B loss, $518B spending plans

Anthropic, the AI lab behind Claude, filed a confidential S-1 registration statement with the SEC on June 1, laying the groundwork for what would be the first initial public offering by a frontier AI company. The company recorded a net loss of nearly $42 billion in 2025, roughly five times its $8.3 billion loss in 2024. The cause is straightforward: Anthropic is spending enormous sums on the computing infrastructure required to train and run its AI models. Revenue is surging, but losses are surging faster Anthropic’s revenue trajectory has been explosive. The company hit a quarterly run rate of $11.5 billion by Q2 2026, representing a 14-fold increase year-over-year. Its annualized revenue rate is projected to exceed $100 billion by the end of 2026, up from just $787 million the prior year. Anthropic’s infrastructure commitments are staggering: over $100 billion pledged to AWS across a ten-year span, plus a $15 billion annual agreement with SpaceX running through May 2029. Those two deals alone account for a significant portion of the $518 billion in planned infrastructure spending that the prospectus outlines. A $2 trillion valuation target Anthropic is targeting a public listing ...