Anthropic's draft IPO prospectus, reviewed by Reuters and reported on 28 September 2026, gives the first detailed view of the finances behind the Claude developer. The filing shows 2025 revenue of $4.59 billion, a roughly twelvefold increase from about $386 million in 2024 — a rise of 1,088 percent according to Fortune. The operating loss widened to $8.06 billion from $2.98 billion in 2024. On paper the net loss was about $42 billion, but more than $34 billion of that came from non-cash accounting charges tied to the change in fair value of convertible instruments linked to the investments of Google and Amazon, not from cash leaving the business.
The filing also quantifies how much of that revenue goes straight back out. Anthropic spent $7.33 billion on computing and infrastructure in 2025, about triple the 2024 figure and equal to 58 percent of its total operating expenses, per The Motley Fool. The company has committed to $518 billion in future cloud, computing and infrastructure obligations, a pipeline of contracted spending that dwarfs both its current revenue and its balance sheet. It ended 2025 with $20.28 billion in cash, cash equivalents and short-term investments.
The commercial calendar is moving in parallel. Anthropic is targeting a listing as soon as mid-November, Bloomberg reported on 1 October, citing people familiar with the matter: formal IPO marketing could begin in the week of 9 November, with trading starting before Thanksgiving on 26 November. The company plans to meet prospective investors at its San Francisco headquarters on 14 October. Some prospective investors consider a valuation of $1.8 trillion to $2 trillion fair, and Anthropic expects its offering to match or exceed the size of SpaceX's June listing, which debuted at a $1.77 trillion market capitalisation and set a record. The deliberations are ongoing and the schedule could change.
