Anthropic reported a $42 billion net loss in 2025 and plans to spend $518 billion on cloud, computing and infrastructure obligations in the coming years, according to its IPO prospectus seen by Reuters. About $34 billion of the loss reflected an accounting charge tied to a higher estimated value of financing that could eventually convert into Anthropic shares. The company’s operating loss widened to $8.06 billion from $2.98 billion in 2024, even as revenue grew twelvefold to nearly $4.6 billion. Compute and infrastructure spending tripled to $7.33 billion, more than half of total operating expenses of $12.65 billion. Anthropic ended the year with $20.28 billion in cash, cash equivalents and short-term investments. The filing also highlighted customer concentration, with two customers generating nearly a quarter of revenue, while many large clients lacked long-term contracts. Amazon and Alphabet’s Google, both early investors, supply cloud capacity used to train Claude models. An IPO could value Anthropic at more than $2 trillion, compared with its own estimated valuation of $965 billion in May, potentially creating a public-market benchmark for leading artificial-intelligence companies including OpenAI. Reuters has previously reported that the IPO is likely to come after the November midterm elections.