The AI company's leaked filing shows explosive growth, a loss inflated by paper charges and a founder group keeping voting control.
The most important number in Anthropic's draft IPO filing is not revenue or losses. It is the $518 billion the company has committed to spend on cloud capacity, computing power and infrastructure.
Set that against sales and the scale of the bet becomes clear. Anthropic took in about $4.59 billion in 2025. Its commitments are therefore roughly 113 times last year's revenue. The draft registration statement, circulated ahead of a planned listing that would value the company near $2 trillion, puts those figures side by side for the first time.
Growth that outran the losses
Sales jumped almost twelvefold from the roughly $386 million booked in 2024. On the surface, the bottom line moved the wrong way: the 2025 net loss was about $42 billion, up from $8.31 billion.
The detail changes the picture. Around $34 billion of last year's loss came from non-cash charges linked to how the company's convertible financing is valued on its books. Excluding those charges, the net loss lands near $8 billion, close to the prior year's reported figure. Revenue multiplied while the loss before those paper items held roughly flat, the pattern public investors will focus on.
Who holds the votes
Buyers of the stock would get economic exposure without full control. The draft proposes two classes of shares, with a vehicle called Founder LLC, owned by the company's seven co-founders, controlling 50.1% of the vote on specified matters.
Revenue is also concentrated. Two customers, neither named, each generated about 12% of 2025 sales, meaning close to a quarter of the business depends on two relationships. The risk factors go further than most, warning about threats from "increasingly capable AI systems," the category of product Anthropic itself sells.
Doubling in half a year
The target valuation would be about twice the $965 billion price attached to the company's $65 billion Series H financing in May. The listing could follow the midterms.
Why suppliers should care
A commitment of $518 billion makes Anthropic's spending plan a line item in the outlook for the chip designers, cloud platforms and data-center landlords it buys from. The schedule of those payments, disclosed in a final prospectus, will matter to their investors as much as to Anthropic's.
What to watch
The public filing, the timeline for the $518 billion in commitments and whether the revenue base broadens beyond its two largest customers.