Anthropic's IPO prospectus shows sweeping AI vision, surging costs

Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters. But the cost to get there will be staggering. Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming year, according to the prospectus. The prospectus details how the company has grown sharply in the last year — while also posting wider losses. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, according to the documents, reported here for the first time. The public sale, which could value it at more than $2 trillion, would capitalize on the rapid rise of the AI startup lab that only came into existence five years ago, and establish it as a benchmark for how Wall Street values AI's leading companies, including rival OpenAI. The plans come as Anthropic con