Leaked Anthropic IPO filing reveals $8B operating loss, rapid revenue growth

What happened

Its sales reached $11.5 billion in the second quarter alone. That figure contains a $34 billion accounting charge related to the funding that Anthropic has raised from investors. Anthropic is an artificial intelligence company based in San Francisco.

The company’s operating loss, a metric that only contains its spending on business operations, reached $8 billion in 2025. Anthropic PBC’s revenue and losses grew significantly last year, while its cloud spending is on track to top $500 billion over the next decade.

The document, which outlines Anthropic’s plans to go public, was prepared in June. Anthropic’s revenue ballooned from $400 million in 2024 to $4.6 billion last year.

Anthropic is spending heavily to maintain its growth. The company logged a massive $42 billion net loss last year, which represents a more than fivefold increase from 2024.

Computing infrastructure costs accounted for more than 91% of that sum. Anthropic’s bottom line appears to have improved over the past few months. The Financial Times reported that the company is on track to close the current quarter with an adjusted operating profit.

Key facts

• The company’s operating loss, a metric that only — includes: its spending on business operations, reached $8 billion in 2025