Anthropic Lost $42 Billion Last Year. It Wants to Go Public at $2 Trillion

What happened

Anthropic confidentially filed a draft with the SEC on June 1, and several outlets now describe its contents as leaked. In brief Anthropic posted a net loss of nearly $42 billion in 2025 on $4.6 billion in revenue, though about $34 billion of it was a non-cash charge tied to convertible financing. Anthropic is an artificial intelligence company based in San Francisco, and its products and services include Claude and Claude Code.

Its operating loss topped $8 billion, and the company plans about $518 billion in cloud and computing spending in coming years, against $20.28 billion in cash at the end of 2025. The company behind the Claude chatbot wants to go public at a valuation above $2 trillion.

Both numbers sit in the same document. An IPO is the moment a private company sells shares to the public for the first time.

Anthropic declined to comment on the prospectus, per Reuters . Where the $42 billion comes from About $34 billion of the loss is a non-cash accounting charge, meaning no money left the building. In plain terms: the more valuable the company gets, the more the early backers' claim is worth on paper, and the books record that as a loss.