Revenue surged to $4.6bn in 2025, a 12‑fold jump from 2024, while operating loss climbed to $8bn, excluding write‑downs—compute and infrastructure expenses hit $7.33bn last year, triple the previous year’s outlay, accounting for over half of the $12.65bn total operating cost.
The net loss of $42bn includes a $34bn accounting charge reflecting a higher valuation of potential future shares, a detail that underscores the company’s aggressive funding strategy.
Cash, cash equivalents and short‑term holdings stood at $20.28bn as of year‑end, giving the company a cushion before a public offering that could value it above $2trn—up from an earlier estimate of $965bn.
The IPO, likely postponed until after the November midterms, would put Anthropic alongside SpaceX and OpenAI, testing whether high‑growth AI names can sustain lofty valuations amid broader market sell‑offs.