Anthropic's IPO prospectus puts a $42B loss beside $518B in infrastructure obligations

Revenue reached nearly $4.6B in 2025, but a $34B accounting charge drove most of the reported net loss as Anthropic targets a valuation above $2T.

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A thick financial prospectus document on a desk, with a glowing, abstract artificial intelligence projection above it.

Revenue reached nearly $4.6B in 2025, but a $34B accounting charge drove most of the reported net loss as Anthropic targets a valuation above $2T.