StocksMedium•29 September 2026•
1 min read
Leaked Anthropic IPO Prospectus Reveals $42 Billion Net Loss in 2025
Key Facts
1A leaked Anthropic IPO prospectus revealed a net loss of $42 billion for the year 2025.
2Revenue grew 12-fold to $4.6 billion, but compute spending reached $7.33 billion.
3The company has $518 billion in unfunded spending commitments against only $20 billion in cash.
Anthropic reported a net loss of $42 billion for the year 2025, according to a leaked IPO prospectus obtained by Reuters. While revenue grew 12-fold to reach $4.6 billion, the company's compute spending soared to $7.33 billion, highlighting the staggering financial requirements of frontier AI development.
The company faces $518 billion in unfunded spending commitments for cloud and infrastructure against just $20 billion in cash reserves as of December 31, 2025. This revelation comes amid broader economic shifts, where Switzerland's current account showed a 23.7 billion surplus on September 22, 2026, and Spain's balance of trade recorded a 5.22 billion deficit on the same day.