A leaked Anthropic IPO prospectus reveals a projected net loss of $42 billion for 2025, despite revenue growing 12-fold to $4.6 billion. The documents indicate that compute spending reached $7.33 billion, while the company faces $518 billion in unfunded spending commitments against only $20 billion in cash. Despite these financial challenges, the potential public sale could value the AI startup at more than $2 trillion.
