Anthropic just revealed its financial data to Reuters, and wow, it’s absolutely mind-blowing. This is some next-level money-burning Revenue: $4.59 billion Operating expenses: $12.65 billion Compute costs: $7.33 billion Operating loss: $8.06 billion In plain terms: For every $1 Anthropic earns, they spend $2.76. Out of that, $1.60 goes straight into compute costs. And then they lose another $1.76 on top of that. What’s crazier is that the losses are accelerating. 2024 operating loss: $2.98 billion 2025 operating loss: $8.06 billion That’s a 171% increase in just one year. Sure, revenue is growing fast too, jumping from $386 million to $4.59 billion—nearly 12x in a year. But the key point is, this growth is still fueled by burning through compute costs like crazy. $4.59 billion in revenue vs. $12.65 billion in operating expenses. $7.33 billion in compute costs alone, which is already 160% of their annual revenue. And now the market is talking about an IPO valuation of $2 trillion. Based on 2025 revenue, that’s a 436x PS ratio. Anthropic also has around $518 billion in commitments for cloud, compute, and infrastructure. So the question this company is posing to the market is pretty straightforward: Last year, we made $4.6 billion, lost $8.1 billion, and still have $518 billion in compute-related liabilities. Now, please value us at $2 trillion. Buy or not? What do you all think… PS: Reuters got their hands on the IPO materials for 2025. This year’s numbers haven’t been disclosed yet.