Anthropic IPO Filing Revealed: $42 Billion Net Loss in 2025, Valuation Could Exceed $2 Trillion According to Reuters, Anthropic's IPO filing shows the company expects a net loss of $42 billion in 2025 and plans to invest $518 billion in cloud computing and infrastructure in the future. Revenue is projected to grow 12x year-over-year to nearly $4.6 billion, but operating losses, excluding revaluation of financing liabilities, are still expected to widen to $8.06 billion. Last year, spending on computing power and infrastructure reached $7.33 billion, three times that of 2024, accounting for more than half of total operating expenses. As of the end of last year, the company held $20.28 billion in cash and short-term investments. The IPO valuation is expected to exceed $2 trillion, more than doubling the $965 billion self-valuation from May this year. Reportedly, the IPO might be delayed until after the U.S. midterm elections. The filing also warns that nearly a quarter of revenue comes from two clients, with most major clients not having signed long-term contracts, posing a risk of spending cuts.