A newly released prospectus has laid bare the financial details of Anthropic, an AI unicorn. The document shows that the company recorded a net loss of $42 billion in 2025 and plans to invest $51.8 billion in cloud services, computing power, and infrastructure over the next year.
The speed at which money is coming in is equally impressive. In 2025, Anthropic's revenue increased 12 times to nearly $4.6 billion. However, after deducting the impact of significant liability write-downs related to previous financing, the company still lost more than $8 billion on an operational level. In other words, the business is booming, but the books are not yet profitable.
The most expensive part remains computing power. Last year, Anthropic spent $7.33 billion on computing and infrastructure, a threefold increase compared to 2024, accounting for more than half of its total operating expenses of $12.65 billion. This perfectly explains why it has set aside $51.8 billion for the next year—training top-tier large models and building inference clusters is an endless money-draining marathon.
The prospectus also openly acknowledges concerns. Nearly a quarter of Anthropic's revenue last year came from two customers, and the risk warnings explicitly state that many major clients do not have long-term contracts and could cut or stop spending at any time. For a company that has bet its growth on a few big clients, this note serves as both a warning and an unavoidable variable in its valuation.
