Anthropic's Revenue Jumped 12-Fold to $4.6 Billion, With a $42 Billion Loss
Reuters reports Anthropic booked roughly $4.6 billion in 2025 revenue against a net loss of about $42 billion. Much of that loss is an accounting charge stemming from shifting valuations on its financing. Whether the company lists, and on what terms, has not been decided.
Documents Anthropic prepared as it readies an initial public offering reveal rapid revenue growth alongside sharply higher costs, Reuters reported on September 28 local time. According to an investor prospectus reviewed by Reuters, revenue for 2025 came to roughly $4.6 billion, 12 times the prior year’s figure. Net loss for the same year was about $42 billion. In other words, as the maker of Claude scaled its business quickly, its costs grew right along with it.
Anthropic had announced earlier that on June 1 it confidentially submitted a draft registration statement (Form S-1) for an IPO to the U.S. Securities and Exchange Commission. At the time, the company said whether it would actually list depended on the outcome of the review and on market conditions. It also said the number of shares to be offered and the price had not been determined.
Where the $42 billion loss came from
A large share of the net loss consisted of accounting charges tied to fundraising. According to Reuters, roughly $34 billion was booked as an expense because of changes in the valuation of financing that can later convert into equity. That is a different kind of item from cash that actually went out the door.
Spending on the computing and infrastructure needed to run the service also rose steeply. Reuters reported that 2025 spending reached $7.33 billion, about three times the previous year’s level. That is more than the roughly $4.6 billion in revenue booked in the same year.
The report also noted that revenue is concentrated among a handful of customers. According to Reuters, about a quarter of 2025 revenue came from just two customers. Many of the large customers do not have long-term contracts in place, Reuters said.
Can users in South Korea keep using Claude as before?
South Korea is on Anthropic’s list of officially supported countries. Users there can continue to use Claude.ai just as they do now. The commercial API, which lets developers plug Claude into their own services, is also available.
This report is not about a new Claude feature or how to use the product; it concerns Anthropic’s finances and its IPO preparations. For individuals and companies that use Claude at work, it offers a chance to see how much money it takes to keep the service running.
The registration statement that becomes public later will make it possible to check the detailed breakdown of revenue and losses. How concentrated the customer base is, and how contracts are structured, will also be worth examining. Whether the listing actually happens, and on what terms, remains to be confirmed as well.