Anthropic is reportedly preparing for an IPO as soon as November at a valuation that could approach $2 trillion, putting fresh attention on the Claude developer’s finances. The company is growing quickly, but its filing also shows an enormous cost base and roughly $518 billion in future cloud, computing, and infrastructure commitments.
Anthropic generated about $4.6 billion in revenue in 2025, up roughly 12-fold from $386 million a year earlier. That growth, however, came with heavy spending. Operating expenses reached about $12.65 billion, leaving the company with an operating loss of roughly $8.06 billion.
Compute accounted for much of the gap. Anthropic spent $7.33 billion on computing and infrastructure in 2025, or about 58% of its total operating costs.
Its reported net loss was much larger at nearly $42 billion, although that number needs context. Roughly $34 billion came from noncash accounting charges tied largely to changes in the value of convertible securities. For investors trying to judge the health of the underlying business, the $8.06 billion operating loss provides a cleaner view than the headline net-loss figure.
More Than $500 Billion in Future Infrastructure Commitments
The larger question is how much Anthropic will need to spend to keep up its growth. The company has disclosed about $518 billion in future cloud, computing, and infrastructure commitments, more than 100 times its 2025 revenue. The total includes about $110 billion tied to Amazon’s (AMZN) AWS, at least $111.1 billion with Google, $31.4 billion of Microsoft (MSFT) Azure capacity, and roughly $161.2 billion in equipment lease obligations largely linked to Broadcom (AVGO).
Several of those agreements require minimum payments regardless of how much capacity Anthropic actually uses, making them more significant than ordinary spending plans.
Anthropic also has a separate agreement to pay SpaceX (SPCX) about $1.25 billion per month for access to Nvidia (NVDA) GPU capacity through May 2029. That deal is more flexible because it can be terminated with 90 days’ notice after the initial period, so its full theoretical value should not be treated the same way as Anthropic’s largely non-cancelable cloud commitments.
Anthropic ended 2025 with about $20.28 billion in cash and investments, giving it substantial liquidity but still leaving a wide gap between its current balance sheet and the scale of its long-term infrastructure obligations.
The financial picture is also changing quickly. Anthropic’s revenue accelerated sharply in 2026, and the company has said its annualized revenue run rate has moved well beyond its 2025 level. Reports have also indicated that Anthropic expects positive adjusted operating income for a second consecutive quarter in 2026, although that measure excludes stock-based compensation.
That revenue growth will be one of the most important numbers to watch if Anthropic moves ahead with an IPO. At a valuation near $2 trillion, investors will be paying not only for Claude’s current growth, but for Anthropic’s ability to turn that growth into enough cash flow to support hundreds of billions of dollars in future AI infrastructure commitments.
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