Anthropic: Prospectus Review
A confidential prospectus reviewed by Reuters on 28 September, and not yet publicly filed, gives the first detailed view of Anthropic's finances ahead of a listing that could rank among the largest ever. Founded in 2021, the maker of Claude is preparing a debut investors expect to value it above $2 trillion.
The filing puts figures to a business the market has only estimated until now: rapid revenue growth alongside heavy investment in compute. Here's what stands out.
Where things stand
Valuation. The IPO could value Anthropic above $2 trillion, more than double its estimated $965 billion valuation in May. (Reuters, 28 Sep 2026)
Revenue. 2025 revenue rose roughly 12-fold to nearly $4.6 billion. (Reuters)
Result. The company reported a net loss of about $42 billion, of which roughly $34 billion was a non-cash accounting charge tied to convertible financing; the operating loss was about $8 billion. (Reuters)
Timing. Reuters reports the listing is likely to come after the U.S. midterm elections in November. (Reuters)
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Scale in perspective
For context, three private firms, Anthropic, OpenAI and SpaceX, carry a combined valuation of roughly $5.2 trillion, exceeding the $4.1 trillion combined first-day value of all 3,365 U.S. tech companies that went public between 1980 and 2025. The comparison sets prospective valuations against historical, unadjusted IPO values, so it is illustrative rather than like-for-like.
Investment is scaling ahead of revenue
The prospectus shows compute and infrastructure spending running ahead of revenue as the company builds capacity. In 2025, revenue was about $4.6 billion while computing and infrastructure spending reached roughly $7.3 billion, about triple the prior year.
Reading the $42 billion loss
The headline net loss is large, but most of it is not cash spent running the business. Of the roughly $42 billion, about $34 billion is a non-cash charge reflecting a rise in the estimated value of financing that can later convert into shares. Stripping that out, the operating loss was about $8 billion.
Other prospectus disclosures
Compute commitments. Anthropic has committed to at least $518 billion in future cloud, computing and infrastructure obligations, of which about 80% is described as non-cancelable. (Reuters)
Cash position. The company held about $20.3 billion in cash, equivalents and short-term investments at 31 December 2025, before its $65 billion Series H in May 2026. (Reuters)
Customer concentration. Nearly a quarter of 2025 revenue came from two customers, and the filing notes many large customers are not on long-term contracts. (Reuters)
Risk disclosure. About 80 of the prospectus's 261 pages cover risk factors, including risks the company associates with advanced AI. (Reuters)
What comes next
Reuters reports the debut is likely to be scheduled for after the U.S. midterm elections in November, with earlier reporting pointing to a roadshow around mid-October at the earliest. A public version of the prospectus must be filed at least 15 days before the roadshow begins.
The public filing and the roadshow are the next milestones to watch, and they will give investors an audited basis for assessing the ~$2 trillion expectation.
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