❯ Anthropic files IPO prospectus: about $4.6 billion in 2025 revenue, a roughly $42 billion net loss, and 50.1% of votes for its seven co-founders

Revenue up twelvefoldAccording to Reuters, citing Anthropic’s IPO prospectus, 2025 revenue grew about 12 times to roughly $4.6 billion, with an operating loss of more than $8 billion and a net loss of about $42 billion. About 25% of revenue came from two customers. A year of twelvefold growth and revenue above $4 billion sits next to an accounting loss nearly ten times as large.

A loss that is not all cashPer Startup Fortune and InvestingLive, which read the filing, about $34 billion of the loss was an accounting charge tied to the estimated value of financing that can convert into shares, not cash spent in the year. Compute and infrastructure spending was about $7.3 billion, more than half of roughly $12.7 billion in operating expenses. Cash and short-term investments were about $20 billion at year-end, and planned compute commitments come to about $518 billion. Futu reports second-quarter 2026 revenue of $11.5 billion, against $787 million a year earlier.

Founders keep half the votesGovernance is the other headline. Reuters reports that the seven co-founders will hold special shares through a new “Founder LLC” with 50.1% of the vote on key matters, including electing some directors; the company says the design is meant to put the public good ahead of market pressure. The Information had reported that the shares carry votes but no extra economic rights, and that each founder owns about 2%. A founder who quits, dies, sells too much stock or is removed for cause leaves the entity, and the special power starts to wind down once two or fewer co-founders remain. The Long-Term Benefit Trust would still choose most directors.

Valuation on a new ledgerReports say Anthropic could seek a valuation above $2 trillion, versus its own figure of about $965 billion in May, with a debut likely after the November midterm elections. Public buyers would get the upside without the steering wheel, and they would carry the concentration risk the filing flags: many large customers lack long-term contracts, so spending could be cut quickly.

▪ SIGNALThe filing puts both faces of an AI company on one page: growth faster than any conventional company, control tighter than most, so public markets are buying the growth, not a say.