❯ Anthropic’s draft prospectus surfaces: a $42 billion net loss last year and at least $518 billion of compute bills over the next decade

A document not yet publicReuters reviewed the draft prospectus Anthropic filed confidentially with the SEC in June and reported its contents in late September, as relayed by The Next Web and others. The filing points to a target valuation above $2 trillion, against about $965 billion in May, with a listing expected after the US midterm elections in November. Anthropic declined to comment, and the prospectus has not been made public.

$34 billion of the loss is accountingAnthropic develops the Claude models. The draft shows 2025 revenue of nearly $4.6 billion, 12 times the previous year, and a net loss of $42 billion. About $34 billion of that was an accounting charge reflecting a rise in the estimated value of financing that could later convert into shares. The operating loss was $8.06 billion, and compute and infrastructure cost $7.33 billion, three times the 2024 figure.

Operating profit by the second quarterAccording to Fortune, Anthropic’s revenue was $4.73 billion in the first quarter of this year and $11.5 billion in the second, when it was profitable on an operating basis for the second consecutive quarter. It held $20.28 billion in cash at the end of 2025. Nearly a quarter of revenue came from two unnamed customers, and many large customers have no long-term contracts. The seven co-founders keep 50.1% of the votes through a limited liability company.

Eighty percent cannot be cancelledThe real pressure sits on the liability side. InvestmentNews relays that the company expects to spend at least $518 billion on infrastructure over a decade, about 80% of it non-cancellable: $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft, plus about $161.2 billion of equipment leases tied to Broadcom. If revenue slows, these fixed costs do not shrink, so anyone buying the stock takes on this long-term contract too.

▪ SIGNALThe prospectus reduces a model company’s business to arithmetic: revenue can grow twelvefold in a year and still has to outrun a ten-year compute bill that is 80% irrevocable.