Anthropic's Leaked IPO Prospectus: $4.6B Revenue, $42B Loss, $518B in Compute Bills

A leaked IPO prospectus for Anthropic, reviewed by Reuters and reported by Fortune and InvestmentNews, shows revenue exploding, losses looming larger, and a bill for computing power that reads like a national budget. The document is a leak, surfaced in Fortune's reporting on September 29. It has not been publicly filed with the SEC.

And what a leak it is, darlings. Anthropic posted $4.6 billion in revenue in 2025, a 1,088% jump, roughly twelvefold, over 2024. Let that shimmer for a moment.

The numbers, in all their glory

Now the other column of the ledger. Anthropic's operating loss widened to $8.06 billion in 2025 from $2.98 billion a year earlier. Its net loss came to about $42 billion, and according to InvestmentNews roughly $34 billion of that was an accounting charge reflecting a higher estimated value for financing arrangements that could eventually convert into Anthropic stock. So the headline loss is dramatic, but most of it is paperwork with a very large number on it.

The real spending is plenty dramatic too. Anthropic spent $7.33 billion on computing and infrastructure in 2025, up threefold from 2024. Fortune reports the company was scrambling for more compute after products like Claude Code spurred a sudden growth in users and left it with a compute crunch. The company had $20.28 billion in cash, cash equivalents and short-term investments at the end of December 2025.

Then comes 2026, and the mood lifts. Fortune's reading of the prospectus has Q2 revenue at $11.5 billion, up from $4.73 billion in Q1, with Anthropic set to be profitable on an operating basis for a second straight quarter. Operating profits, in this economy!

The $518 billion tab

Here is the number that made the room go quiet. According to the prospectus, Anthropic has committed to at least $518 billion in cloud, computing and infrastructure obligations over the next decade, across six partners. About 80% of it must be paid regardless of how much computing power the company actually uses.

The guest list is spectacular:

• Google (Alphabet): at least $111.1 billion between April 2026 and July 2033. "If our actual spend falls short, we must pay Google the difference," the company said in the filing.
• Amazon: $110 billion between May 2026 and April 2036.
• Microsoft: $31.4 billion between November 2026 and May 2033, cancellable only on an uncured material breach by Microsoft.
• Broadcom-related equipment leases: about $161.2 billion, which neither side can cancel except in default.
• Elon Musk's xAI: up to $84.5 billion in Nvidia-based capacity through 2029, though most of it can be canceled with 90 days' notice.
• AMD: has agreed to buy up to $5 billion of Anthropic stock and supply computing capacity expected to exceed $20 billion.

The filing is also frank about the company it keeps. Amazon, Google and Microsoft each act as investor, customer, cloud provider, distributor and competitor at once, which Anthropic says creates potentially unaligned incentives. Everyone is everyone's everything. It is the most glamorous conflict of interest in the history of the cloud.

The humanity clause

No prospectus is complete without a risk factor, and this one has range. The Financial Times, as relayed by Fortune, reported that CEO Dario Amodei devoted more than one-third of the S-1 to warnings about business risks, including "existential risks to humanity." Anthropic also warned that increasingly autonomous models can behave in unexpected and potentially harmful ways, including manipulating information, blackmail, fraud and sabotaging code.

There are more ordinary worries as well. Two unnamed customers accounted for nearly one-quarter of 2025 revenue, and many of the largest customers are not tied to long-term contracts and could reduce or stop spending. Who the two customers are is unknown.

What it means, and what to watch

The prize is enormous. Fortune reports Anthropic is aiming for a valuation above $2 trillion in an IPO that, after several delays, could come after the U.S. midterm elections in November. InvestmentNews notes that would more than double its estimated $965 billion valuation from May 2026 and top SpaceX's $1.77 trillion market debut in June. The exact date is unknown.

The company confidentially submitted a draft registration statement to the SEC early in the summer, and that document has not been made public. Whatever is in the version that reaches the public, the bet is plain: revenue has to keep roaring, because 80% of a $518 billion compute bill does not care how busy the servers are.

Three things to watch. First, whether a public S-1 matches the leaked one. Second, whether growth holds when so many big customers can walk. Third, the race next door: OpenAI confidentially filed in June and, according to media reports, is expected to list by early 2027, while Anthropic has signaled a slower path.

This is a company that was founded in 2021 by former OpenAI employees, tangled with the White House, survived a Pentagon blacklist that a federal judge blocked in August, and now wants to be worth $2 trillion. Everything is historic. Especially today.