Anthropic's 2025 Revenue Reaches $4.6 Billion, Computing Commitments for Coming Years Total $518 Billion

en.Wedoany.com Reported - On September 28, Anthropic's first publicly disclosed IPO prospectus revealed that the company generated approximately $4.59 billion in revenue in 2025, a year-over-year increase of about 12 times; its full-year net loss was approximately $41.97 billion. Of that, about $34 billion in losses stemmed from accounting charges related to changes in the value of previously issued financing instruments. Excluding the related impact, the company's 2025 operating loss still exceeded $8 billion.

Anthropic spent $7.33 billion on computing and infrastructure that year, an increase of about 190% from 2024, accounting for approximately 58% of its $12.65 billion in total operating expenses. The related spending was about 1.6 times its revenue for the same period, mainly used to support Claude model training, inference services, and continuously expanding demand for cloud computing resources.

The prospectus also disclosed that Anthropic's contracts and purchase commitments involving cloud services, computing capacity, and related infrastructure over the coming years total approximately $518 billion. In recent years, the company has continued to expand external computing procurement, signing multiple long-term or large-scale computing resource agreements with infrastructure providers such as Amazon Web Services, Google, Nscale, and Akamai. In April 2026, Anthropic also announced an expansion of its cooperation with Google and Broadcom, with a new generation of TPU computing capacity to come online successively starting in 2027.

In terms of customer structure, Anthropic's two largest direct customers each contributed about 12% of the company's revenue in 2025, together accounting for about 24% of full-year revenue. In the risk factors section of its IPO filing, the company disclosed that some major customers have not signed contracts locking in long-term spending, and customers may reduce usage or stop purchasing related services.

As of December 31, 2025, Anthropic held approximately $20.28 billion in cash, cash equivalents, and short-term investments combined. In 2026, the company continued to expand financing and computing investment. In May this year, it completed a $65 billion Series H financing round, reaching a post-money valuation of $965 billion. Anthropic confidentially submitted its U.S. IPO application in June this year and is advancing the public listing process.