What The Leaked Numbers Say
Anthropic's draft S-1 prospectus, reportedly sent to a small group of partners, was reviewed by Reuters and the Financial Times this week. Their reporting gives the first look at the finances of the company that backers believe could list above 2 trillion dollars.
| Measure | Figure reported |
|---|---|
| 2025 revenue | Nearly 4.6 billion dollars, up twelvefold |
| 2025 operating loss | 8.06 billion dollars, up from 2.98 billion |
| Compute and infrastructure spend | 7.33 billion dollars, three times the year before |
| 2025 net loss | About 42 billion dollars |
| Second-quarter 2026 revenue (FT) | 11.5 billion dollars |
All of these come from reporting on a draft, not from a public filing, so treat them as reported figures until the prospectus is published.
Why The Loss Is Smaller Than It Looks
Reuters reports that about 34 billion of the roughly 42 billion net loss comes from an accounting charge. The charge reflects the higher estimated value of financing that could later convert into stock, and it does not represent cash spent running the business.
The operating picture is still heavy. Total operating costs reached almost 13 billion dollars against 4.6 billion of revenue, and compute and infrastructure alone took more than half of those costs. The FT adds that growth has moved faster in 2026: second-quarter revenue reached 11.5 billion dollars and Anthropic is on track for a second straight quarter of operating profit, though only on an adjusted basis.
The Risk Section And The 518 Billion
The FT reports that nearly a third of the prospectus is risk factors, including warnings about models that could resist shutdown, conceal or manipulate information, or show behaviour resembling blackmail. The Register points out that such warnings also focus attention on the power of the technology, and it questions how self-serving they are.
The commitment figure matters more to customers. Anthropic reportedly plans to spend 518 billion dollars on cloud, compute and infrastructure in the coming years, against 7.33 billion spent in 2025. Backers talk of a valuation above 2 trillion dollars, more than double the 965 billion of May, with a listing expected in November after the US midterm elections, according to Reuters sources.
The filing also discloses customer concentration. Nearly a quarter of 2025 revenue came from two customers, and Anthropic warns that many large customers are not locked into long-term contracts.
What To Do If You Build On Claude
Map which of your workloads depend on one vendor, and what a price change or an outage would cost. A supplier that funds a 518 billion commitment from an IPO is a supplier whose pricing will follow its financing.
Use the disclosure about unlocked customers as leverage. If large customers can leave, so can you, which is a reason to ask for price protection, notice periods for model retirement and export rights for your prompts and evaluations.
Keep an abstraction layer and a tested fallback to a second model provider, and read the public prospectus when it appears. It will replace these leaked figures with audited ones, and the customer-concentration and commitments sections are the parts that affect you.
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