Anthropic suffers a net loss of $42 billion in 2025 according to its IPO prospectus

Science without conscience is only ruin of the soul. This is the news this morning. According to the prospectus for its IPO consulted by Reuters on Monday September 28, Anthropic suffered a net loss of $42 billion in 2025.

Furthermore, the document also warns that its models could cause “catastrophic or existential” risks for humanity. The $2,000 billion listing project goes from rumor to accounts.

Anthropic: 4.6 billion in revenue, but 8 billion in operating losses

According to Reuters, which saw the prospectus, Anthropic made about $4.6 billion in revenue in 2025, compared to less than $400 million in 2024, a factor of nearly twelve. The operating loss reached 8.06 billion dollars, compared to 2.98 billion a year earlier.

The figure of 42 billion net loss is impressive, but around 34 billion never came out of the fund. They correspond to the estimated increase in value of financing instruments which could one day be converted into shares. Anthropic closed 2025 with $20.28 billion in cash, and its compute spending jumped 190% to $7.33 billion.

$518 billion in multi-year obligations and two customers at a quarter of the revenue

The prospectus also identifies $518 billion in cloud, compute and infrastructure obligations to be met in the coming years, including up to $100 billion in spending with Amazon Web Services. This total is spread over several years, it does not represent a bill for 2026.

Nearly a quarter of 2025 revenue comes from just two clients, and many large accounts are not tied to any long-term contracts, giving them the flexibility to reduce or stop spending at any time. Anthropic raised $65 billion in May at a $965 billion valuation, and the IPO is targeting over $2 trillion.

The existential risk of Anthropic takes up 80 pages out of 261

Risk factors take up nearly 80 of the 261 pages, compared to 48 for the activity description, according to Forbes. Anthropic writes that very advanced models could engage in self-preserving behaviors, such as resisting a shutdown, withholding or manipulating information, or engaging in conduct that resembles blackmail.

“BREAKING: Anthropic warns in its IPO document that its technology could lead to “humanity’s complete loss of control over civilization.”

Control remains with the founders. According to the prospectus, they go through a structure called Founder LLC, which holds a Class F share weighing 50.1% of the voting rights on key decisions. The text itself admits that this arrangement could reduce the influence of ordinary shareholders.