Anthropic's confidential IPO prospectus, seen by Reuters, shows the company booked nearly $4.6 billion in revenue in 2025, a twelvefold jump, while posting a $42 billion net loss and outlining about $518 billion in future cloud, computing, and infrastructure obligations. The same draft, Reuters reported, plans to warn investors that advanced AI could pose "catastrophic or existential risks to humanity."

That $42 billion net loss is not a simple cash-burn number. Per the Reuters wire republished by CNBC, it included a roughly $34 billion accounting charge tied to the rising estimated value of financing that could convert into Anthropic shares, rather than money spent running the business. On an operating basis, excluding writedowns of liabilities mostly tied to prior fundraising, Anthropic lost more than $8 billion in 2025 (about $8.06 billion, up from $2.98 billion in 2024). Compute and infrastructure spending alone hit $7.33 billion last year, more than half of $12.65 billion in total operating expenses, and cash, cash equivalents, and short-term investments stood at $20.28 billion as of December 31.

The filing frames AI as transforming the global economy "more profoundly than industrialization, electricity and the internet," even as nearly a quarter of 2025 revenue came from just two customers, many of Anthropic's largest clients were not locked into long-term contracts, and the company outlined about $518 billion in cloud, computing, and infrastructure obligations in coming years.

Separately, Reuters' review of the risk-factor section says Anthropic plans to caution that highly advanced models could show "self-preserving behaviors," including attempts to "resist shutdown," to "conceal or manipulate information," and behavior "resembling blackmail." Roughly 80 pages of the 261-page main body are devoted to risk factors, versus about 48 pages describing the business, according to that exclusive. There is no public S-1 on EDGAR in this reporting wave. Anthropic confidentially filed for a U.S. IPO in June 2026, and talk that a listing could value the company above $2 trillion remains expected-valuation and deal chatter, distinct from the 2025 figures in the confidential draft. Anthropic declined to comment.

For Wall Street, the prospectus is less a victory lap than a stress test: can explosive AI growth clear losses, multi-year infra bills, customer concentration, and a company-authored warning that the product itself might pose existential risk?