Reuters: Anthropic leaked IPO prospectus shows $42B 2025 net loss on $4.6B revenue, $518B compute obligations, targets $2T+ valuation

What happened

Reuters reviewed Anthropic's leaked draft IPO prospectus on Monday: the AI lab lost $42 billion in 2025 on $4.6 billion in revenue (revenue up 12x year over year), and is targeting an IPO valuation above $2 trillion — more than double the ~$965B valuation from its May 2026 funding round. About $34B of the net loss was a non-cash accounting charge tied to the rising mark-to-market value of convertible financing instruments; the operating loss was $8.1B on $12.65B in operating expenses, of which $7.33B — nearly triple the prior year — went to compute and infrastructure. Anthropic disclosed plans to commit $518 billion to cloud, computing, and infrastructure obligations in the coming years, held $20.3B in cash at end-2025 (before a $65B Series H in May 2026), and warned that nearly a quarter of 2025 revenue came from just two customers, with many large clients not locked into long-term contracts.

Who’s affected

• NVDA (primary beneficiary of Anthropic's compute spending; $7.3B+ annual compute outlays and $518B forward obligations validate GPU demand)
• AVGO, MRVL, AMD, INTC (semis riding the AI-infrastructure buildout; memory/compute chipmakers already bounced Tuesday premarket after Monday's OpenAI-related drop)
• AMZN, GOOGL (Anthropic strategic investors/partners; exposure to Anthropic's IPO valuation and cloud demand)
• MSFT, META (their own AI capex sprees get valuation support from Anthropic's disclosed spend intensity, but also get judged against the same bubble metric)
• DELL, NBIS, CRWV, AKAM (AI server/neocloud/cloud-services names levered to frontier-lab compute demand)
• Semiconductor/software sectors: reinforces the AI-capex tailwind against the AI-bubble-loss narrative

Sources

reuters.comwolfstreet.com