Anthropic spent $12.65 billion to earn $4.59 billion in 2025, its IPO prospectus shows

Revenue of $4.59 billion ^[1] against total operating expenses of $12.65 billion ^[6] leaves a gap of $8.06 billion ^[1]. That is the operating loss The Crypto Times reports from Reuters' review ^[3]. The figure excludes writedowns of liabilities mostly tied to earlier fundraising ^[5]. Subtract it from the $42 billion net loss ^[2] and about $34 billion is left, roughly 81% of the total and the size of the charge on convertible financing ^[2]. Superpower Daily says plainly that the charge was not money spent operating the company ^[4]. As a measure of spending, the net loss overstates the cost of running Anthropic about fivefold ^[3].

For a company that builds on Claude, the operating figures are the useful ones. Compute cost about $1.60 for every dollar of revenue in 2025 ^[4]. That bill tripled from 2024 ^[7] while revenue grew roughly twelvefold ^[1], so compute per dollar of revenue fell to about a quarter of its 2024 level ^[5]. On those rounded multiples, 2024 compute ran at roughly six times revenue ^[6].

The thing this doesn't tell you is whether serving a Claude request costs more than the customer pays for it. The $7.33 billion is a single line, which The Crypto Times describes as the infrastructure needed to train and operate increasingly large models ^[17]. If serving took more than about 63% of it, serving alone cost more than the $4.59 billion customers paid ^[9]. Below that share, current usage covered its own compute cost.

The runway implied by year-end cash ^[7] treats the 2025 operating loss as cash burn. The reports do not include a cash-flow statement to check that.

The obligations are the larger unknown, and the two accounts date them differently. The Crypto Times calls the $518 billion future commitments ^[8]. Superpower Daily says Reuters describes plans for those obligations in the coming year, and it warns against setting the sum beside a single year of operating expenses ^[9]. If the coming-year reading holds, the sum is about 71 times what Anthropic spent on compute in 2025 ^[10].

Reuters has reported that Anthropic could seek a valuation above $2 trillion ^[13]. A Binance pre-IPO perpetual launched in June implied about that figure on an assumed 1 billion shares, a count the exchange says is for reference only ^[14]. Anthropic said in June that the share count and price had not been set ^[15]. Reuters previously reported that a debut was likely to move until after the November U.S. midterm elections ^[16].