A leaked IPO prospectus is giving investors the first detailed view of Anthropic’s finances ahead of an upcoming public listing. The company is burning cash—losing $42 billion last year—while bringing in $4.6 billion in revenue, according to the leaked filing reviewed by Reuters.

The filing shows how quickly the Claude maker has grown but also how much the lab is spending to keep up in the race to build increasingly powerful AI systems. Revenue rose 1,088% in 2025, while its operating loss widened to $8.06 billion from $2.98 billion a year earlier.

Anthropic also spent $7.33 billion on computing and infrastructure last year, up threefold from 2024. The company had been rapidly trying to secure more compute after products like Claude Code spurred a sudden growth in users and Anthropic suffered from a compute crunch. According to the prospectus, it has also committed to $518 billion in future cloud, computing, and infrastructure obligations.

Amazon and Google have invested billions in Anthropic and supply much of the cloud infrastructure it uses to train and run Claude. Anthropic has also struck computing deals with SpaceX and smaller providers as it tries to secure the capacity needed for future models.

The company had $20.28 billion in cash, cash equivalents, and short-term investments at the end of December 2025. But it also disclosed that two customers accounted for nearly one-quarter of its 2025 revenue, though the companies were not named in media reports. Anthropic also warned that many of its largest customers are not tied into long-term contracts and could reduce or stop spending.

The lab is reportedly aiming for a valuation of more than $2 trillion in an IPO that, after several delays, could occur after the U.S. midterm elections in November. That valuation would be more than double the company’s estimated $965 billion valuation in May of this year and make its public debut one of the largest in history.

AI risk

The prospectus also sets out what Anthropic sees as the risks posed by the technology it’s creating and selling. The company warned that more autonomous AI systems could behave in unexpected ways, create security problems, be used for fraud, or manipulate information. It also referred to the potential for “existential risks to humanity.”

Anthropic has been vocal about AI risk for some time. The lab was founded in 2021 by former OpenAI employees, including chief executive Dario Amodei, who left OpenAI after disagreements over the direction and governance of the ChatGPT maker. Anthropic has long positioned itself as a more safety-conscious alternative, aiming to win enterprise customers.

Recently, the company has lobbied for an AI slowdown, with several execs and prominent engineers publicly warning that AI could lead to the death of all humanity. Yet the company is still launching products. Last week, Anthropic debuted a new and more powerful version of its Opus model.

For public investors, Anthropic’s listing would offer one of the first direct ways to invest in a leading frontier AI lab, but the early filing lays bare the unusual nature of the business’s cash burn and risk factors.