Anthropic posted a net loss of $42 billion in 2025 despite revenue growing nearly twelvefold year-on-year to $4.6 billion, according to its IPO prospectus seen by Reuters. The company warns in the document of “catastrophic or existential” risks to humanity, with its models potentially exhibiting self-preservation behaviors. Operating expenses reached $8.06 billion and computing costs surged 190% to $7.33 billion. The IPO targets a valuation exceeding $2,000 billion, following a $65 billion raise in May at a $965 billion valuation. Nearly a quarter of revenue comes from just two clients, and the governance structure grants founders 50.1% of voting rights through a class F share.
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