Anthropic has released its initial public offering prospectus and clarified that its planned expenditure of $518 billion on cloud and infrastructure will span multiple years. This detail corrects an earlier report stating the costs would occur within a single year, as the AI lab moves toward a listing that could value the company above $2 trillion. The public filing provides a first look at the capital requirements of a frontier AI lab competing with rivals such as OpenAI, Google, Meta and xAI.

Financials for 2025 show revenue grew 1,088% to $4.59 billion, but the company posted a GAAP net loss of $41.97 billion. This figure includes a $34 billion non cash accounting charge for the rising value of financing instruments, while the operating loss widened to $8.06 billion. Anthropic spent $7.33 billion on compute and infrastructure and ended 2025 with $20.28 billion in cash. The company warned that 24% of sales came from its two largest customers who are not locked into long term contracts, and noted risks involving the behavior of autonomous AI. The IPO follows the November US midterm elections.