Revenue for the AI provider climbed to $4.59 billion for fiscal year 2025, a 1,088% increase from $386 million the previous year. An IPO prospectus seen by Reuters shows a GAAP net loss of $41.97 billion for the period, expanding from an $8.31 billion loss in fiscal 2024.

Compute and infrastructure costs rose 190% to $7.33 billion, accounting for 58% of total operating expenses, while GAAP operating losses widened to $8.06 billion from $2.98 billion a year earlier. Anthropic held $20.28 billion in cash and short-term investments as of December 31, 2025, and its two largest direct customers each represented 12% of total revenue.