Anthropic's Leaked IPO Filing Reveals $46B Revenue, $42B Loss, and $518B in Obligations

Anthropic's leaked IPO prospectus reveals staggering figures, including $46 billion in 2025 revenue, a $42 billion net loss, and $518 billion in future payment obligations, with a potential valuation of $2 trillion. The company expects to go public after the November 2026 U.S. midterm elections. The prospectus shows computing and infrastructure spending of $7.33 billion in 2025, while the company recorded an operating loss of $8.1 billion. Lale Akoner, a global market strategist at eToro, noted this operating loss is the more significant number, indicating Anthropic still has a long way to go in proving it can turn surging revenue into sustainable profits. The IPO's success could boost OpenAI's planned offering and attract investment away from other tech firms. The prospectus devotes 80 of its 261 pages to risk factors, amid ongoing security incidents and employee warnings about controlling autonomous AI systems. Anthropic released its flagship model, Claude Opus 5.5, on September 22.