Anthropic's leaked IPO prospectus shows $4.6B in 2025 revenue and $518B of future compute obligations

Crunchbase News reported on 29 September 2026, citing Reuters, that Anthropic's IPO prospectus shows revenue rising twelvefold to nearly $4.6 billion in 2025 with an $8.06 billion operating loss and a net loss of nearly $42 billion, about $34 billion of it accounting charges tied largely to earlier financing. It also lists about $518 billion in future cloud, computing and infrastructure obligations; Reuters has reported a listing is likely after the November midterm elections.

What it means The obligations line shows how much future compute a frontier lab has already committed to, which is the real constraint on its pricing.