On September 28, 2026, Reuters reported the financial figures in Anthropic’s IPO prospectus, a document it had seen but which is not public. Revenue grew 12-fold in 2025 to nearly $4.6 billion. The company spent $7.33 billion on compute and infrastructure and faces $518 billion in cloud and infrastructure obligations in the years ahead. For a business buying Claude, the useful question is what those numbers say about price, capacity and contract terms.
Editorial note: Every company figure on this page is as reported by Reuters from the prospectus; Anthropic declined to comment, and the filing is not on the SEC’s public EDGAR system as of October 3. Our June explainer on Anthropic’s IPO filing covers the listing itself; this page covers only the new figures.
- 01Reported, not filed publiclyThe figures come from Reuters’ reading of a confidential prospectus. The public version will come later.
- 02Compute is the business$7.33 billion of compute and infrastructure spending was more than half of 2025 operating expenses, per Reuters.
- 03Big customers can walkAnthropic’s own risk factors say many of its largest clients are not locked into long-term contracts.
- 04Read the real filingIt must be public at least 15 days before the roadshow. Plan contract reviews around that.
01 — The figuresWhat Reuters reported
The Reuters report gives four figures that matter to buyers. The net loss it also reports, about $42 billion, is mostly a roughly $34 billion accounting charge for the rising value of financing that could turn into shares, rather than money spent running the business, so it says little about Claude’s economics.
2025, up 12-fold
Reported as nearly $4.6 billion.
Spent in 2025
Three times 2024, and more than half of $12.65 billion in operating expenses.
Cloud and infrastructure ahead
Spending the company plans in coming years.
Revenue from two customers
Reported as nearly a quarter of 2025 revenue.
Two more details round out the picture. The operating loss widened to $8.06 billion from $2.98 billion in 2024, and the company held $20.28 billion in cash, equivalents and short-term investments at the end of 2025. Reuters, citing sources, has also reported that the listing is likely to come after the November US midterm elections.
02 — CautionWhat is not confirmed
Figures circulating since the report go further than Reuters does. Some sites give a precise revenue figure to two decimal places, a split of the $518 billion between named cloud providers, and a share of the obligations that cannot be cancelled. None of those appear in the Reuters report we read, and the prospectus is not public, so we leave them out until the filing can be checked.
A reported figure is a journalist’s reading of a document you cannot see. Quote it with the outlet’s name and date, and never round it into a firmer number than the report gives. Our guide on reading an AI valuation leak without repeating it applies here in full.
03 — AnalysisWhat the figures mean for buyers
The rest of this section is our reading of the reported figures, not a forecast of Anthropic’s prices.
| Reported fact | What it suggests for a Claude buyer |
|---|---|
| Compute and infrastructure are over half of operating costs | Claude’s price tracks Anthropic’s compute cost more than anything else. Expect cuts to arrive through cheaper line items, as with the September flagship launch, rather than across the board. |
| $518 billion in obligations ahead | Large capacity is coming, and capacity already paid for needs usage. That points to commitment deals and volume discounts for buyers who can forecast usage. |
| Two customers, about a quarter of revenue | A few very large buyers carry real weight with the vendor. Smaller buyers should not assume priority if capacity gets tight. |
| Large clients not on long-term contracts | Anthropic lists this as a risk, so it has reason to seek longer commitments. Buyers have room to ask for price and capacity terms in return. |
The first row has a recent example. When Anthropic launched Claude Fable 5.1 on September 1, input and output prices stayed at $10 and $50 per million tokens and only the cache-read price fell, by 75%, which lowers bills where cached context dominates. The contract side connects to our note on applying AI spend commitments through cloud marketplaces, which covers the terms worth checking in any commitment.
04 — TimingWhen the full filing appears
A company can submit its registration statement to the SEC for confidential review, which is why this one is not public and Reuters reported from a copy it had seen. The SEC’s procedure requires it to publish the registration statement and the earlier confidential drafts at least 15 days before any roadshow. If Reuters’ sources are right about a listing after the November 3 midterms, the public document must appear at least 15 days before that roadshow. No roadshow date has been reported, so it could appear at any time before then.
That filing is the one to read. Look at the risk factors on capacity and customer contracts, any discussion of pricing, and how the company describes its largest customer agreements.
05 — Practical implicationsWhat to do before then
None of this needs a change of model or vendor. The figures describe a company spending heavily to add capacity and keen to lock in customers, which gives buyers with predictable usage some leverage. The resilience side is unchanged from our Claude outage playbook, and our AI transformation work includes model-cost reviews and fallback design.
Use the reported figures to negotiate, not to switch
If your Claude spend is predictable, ask for commitment pricing and capacity terms now. Keep a tested fallback, cite only what Reuters reported, and put a date in the calendar to read the public filing when it appears.