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Anthropic posts nearly $42 billion loss and eyes IPO above $2 trillion

In its draft SEC filing, the company said roughly $34 billion of the loss was a non-cash accounting charge tied to convertible financing.

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Anthropic, the company behind the Claude chatbot, reported a nearly $42 billion loss in 2025 in a draft IPO prospectus reviewed by Reuters, and it is seeking a public-market valuation above $2 trillion.

The prospectus also outlines that the company’s own AI models could pose existential risks to humanity, while it describes an IPO as the moment a private company sells shares to the public for the first time.

Reuters said the company confidentially filed the draft with the SEC on June 1, and outlets have described elements of the document as leaked.

According to the prospectus, about $34 billion of the loss was a non-cash accounting charge related to convertible financing, while the operating loss was over $8 billion, with revenue reaching nearly $4.6 billion.

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