A leaked IPO prospectus is giving investors the first detailed view of Anthropic’s finances ahead of an upcoming public listing. The company is burning cash—losing $42 billion last year—while bringing in $4.6 billion in revenue, according to the leaked filing reviewed by Reuters.
The filing shows how quickly the Claude maker has grown but also how much the lab is spending to keep up in the race to build increasingly powerful AI systems. Revenue rose 1,088% in 2025, while its operating loss widened to $8.06 billion from $2.98 billion a year earlier.
