Anthropic's Leaked Draft Prospectus Targets a Valuation Above $2 Trillion on $4.6 Billion of Revenue

A draft of Anthropic's prospectus for an initial public offering reached Reuters on Monday, and it contains the most detailed public accounting yet of what it costs to build a frontier AI lab. The company reported $4.6 billion of 2025 revenue against roughly $13 billion of operating expenses, an operating loss above $8 billion, and a net loss near $42 billion.

The gap between the operating loss and the net loss is significant. About $34 billion of the net loss is a non-cash charge tied to convertible financing that was revalued upward as Anthropic's own valuation rose. No cash left the company because of that item. Anthropic reported $20.28 billion in cash, against a stated plan to spend $518 billion on cloud computing, compute and infrastructure in the coming years.

The risk section is the other unusual feature of the filing. Anthropic devoted 80 pages to risk factors against 48 pages describing the business, and stated that the technology it is building could pose a catastrophic or existential risk to humanity. That language matches the lab's public position, including the economic scenario model its economics team published this month, and it is now a disclosure item that public-market investors must weigh.

A listing could come as soon as November at a valuation above $2 trillion, according to the reporting. The document is a draft, and neither the valuation nor the timing is final.