Anthropic plans to spend $518 billion on infrastructure over the next few years

As artificial intelligence startup Anthropic prepares for its initial public offering, it’s time to share financial information with potential investors. mechanism Reuters Having had the opportunity to review Anthropic’s prospectus, some of the amounts in this document are staggering. In particular, the startup ended last year with a net loss of $42 billion and plans to spend $518 billion on infrastructure over the next few years.

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At the same time, Anthropic’s revenue growth is accelerating—up 12 times over the past year to nearly $4.6 billion, even as the company posted an operating loss of more than $8 billion during the same period. As mentioned earlier, Anthropic’s post-IPO capitalization will have to exceed $2 trillion. The startup spent $7.33 billion last year on computing infrastructure and computing alone, three times more than its core spending in 2024. Anthropic’s operating expenses last year totaled $12.65 billion.

However, the net loss in 2025 includes approximately $34 billion that will be converted into company stock and written off after the IPO, so the total net loss of $42 billion is not determined solely by direct expenses. As Anthropic points out, the startup got about a quarter of its total revenue last year from its two largest customers, so that dependence is a risk factor. As of the end of December last year, the company’s cash reserves and highly liquid assets totaled $20.28 billion.