Anthropic Reportedly Generated $4.6 Billion in Revenue and Lost $42 Billion in 2025. Will This Impact Its Targeted $2 Trillion Valuation?

A new report from Reuters says that Anthropic, the parent company of Claude, generated $4.6 billion in revenue in 2025 and incurred a $42 billion loss. This comes as Anthropic prepares to go public at a valuation that some have speculated could reach $2 trillion.

Reuters reporters were able to view the upcoming prospectus from Anthropic, which also noted that the company plans to spend $518 billion on cloud, computing, and infrastructure in future years.

The report also said that revenue grew 12-fold from 2024, and that Anthropic dedicated 80 pages of its prospectus to describing the risks of its artificial intelligence-driven business.

Will these new revelations impact Anthropic's targeted $2 trillion valuation?

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Some of the numbers are worse than OpenAI

Other financial details reported on by Reuters include that Anthropic had an operating loss of over $8 billion in 2025, up from slightly under $3 billion in 2024.

Furthermore, the company spent $7.33 billion on compute and infrastructure last year.

These 2025 numbers are worse than some of the financials reported about OpenAI, the parent of ChatGPT, which is reportedly planning to delay its IPO until at least next year.

As reported by Ed Zitron and the Financial Times, OpenAI generated over $13 billion in revenue in 2025 and incurred a net loss of over $38.5 billion. The company had an operating loss of close to $21 billion.

Need financial information about 2026

What's odd about this report is that there is no mention of financial information from 2026. Given that it is now almost October, I would think Anthropic could include at least some financial information for the first half of 2026.

Furthermore, you would think they would want to, given other media reports citing anonymous sources that have discussed the company's improved financial prospects this year.

In September, the Financial Times reported that Anthropic was set to post an adjusted operating profit for the second straight quarter and generate gross margins of 80% before accounting for revenue shared with distribution partners.

Now, obviously, the devil is in the details of the adjustments, but that still sounds a lot better than 2025.

In August, Bloomberg also reported that revenue at Anthropic had surged to $11.5 billion in its second quarter. Other reports indicated that Anthropic would hit a $100 billion annualized run rate by the end of the year, while boasting a total addressable market of around $30 trillion.

I'm confused about how Reuters got a look at the IPO prospectus but couldn't see any of these details, unless it only saw select pages.

Ultimately, I don't think investors will linger too long on the 2025 financials, so long as Anthropic can continue to paint an exciting picture of its trajectory. That's what Space Exploration Technologies Corp did, and they managed to raise the money they wanted at a $1.77 trillion valuation.

I don't see how Anthropic can justify a $2 trillion valuation without including some information about its 2026 financials.

If Anthropic can demonstrate that revenue is growing at a high clip and that it has strong gross margins, even with a ton of obscure accounting adjustments, I suspect investors will get on board.

Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.