2 October 2026

Anthropic IPO filing shows $7.3 billion spending against $4.6 billion revenue

• Anthropic spent $7.3 billion on computing infrastructure in 2025 while generating $4.6 billion in revenue, according to pre-IPO documents.
• The company has committed to spending $518 billion over the next decade on infrastructure, with 80 percent of that amount non-cancellable.
• Revenue grew from $400 million in 2024 to $4.6 billion in 2025, meaning spending exceeded revenue by more than half a billion dollars.

How it was covered

Big TechnologyAlex Kantrowitz

Anthropic's leaked pre-IPO numbers show revenue growing from $400 million in 2024 to $4.6 billion in 2025, but the company spent $7.3 billion on infrastructure last year with $518 billion committed over the next decade, 80% of which is non-cancellable. Kantrowitz argues this represents a collective leap of faith that Anthropic will grow enough to meet these obligations, especially as the stock market increasingly depends on AI companies' growth to stay afloat.