Anthropic’s IPO Prospectus: What the Leaked Draft Shows

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Market Commentary | Anthropic IPO

Anthropic’s IPO Prospectus: What the Leaked Draft Shows

A draft of Anthropic’s IPO prospectus, reported by Reuters on September 28, 2026, shows revenue of nearly $4.6 billion in 2025, up about 12-fold from the year before, a net loss of about $42 billion that is mostly a non-cash accounting charge, and at least $518 billion in computing commitments over about a decade. Anthropic has not filed the document publicly.


What the Leaked Draft Revealed

Before the Reuters report, Anthropic’s finances were known only through funding announcements, reported revenue estimates and individual computing deals. The draft put full-year figures to them for the first time.

  • Revenue was nearly $4.6 billion in 2025, about 12 times the 2024 figure.1
  • The 2025 net loss was about $42 billion. About $34 billion of it was a non-cash charge tied to convertible financing, and the operating loss was $8.06 billion.1,2
  • Anthropic has committed at least $518 billion to six computing partners over about a decade, and about 80% of that cannot be cancelled or must be paid regardless of usage.3
  • Two customers accounted for nearly a quarter of 2025 revenue.2
  • The public version of the prospectus has to be filed at least 15 days before the roadshow. Bloomberg reported that marketing could begin as soon as the week of November 9.4,5

What Is in Anthropic’s Draft IPO Prospectus?

The draft is a 261-page document. According to Reuters, it contains Anthropic’s financial results for 2024 and 2025, including revenue, net and operating losses and cash on hand; a schedule of its cloud and computing commitments by partner; disclosures about how much of its revenue comes from its largest customers; and about 80 pages of risk factors.1,2 Each of those is covered in the sections below.

Anthropic confidentially submitted the draft registration statement on Form S-1 to the SEC on June 1, 2026.6 A confidential draft is not posted to the SEC’s EDGAR system, so its contents became known only when Reuters reported them on September 28.1 Anthropic has not published or confirmed the document, and the figures may change in the version the company eventually files.


How Fast Is Anthropic’s Revenue Growing?

According to the draft, Anthropic’s revenue grew about 12-fold in 2025, from roughly $386 million in 2024 to nearly $4.6 billion.1,8

The draft covers results through the end of 2025. The most recent figure for 2026 comes from Bloomberg, which reported preliminary second-quarter revenue of more than $11.5 billion, compared with $787 million in the same quarter of 2025.7 That is more than 14 times the year-earlier quarter, and about two and a half times what Anthropic brought in during all of 2025.


Anthropic revenue, year over year: full year and second quarterTwo bar charts in billions of US dollars. Full-year revenue rose from about $0.39 billion in 2024 to nearly $4.6 billion in 2025, about 12 times, according to the draft prospectus as reported by Reuters. Second-quarter revenue rose from $0.79 billion in 2025 to more than $11.5 billion in 2026, more than 14 times, according to preliminary figures reported by Bloomberg.Anthropic Revenue, Year Over YearUS$ billions. Each panel compares the same period a year apart.FULL YEARFrom the draft prospectus$0.39B2024$4.6B2025about 12xSECOND QUARTERPreliminary, reported by Bloomberg$0.79BQ2 2025$11.5B+Q2 2026more than 14xFull year: draft prospectus as reported by Reuters, Sept. 28, 2026; 2024 implied by the reported 1,088% increase.Second quarter: preliminary figures reported by Bloomberg, not drawn from the draft.

Why Did Anthropic Lose $42 Billion in 2025?

Most of the loss is an accounting charge. About $34 billion of the roughly $42 billion reflects a rise in the estimated value of financing that can later convert into shares, a value that climbed with the company’s own valuation.1,8

The operating loss, which measures the cost of running the business, was $8.06 billion in 2025, up from $2.98 billion in 2024.2 Computing and infrastructure spending reached $7.33 billion, about triple the year before, and on its own was larger than the year’s revenue.2


What Are Anthropic’s $518 Billion in Computing Commitments?

The draft lists at least $518 billion in cloud, computing and infrastructure obligations with six partners, running over about a decade. About 80% of the total is non-cancellable or must be paid regardless of how much capacity Anthropic uses.3


Anthropic computing commitments by partner, from the draft prospectusHorizontal bar chart in billions of US dollars. Broadcom about $161.2 billion in equipment leases, term not stated. Google at least $111.1 billion, April 2026 to July 2033, payable regardless of usage. Amazon $110 billion, May 2026 to April 2036. SpaceX (xAI) up to $84.5 billion through 2029, largely cancellable on 90 days notice. Microsoft $31.4 billion, November 2026 to May 2033. All but SpaceX (xAI) are shown as non-cancellable or payable regardless of usage. The total across six partners is at least $518 billion over about a decade.Anthropic’s Computing CommitmentsUS$ billions, by partner. The five itemized in reporting on the draft; the total across six partners is at least $518B.Non-cancellable or payable regardless of usageLargely cancellableBroadcomEquipment leases; term not statedabout $161.2BGoogleApril 2026 to July 2033at least $111.1BAmazonMay 2026 to April 2036$110BSpaceX (xAI)Through 2029; cancellable on 90 days’ noticeup to $84.5BMicrosoftNovember 2026 to May 2033$31.4BSource: Reuters (Echo Wang, Sabrina Valle), Sept. 29, 2026, reporting on the draft prospectus. The draft has not been publicly filed or confirmed by Anthropic.

On the Google agreement, the draft states: “If our actual spend falls short, we must pay Google the difference.”3 Reuters also reported that AMD agreed to buy up to $5 billion of Anthropic stock and to supply computing capacity expected to exceed $20 billion.3

The draft notes that its three largest cloud providers are also its investors, customers, distributors and competitors, and that their incentives may not be fully aligned with Anthropic’s.3


What Else Does the Draft Disclose?

  • Cash. About $20.28 billion in cash, cash equivalents and short-term investments at December 31, 2025, before the company’s May 2026 funding round.2
  • Customer concentration. Two customers, who were not named, accounted for nearly a quarter of 2025 revenue, and many of the largest customers are not on long-term contracts.2
  • Risk factors. About 80 of the 261 pages describe risks, including what the draft calls “existential risks to humanity” from advanced AI.1,2

When Will Anthropic File Its S-1 Publicly?

A company that submits its registration statement confidentially must file it publicly at least 15 days before it begins the roadshow, the meetings with investors that come before an offering is priced.4 The public filing would include audited financial statements and would replace the draft figures reported so far.

Anthropic has not announced a date. Bloomberg reported on October 1 that the company could begin marketing the offering as soon as the week of November 9 and start trading before the Thanksgiving holiday, at a valuation of between $1.8 trillion and $2 trillion.5 That compares with the $965 billion valuation of its May 2026 funding round.6 Reuters has reported that the listing is likely to come after the U.S. midterm elections on November 3.1 Timing could change with market conditions.


What Will the Public S-1 Show?

The draft gives the first detailed look at Anthropic’s finances: revenue that grew about 12-fold in a year, a $42 billion loss that is mostly an accounting charge, and at least $518 billion in computing commitments that will shape its costs for about a decade. The public S-1 will replace those reported figures with audited ones, and it is the document investors will use to weigh a listing that Bloomberg reported could value the company at up to $2 trillion.5

When it is filed, the figures to compare against this draft are 2025 revenue and any interim results for 2026, the split between the non-cash charge and the operating loss, and the size and cancellation terms of the computing commitments. The price range for the shares usually comes later, in an amended filing, and companies often amend a registration statement several times before an offering is priced.

Our Anthropic IPO tracker follows each of those steps as it happens. It shows where the filing stands and which month prediction-market traders are pricing for the listing, and you can sign up there for an email when something changes.


Frequently Asked Questions

Has Anthropic filed its S-1 publicly?

Not as of October 8, 2026. Anthropic submitted a draft confidentially on June 1, 2026, and the version Reuters reported has not been posted to EDGAR.6

Is the leaked prospectus the final document?

No. It is a draft that Reuters reviewed. Anthropic has not confirmed it, and the figures may change in the registration statement the company files publicly.1

How much revenue did Anthropic make in 2025?

Nearly $4.6 billion, about 12 times its 2024 revenue, according to the draft.1

Why is Anthropic’s net loss so large?

About $34 billion of the roughly $42 billion net loss is a non-cash charge tied to convertible financing. The operating loss was $8.06 billion.1,2

What valuation is Anthropic expected to go public at?

Bloomberg reported a range of $1.8 trillion to $2 trillion. That is a reported expectation. Anthropic has not set a price range.5


Sources and Disclosures

Figures attributed to the draft prospectus are as reported by Reuters and carried by CNBC and Fortune. The draft has not been publicly filed or confirmed by Anthropic, and its figures may change in any registration statement Anthropic files. Anthropic is a private company and publishes no audited financial statements. Reported IPO timing and valuation reflect the reporting of the outlets named and are not predictions by REX Shares. This is editorial market commentary, not investment advice, and not a recommendation to buy or sell any security. Anthropic is not affiliated with REX Shares. All figures as of October 8, 2026 unless noted.


Footnotes

  1. Reuters, reporting on a draft of Anthropic’s IPO prospectus, September 28, 2026, as carried by CNBC (“Anthropic’s IPO prospectus shows sweeping AI vision, surging costs: Reuters”) and Fortune, September 29, 2026.
  2. Fortune, “Anthropic’s leaked IPO prospectus details steep losses, rapid growth, and a fear that AI could end humanity,” September 29, 2026.
  3. Echo Wang and Sabrina Valle, Reuters, “Anthropic plans $518bn AI infrastructure spend, 80% non-cancellable,” September 29, 2026, as carried by BusinessDay.
  4. U.S. Securities and Exchange Commission, draft registration statement processing procedures: an issuer must publicly file its registration statement and prior draft submissions at least 15 days before any roadshow.
  5. Bloomberg News, October 1, 2026, as reported by PYMNTS (“Anthropic Targets Pre-Thanksgiving IPO at $2 Trillion Valuation”) and Yahoo Finance.
  6. Anthropic, announcement of its confidential draft registration statement submission, June 1, 2026, published under Rule 135 of the Securities Act of 1933; Anthropic, Series H funding announcement, May 28, 2026.
  7. Bloomberg News, preliminary second-quarter 2026 revenue figures shared with investors. Not drawn from the draft prospectus.
  8. Decrypt, “Anthropic Lost $42 Billion Last Year. It Wants to Go Public at $2 Trillion,” summarizing Reuters, September 2026.

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