Anthropic IPO Prospectus Revealed: Massive Compute Spending Alongside Safety Concerns
Summary
Anthropic's IPO prospectus, seen by Reuters, shows revenue grew 12-fold to nearly $4.6 billion in 2025, but net loss reached $42 billion, with plans to spend $518 billion over the coming year on cloud services, compute and related infrastructure. Post-IPO valuation could exceed $2 trillion, more than double its May estimate of $965 billion. The filing also warns that nearly a quarter of revenue comes from two customers, and most large customers have no long-term locked contracts.
Bubble analysis
This is core evidence for the bubble thesis: Anthropic plans to spend $518 billion on compute and infrastructure in a single year against 2025 revenue of only about $4.6 billion — spending running more than a hundred times revenue — while posting a $42 billion net loss. Capex vastly outpacing current AI revenue is the most direct argument for a bubble, and a valuation that more than doubled in a year reinforces the overheating signal.
Related signals
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