Anthropic's leaked IPO filing shows 12x revenue growth and huge compute bills

What happened: Reuters, via Yahoo Finance, reports it has seen Anthropic's non-public S1 IPO prospectus. Per that report, 2025 revenue was $4.59 billion, up from $386 million in 2024, about 12x. Operating loss grew to $8.06 billion from $2.98 billion. Compute spend rose about 190% year over year. The filing lists future cloud and compute commitments that Austin describes as more than 110 times last year's revenue. Anthropic is eyeing an IPO before the end of the year. 2026 figures are not yet available.
The claim: In the filing, Anthropic says AI will reshape the economy more than industrialization, electricity, or the internet, while also warning that AI could pose an existential risk to humanity.
Austin's take: Austin finds it striking for a company to flag existential risk in its own IPO filing, and calls out what feels like a both sides of the mouth message: Anthropic warns about pacing the frontier while it keeps training, launching models, and testing agents. He thinks a lot of the economy is counting on this IPO as a liquidity event, sees the compute spending pouring into the US economy as a good thing, and says many current conspiracy theories about Anthropic probably don't hold water.
Why it matters: If these numbers hold, this is one of the biggest AI public offerings yet, and its compute commitments touch Nvidia, cloud providers, and the wider economy. It is also a rare look at how much frontier AI actually costs versus what it earns.
What to do: If you are an investor or an Anthropic customer, wait for the official public filing before acting on leaked numbers, and pay attention to the gap between revenue and compute commitments.
Not confirmed yet: The prospectus is leaked and non-public, reported by Reuters rather than released by Anthropic. Austin cites the compute commitment figure inconsistently as both $58 billion and $518 billion; his "more than 110 times revenue" comparison points to roughly half a trillion dollars.

The Loop