Artificial intelligence company Anthropic is preparing for a potential public offering that could become one of the biggest technology market events in years.
A confidential IPO prospectus reviewed by Reuters provides new insight into the scale of the company's growth and spending.
Anthropic's revenue increased sharply in 2025, reaching nearly $4.6 billion, according to Reuters. At the same time, operating losses exceeded $8 billion.
The filing also shows how closely the company depends on major cloud computing partners.
Around 47 percent of its 2025 sales were routed through cloud marketplaces operated by Amazon and Google.
Those companies are simultaneously investors, infrastructure providers and competitors in artificial intelligence.
Anthropic has also accumulated enormous commitments for computing capacity as it builds and operates increasingly powerful AI models.
The numbers illustrate the unusual economics of the current AI boom.
Demand for AI services is growing rapidly, but developing frontier models requires huge investments in chips, data centers, energy and cloud infrastructure.
Anthropic is reportedly seeking a valuation of around $2 trillion.
