Anthropic IPO Filing Shows $8B Operating Loss

Anthropic's leaked S-1 filing reveals revenue surged from $400 million in 2024 to $4.6 billion in 2025, with second-quarter 2026 sales reaching $11.5 billion. The company posted an $8 billion operating loss in 2025, with computing costs accounting for over 91% of that figure. Anthropic plans to spend $518 billion on computing infrastructure over the next decade, with 80% tied to non-cancelable contracts. The company hopes to go public in November at a valuation of $2 trillion or more, with the offering expected to raise up to $100 billion.