🇺🇸Anthropic IPO materials reportedly show $7.33 billion in FY2025 compute/infrastructure costs; two direct customers contributed 24% of revenue.

Telegram reports citing an initial public offering (IPO) prospectus put Anthropic’s FY2025 compute and infrastructure costs at $7.33 billion, up 190%, and equivalent to 58% of operating expenses. They report revenue of $4.59 billion, up 1,088% from $386 million in FY2024; no direct prospectus or SEC filing URL is included in the supplied sources.

Reported generally accepted accounting principles (GAAP) operating loss increased to $8.06 billion from $2.98 billion, while the GAAP net deficit widened to $41.97 billion from $8.31 billion. Cash, cash equivalents and short-term investments totaled $20.28 billion as of December 31, 2025.

The two largest direct customers reportedly accounted for 12% of revenue each, or 24% combined. A separate summary says many of Anthropic’s largest customers lack long-term contracts, identifying customer-retention and spending risk without naming the two customers.

Several messages also describe a prospectus plan for $518 billion over the following year covering cloud services, compute and infrastructure commitments. This is a reported forward-looking plan—not historical spending or independently verified committed financing—and its detailed scope and payment schedule cannot be checked from the supplied excerpts.