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Anthropic IPO filing reports $42 billion loss, $518 billion spending

Anthropic’s leaked draft IPO prospectus reportedly shows revenue surging to about $4.6 billion in 2025, alongside a $42 billion net loss—much of it tied to an accounting charge—and $518 billion in future cloud and infrastructure obligations, as the company seeks a valuation above $2 trillion. The disclosures sharpen questions about profitability and investor appetite, while Anthropic also warns that tensions with the Trump administration could damage commercial relationships and its reputation beyond its limited government business.