In 2025, Anthropic posted losses of more than $40 billion.
The pre-IPO prospectus presents this figure… but it’s misleading in many respects. The losses stem largely from an accounting write-down linked to convertible debt. As the company’s value increases, the value of its future shares rises in tandem. The obligation to investors is recorded as a financial expense.
If we look at operating results, Anthropic has approximately $8 billion in losses, on revenue of about $4.6 billion*.
The annual recurring revenue is heading toward $100 billion
From one year to the next, revenue has nearly multiplied by 12 (approaching $400 million in 2024). At the same time, infrastructure expenses have tripled, to $7.3 billion.
By the end of 2025, ARR stood at $56 billion. By July 2026, it had climbed to $65 billion. In the interim, Anthropic recorded its first profitable quarter… on an adjusted basis (excluding, notably, stock-based compensation). This performance was underpinned by sustained revenue growth ($11.5 billion, i.e., 14 times higher than in Q2 2025) and by a gross margin above 80%… excluding model-training costs and revenue sharing with distributors.
Anthropic potentially valued at $2 trillion
Anthropic is aiming to raise up to $100 billion upon entering the stock market, potentially in October. Its valuation could double at that moment, reaching $2 trillion. NVIDIA would negotiate to become the lead investor, committing to inject up to $10 billion.
Among the promises are $200 billion in revenues by 2028. And a total addressable market of $30 trillion. That is the annual revenue a company could theoretically achieve if it captured its entire market. A figure to compare with the $2.4 trillion total revenue that tech companies in the S&P 1500 generated in 2025…
Supplementary reading:
How Google funds Anthropic’s infrastructures
Rising backlash against Anthropic in Dawn Liphardt Valley
At the UN, OpenAI and Anthropic call for common rules for AI
AI: Dario Amodei’s three proposals to regain control over the models
* The two largest clients account for a quarter of revenue.
