Noesion Radarnoesion.ai
Market2026-09-28

Reuters leaked Anthropic’s S-1 filing. It shows 2025 revenue of $4.59bn and a net loss of $41.97bn. Compute costs rose to $7.33bn while operating loss reached $8.06bn. A $33.9bn non-cash charge drove most of the net loss. The S-1 will clarify revenue quality, demand trends, and margin improvements. It will also reveal compute commitments and funding sources. The filing may answer whether AI profit pools are strengthening. Anthropic’s S-1 is expected within the next month.

What changed

Anthropic's 2024 revenue was $0.39bn with $2.98bn operating loss.

What it unlocks

Understanding Anthropic's financial health and AI trade dynamics ahead of its IPO.

  • $4.59bn 2025 revenue
  • $7.33bn 2025 compute costs
  • $8.06bn 2025 operating loss
  • $41.97bn 2025 net loss

Sources

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