Anthropic is spending huge sums to win the AI race

Anthropic is spending previously unimaginable sums in pursuit of a technology that it expects to deliver even greater revenue, according to a leaked version of the company’s IPO prospectus viewed by Reuters. The company reported a net loss of USD 42 bn in 2025 and plans to spend more than USD 500 bn on cloud, computing, and infrastructure in coming years, Reuters reports.

The Qatar Investment Authority and Abu Dhabi’s MGX are both big Anthropic investors — and could profit handsomely from the IPO, which is expected to be valued at about USD 2 tn or more. The IPO is expected sometime after the US midterm elections in November.

Details from Reuters:

• “The near USD 42 bn net loss included a roughly USD 34 bn accounting charge that reflected an increase in the estimated value of financing that could eventually ‌turn into Anthropic ⁠shares, rather than money the company spent running its business.”
• “Anthropic said nearly a quarter of its revenue came from two customers last year, and as part of its risk factors, warned that many of its largest clients were not locked into long-term contracts and could cut or stop spending.”

The company also disclosed that it could face legal risks from its AI agents going rogue, Reuters reported. Anthropic CEO Dario Amodei has been at the forefront arguing that frontier AI companies should “pace” their developments to maintain better human control over AI’s actions.