Anthropic's Leaked IPO Draft: Losses and $518B in Commitments

Anthropic, the maker of Claude, has not yet made its IPO registration statement public. What surfaced on September 28 and 29, 2026 is a draft prospectus that Reuters said it had seen. Below: the public record, the reported draft, and where coverage disagrees.

Disclosure: SignalStack uses AI tools, including Anthropic’s Claude, for research and drafting. Anthropic has no role in our editorial decisions, and every figure here is attributed to the outlet that reported it.

TL;DR

• No public S-1 yet. As of September 30, SEC EDGAR shows no registration statement from Anthropic, PBC. Anthropic submitted a draft Form S-1 confidentially on June 1. Every figure below is as reported, not read from an SEC filing.
• The reported numbers. Per Reuters, 2025 revenue grew 12-fold to nearly $4.6 billion and the net loss was nearly $42 billion, roughly $34 billion of it an accounting charge.
• Commitments and control. Reuters says the draft lists at least $518 billion of infrastructure commitments, about 80% of it non-cancelable or payable regardless of usage, and a Founder LLC that directs a Class F share carrying 50.1% of voting power on key matters.

What happened

On September 28, Reuters published details from an IPO prospectus it had reviewed; Anthropic declined to comment. The Decoder reported that the company had reportedly sent the document to a small group of partners. On September 29, Reuters added stories on compute commitments and governance. CNN, CNBC, Fortune and others credit Reuters or the FT, and The Next Web says it has not seen the document.

Is the S-1 public? What the primary sources say

EDGAR. A company-name search returns only investment vehicles holding Anthropic shares, and a full-text search of S-1 filings finds no Anthropic registration statement. Confidential drafts stay off EDGAR until a public filing.

Anthropic’s own statement. On June 1, 2026, Anthropic said it had “confidentially submitted a draft registration statement on Form S-1” to the SEC. It said the number of shares and the price “have not yet been set.” The notice was published under Rule 135 and is not an offer to sell securities.

The SEC’s timing rule. Under the SEC’s draft-review procedures, an issuer must publicly file its registration statement and earlier draft submissions at least 15 days before any road show. Figures in that public filing may differ from the reported draft.

What the draft reportedly shows

Period labels below are the coverage’s; the filing’s own labels can’t be checked until it is public.

Item	Figure as reported	Period	Reported by
Revenue	Nearly $4.6 billion, up 12-fold	2025	Reuters
Revenue growth	1,088%	2025 vs. 2024	Fortune
Total operating expenses	$12.65 billion	2025	Reuters
Compute and infrastructure spending	$7.33 billion (3x 2024)	2025	Reuters
Operating loss	$8.06 billion (vs. $2.98 billion)	2025 (vs. 2024)	Fortune, The Next Web
Net loss	Nearly $42 billion, incl. ~$34 billion accounting charge	2025	Reuters
Cash, cash equivalents and short-term investments	$20.28 billion	As of December 31, 2025	Reuters
Revenue from two customers	”Nearly a quarter”	2025	Reuters, FT via CNBC
Pages on risk factors / business	About 80 / 48, of 261	Draft prospectus	Reuters via CNBC

Why the net loss is so much larger than the operating loss. Reuters says about $34 billion of the net loss reflects a rise in the estimated value of financing that could later become Anthropic shares: an accounting charge, not operating spending. Reuters also described the operating loss as excluding writedowns of liabilities mostly tied to earlier fundraising.

Customer concentration. Reuters reported that two unnamed customers produced nearly a quarter of 2025 revenue. The risk factors reportedly add that many of Anthropic’s largest customers have no long-term contracts and could reduce or stop spending.

Revenue vs. run-rate. The $4.6 billion figure is revenue recognized in 2025. That differs from the annualized “run-rate” Anthropic cites publicly, which TechCrunch reported in June had surpassed $47 billion, from $9 billion at the end of 2025; CNBC put the earlier figure at $10 billion in annual revenue last year.

The $518 billion in commitments

Reuters reported on September 29 that the draft lists at least $518 billion of infrastructure spending over about a decade with six partners, about 80% of it non-cancelable or payable regardless of usage. As reported:

• Google: at least $111.1 billion, April 2026 to July 2033. Reuters quotes the draft: “If our actual spend falls short, we must pay Google the difference.”
• Amazon: $110 billion, May 2026 to April 2036, on terms Anthropic called similar.
• Microsoft: $31.4 billion, November 2026 to May 2033. Reuters quotes the draft: it “is non-cancelable except in the event of Microsoft’s uncured material breach.”
• Broadcom-related equipment leases: about $161.2 billion. Reuters says neither party can cancel except in case of default.
• xAI: up to $84.5 billion of Nvidia-based capacity through 2029. Reuters says most of it can be canceled on 90 days’ notice.
• AMD: Reuters says AMD committed to buy up to $5 billion of Anthropic stock and to supply computing capacity expected to exceed $20 billion.

By SignalStack’s arithmetic, the five dollar figures above add up to $498.2 billion. Adding AMD’s capacity of more than $20 billion brings the total above $518 billion, which is consistent with the reported figure.

The draft reportedly argues demand will be “limited principally by the availability of compute,” and describes a shift toward “dedicated data centers and directly leased chips.” It warns that Amazon, Google and Microsoft play several roles at once, among “investors, customers, cloud providers, distributors and competitors,” with incentives that “may not be fully aligned” with Anthropic’s. See the Alphabet, Amazon and Microsoft hubs.

Governance: Founder LLC, share classes and the Trust

Reuters reported that the draft creates a “Founder LLC” made up initially of Anthropic’s seven co-founders, whose majority vote directs a single Class F share carrying 50.1% of total voting power on key matters. Also per Reuters:

• Anthropic stays a Delaware public benefit corporation, which lets directors weigh the public interest alongside shareholder returns.
• Five share classes in all; public Class A stock has one vote per share, strategic partners minimal votes.
• Class F and Class A holders elect Daniela Amodei (chair), Dario Amodei and one unnamed director; the Long-Term Benefit Trust, whose trustees include Ben Bernanke, elects the other four.
• Class F power begins to sunset once two or fewer co-founders or successors remain.
• The draft warns that this structure could lead to decisions that “may negatively impact the value of our Class A common stock.”

What is not known yet

No coverage we reviewed reports a ticker, share count, price range, underwriters or use of proceeds. Business Insider reported in mid-September, citing a person familiar with the plans, that Anthropic had chosen Nasdaq. Reuters has reported, citing sources, that the debut is likely to come after the November US midterm elections. Anthropic has not confirmed either report. Reuters says the offering could value Anthropic at more than $2 trillion, compared with its own estimated valuation of $965 billion in May, which TechCrunch and CNBC tied to that month’s funding round. Pricing and terms can change until the offering is priced.

Related: OpenAI DevDay 2026, the agent incidents CNN cited in OpenAI agents on SEC and Census sites, and more AI & Semiconductors coverage.

Where the coverage differs

• “$518 billion in the coming year.” CNBC’s summary of Reuters used this wording. Reuters itself says the commitments run over roughly a decade.
• Share of pages on risk. CNBC wrote “over a third” and Fortune “more than one-third.” The Decoder, citing the FT, wrote “nearly a third.” By our arithmetic, Reuters’ page counts of about 80 out of 261 work out to roughly 31%.
• Q2 2026 revenue of $11.5 billion. Fortune lists it “per the S-1” but links it to a CNBC report from August 15; PYMNTS and The Next Web credit earlier Bloomberg and CNBC reports. We could not confirm it is in the draft.
• “A quarter” vs. “nearly a quarter.” Reuters’ wording is “nearly a quarter.” Fortune’s snapshot rounded it to “a quarter.”

What could go right / What could go wrong

What could go right

• The public S-1 would put audited financials, full risk factors and contract terms on EDGAR, where anyone can check them.
• If compute demand exceeds supply, as the draft reportedly argues, locked-in capacity could keep Anthropic from running short.
• IPO proceeds could add to the $20.28 billion of cash and short-term investments reported at the end of 2025.

What could go wrong

• About 80% of the $518 billion is reported as non-cancelable or payable regardless of usage.
• Two unnamed customers accounted for nearly a quarter of 2025 revenue, and many large customers reportedly lack long-term contracts.
• Reuters notes the Founder LLC structure could reduce everyday investors’ influence, and the draft says such decisions could hurt Class A value.
• The public filing’s numbers, timing or terms could differ from the reported draft.

FAQ

Q Has Anthropic filed its S-1 publicly?

A Not as of September 30, 2026. Anthropic confidentially submitted a draft Form S-1 on June 1, 2026. The figures in the news come from a draft Reuters and the FT reviewed, not from EDGAR.

Q When is Anthropic's IPO?

A No date is set. Reuters reported, citing sources, that the debut is likely after the November 2026 US midterm elections. SEC procedures require the S-1 to be public at least 15 days before the road show.

Q How much did Anthropic lose in 2025?

A Reuters reports a 2025 net loss of nearly $42 billion on revenue of nearly $4.6 billion, including a roughly $34 billion accounting charge. Fortune and The Next Web put the operating loss at $8.06 billion, up from $2.98 billion.

Q Who are Anthropic's biggest customers?

A The reports do not name them. Reuters says two customers accounted for nearly a quarter of Anthropic's 2025 revenue.

Q What ticker will Anthropic use?

A No ticker has been reported or announced. Business Insider reported that Anthropic chose Nasdaq, but Anthropic has not confirmed the exchange.