Anthropic Reports 2025 Net Loss of USD 42 Billion as Google and Amazon Investment Revaluations Soar
IT DAILY ·
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Forbes and Reuters reviewed leaked and confidential IPO materials, revealing Anthropic's 2025 financial figures.
According to Reuters, Anthropic posted about USD 4.6 billion in revenue in 2025, operating losses exceeded USD 8 billion, and its final loss was about USD 42 billion.
A large portion of the loss was an accounting revaluation loss related to Google and Amazon investments, and Anthropic plans to invest about USD 518 billion in AI infrastructure over the next 10 years.
Anthropic, the U.S. creator of the generative AI Claude, disclosed its 2025 financial figures after Forbes and Reuters reviewed leaked and confidential IPO materials. Forbes reported after analyzing Anthropic's leaked IPO prospectus, which contained detailed financial information on the company. Reuters also reviewed Anthropic's confidential IPO materials.
According to Reuters, Anthropic posted about USD 4.6 billion in revenue in 2025 and more than USD 8 billion in operating losses. But its final loss was more than 5 times its operating loss, widening to about USD 42 billion.
Anthropic's 2025 net loss of USD 42 billion amounts to about KRW 57.2 trillion. On the surface, that appears to be the worst on record for a U.S. company. However, the loss is a book loss under GAAP.
A large portion of the net loss was an accounting revaluation loss rather than an operating loss driven by cash outflows. The revaluation loss stemmed from Google's and Amazon's investments, and about USD 34 billion excluding actual operating losses was reflected as an accounting loss tied to changes in the value of Google's and Amazon's convertible bonds.
Google and Amazon invested large sums in Anthropic through convertible bonds. Google, after investing in Anthropic in 2023, added another USD 2 billion in 2023 in the form of convertible bonds. Amazon invested USD 8 billion in convertible bonds in late 2024, based on a company valuation of USD 46 billion. A convertible bond is a financial instrument that can be converted into shares if certain conditions are met.
Anthropic's valuation then rose sharply. As the company's value increased, the value of shares scheduled to accrue to investors rose as well, and the value of Anthropic's debt, which is an accounting liability, also expanded. The increase in the revaluation amount was recorded as a loss. Joshua Ronen, an accounting professor at New York University's Stern School of Business, told Forbes that such losses are the accounting result on the other side of a surge in corporate value.
Joshua Ronen pointed to Anthropic's rising valuation as one factor behind the widening loss. The increase in Anthropic's valuation also affected the performance of Google and Amazon.
By contrast, the same rise in value boosted the investment gains recognized by Amazon, which in turn supported its earnings improvement. Amazon said its second-quarter 2026 net income increased to USD 62.6 billion from USD 18.2 billion a year earlier. Amazon said the increase in earnings was significantly driven by the rise in the valuation of its Anthropic investment. Amazon raised the value of its Anthropic stake by about USD 53.4 billion. Amazon's cumulative investment in Anthropic stands at USD 18 billion, and it also holds rights to invest an additional USD 20 billion.
As Google's investment in unlisted startups expanded, the company recently said in an earnings release that its investment in unlisted startups stood at USD 124.3 billion, with a large portion of that estimated to be in Anthropic. The New York Times reported, based on court filings in 2025, that Google held about 14% of Anthropic, while PitchBook estimated Anthropic's cumulative fundraising at more than USD 126 billion. Some of the convertible bonds held by the two companies have already been converted into shares, showing that their capital relationship continues.
Although accounting shows a USD 42 billion loss, the more notable business issue is Anthropic's future AI infrastructure costs. Anthropic plans to invest about USD 518 billion in AI infrastructure over the next 10 years, and last year's operating loss was USD 8 billion.
Developing and operating AI models requires massive GPU, AI accelerator, data center, and cloud computing resources. As the performance competitiveness of its AI models improves, Anthropic is in a structure where its dependence on such computing resources is expanding further.
Likely beneficiaries of such large-scale infrastructure spending include big tech companies such as Google Cloud and Amazon Web Services (AWS). According to IPO materials reviewed by Reuters, 47% of Anthropic's 2025 revenue came via the Amazon and Google Cloud Marketplace, and that 2025 revenue amounted to about USD 2.16 billion. The share of revenue generated through cloud marketplaces rose from 11% in 2023 to 32% in 2024 and 47% in 2025.
Anthropic's relationship with Google and Amazon is a structure in which it is simultaneously an investor, cloud provider, distribution partner, and competitor. According to Reuters, Anthropic's noncancelable hosting and computing contracts at the end of 2025 were worth about USD 54.6 billion, and by early 2026 its long-term contract volume had expanded to more than USD 417 billion. Dedicated computing capacity stood at about 3.5 GW.
Anthropic said one advantage of using the cloud distribution networks of Amazon, Google, and Microsoft was the ability to quickly secure customers. However, the IPO materials acknowledged that excessive dependence on specific big tech companies could pose risks.
The risks Anthropic identified include the possibility of being affected in securing computing resources, pricing decisions, and customer access. This showed that cooperation with big tech carries both the benefit of customer expansion and the burden of deepening dependence.
Although Anthropic is suffering huge losses, some say it is risky to view this only as the 'massive deficit of an AI company.' What the market is focusing on is the scale of computing resources needed to improve AI model performance, the amount of capital needed to improve AI model performance, and whether that capital can be secured through operating activities.
This year, Anthropic is projected to turn a profit on the back of surging revenue and earnings. The key question going forward is whether a sustainable trend will take hold after it actually turns profitable at the operating level.
Source: IT DAILY · Jo Min-soo
Original: https://www.itdaily.kr/news/articleView.html?idxno=241982
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Source: IT DAILY
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