BankInfoSecurity.com reported that “A peek behind the financial curtain of frontier artificial intelligence lab Anthropic reveals exponential sales growth, worsening losses and a heavy reliance on Amazon and Google.” The September 30, 2026 article entitled “Anthropic Prospectus Reveals Surging Sales, Worsening Losses” (https://www.bankinfosecurity.com/anthropic-prospectus-reveals-surging-sales-worsening-losses-a-32981?rf=2026-10-03_ENEWS_SUB_BIS__Slot3_ART32981&mkt_tok=MDUxLVpYSS0yMzcAAAGkoQpTa-VcuIEEg0vYxlvc77_fCZh2CVriNJeO5q0CPPRNEHGjHzYhCX2y3mzo8enE9V8Q5alnyg5R3IaaPtfZV5IBagRCb8oMCp5GgfVclKZjRmxKvQ) included these comments:
Anthropic experienced exponential growth in 2025 with revenue skyrocketing to $4.6 billion, up 1,200% from $400 million in 2024 and $0 in 2023, the year the company introduced its first large language model. The company’s revenue increased sharply again this year, with Anthropic recording $11.5 billion in sales in just the second quarter of 2026, according to The Financial Times, which saw the prospectus.
About $3.8 billion in Anthropic’s 2025 revenue came from customers paying based on how much they use the company’s Claude AI system, while subscription revenue came to $789 million, the prospectus found. Anthropic expects consumption-based revenue to account for “the substantial majority” of its sales for the foreseeable future. The United States accounted for nearly two-thirds of Anthropic’s sales.
But the company’s net loss grew in 2025 to a whopping $42 billion, up dramatically from $8 billion in 2024 and $2 billion in 2023. The 2025 figure includes a $34 billion accounting charge reflecting a hike in the rough value of financing that could eventually turn into Anthropic shares, rather than money spent running the business. Anthropic’s operating loss grew from $2.98 billion in 2024 to $8.06 billion in 2025.
Anyone surprised?
First published at https://www.vogelitlaw.com/blog/anthropic-having-great-sales-but-serious-losses