Anthropic's $42B 2025 loss is mostly accounting: $34B was non-cash revaluation
lxfater · x · 2026-10-02
Reuters reviewed Anthropic's filing showing a $42B net loss for 2025, but $34B of that is a non-cash charge from stock revaluation at fundraising, not operating cash burn.
The real operating numbers:
- 2025 revenue: $4.6B
- Compute and infrastructure spend: $7.33B — exceeding full-year revenue on its own
However, Bloomberg-viewed investor documents show preliminary Q2 2026 revenue above $11.5B with adjusted operating profit already positive, suggesting the company may have turned the corner.
Related event: Anthropic S-1 Leak: $2T Valuation IPO, $4.6B Revenue, $8B Operating Loss(7 posts)→
More from Venture
- 40k dictated words a month ranks top 2% on WisprFlow — is voice AI demand weak? — mtns_of_magic · 2026-11-04
- Founder gave his AI his inbox to raise $10M; first tweet hit 100K views — LinusEkenstam · 2026-11-04
- Mistral's valuation soared from $2.2B to $24B in under three years, and one observer now calls it underpriced — smlpth · 2026-11-04
- Gary Marcus: AI data center demand has already passed its peak as projects get killed — GaryMarcus · 2026-11-04
- AI stocks slide as Texas governor result raises data center risks — 1659447091 · 2026-11-04
- Gary Marcus: 'fleecing the public with AI fantasies just got harder' as AI stocks drop — GaryMarcus · 2026-11-04