Anthropic's Proposed IPO: Understanding a $42 Billion Net Loss
Originally published 2026-09-29. Translation and editorial review: 14 October 2026. Market figures refer to the original reporting period.
Anthropic: a reported USD 42 billion net loss and a proposed IPO.
CWF Project | Knowledge Is The Perfect Wallet
before deciding to invest The important thing may not be just knowing “which stocks are coming”.
but it is to understand that the numbers we see What does it really mean?
This news is a very good example.
I have checked the information. The main news comes from Reuters on September 28, 2026 and the key figures from Anthropic, the company that developed Claude, are very interesting.
📊 Numbers year 2025
• Revenue of approximately $4.6 billion, growth approximately 12 times from the previous year• Operating losses were estimated at $8.06 billion.• Net loss of approximately 42 billion dollars or approximately 1.4 trillion baht • Compute and infrastructure costs of approximately 7.33 billion dollars • Total operating expenses approximately $12.65 billion • Cash + cash equivalents + short-term investments approximately $20.28 billion • Future Cloud / Compute / Infrastructure obligations approximately $518 billion
This information comes from Anthropic's IPO prospectus reviewed by Reuters.
The question is
❓ With a loss like this, can you still IPO?
The answer is yes.
Because the conditions of IPO in the United States do not mean
“The company must make a profit first. to be able to enter the market.”
Many technology companies enter the stock market during a period of losses.
1️⃣ The SEC is not responsible for deciding whether “Is this company worth investing in?”
It is important that the company Fully disclose significant information to investors.
e.g.
• Income • Loss • Debt • Cash flow • Risk • Shareholder structure • Management • Financial statements • What will the money from the IPO be used for?
SEC emphasizes investigation on Disclosure.
Simply put,
“You can lose. But we must disclose to investors how much the loss is, why, and what risks there are.”
2️⃣ The stock market does not have only "profit" criteria.
Like Nasdaq, there are many standards for considering Initial Listing such as
Income StandardLook at income and profit before tax according to conditions.
Equity StandardSee shareholders' equity and accompanying conditions.
Market Value StandardView security value and market value.
includes other standards related to assets and income.
NYSE has many routes as well.
Therefore
Loss-making company ≠ Company cannot IPO.
if other criteria of the relevant market are met. can enter the process
So, how scary is Anthropic's $42B loss?
This must be separated.
💰 Revenue ≈ $4.6B📉 Operating Loss ≈ $8.1B📉 Net Loss ≈ $42B
but in Net Loss of approximately $42B
has approximately $34B in accounting entries from the revaluation of financial instruments that may be converted into Anthropic shares in the future.
Therefore
Net Loss $42B ≠ Cash Burn $42B
This doesn't mean Anthropic actually took $42B of cash out of the company altogether.
This is a very good example.
Reading just the headline Really understanding financial statements is a different matter.
And this is what CWF Project would like to present.
Knowledge Is The Perfect Wallet
Because knowledge allows us to distinguish that
What are “scary numbers” and what are they? “A risk that really needs to be watched”
But that doesn't mean Anthropic isn't actually losing money.
to write off the $34B account.
The company still has
Operating Loss greater than $8B
while the income is approximately
$4.6B
and Compute / Infrastructure costs Only approximately
$7.33B
This is what I consider to be a number that should really be kept an eye on.
because it reflects the costs of real-world AI competition.
So why do companies that are still losing money want to IPO?
Because IPO is not only for companies that are already making profits.
Some companies enter the market to
👉 Raise funds👉 Expand Infrastructure👉 Invest in Data Center / Compute👉 Develop products👉 Hire personnel👉 Expand customer base👉 Accelerate growth faster than competitors
Finally, the investor must be the one to answer the question:
“Believe it or not? Money the company is investing today Will it create bigger profits in the future?”
Anthropic is betting on “the future of AI.”
Reuters reports that Anthropic may have been overvalued at IPO.
💵 2 trillion dollars
while 2025 revenue is approximately
💵 $4.6 billion
and as of May 2026, the company's valuation is approximately $965 billion.
If an IPO were valued at more than $2 Trillion, the company's value could more than double in just a few months.
This is not a bet with
“Today's profit”
But it is a bet that
How big will AI be in the future?
Easy to remember, there are 3 levels.
Company → SEC → Stock Market → Investors
🏛️ SEC Question: Is the information fully disclosed according to the rules?
📈 NYSE / Nasdaq Question: Does it pass the Listing criteria?
💰 Investors ask:
“At this price do I want it?”
This is a different story.
The company may be able to pass the regulatory and Listing process.
But if investors consider that
Valuation $2 Trillion Too expensive.
Purchasing demand may not be as expected by the company or underwriter.
and the terms or timing of the offering can change.
⚠️ Another risk that you need to know.
Anthropic revealed that just two customers account for nearly a quarter of the company's 2025 revenue.
and many large customers do not have long-term contracts.
Therefore, if large customers reduce their use Claude or switch to a competitor
The company's revenue may also be significantly affected.
But the number I keep my eye on the most is
⚠️ Operating Loss > $8B while Revenue ≈ $4.6B
and another one is
⚠️ Cloud / Compute / Infrastructure Commitments ≈ $518B
or approximately 17 trillion baht
This is an obligation over several years, not an expense that will occur all within a single year.
But if compared with income in 2025
2025 revenue = $4.6B
Future Infrastructure burden = $518B
is calculated as approx.
113 times 2025 revenue
is, of course, a comparison between “one year's income” and "several years' burden."
therefore does not mean that the company must earn 113 times its revenue in a single year.
But it makes us see the size of this bet very clearly.
The important question from now on is not just that.
“How much is Anthropic's loss?”
but is
Will AI revenue grow fast enough to keep up with these huge computing costs?
This is what I find interesting.
Because in the end The market isn't just valuing.
“Anthropic today”
but trying to estimate the price
Anthropic, what will it become in the next 5–10 years?
And if this IPO happens with a truly enormous valuation
It might not be Anthropic's only test.
But this may be a big test for the capital market.
How much is the world ready to pay for the “future of AI”?
CWF PROJECT
We don't just want you to know that
“What stocks went up today? What stocks went down?”
But I want you to understand that
Why is it up? Why is it down? What do the numbers mean? Where are the risks and what is the market expecting from the future?
Because in the world of investment
Data may tell what happened.
But knowledge makes us understand what it means.
CWF ProjectKnowledge Is The Perfect Wallet.
📌 Reference resources
Reuters — Anthropic's IPO prospectus shows sweeping AI vision, surging costshttps://www.reuters.com/business/finance/anthropics-ipo-prospectus-shows-sweeping-ai-vision-surging-costs-2026-09-28/ www.reuters.com www.reuters.com
U.S. SEC — Investor Bulletin: Investing in an IPOhttps://www.sec.gov/files/ipo-investorbulletin.pdf www.sec.gov www.sec.gov
Nasdaq — Initial Listing Requirementshttps://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5400-series listingcenter.nasdaq.com listingcenter.nasdaq.com
NYSE — Initial Listingshttps://www.nyse.com/regulation/initial-listings www.nyse.com www.nyse.com
Source: Reuters / U.S. SEC / Nasdaq / NYSE
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