The same companies sit on both sides of Anthropic's business. Amazon has invested $33 billion in Anthropic, which has committed to spend more than $100 billion on AWS over the next decade, and Google has committed as much as $43 billion to Anthropic in cash and compute while Anthropic has pledged $200 billion to Google Cloud over five years. Anthropic's wider buildout runs to more than $518 billion in cloud, compute and infrastructure obligations over 10 years, about 80% of it non-cancelable or payable regardless of usage, including $252 billion across Microsoft, Google and Amazon.
Anthropic posted $4.59 billion in 2025 revenue, up 1,088% from $386 million a year earlier, against $12.65 billion in operating expenses and an operating loss of $8.06 billion. Its $41.97 billion net loss included about $34 billion in non-cash charges tied to the rising value of financing that could convert into shares, and it ended the year with $20.28 billion in cash and short-term investments. The IPO could value Anthropic above $2 trillion, more than double its $965 billion valuation in a May funding round, and may come after the November US midterm elections. New analyses from Apollo and Bain Capital argue the math behind the AI buildout does not add up.