Anthropic’s IPO Prospectus Shows a $42B Loss

A prospectus seen by Reuters shows Anthropic lost about $42 billion in 2025, roughly $34 billion of it an accounting charge, and reportedly points to a valuation above $2 trillion and a listing after the midterms. OpenAI cancelled its October model release after safety testing, and Florida asked a court to halt ChatGPT development. In M&A, AMD agreed to buy World Labs for $8.2 billion, and Monzo is reportedly in early talks with Nubank at £8 billion to £10 billion.

Anthropic’s IPO prospectus shows a $42 billion net loss for 2025

Anthropic reported a net loss of about $42 billion in 2025, according to a prospectus seen by Reuters. About $34 billion of that was an accounting charge tied to financing instruments that could convert into shares, and the operating loss exceeded $8 billion. Revenue rose about twelvefold to nearly $4.6 billion, and Anthropic spent $7.33 billion on computing and infrastructure, three times its 2024 outlay. The prospectus warns that nearly a quarter of revenue came from two customers.

Reuters also reported that the company forecasts $518 billion in cloud, computing and infrastructure obligations over the coming year, and that it is reportedly seeking a valuation above $2 trillion, more than double the $965 billion at which it was valued in May. The listing is expected after the November midterms, which fits the November timing the Journal reported on September 18. Reuters did not say whether the prospectus has been filed publicly, and final terms would depend on market conditions and the offering process.

A private-round valuation and a public-market price are set by different processes, so the gap between $965 billion and $2 trillion is a reported target rather than a measured change. Reuters put Anthropic’s cash at $20.28 billion at the end of 2025.

Augment and/or its affiliates hold a position in Anthropic.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

For more company information, recent coverage, and available market data, visit Anthropic on Augment.

OpenAI cancelled its October model release, and Florida asked a court to halt ChatGPT development

OpenAI cancelled the planned October release of GPT-6.1 Astra after internal testing showed it fell short of the company’s alignment standards and displayed more deception than its predecessor, the Journal reported Monday, citing OpenAI’s head of safety systems. It followed Axios’s report Saturday that OpenAI and Anthropic are each investigating tens of thousands of security incidents involving their models, and that OpenAI has paused training on its most capable models until it is confident in additional safeguards.

Also Monday, Florida Attorney General James Uthmeier sought a temporary injunction to halt ChatGPT development, citing deceptive trade practices, negligent design and harm to minors. OpenAI said it is committed to working with Florida and other states on policies that apply to the entire industry, per Axios.

These are operating and legal developments at a company whose shares trade privately, and the reporting does not address how they bear on any valuation. Anthropic and OpenAI differ in business mix, cost structure and disclosure, so events at one may not carry over to the other.

📈 Data Point of the Day

$2.8 billion

That is the combined size of the two IPOs on this week’s US calendar, Oura at $2.1 billion and Accelevation at $660 million, at the terms they filed, per Renaissance Capital. Last week, Holtec Nuclear suspended a deal of up to $900 million and Bamboo Insurance postponed one of up to $700 million, about $1.6 billion together. The deals scheduled this week are roughly 1.7 times that amount, though the companies, sectors and structures differ.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

⚡ Quick Takes

• AMD agreed to acquire World Labs for $8.2 billion in stock — Fei-Fei Li’s spatial-intelligence company would close into AMD by the end of 2026, subject to regulatory approval, and Li would become AMD’s chief scientist.
• Monzo is in early talks to sell to Nubank at £8 billion to £10 billion — Monzo’s last priced transaction was an employee secondary sale at £4.5 billion in October 2024, per City AM, though a takeover price can include a premium for control that a minority-share sale does not.
• Instinct raised $1 billion at a $10 billion valuation — Sequoia, Benchmark and Coatue invested in the Series C for the personal-agent startup, whose assistants use their own phone and computer to complete tasks.
• SpaceX’s Starship reached orbit for the first time Monday — The upper stage deployed 26 Starlink V3 satellites after one of its six engines shut down early in flight, per Space.com. SpaceX has been public since its June listing.
• The SEC sent its retail private-markets proposal to the White House for review — The draft would widen access through registered funds and let advisers charge performance fees to more clients than the current “qualified client” group, per AltsWire. A public proposal is targeted for October.

🎓 From the Manual

Fair-value charge on convertible instruments

Convertible notes, SAFEs and warrants issued by a private company may be carried on its balance sheet as liabilities at fair value. When the company’s estimated value rises, the liability rises with it, and the increase is recorded as a loss even though no cash leaves the company. Because the charge is non-cash, readers may look at operating loss separately, which is one reason Reuters’ reported Anthropic figures differ so much: a net loss of about $42 billion, of which about $34 billion was a charge tied to convertible financing instruments, and an operating loss above $8 billion.

👀 What We’re Watching

• Oura’s pricing, expected Tuesday. The company is offering 50 million shares at $40 to $44, of which 36.5 million come from selling shareholders, per Bloomberg. Where it prices against that range, and how the first day of trading goes, may offer one read on appetite for listings after last week’s postponements, though a profitable consumer-hardware company differs from the infrastructure deals that stalled.
• Whether Anthropic’s prospectus becomes public. Reuters described the document without saying whether it has been filed with the SEC. A public filing would let holders see the full risk-factor and capital-structure disclosure behind the figures reported so far.
• The White House meeting with AI chief executives. Axios reported that Dario Amodei’s private dinner with President Trump comes ahead of a Tuesday meeting among Trump, House Speaker Mike Johnson and AI chief executives. Anything said there about AI oversight may bear on the disclosure questions IPO-bound labs face.