Anthropic revenue surged 12-fold to $4.6B in 2025

Anthropic reported revenue of about $4.6 billion for 2025, surging nearly 12-fold from the previous year. The artificial intelligence company posted an operating loss of $8.06 billion and a net loss of roughly $42 billion, which included about $34 billion of largely non-cash accounting charges tied primarily to financing instruments.

The company's underlying operating loss expanded from about $2.98 billion in 2024 to $8.06 billion in 2025, an increase of roughly 2.7 times. Because revenue grew faster than losses, Anthropic lost about $1.75 at the operating level for every $1 of revenue in 2025, compared with roughly $7.70 per dollar of revenue in 2024.

Usage-based consumption represented about 83% of Anthropic's 2025 revenue, while its two largest customers accounted for roughly 24% of the total. Nearly 47% of revenue, or about $2.16 billion according to Reuters, was generated through cloud marketplaces operated by Amazon and Alphabet's Google. Anthropic paid approximately $351 million in distribution fees on those marketplace sales, working out to about 16 cents for every dollar generated.

For the second quarter of 2026, preliminary revenue reportedly exceeded $11.5 billion, up from $4.7 billion in the first quarter of 2026 and $787 million in the second quarter of 2025. Anthropic also reportedly posted positive adjusted operating income in the second quarter of 2026.