Anthropic is preparing for a huge IPO that could value the AI company at more than $2 trillion. The planned public offering would be one of the biggest tests yet of how investors value leading AI companies.
Anthropic reported a $42 billion net loss in 2025. The company plans to spend about $518 billion on cloud, computing and infrastructure obligations in the coming years, the prospectus said. Revenue increased about 12 times in 2025 to nearly $4.6 billion. The company still lost more than $8 billion from its operations. A valuation above $2 trillion would be more than twice the company’s estimated $965 billion valuation in May, according to Reuters. The $42 billion net loss needs some context. Around $34 billion of that loss came from an accounting charge linked to the increased estimated value of financing that could eventually convert into Anthropic shares. It was not $34 billion in cash that Anthropic spent running its business. SpaceX was valued at about $1.77 trillion in its recent IPO, according to the Reuters report. Earlier reporting noted: Anthropic’s IPO Prospectus Shows Sweeping AI Vision, Surging Costs: Report Anthropic’s IPO Prospectus Shows Sweeping AI Vision, Surging Costs: Report Anthropic’s IPO Prospectus Shows Sweeping AI Vision, Surging Costs: Report Earlier reporting noted: Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming year, according to the prospectus. Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming year, according to the prospectus.
Reuters previously reported that Anthropic’s public debut is likely to be pushed until after the November US midterm elections, citing people familiar with the matter.
Anthropic believes AI could change the global economy more deeply than major developments such as industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters. That figure excludes writedowns of various liabilities, most of which were linked to earlier fundraising, according to the documents. Earlier reporting noted: Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters.
The company is making a massive bet on artificial intelligence. But that huge AI vision is coming with massive costs. Anthropic also expects to take on enormous future spending commitments. Anthropic’s revenue has grown extremely quickly despite its losses. The planned IPO would mark a dramatic rise in Anthropic’s value. This creates a major tension for Anthropic. The company is warning about the risks of increasingly powerful AI while simultaneously spending billions of dollars to build and release more advanced systems. The timing of the IPO is also important. Anthropic’s IPO would come during a period of intense debate over AI valuations. AI and chip stocks have recently faced selling pressure, increasing questions about whether extremely high valuations can continue. The company’s IPO would follow SpaceX’s blockbuster public debut.
The ChatGPT maker confidentially filed for an IPO in June and is expected by media reports to potentially list as early as 2027. The central question for the IPO is whether Anthropic can turn its extraordinary AI growth into a business capable of supporting a valuation above $2 trillion. Anthropic’s IPO will therefore put several questions in front of public-market investors.
The Pentagon temporarily blacklisted Anthropic, but a US judge blocked that move in August, according to Reuters. The IPO would also put Anthropic directly under public-market scrutiny. Until now, the AI race has largely been funded by venture capital firms, sovereign wealth funds and major technology companies. Anthropic’s public debut could become a benchmark for the entire AI industry. Investors will be watching the company’s valuation closely as they try to determine how much the market is willing to pay for leading AI companies. The IPO could also influence how rival OpenAI is valued. OpenAI is Anthropic’s biggest challenger in the race for AI customers, talent and influence. OpenAI has also started preparing for a possible public listing. Those tests included examples involving potentially dangerous behaviour. The research looked at AI systems that could sabotage code, assist fraud and manipulate information under certain conditions. The findings have added to wider concerns about AI safety. The reports have raised questions about how companies can control increasingly powerful AI systems while also rushing to release them commercially. Anthropic and CEO Dario Amodei have clashed with the White House over how its AI tools should be used. The dispute affected Anthropic’s relationship with the Pentagon. The key issues include its huge losses, enormous future spending commitments, fast revenue growth, dependence on major customers and the risks surrounding increasingly powerful AI models. The company’s prospectus shows both sides of that story: revenue is growing rapidly, but losses, infrastructure costs and future spending are also enormous.
The company spent $7.33 billion on compute and infrastructure in 2025, about three times what it spent in 2024. The company had $12.65 billion in total operating expenses last year, meaning the AI infrastructure bill was a major part of its costs. Anthropic had $20.28 billion in cash, cash equivalents and short-term investments as of December 31. Anthropic released its first large language model in March 2023. The company rolled out its Opus 5.5 model last week, seeking to keep up with OpenAI’s momentum after the launch of GPT-6 Astra. SpaceX shares jumped 19% on their June 12 debut to $160. The shares later traded around $147, still above the $135 IPO price. The listing would potentially cap one of the strongest years for US IPOs since 2021, despite high interest rates, economic uncertainty and concerns about company valuations. Investors will have to look at whether the company’s rapidly rising revenue can eventually justify its enormous infrastructure spending and potential $2 trillion-plus valuation.
Because powerful AI models require huge computing resources, anthropic is spending heavily. Anthropic’s biggest challenge is therefore not just revenue growth.
Both companies invested billions of dollars in Anthropic while also providing the cloud infrastructure used to train and operate its Claude models, according to Reuters. He has argued that the industry needs to address safety concerns as AI systems become more powerful, according to Reuters. Anthropic is spending heavily to build the computing power needed for AI. Computers and infrastructure made up more than half of Anthropic’s total operating expenses. The company also has a significant amount of money available. However, Anthropic has warned that some of its revenue could be at risk. Anthropic is only about five years old. The company was founded by researchers who left OpenAI after disagreements over governance and AI safety. The competition goes beyond OpenAI. Anthropic is also competing with SpaceX’s xAI, Google’s Alphabet and Meta as companies race to build AI models and the infrastructure needed to run them. Amazon and Google have played major roles in Anthropic’s growth. Training and running these systems requires large amounts of computing power and infrastructure, making cloud and compute costs a major part of the company’s business. At the same time, Anthropic’s own research has raised concerns about increasingly powerful AI systems . Its research has shown that more autonomous AI models can behave in unexpected and potentially harmful ways in controlled tests. But Anthropic is still moving quickly in the AI race. That performance could make investors more cautious about high-growth companies with very large valuations. Anthropic’s IPO will test whether investor enthusiasm for AI can remain strong when companies face closer scrutiny over spending, profits and future growth. The IPO could nevertheless become part of a strong year for US public listings. The company is also facing political and regulatory pressure in Washington.
Nearly one-quarter of its revenue came from just two customers last year. Since then, it has built its business around its Claude AI models and has become one of OpenAI’s main competitors. Anthropic CEO Dario Amodei has previously called for the AI industry to slow down the release of new capabilities.
