Anthropic filed an IPO prospectus. It values the company at over $2 trillion. Revenue grew twelvefold in 2025 to nearly $4.6 billion. It posted a $42 billion net loss in 2025. The loss included a $34 billion accounting charge. Operating loss exceeded $8 billion. It plans to spend $518 billion on cloud and infrastructure. Compute and infrastructure costs surged to $7.33 billion in 2025. A quarter of revenue came from two customers. Many large clients lack long-term contracts. The IPO may follow the November US midterm elections. Anthropic released its Opus 5.5 model last week. It competes directly with OpenAI.
What changed
Anthropic was privately held and funded by venture capital, sovereign wealth funds, and Big Tech.
What it unlocks
Public investors can now buy shares in a leading AI company.
- $42B net loss in 2025
- $4.6B revenue in 2025
- $518B planned spend on cloud and infrastructure
- $2T expected IPO valuation
Sources