Anthropic files IPO prospectus targeting over $2 trillion valuation

Anthropic has filed its initial public offering prospectus, revealing a planned stock market listing that could value the artificial intelligence laboratory at more than $2 trillion. The expected valuation target is more than double its estimated $965 billion valuation in May.

The documents show that Anthropic generated nearly $4.6 billion in revenue in 2025, a twelvefold increase. The company recorded an operating loss of over $8 billion, excluding writedowns on various liabilities mostly tied to earlier funding rounds. Its net loss reached nearly $42 billion, which included an accounting charge of roughly $34 billion reflecting an increase in the estimated value of financing that could convert into shares rather than operational cash spending.

Anthropic spent $7.33 billion on computing and infrastructure in 2025, a threefold increase from 2024, representing more than half of its total operating expenses of $12.65 billion. Looking ahead, the company plans to spend $518 billion on cloud, computing, and infrastructure obligations next year. As of December 31, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments.

The company disclosed that nearly a quarter of its revenue in 2025 came from two clients. In its risk factors, Anthropic warned that many of its largest customers are not tied to long-term contracts and could reduce or halt their spending. The public debut is expected to take place after the US midterm elections in November.