Anthropic is preparing for a major public-market debut as its IPO prospectus reveals an ambitious vision for artificial intelligence, rapid revenue growth and extremely high costs. The Claude developer could seek a valuation of more than $2 trillion, according to the prospectus reviewed by Reuters.
The company believes AI could transform the global economy on a scale greater than industrialization, electricity and the internet. However, achieving that goal requires enormous investments in computing infrastructure, cloud services and AI development.
Anthropic Revenue Surges Despite Huge Losses
Anthropic’s revenue increased about 12 times in 2025 to nearly $4.6 billion. At the same time, the company reported a net loss of around $42 billion. About $34 billion of that loss came from an accounting charge related to financing that could eventually convert into Anthropic shares.
The company also reported an operating loss of more than $8 billion in 2025, showing that strong revenue growth has not yet translated into operating profitability.
Anthropic spent $7.33 billion on computing and infrastructure during the year, roughly three times its 2024 spending. The amount represented more than half of its $12.65 billion in total operating expenses.
$518 Billion Infrastructure Commitment
The IPO prospectus shows how expensive the race to develop advanced AI has become. Anthropic expects $518 billion in future obligations for cloud services, computing and infrastructure.
The company also had $20.28 billion in cash, cash equivalents and short-term investments at the end of 2025, according to the filing.
Anthropic Warns About AI Risks
The prospectus also contains extensive warnings about potential AI risks. Anthropic said increasingly capable models could behave unexpectedly, including resisting shutdown, concealing information or manipulating people. The company warned that advanced AI could create “catastrophic or existential risks to humanity.”
CEO Dario Amodei has separately called for the global AI industry to slow the release of increasingly powerful capabilities.
However, Anthropic continues releasing new models as it competes with OpenAI, Google, Meta and xAI. The company launched Opus 5.5 last week as competition in frontier AI intensifies.
IPO Could Set AI Industry Benchmark
Anthropic’s potential IPO could become an important test for how public investors value AI companies. The company had an estimated valuation of $965 billion in May, while the planned public offering could value it above $2 trillion.
Anthropic has also established a special founder-controlled structure ahead of the IPO. Its seven co-founders are expected to control a Class F share representing 50.1% of voting power, while the company will remain a Delaware Public Benefit Corporation.
Anthropic said in its filing, “We believe building reliable, trustworthy, and secure AI systems is a collective responsibility and that the market will reward it.”
The planned IPO therefore places Anthropic at the center of both the financial and technological race surrounding advanced artificial intelligence.
