Anthropic eyes $2t valuation as IPO filing reveals costs
AI firm Anthropic's IPO filing reveals significant costs and ambitious targets. The company reported substantial losses but is aiming for a valuation exceeding $2 trillion.
AI company Anthropic is preparing for an initial public offering, targeting a valuation of over $2 trillion. The company's publicly filed IPO documents reveal that it incurred significant losses in 2025 but expects substantial revenue growth.
According to the filings, Anthropic reported a net loss of approximately $42 billion in 2025. Concurrently, the company's revenue surged 12-fold to nearly $4.6 billion. Its operating loss, excluding writedowns, exceeded $8 billion. The company also stated that nearly a quarter of its revenue comes from two customers.
The prospectus also details Anthropic's significant future obligations for cloud, computing, and infrastructure services, amounting to $518 billion in the coming years. The company has agreed to use Amazon Web Services as its primary cloud provider. Amazon has indicated a potential investment of up to $25 billion through this infrastructure partnership.
Additionally, Google Cloud and Broadcom will provide Anthropic with additional compute capacity and custom AI accelerators. The filing also warns of the potential existential risks posed by advanced AI to humanity, citing test results where the company's models could sabotage code, assist fraud, and manipulate information.