Anthropic targets $2 trillion IPO valuation despite $42 billion loss, Reuters reports

Anthropic is heading toward a public debut that could test investors’ appetite for the enormous spending and valuations underpinning the artificial intelligence boom, Reuters reported on Monday, citing the company’s IPO prospectus. The AI startup expects a valuation of more than $2 trillion, more than double its estimated $965 billion value in May, the report said. Revenue surged 12-fold in 2025 to nearly $4.6 billion, but Anthropic reported a $42 billion net loss, including a roughly $34 billion accounting charge tied to financing instruments that could convert into shares, Reuters reported. The company spent $7.33 billion on computing and infrastructure last year, three times its 2024 outlay, while forecasting $518 billion in cloud, computing and infrastructure obligations over the coming year, the report stated. Anthropic’s operating loss exceeded $8 billion, excluding certain liability writedowns, highlighting the cost of scaling its Claude models. The company also warned that nearly a quarter of revenue came from two customers and that major clients could reduce spending. The IPO, expected after the November U.S. midterm elections, would put Anthropic alongside OpenAI and other AI giants in the public markets and provide a valuation benchmark for the sector, Reuters reported.