Anthropic's $2 Trillion IPO Ambition Revealed in Filing

Anthropic is preparing for an initial public offering with a projected valuation exceeding $2 trillion, more than double its May estimate of $965 billion, according to Reuters. The AI startup's filing signals a major test of investor appetite for high-cost AI ventures. Revenue surged twelvefold in 2025 to nearly $4.6 billion, but Anthropic reported a net loss of $42 billion, including a $34 billion accounting writedown tied to convertible instruments. The company spent $7.33 billion on infrastructure last year and faces $518 billion in future cloud and computing obligations. Operating losses exceeded $8 billion, reflecting heavy costs for developing Claude models. Nearly a quarter of revenue comes from just two clients, who could reduce spending. The IPO, expected after November's U.S. midterm elections, would place Anthropic alongside OpenAI as a benchmark for AI sector valuations.