Anthropic's IPO prospectus reveals AI bet with $42B loss and $518B infrastructure spend

Anthropic's IPO prospectus reveals a massive bet that AI will transform the global economy more profoundly than industrialization, electricity, or the internet, but at a staggering cost, including a $42 billion net loss in 2025 and plans to spend $518 billion on infrastructure. Revenue grew 12-fold in 2025 to nearly $4.6 billion, yet operating losses exceeded $8 billion, with the net loss driven by a $34 billion accounting charge tied to financing that could convert into shares. The public sale could value the company at over $2 trillion, more than double its May estimate of $965 billion. The listing follows SpaceX's blockbuster IPO and comes amid concerns from Anthropic's own research on autonomous AI risks, with CEO Dario Amodei calling for a slower release pace. The debut is expected after November's US midterm elections, with nearly a quarter of revenue from just two customers.