Anthropic's record IPO tests Wall Street's faith in the AI boom

Anthropic's initial public offering, filed Monday, is set to be the largest in history, potentially valuing the AI startup at nearly $2 trillion and surpassing Berkshire Hathaway's market value. The debut marks a critical test for Wall Street's confidence in the AI boom. The filing reveals over 1,000% revenue growth, with $16.3 billion in sales in the first half of 2026, but also massive losses of nearly $81 billion in that period. The company has committed $417 billion to computing infrastructure, raising questions about long-term profitability and demand sustainability. Anthropic faces unique risks, including government scrutiny, potential existential threats from its technology, and heavy customer concentration, with 48% of sales coming from three tech firms. Its performance could shape the prospects for an entire generation of AI startups and the broader IPO market.