Anthropic approaches $2 trillion valuation via IPO

Anthropic's IPO filings have revealed the scale of the company's plans and expenses in the field of artificial intelligence, Reuters reports.

The company is planning massive investments based on the view that artificial intelligence could transform the global economy on a scale even greater than industrialization, electricity, and the internet. At the same time, Anthropic's expenses are also increasing sharply.

According to the documents, the company suffered a net loss of $42 billion in 2025. In the coming years, it is planned to spend $518 billion on cloud services, computing power, and infrastructure commitments.

Anthropic's revenue in 2025 reached nearly $4.6 billion. This represents a 12-fold increase compared to 2024. However, the company's operating loss reached $8.06 billion in 2025, up from $2.98 billion in 2024.

Last year, the company spent $7.33 billion on computing power and infrastructure. This is three times more than the 2024 figure and accounted for more than half of total operating expenses.

According to Reuters, Anthropic's public debut could value the company at over $2 trillion. This figure is more than double the company's estimated valuation of $965 billion in May.

Anthropic's IPO filings also noted the company's dependence on major customers. Last year, nearly a quarter of its revenue came from just two customers. The company expressed concern that some major customers do not have long-term contracts and may cut back or completely stop spending.

As of December 31, Anthropic's cash, cash equivalents, and short-term investments stood at $20.28 billion.

The company's IPO could serve as a key indicator in determining how the market values major artificial intelligence companies. Anthropic competes in this space with OpenAI, Google, Meta, and xAI.