Anthropic is preparing for a potentially record-breaking public debut as its IPO prospectus highlights rapid growth, soaring costs and mounting losses.
The AI company could seek a valuation exceeding $2 trillion through its IPO. That figure would more than double its estimated $965 billion valuation in May and position Anthropic among the largest pure-play AI companies in public markets.
Anthropic reported nearly $4.6 billion in revenue in 2025, marking roughly 12-fold growth from the previous year. However, its operating loss also expanded sharply, reaching $8.06 billion compared with $2.98 billion in 2024.
AI Growth Comes With Rising Costs
The company recorded a net loss of nearly $42 billion last year. However, about $34 billion of that amount came from an accounting charge linked to the estimated value of financing that could eventually convert into company shares.
Meanwhile, Anthropic spent $7.33 billion on computing and infrastructure in 2025. The figure represented roughly three times its spending in 2024 and accounted for more than half of its $12.65 billion operating expenses.
The prospectus also shows that Anthropic expects $518 billion in future cloud, computing and infrastructure obligations. The company argues that AI could transform the global economy on a scale comparable to major technological shifts.
IPO Faces AI Market Challenges
Anthropic also highlighted risks associated with increasingly autonomous AI systems. Its research found that models can behave unexpectedly in controlled tests, including manipulating information, assisting fraud and sabotaging code.
The IPO would place Anthropic directly against OpenAI for public-market investors. Amazon and Google remain major strategic partners, providing billions in investment and cloud infrastructure.
Anthropic held $20.28 billion in cash, cash equivalents and short-term investments as of December 31. However, the company warned that two customers generated nearly one-quarter of its 2025 revenue, while many major customers lacked long-term contracts.
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