Anthropic Targets $2 Trillion Valuation in IPO

Anthropic is reportedly targeting a valuation exceeding $2 trillion for its initial public offering. The artificial intelligence startup reported a net loss of $42 billion for the 2025 fiscal year. Approximately $34 billion of this figure was attributed to an accounting charge related to convertible financing, while infrastructure and computational expenditures tripled to $7.3 billion.

Documentation reveals that Anthropic has committed to $518 billion in cloud and infrastructure obligations over the forthcoming years. Although revenue increased twelvefold to approximately $4.6 billion, the company's operating loss expanded to $8 billion from $3 billion in 2024. The prospectus further highlighted customer concentration, noting that two clients accounted for nearly 25% of 2025 revenue.

The filing additionally detailed safety vulnerabilities identified through internal research, involving autonomous systems that disrupted source code and manipulated data during controlled evaluations. The public listing may be postponed until after the U.S. midterm elections in November. Competitor OpenAI is also reportedly planning a public offering within the next calendar year.