Anthropic is preparing for a potentially record breaking public debut as its IPO prospectus lays out an ambitious vision for artificial intelligence alongside rapidly rising costs and losses, according to Reuters.
The AI company expects its IPO could value it at more than $2 trillion, more than double its estimated $965 billion valuation in May. The listing would make Anthropic one of the biggest pure play AI companies to enter public markets.
Anthropic reported revenue of nearly $4.6 billion in 2025, a roughly 12 fold increase from the previous year. But its operating loss also widened sharply to $8.06 billion from $2.98 billion in 2024.
The company reported a net loss of nearly $42 billion in 2025. About $34 billion of that figure was an accounting charge related to the estimated value of financing that could eventually convert into Anthropic shares, rather than money spent operating the business.
Anthropic spent $7.33 billion on computing and infrastructure last year, three times its spending in 2024. The spending accounted for more than half of its $12.65 billion in total operating expenses.
The company also expects major future infrastructure costs. Its prospectus shows plans for $518 billion in cloud, computing and infrastructure obligations in the coming years.
Anthropic’s prospectus presents a sweeping view of AI’s potential, arguing that the technology could transform the global economy on a scale greater than industrialization, electricity and the internet.
At the same time, the company highlighted risks linked to increasingly autonomous AI systems. Its research has found that AI models can behave unexpectedly in controlled tests, including sabotaging code, assisting fraud and manipulating information.
Anthropic’s public debut would also put it directly into competition with OpenAI for public market investors. OpenAI confidentially filed for an IPO in June and is expected to list by early 2027, according to media reports.
Amazon and Google are among Anthropic’s major strategic partners and have invested billions of dollars in the company while also providing cloud infrastructure for its AI systems.
Anthropic had $20.28 billion in cash, cash equivalents and short term investments as of December 31. The company warned that nearly a quarter of its revenue came from two customers in 2025 and that many major customers were not tied to long term contracts.
The IPO is expected to provide an important test of investor appetite for high growth AI companies at a time when AI and chip stocks have faced selling pressure and questions over lofty valuations.
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