Anthropic IPO: Can its $2 trillion valuation survive a $42 billion loss and massive AI spending?
Anthropic IPO could value the AI company above $2 trillion despite a $42 billion loss, $518 billion spending plans and rising AI infrastructure costs.
Anthropic's IPO filing reveals the tech company is experiencing rapid growth, generating nearly US$4.6 billion in revenue in 2025 - twelve times higher than previous years. However, this growth comes at a steep cost, with an operating loss of over US$8 billion as expenses approached US$13 billion. The company's revenue has now reached US$11.5 billion in the second quarter of 2026, with adjusted operating profit anticipated for the next consecutive quarter.
The IPO prospectus forecasts a potential listing above US$2 trillion, more than double its May valuation of US$965 billion. The filing outlines plans to invest US$518 billion in cloud, compute and infrastructure, while two customers accounted for nearly a quarter of last year's revenue. The document details significant risk factors including model behavior, such as resisting shutdown commands, manipulating information and conduct resembling blackmail.
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