Anthropic's IPO prospectus sharpens focus on AI valuations

Anthropic, an AI lab, is preparing to go public with an IPO that could value the company at over $2 trillion, according to its prospectus shared with Reuters. The firm plans to invest $518 billion in cloud computing and infrastructure over the next few years. This news has caused European tech shares to rise by 2.4%, while U.S. chip indexes increased by 1.5%.

Analysts view Anthropic's financial projections with optimism, believing that AI will significantly reshape economies globally. This perspective has driven up demand for European tech stocks following the release of the IPO prospectus. Michael Field, the Chief Equity Strategist at Morningstar in Amsterdam, notes that Anthropic's revenue grew by 12-fold in 2025, making the $2 trillion valuation more reasonable when viewed in relation to sales multiples of around 18-20x.

Despite the substantial spending projected by the company, there are concerns among some about the large sums being spent, even though the company is currently operating at a loss. However, this has not caused widespread fear, as there appears to be a strong appetite for AI-focused investments overall. Dan Coatsworth, Head of Markets at AJ Bell in London, highlights that Anthropic's stellar revenue growth is the key takeaway for investors.

While the spending may seem excessive, management believes the rapid growth rate and demand for AI justify the high valuation and continued investment.