Anthropic's IPO prospectus shows sweeping AI vision, surging costs

Anthropic, a relatively new AI startup founded just five years ago, is making a bold bet that artificial intelligence will reshape the global economy as profoundly as previous technological revolutions such as industrialization, electricity and the internet. The company's IPO prospectus, seen by Reuters, reveals its grand vision, but also the immense financial burden it faces to achieve it.

In 2025, Anthropic reported a staggering net loss of $42 billion, and plans to spend an astonishing $518 billion on cloud computing, infrastructure and related obligations over the coming years. This comes as the company's revenue grew 12-fold in 2025 to nearly $4.6 billion, despite posting operating losses exceeding $8 billion, excluding various liabilities related to previous fundraising rounds.

The IPO, which could value Anthropic at over $2 trillion, would solidify the company's position as a benchmark for Wall Street to assess the valuation of leading AI companies, including its rival OpenAI.