Surging revenue, widening losses and a sweeping AI vision: Inside Anthropic’s IPO prospectus

Anthropic, the AI startup founded by former OpenAI researchers, is set to make waves with its highly anticipated IPO, which could value the company at over US$2 trillion. Despite generating a 12-fold revenue increase in 2025 – reaching nearly US$4.6 billion – the company faced a staggering net loss of US$42 billion. This loss, coupled with a plan to spend US$518 billion on cloud, computing and infrastructure obligations, highlights the immense costs associated with Anthropic's audacious vision for AI's transformative potential.

Revenue growth reflects Anthropic's rapid expansion, while operating losses underscore the financial strain of pursuing cutting-edge AI research. The company's latest Opus 5.5 model, unveiled in September 2025, was designed to counter the growing influence of OpenAI's GPT-6 Astra. Despite the financial challenges, Anthropic remains committed to addressing AI's potential risks, calling for a more measured approach to the release of new capabilities.

The IPO, likely to be postponed until after the US midterm elections, will allow Wall Street to assess the valuation of a pioneering AI company. With cash reserves totaling US$20.28 billion, Anthropic's IPO will provide valuable insights into how the market values AI startups. As the competition with OpenAI intensifies, Anthropic's IPO could set industry benchmarks and attract investors eager to capitalize on the AI revolution.