Anthropic's IPO: A close look at AI frontrunner's rapid growth, spiraling costs

Anthropic, an AI startup founded in 2021 by former OpenAI researchers, has filed for a US initial public offering (IPO) as it gears up for a high-profile market debut. The company's AI models, known as the Claude family, power products like its chatbot, coding agent, and enterprise-focused Claude Cowork AI agent. Anthropic's revenue grew to $4.59 billion in 2025, up from $386 million in 2023, and reached $16.29 billion in the first half of 2026.

However, the company's rapid growth has been accompanied by significant losses, with an operating loss of $693 million in the first half of 2026, up from $8.06 billion in 2025. Computing power expenses, primarily paid to cloud service providers like Amazon Web Services and Google Cloud, have become the company's largest cost, surpassing revenue over the past three years.

To mitigate the risks associated with advanced AI, Anthropic operates as a public benefit corporation (PBC), legally obligated to balance profitability with the development of AI for humanity's benefit. The company's board is independently elected, with a majority of control held by its seven co-founders, aiming to concentrate control and capital to reduce AI risks.

Major competitors include OpenAI, Elon Musk's SpaceX, and Alphabet's Google, all investing heavily in model development, data centers, and specialized AI chips.