Anthropic IPO could value AI lab at over USD 2 trillion despite surging costs

The company, however, faces a USD 42 billion net loss and plans to take on USD 518 billion in cloud, computing and infrastructure obligations in the coming years, the report said.

Anthropics prospectus presents an ambitious long-term vision for AI, saying the technology could transform the global economy more profoundly than industrialisation, electricity and the internet, Reuters reported. The companys potential public listing would also provide a benchmark for how investors value leading AI companies.

The prospectus showed that Anthropics revenue increased 12-fold in 2025 to nearly USD 4.6 billion, but the company still reported an operating loss of more than USD 8 billion, excluding write-downs of liabilities largely linked to previous fundraising, the report said.

The nearly USD 42 billion net loss included about USD 34 billion in accounting charges related to an increase in the estimated value of financing that could eventually be converted into Anthropic shares, rather than cash spent on running the business.

At the same time, Anthropic spent USD 7.33 billion on computing and infrastructure in 2025, three times its spending in 2024. The expenditure accounted for more than half of its total operating expenses of USD 12.65 billion, according to the report.

The company had USD 20.28 billion in cash, cash equivalents and short-term investments as of December 31, the prospectus showed.

However, nearly a quarter of its revenue came from two customers last year, while Anthropic warned that many of its largest customers were not tied to long-term contracts and could reduce or stop spending.

The expected IPO valuation of more than USD 2 trillion would be more than twice Anthropics estimated valuation of USD 965 billion in May, Reuters reported.

The public offering is expected to bring public investors into an AI race that has so far been funded by venture capital firms, sovereign wealth funds and major technology companies.

The listing will test investor appetite for high-growth AI companies amid concerns over their large infrastructure requirements and valuations. Anthropic also faces competition from OpenAI, SpaceXs xAI, Alphabets Google and Meta as the companies race to develop AI models and infrastructure.

Anthropic CEO Dario Amodei has also called for the AI industry to slow the release of new capabilities over safety concerns, even as the company continues to expand its AI offerings, as per the report. (ANI)