Artificial intelligence company Anthropic is preparing for an initial public offering (IPO) that could value it at more than $2 trillion, even as the company reported a nearly $42 billion net loss in 2025, according to reports.
The potential valuation would be more than double its estimated $965 billion valuation in May, highlighting strong investor expectations around the AI sector.
Anthropic’s revenue increased 12-fold to nearly $4.6 billion in 2025, while its operating loss widened to $8.06 billion from $2.98 billion a year earlier.
Anthropic spent $7.33 billion on computing and infrastructure last year, about three times its 2024 spending and more than half of total operating expenses. The company expects $518 billion in future cloud, computing and infrastructure commitments.
About $34 billion of the 2025 net loss came from an accounting charge linked to financing that could eventually convert into shares, rather than direct operating expenditure. Anthropic held $20.28 billion in cash, equivalents and short-term investments at year-end.
The prospectus also warns that advanced AI could create “catastrophic or existential risks to humanity”, including unexpected behaviour such as resisting shutdown or manipulating information. Around 80 pages of its 261-page main prospectus body cover risk factors.
The filing also notes that nearly a quarter of revenue came from two customers, while many major customers lack long-term contracts.
Anthropic competes with OpenAI, Google, Meta and xAI as it continues expanding its Claude AI business.
