Anthropic Eyes $2 Trillion Valuation as AI Ambitions Drive Massive Costs

Anthropic is preparing for a potential blockbuster IPO that could value the artificial intelligence startup at more than $2 trillion, according to its IPO prospectus reviewed by Reuters. The company reported revenue of nearly $4.6 billion in 2025, a 12-fold increase from the previous year, but also recorded a net loss of nearly $42 billion. The loss included a roughly $34 billion accounting charge linked to the estimated value of financing that could eventually convert into shares.

The prospectus highlights the enormous costs behind Anthropic’s rapid expansion. The company spent $7.33 billion on computing and infrastructure in 2025, more than half of its $12.65 billion in total operating expenses, while planning for $518 billion in cloud, computing and infrastructure commitments in the coming years. Anthropic says AI could reshape the global economy on a scale greater than industrialization, electricity and the internet, even as its own research has identified risks involving autonomous systems, including code sabotage, fraud assistance and manipulation of information.

Anthropic’s expected listing would place it at the center of a rapidly intensifying AI investment race involving OpenAI, Google, Meta and Elon Musk’s xAI. The IPO is expected to provide a major valuation benchmark for leading AI companies as investors gain access to a sector previously dominated by private funding from venture capital firms, sovereign wealth funds and technology giants. Reuters has reported that Anthropic’s public debut could be delayed until after the November U.S. midterm elections, with the company’s ambitious growth projections likely to face close scrutiny from public-market investors.

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