Anthropic’s closely watched initial public offering could value the artificial-intelligence company at more than $2 trillion, even as its prospectus reveals enormous losses, infrastructure spending and dependence on a small number of major customers.
Reuters reported that the Claude developer generated nearly $4.6 billion in revenue during 2025—approximately twelve times its previous-year figure—but recorded a net loss of almost $42 billion.
That headline loss requires context. Approximately $34 billion was an accounting charge linked largely to the rising estimated value of financing instruments that may eventually convert into Anthropic shares. It was not all cash consumed by the company’s day-to-day operations.
The underlying operating loss nevertheless widened substantially, from $2.98 billion in 2024 to $8.06 billion in 2025. Anthropic spent $7.33 billion on computing and infrastructure during the year, three times its expenditure in 2024 and more than half of its $12.65 billion in total operating expenses.
The figures illustrate the scale of the AI industry’s economics. Training and operating advanced models requires specialised chips, data centres, electricity, networking equipment and long-term cloud commitments. Anthropic’s prospectus reportedly lists approximately $518 billion in cloud, computing and infrastructure obligations over the coming years.
That commitment is more than a conventional capital-expenditure plan. It is a major wager that demand for Claude and future AI agents will grow fast enough to justify hundreds of billions of dollars in contracted capacity.
Anthropic had $20.28 billion in cash, cash equivalents and short-term investments at the end of December, according to the prospectus. Nearly one-quarter of its 2025 revenue came from just two customers, creating an additional concentration risk because some large clients are not committed through long-term contracts and could reduce their spending.
Amazon and Google are among Anthropic’s most important strategic partners. Both companies have invested billions of dollars in the AI developer while also supplying parts of the cloud infrastructure on which its models depend.
Reuters said the contemplated IPO could establish a valuation above $2 trillion—more than twice Anthropic’s own estimated $965 billion valuation in May. The final number, however, has not been set and will depend on investor demand, market conditions and the terms eventually disclosed in a public registration statement.
Anthropic officially confirmed on June 1 that it had confidentially submitted a draft Form S-1 to the US Securities and Exchange Commission for a proposed public offering. The company stressed that the number of shares, price and timing had not been determined and that any flotation would remain subject to regulatory review and market conditions.
Reuters’ new report is therefore not an announcement that the shares have been priced or that the listing is guaranteed. It is an early look at a prospectus that had not yet been made publicly available. Anthropic declined to comment on Reuters’ findings.
The flotation would be a major test of whether public investors are prepared to fund the extraordinary costs of frontier AI at private-market-style valuations. It would also give markets a reference point for OpenAI, which is separately pursuing a possible public listing, and for companies supplying AI chips, data centres, energy and cloud capacity.
Anthropic was founded in 2021 by former OpenAI researchers, including chief executive Dario Amodei and president Daniela Amodei. It presents itself as an AI-safety and research company and operates as a public benefit corporation.
The company says its corporate purpose is the responsible development of advanced AI for humanity’s long-term benefit. It also maintains a Long-Term Benefit Trust intended to insulate aspects of its governance from short-term shareholder pressure.
That mission will face greater scrutiny as Anthropic approaches the public markets. Listed companies must answer to investors expecting growth and eventual returns, while Anthropic simultaneously argues that advanced AI may require costly safeguards, controlled deployment and, in some circumstances, slower releases.
The prospectus figures reveal both sides of the business. Anthropic is achieving exceptional revenue growth and building one of the world’s most important AI platforms. It is also absorbing multibillion-dollar operating losses, accepting enormous future infrastructure obligations and relying heavily on a limited group of large customers.
A valuation above $2 trillion would imply that investors expect Claude and related systems to capture a substantial part of the future global economy. The public filing, when available, will be essential for testing that expectation against Anthropic’s complete risk disclosures, contractual obligations, share structure and path towards sustainable profitability.
