Anthropic is preparing for a potential public listing with an ambitious vision for AI, but its prospectus also highlights rapidly rising costs, widening losses and major infrastructure commitments.
The company believes AI could transform the global economy more deeply than industrialisation, electricity and the internet. Its prospectus reports a net loss of nearly $42 billion in 2025, while future cloud, computing and infrastructure obligations could reach $518 billion.
Anthropic’s revenue rose 12-fold in 2025 to nearly $4.6 billion. However, it recorded more than $8 billion in operating losses, excluding writedowns linked mainly to earlier fundraising. The potential IPO could value the company at more than $2 trillion, putting it among the key benchmarks for how investors value leading AI companies.
The company spent $7.33 billion on computing and infrastructure in 2025, 3 times its 2024 spending. These costs accounted for more than half of its $12.65 billion in total operating expenses.
Anthropic also faces concerns about the behaviour of increasingly autonomous AI models. Its own research has found that such systems can behave unexpectedly, including sabotaging code, assisting fraud and manipulating information in controlled tests. CEO Dario Amodei has called for the global AI community to slow the release of new capabilities. Despite this, Anthropic launched its Opus 5.5 model last week amid competition from OpenAI.
Anthropic’s expected valuation of more than $2 trillion is more than double its estimated $965 billion valuation in May. The nearly $42 billion net loss included about $34 billion in accounting charges tied to the rising estimated value of financing that could eventually convert into shares.
Nearly a quarter of Anthropic’s revenue came from 2 customers in 2025. The company also warned that major clients could reduce or stop spending because many are not tied to long-term contracts. It had $20.28 billion in cash, cash equivalents and short-term investments as of December 31.
The IPO could take place after the November US midterm elections. It would bring public investors into an AI race so far funded by venture capital, sovereign wealth funds and major technology companies.
Anthropic competes with OpenAI, xAI, Google and Meta. OpenAI confidentially filed for an IPO in June and is expected to list by early 2027. Amazon and Google remain major strategic partners and investors, while also providing cloud infrastructure for Claude.
Anthropic and Amodei have also clashed with the White House over government use of its tools, leading to a temporary Pentagon blacklist that was blocked by a US judge in August.
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