Bankers have told potential investors the Anthropic could target a valuation exceeding
$2T (more than double its ~
$965B private mark from the May Series H) & potentially raise more than
$100B, which would make it the largest IPO on record & surpass SpaceX’s earlier 2026 debut.
$MS is positioned for the lead-left role, w/
$GS as co-lead. JPMorgan & Citigroup are also in the top tier of the syndicate
The newly detailed prospectus shows rapid top-line growth alongside heavy investment:
• Revs:
$4.59B, up +1,088% y/y from
$386M
• Op loss:
$8.06B, widening from
$2.98B in 2024.
• GAAP net loss:
$41.97B, vs
$8.31B the prior year.
That headline ~
$42B net loss requires context- roughly
$34B stemmed from an accounting charge tied largely to the rising value of financing instruments that could eventually convert into Anthropic shares, rather than cash spent running the business
Anthropic spent
$7.33B on compute & infrastructure in 2025—up +190% y/y & nearly 3x the prior year. That alone represented:
• 58% of its
$12.65B in total op expenses
• Roughly 1.6x its entire annual revs
Spending is expected to keep climbing. The prospectus outlines roughly
$518B in cloud, compute & infrastructure obligations as the company continues building out its AI systems.
Anthropic ended 2025 w/
$20.28B in total cash
Its 2 largest direct customers each acct’d for 12% of revs, meaning just 2 customers represented 24% of total 2025 sales
Anthropic warns that many of its largest customers are not locked into long-term contracts & could reduce or stop spending
$AMZN &
$GOOGL are also major strategic partners & investors in Anthropic, while supplying much of the cloud infrastructure needed to train & run Claude
The IPO could come after the Nov US midterm elections & would give public-market investors one of their 1st pure-play ways to value a frontier AI lab
The filing highlights risks around increasingly autonomous AI systems, including unexpected behavior, security concerns & potential misuse
