Anthropic Files IPO Prospectus Targeting $2 Trillion Valuation as Revenue Soared and Losses Widened in 2025

Anthropic has filed an IPO prospectus seeking a $2 trillion valuation, offering the first public look at its finances and its sweeping ambitions for artificial intelligence. The company's revenue grew more than 12-fold in 2025 to nearly $4.6 billion, but it reported a net loss of approximately $42 billion for the same year. The prospectus, seen by Reuters, also warns that AI poses existential risks to humanity.

The reported net loss, while staggering in headline terms, was heavily distorted by a roughly $34 billion accounting charge reflecting an increase in the estimated value of financing that could eventually convert into Anthropic shares, rather than cash the company spent on operations. Even so, Anthropic's forward spending commitments are enormous: the company plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years.

The prospectus frames Anthropic's mission in sweeping historical terms, asserting that AI will transform the global economy more profoundly than industrialization, electricity, and the internet combined. At a $2 trillion target valuation, Anthropic would rank among the largest companies ever to go public, surpassing SpaceX, with its market capitalization on the scale of Amazon.