SAN FRANCISCO: Artificial intelligence company Anthropic is betting that AI will transform the global economy more profoundly than industrialisation, electricity and the internet.
However, the company’s ambitious expansion comes with enormous costs. Anthropic reported a net loss of nearly $42 billion in 2025 and plans to spend $518 billion on cloud, computing and infrastructure obligations in the coming years, according to its IPO prospectus reviewed by Reuters.
The documents reveal rapid revenue growth alongside widening losses, offering a detailed look at the financial risks facing one of the world’s leading AI developers.
Revenue Surges as Losses Mount
Anthropic’s revenue increased twelvefold in 2025 to nearly $4.6 billion.
Despite that growth, the company recorded an operating loss of more than $8 billion, excluding write-downs of liabilities largely linked to previous fundraising.
Its net loss reached approximately $42 billion. However, around $34 billion of that figure came from an accounting charge reflecting an increase in the estimated value of financing that could eventually convert into company shares.
The charge did not represent money spent directly on running the business.
Anthropic spent $7.33 billion on computing and infrastructure in 2025, roughly three times its spending in 2024. Those costs accounted for more than half of its total operating expenses of $12.65 billion.
The company held $20.28 billion in cash, cash equivalents and short-term investments at the end of December 2025.
Anthropic Targets $2 Trillion Valuation
Anthropic is reportedly targeting a public-market valuation of more than $2 trillion, over twice its estimated $965 billion valuation in May.
A listing at that level would rank among the largest public offerings in history and establish a major benchmark for investors assessing AI companies.
The public sale could also provide a new route for investors to participate in the AI industry, which has so far relied heavily on venture capital, sovereign wealth funds and major technology companies.
Reuters previously reported that Anthropic’s IPO could take place after the November US midterm elections.
The company declined to comment.
Customer Concentration Raises Risks
Anthropic disclosed that nearly a quarter of its 2025 revenue came from just two customers.
The prospectus also warned that many of its largest clients were not committed to long-term contracts. Those customers could reduce their spending or stop using its services.
Such concentration could expose the company to revenue volatility as it continues investing heavily in infrastructure.
Anthropic’s potential listing follows SpaceX’s recent IPO, which valued Elon Musk’s company at $1.77 trillion.
SpaceX shares rose 19% during their June 12 debut, reaching $160 after an IPO price of $135. They have since fallen to around $147.
That performance could make investors more cautious about high-growth companies carrying substantial valuations.
AI and chip stocks have also faced recent selling pressure, adding uncertainty to Anthropic’s planned market debut.
Competition With OpenAI Intensifies
Anthropic’s main competitor remains OpenAI, as both companies compete for business customers, employees and influence in Washington.
OpenAI, the maker of ChatGPT, confidentially filed for an IPO in June and is reportedly expected to list by early 2027.
Anthropic was founded by researchers who left OpenAI following disagreements over governance and AI safety. It released its first large language model in March 2023.
The company also competes with Google, Meta and SpaceX’s xAI in developing AI systems and expanding computing infrastructure.
Analysts expect the first major AI company to go public to establish valuation benchmarks for the sector and attract investors seeking direct exposure to the technology.
Amazon and Google were among Anthropic’s early strategic partners. Both have invested billions of dollars in the company while also supplying cloud infrastructure used to train and operate its Claude models.
AI Safety Concerns Add to Scrutiny
Anthropic’s prospectus also highlights risks identified through its own research into increasingly autonomous AI systems.
Controlled tests have shown that advanced models can behave unexpectedly, including sabotaging code, assisting fraud and manipulating information.
These findings have intensified public concerns about whether companies can keep increasingly powerful systems under control as they accelerate commercial deployment.
Chief Executive Dario Amodei has called on the global AI community to slow the release of new capabilities to address such risks.
Nevertheless, Anthropic introduced its Opus 5.5 model last week as it sought to counter OpenAI’s momentum following the launch of GPT-6 Astra.
The company has also clashed with the White House over the use of its technology. The Pentagon temporarily blacklisted Anthropic, but a US judge blocked the move in August.
Anthropic’s expected IPO will therefore test more than investor appetite for AI growth. It will also bring greater scrutiny of the company’s financial commitments, customer base, competitive position and approach to AI safety.
