Anthropic's potential $2 trillion IPO comes with the following fine print

By Christine Ji

Anthropic's revenue grew over 10-fold in 2025, but the cost of training and serving its models is also climbing

Anthropic is expected to go public in November, according to Reuters.

New details have emerged about Anthropic's business and financial status as the artificial-intelligence lab prepares for a public listing that could value it at $2 trillion.

The company has grown revenue rapidly while also recording widening losses, Reuters reported on Monday after viewing a copy of the company's IPO prospectus.

Anthropic recorded $4.6 billion in revenue in 2025, up from just $400 million in 2024. But the company recorded nearly $42 billion in net losses last year. That included a $34 billion noncash accounting charge from adjustments to the fair value of Anthropic's convertible securities, Reuters reported.

One of the main costs for the business is compute, or the processing power used to train and run AI models. Last year, Anthropic spent $7.33 billion on compute and infrastructure, comprising over half of its $12.65 billion in total operating expenses. That was up over three times relative to 2024 levels.

Anthropic plans on spending $518 billion for its cloud, computing and infrastructure needs in the coming years, the prospectus reportedly said.

Representatives from Anthropic did not immediately respond to a MarketWatch request for comment.

Anthropic shared in the prospectus that nearly a quarter of its revenue came from two customers last year, according to Reuters. The company also highlighted as a risk factor that many of its largest clients did not sign long-term contracts. Anthropic had cash, cash equivalents and short-term investments totaling $20.28 billion at the end of last year.

Reuters previously reported that Anthropic's IPO is likely to occur after the November U.S. midterm elections.

The timeline has been pushed back from earlier expectations of September or October. The public listing comes at a time when the AI industry is facing a combination of uncertainties. Earlier this month, Anthropic CEO Dario Amodei advocated for a slowdown of AI development to prevent harmful behaviors from AI models. On Wall Street, investors are concerned that rising interest rates will weigh on lofty tech valuations and raise borrowing costs for capital-intensive AI companies.

-Christine Ji

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09-28-26 2131ET