Anthropic is positioning itself as a leader in the AI sector, claiming that AI will have a more profound impact on the economy than previous technological revolutions. However, the company reported a net loss of $42 billion in 2025 and plans to spend $518 billion on cloud and infrastructure in the coming year.
Despite these losses, revenue surged 12-fold to nearly $4.6 billion, although operating losses exceeded $8 billion. The anticipated IPO could value Anthropic at over $2 trillion, significantly higher than its estimated valuation of $965 billion in May.
The prospectus also highlights risks, including reliance on a few major clients and the potential volatility of AI technology, which has raised concerns about safety and control. CEO Dario Amodei has called for a more cautious approach to AI development.
Anthropic's IPO is expected to follow the recent successful debut of SpaceX, and it will be closely watched as a benchmark for future AI valuations. The competitive landscape includes rivals like OpenAI and major tech firms such as Amazon and Google, which have invested heavily in Anthropic.
The upcoming IPO will test investor sentiment in the AI sector, especially given recent sell-offs in AI and chip stocks