Anthropic IPO Filing Reveals Valuation Target and Massive AI Spending

Anthropic’s upcoming IPO is beginning to take shape, and newly reported details from the Claude maker’s prospectus reveal just how enormous its ambitions have become.

The artificial intelligence company is preparing for a potential public offering that could value it at more than $2 trillion. This is according to a prospectus reviewed by Reuters. A listing is currently expected after the November 2026 US midterm elections, although Anthropic has not announced a firm timetable or offering price.

Anthropic officially confirmed in June that it confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission. The company said at the time that the number of shares and their price had not yet been determined.

The prospectus revealed the impressive growth behind Anthropic’s valuation. Revenue reportedly increased roughly twelvefold to nearly $4.6 billion in 2025. However, Anthropic also recorded an operating loss of more than $8 billion and a net loss approaching $42 billion. 

Much of the net loss stemmed from a non-cash accounting charge related to financing instruments whose value increased alongside the company’s valuation.

Infrastructure could become an even bigger expense. Anthropic spent approximately $7.33 billion on compute and infrastructure during 2025 and disclosed around $518 billion in future cloud, computing and infrastructure commitments.

The filing also reveals concentration risk. Almost a quarter of Anthropic’s revenue came from just two customers in 2025.

Perhaps the most unusual part of the prospectus is Anthropic’s warning about the technology at the center of its business.

The company tells prospective investors that advanced AI systems could potentially create “catastrophic or existential risks to humanity.” Around 80 pages of the 261-page main prospectus reportedly focus on risk factors, including the possibility that sophisticated models could behave unpredictably or become difficult to control.

Anthropic is also designing an unusual governance structure that is intended to preserve founder control after going public.

Its seven co-founders would control a new Founder LLC that directs a special Class F share carrying 50.1% of voting power on important matters. Anthropic also intends to remain a Delaware Public Benefit Corporation, which gives its leadership a structure designed to consider its stated public-benefit mission alongside shareholder interests.

Overall, the disclosures set up an unusual IPO pitch. Anthropic is asking public investors to finance one of the largest infrastructure expansions in technology history while simultaneously warning them that sufficiently powerful AI could introduce risks unlike almost anything investors have encountered before.