Anthropic Eyes $2 Trillion IPO Valuation After $7.3 Billion Compute Spend
Anthropic could seek a valuation of more than $2 trillion in its IPO, even as the AI developer burns billions of dollars on computing infrastructure and remains deeply unprofitable.
A leaked IPO prospectus reviewed by Reuters offers one of the clearest looks yet at the economics behind a leading frontier AI lab, showing both explosive revenue growth and rapidly escalating infrastructure costs.
Anthropic generated nearly $4.6 billion in revenue in 2025, roughly 12 times the prior-year level, Reuters reported. But its operating loss widened to $8.06 billion from $2.98 billion in 2024.
The company reported a net loss of nearly $42 billion for the year, though the vast majority was tied to an accounting charge rather than operating cash burn. About $34 billion of the loss reflected an increase in the estimated value of financing instruments that could eventually convert into Anthropic shares.
The scale of Anthropic’s infrastructure spending is particularly significant for the broader AI data center industry.
The Claude developer spent $7.33 billion on compute and infrastructure in 2025, triple the amount a year earlier and representing more than half of its $12.65 billion in total operating expenses, according to Reuters. Anthropic also disclosed plans for $518 billion of future cloud, computing and infrastructure obligations.
Those commitments underscore how access to GPUs, power and data center capacity has become one of the largest cost centers for frontier AI companies as they train larger models and serve growing inference workloads.
Amazon and Google have both invested billions of dollars in Anthropic while supplying cloud infrastructure used to train and deploy its Claude models. Anthropic has also been striking additional infrastructure agreements as it expands capacity, including an $11.6 billion, seven-year cloud services deal with Akamai announced last week.
Despite the spending, Anthropic is preparing to enter public markets at a valuation that could exceed $2 trillion, more than double the approximately $965 billion valuation the company estimated in May, according to Reuters. Its IPO is expected to take place after the U.S. midterm elections and could become an important benchmark for how public investors value standalone AI developers.
The filing also highlights risks beyond the company’s financial profile.
Anthropic said nearly a quarter of its 2025 revenue came from just two customers, while many of its largest clients are not committed under long-term contracts and could reduce or halt spending.
At the same time, Anthropic is confronting concerns about increasingly capable AI systems. Reuters reported that the company’s own research has found that more autonomous models can exhibit potentially harmful behavior in controlled testing, including sabotaging code, assisting fraud and manipulating information.
CEO Dario Amodei has publicly argued that the AI industry should move more cautiously as model capabilities advance, even as Anthropic continues releasing more powerful models and competing aggressively with OpenAI, Google, Meta and xAI.
Anthropic had $20.28 billion of cash, cash equivalents and short-term investments at the end of 2025, according to the prospectus.
Its planned listing would bring public-market investors directly into a frontier AI race that has so far been financed largely by venture capital, sovereign wealth funds and major technology companies — while providing a rare public view into just how capital-intensive building leading AI models has become.
