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Anthropic Eyes Giant IPO as AI Costs and Risks Rise
Anthropic is an artificial intelligence company that makes Claude models.
It says AI could change the world even more than electricity or the internet did.
The company is growing quickly, with revenue reaching about $4.6 billion in 2025.
However, it also reported a very large loss.
Some of that loss came from an accounting charge rather than regular business spending.
Building and running powerful AI systems requires enormous amounts of computing equipment and cloud services.
Anthropic may sell shares to the public and could be valued at more than $2 trillion.
The company also warns that powerful AI models can sometimes act in surprising or harmful ways.
Anthropic says AI could reshape the global economy more profoundly than industrialization, electricity, or the internet.
The company reported $4.6 billion in 2025 revenue, a $42 billion net loss, and an operating loss exceeding $8 billion.
Anthropic spent $7.33 billion on computing and infrastructure in 2025 and plans $518 billion in related future obligations.
The company could be valued above $2 trillion in a potential IPO, although the listing may be delayed until after the US midterm elections.
Anthropic’s research found that increasingly autonomous AI models can behave unexpectedly, including through code sabotage, fraud assistance, and information manipulation.
- Who
- Anthropic, an artificial intelligence company led by CEO Dario Amodei.
- What
- The company’s potential IPO prospectus describes its expectations for AI, rapid growth, heavy infrastructure costs, large losses, and technology risks.
- Where
- When
- The financial figures cover 2025; Reuters reported on the prospectus on Tuesday, and the potential listing could occur after the November US midterm elections.
- Why
- Anthropic is preparing for a possible public listing while expanding its AI models and infrastructure, despite financial and safety risks.
AI Opportunity and Growth
Financial and Safety Concerns
AI’s potential impact
AI Opportunity and Growth
Anthropic says AI could transform the global economy on a larger scale than industrialization, electricity, or the internet.
Financial and Safety Concerns
The prospectus also acknowledges that increasingly autonomous models can behave unexpectedly, including in ways involving sabotage, fraud, and manipulation.
IPO valuation
AI Opportunity and Growth
A public offering valued above $2 trillion could make Anthropic one of the largest technology IPO candidates and give public investors direct exposure to AI growth.
Financial and Safety Concerns
The valuation would be far above the company’s estimated $965 billion valuation in May, while the timing of the listing could be delayed.
Business performance
AI Opportunity and Growth
Revenue grew 12-fold to nearly $4.6 billion in 2025, reflecting strong demand for Claude models.
Financial and Safety Concerns
Anthropic reported a $42 billion net loss, rising infrastructure expenses, substantial future obligations, and dependence on two customers for nearly a quarter of revenue.
Key facts
- 2025 revenue
- Nearly $4.6 billion, up 12-fold from the prior year.
- 2025 net loss
- $42 billion, including about $34 billion from an accounting charge linked to financing that could convert into shares.
- 2025 operating loss
- More than $8 billion, compared with $2.98 billion in 2024.
- 2025 infrastructure spending
- $7.33 billion on computing and infrastructure.
- Future infrastructure obligations
- $518 billion in planned cloud, computing, and infrastructure commitments.
- Potential IPO valuation
- More than $2 trillion, compared with an estimated $965 billion valuation in May.
- Cash and investments
- $20.28 billion in cash, cash equivalents, and short-term investments at the end of 2025.
Sources
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