By Echo Wang
September 28 (Reuters) – Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the Internet, according to its IPO prospectus seen by Reuters.
But the cost of getting there will be staggering. Anthropic reported a net loss of $42 billion in 2025 and plans to spend $518 billion on cloud, IT and infrastructure obligations in the coming years, according to the prospectus.
The prospectus details the company’s strong growth over the past year – while also posting larger losses. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding write-downs of various liabilities primarily related to previous fundraising, according to filings first reported here.
The public sale, which could value it at more than $2 trillion, would capitalize on the rapid rise of the AI startup lab that emerged just five years ago, and make it a benchmark for how Wall Street values major AI companies, including rival OpenAI.
These projects come as Anthropic confronts evidence from its own research that increasingly autonomous AI models can behave in unexpected and potentially dangerous ways, including sabotaging code, facilitating fraud, and manipulating information in controlled testing.
These reports have burst into the broader public sphere, sparking fears about how companies can keep increasingly powerful systems under control as they struggle to deploy them commercially.
Anthropic CEO Dario Amodei called on the global AI community to slow the pace of releasing new capabilities to address these concerns. Nonetheless, Anthropic rolled out its new Opus 5.5 model last week to counter OpenAI’s momentum since the launch of GPT-6 Astra, ahead of its own expected IPO.
The AI lab spent $7.33 billion on compute and infrastructure last year, a three-fold increase from 2024, accounting for more than half of its $12.65 billion in total operating expenses.
Anthropic’s public market listing is expected to be delayed until after the U.S. midterm elections in November, Reuters previously reported, citing sources. The sale would draw public investors into a race for AI that has until now been backed by venture capital firms, sovereign wealth funds and big tech companies.
Anthropic declined to comment.
AN EXPECTED VALUATION OF $2 TRILLION
Anthropic’s expected valuation target is more than double its own estimated valuation of $965 billion in May.
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