Anthropic has filed for an IPO, with its prospectus seen by Reuters, potentially targeting a valuation above $2 trillion.
The listing is reportedly likely to come after the November U.S. midterm elections.
Some numbers behind that potential $2T valuation:
• FY25 revenue: $4.59B, up 1,088% YoY
• Operating loss: $8.06B
• Compute + infrastructure spend: $7.33B, up 190%
• Cash + short-term investments: $20.28B
• Future cloud, compute + infrastructure obligations: roughly $518B
At a $2T valuation, Anthropic would be valued at more than 400x its FY25 revenue.
The filing gives one of the clearest looks yet at what public markets may be asked to pay for frontier AI growth, and just how capital-intensive that race is becoming.
Source: Reuters