Anthropic’s proposed initial public offering (IPO) brought its ambitious artificial intelligence plans and mounting financial commitments into focus. The company expects AI to reshape the global economy more profoundly than industrialisation, electricity and the internet.
The Claude maker reported nearly USD 4.6 billion in revenue in 2025, marking a 12-fold increase from the previous year. However, its rapid expansion came with substantial losses and rising infrastructure spending.
Anthropic reported a net loss of approximately USD 42 billion in 2025, while its operating loss exceeded USD 8 billion, excluding certain liability write-downs linked largely to earlier fundraising.
The net loss included a roughly USD 34 billion accounting charge related to an increase in the estimated value of financing instruments that could eventually convert into company shares. The charge did not represent an equivalent cash outflow from operations.
The company spent USD 7.33 billion on computing and infrastructure in 2025, three times its expenditure in 2024. These expenses accounted for more than half of its total operating expenses of USD 12.65 billion.
Anthropic also disclosed USD 518 billion in planned cloud, computing and infrastructure obligations in the coming years. The commitments highlight the capital-intensive nature of developing and deploying advanced AI models.
Anthropic’s expected valuation of more than USD 2 trillion would more than double its estimated USD 965 billion valuation in May 2026.
The company held USD 20.28 billion in cash, cash equivalents and short-term investments as of December 31, 2025. However, customer concentration presents another financial risk. Nearly a quarter of its 2025 revenue came from just two customers, while several major clients lack long-term spending commitments.
Anthropic’s IPO is expected to take place after the November 2026 US midterm elections, Reuters previously reported. The listing could establish a valuation benchmark for other AI companies, including OpenAI.
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