Key points
- Anthropic prepares for a potential $2 trillion-plus IPO valuation
- An accounting charge explains most of its reported loss
- The founders seek to keep majority voting control
Anthropic is preparing an IPO that could value the company at more than $2 trillion, according to Reuters, which reviewed a prospectus detailing its revenue, losses, and computing commitments.
Revenue grew 12-fold to nearly $4.6 billion in 2025, but the company reported a $42 billion net loss and $518 billion in cloud, computing, and infrastructure obligations. Most of the loss came from an accounting charge tied to earlier financing.
Reuters reported the figures Monday. As of 8:20 p.m. ET, no public IPO registration statement was available on the Securities and Exchange Commission's EDGAR database.
The listing is likely to come after the November midterm elections, Reuters has reported, citing sources. That is later than the pre-midterm listing Reuters reported on September 4. Business Insider reported this month that Anthropic picked Nasdaq for the listing. Rival OpenAI confidentially filed for its own IPO in June.
What is behind the loss
About $34 billion of the net loss came from a rise in the estimated value of financing that could eventually convert into Anthropic shares, Reuters reported. Separately, the company recorded an operating loss of more than $8 billion.
Compute and infrastructure spending reached $7.33 billion in 2025, triple the previous year's amount and more than half of Anthropic's $12.65 billion in operating expenses.
The prospectus also lists $518 billion in cloud, computing, and infrastructure obligations. Reuters did not give a payment schedule for those obligations. That is close to the $517 billion in potential compute commitments we estimated this month.
Anthropic ended 2025 with $20.28 billion in cash, cash equivalents, and short-term investments.
What investors will weigh
Two customers accounted for nearly a quarter of Anthropic's 2025 revenue, Reuters reported. In its risk factors, the company warned that many of its largest customers are not locked into long-term contracts and could cut or stop spending.
Reuters' reports do not say whether the prospectus treats Dario Amodei's call to pace AI development as a risk to the business. Reuters reported that Anthropic's own research shows increasingly autonomous models can behave in unexpected and potentially harmful ways in controlled tests, including sabotaging code and assisting fraud.
The potential valuation of more than $2 trillion would be more than twice the company's $965 billion estimated valuation in May. Amazon (AMZN) and Google (GOOGL) have both invested billions in Anthropic while supplying the cloud computing used to train and run Claude.
Who would control Anthropic after the IPO
A second Reuters report listed the executives and directors named in the prospectus. Co-founder Daniela Amodei is president and chairs the board. Her brother, Dario Amodei, is chief executive and a director.
The board added former Microsoft CFO Chris Liddell and Novartis CEO Vas Narasimhan this year. Netflix co-founder Reed Hastings joined in 2025.
Former Federal Reserve Chair Ben Bernanke became a trustee of Anthropic's Long-Term Benefit Trust this year, a role separate from the company's board.
The founders are also seeking to keep control after the listing. Last week, Anthropic asked shareholders to approve a structure that would give Dario Amodei and his six co-founders special shares carrying a combined 50.1% of the vote on most corporate matters, Reuters reported, citing The Information. The arrangement would last as long as at least three co-founders keep a minimum stake. It would not cover the election of board members, and employees would get a separate class of stock to break ties on some issues.
Companies that submit their IPO paperwork to the SEC confidentially must file it publicly at least 15 days before they start marketing the shares to investors. That public filing would include Anthropic's full financial statements and risk factors.
