Anthropic Files for IPO with $42B Loss and $518B Spending Plans

Anthropic’s IPO prospectus shows revenue surged 12-fold in 2025 to nearly $4.6 billion, alongside a $42 billion net loss that includes a large accounting charge and operating losses exceeding $8 billion. The company plans $518 billion in cloud, computing and infrastructure commitments over the coming year, while its proposed listing could value it above $2 trillion—more than twice its reported May 2026 private valuation. The filing also warns that revenue is concentrated among a small number of customers and that many major clients can cut spending because they lack long-term contracts. Anthropic’s prospectus identifies co-founder Dario Amodei as CEO and outlines its executive, board and trustee structure as it prepares to enter public markets. The offering will test investor appetite for AI companies as concerns grow about the sector’s enormous costs, business risks and the potential harms of increasingly capable models.