Anthropic has detailed plans for an initial public offering (IPO) that could value the company at more than $2 trillion. According to its prospectus, which was reviewed by Reuters on September 28, 2026, the company reported a net loss of $42 billion in 2025 as it expanded its infrastructure.
The five-year-old startup was founded by siblings Dario and Daniela Amodei after they left OpenAI. Anthropic has since secured billions in funding from partners including Amazon and Alphabet's Google. The company released its first large language model in March 2023 and recently debuted its Opus 5.5 model to maintain market position against OpenAI’s GPT-6 Astra.
The prospectus shows that while revenue grew 12-fold in 2025 to nearly $4.6 billion, operating losses widened to $8.06 billion from $2.98 billion in 2024. The $42 billion net loss included a $34 billion accounting charge related to the estimated value of financing that may convert into shares. The company spent $7.33 billion on compute and infrastructure last year, representing more than half of its $12.65 billion in total operating expenses. Anthropic disclosed it has $518 billion in cloud and infrastructure obligations for the coming years.
The IPO affects public investors, venture capital firms, and technology companies like Amazon and Google, who have invested billions into the startup. If the $2 trillion valuation is achieved, it would exceed the $1.77 trillion valuation set by SpaceX during its June 2026 debut. For the general public, the company’s success or failure will influence the development of AI tools used in sectors ranging from cybersecurity to finance.
For investors, the scale of Anthropic's financial requirements is substantial. The company plans to spend $518 billion on cloud and computing obligations. Investors will also monitor the company's revenue concentration, as nearly 25% of its revenue currently comes from two customers. The debut will test market appetite for AI stocks, which have seen recent sell-offs, and could dictate the timing of OpenAI's own expected listing in early 2027.
The offering follows legal and regulatory challenges for Anthropic. In August 2024, the company was hit with a class-action lawsuit by authors alleging misuse of books for training, which resulted in a $1.5 billion settlement in July 2026. Additionally, the company is managing a dispute with the U.S. government; after the Pentagon said it would declare the startup a supply-chain risk in February 2026, Anthropic filed a lawsuit to block the move in March. The IPO is expected to occur after the U.S. midterm elections in November 2026.
What happens next: The public market debut is likely to take place following the November 2026 U.S. midterm elections. Investors will continue to watch for the company's progress toward its projected 2028 revenue goal of $190 billion to $200 billion. Legal proceedings also continue, including a lawsuit filed in August 2026 by Round Hill Music regarding the alleged misuse of songs for AI training.