Anthropic / Wikimedia Commons (Public domain)
Anthropic seeks $2T valuation in IPO amid surging costs
The Claude maker's confidential IPO filing could produce the largest public offering in history, even as the company burned through $42 billion in 2025
Anthropic, the AI lab behind the Claude family of models, has confidentially filed for a US initial public offering targeting a valuation north of $2 trillion. If it gets there, this would be the largest IPO in history, eclipsing even SpaceX’s $1.77 trillion debut earlier in June 2026.
The company is simultaneously in discussions to raise more than $100 billion through the offering. That’s a staggering figure for any company, let alone one that posted a $42 billion net loss in 2025.
The numbers behind the ambition
Anthropic’s revenue grew nearly 12-fold in 2025, climbing from roughly $386 million in 2024 to approximately $4.6 billion. On the other side: an operating loss that ballooned to $8.06 billion from $2.98 billion the prior year. The net loss figure, $42 billion, was largely driven by a significant non-cash accounting charge tied to financing instruments.
Anthropic’s revenue run rate jumped from around $9 billion at the end of 2025 to more than $65 billion by July 2026. Investors involved in pre-IPO discussions are projecting revenues of $100 billion to $120 billion by the end of 2026, with estimates reaching $190 billion to $200 billion by 2028.
The company’s most recent private fundraise, a Series H round in May 2026, brought in $65 billion at a post-money valuation of $965 billion.
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Where the money goes
Compute infrastructure costs hit $7.33 billion in 2025, representing more than half of the company’s total operational expenses. Anthropic’s prospectus reportedly discloses $518 billion in future cloud and compute commitments.
The company has projected it won’t reach profitability until around 2028.
The players and the timing
Anthropic was founded in 2021 by siblings Dario Amodei and Daniela Amodei, both former executives at OpenAI. The company has attracted heavyweight backers, with Amazon and Alphabet among its key investors. Morgan Stanley and Goldman Sachs are serving as lead bankers on the IPO.
The confidential filing landed on June 1, 2026. The actual public listing is expected to take place later in the year, potentially after the upcoming US midterm elections.