Business

Anthropic’s IPO could value AI giant above $2 trn

By Sohail Khan 29 September 2026, 8:21 am

Benchmarks
Nifty22,780.25-360.25

FEATURED FUNDS★★★★★

Motilal Oswal Midcap Fund Direct-Growth

5Y Return
20.4 %

Invest Now

Enter search text:

Business News›AI›AI Insights›Anthropic targets more than $2 trillion valuation in closely watched IPO despite $42 billion 2025 loss

Read Today's Paper

Anthropic targets more than $2 trillion valuation in closely watched IPO despite $42 billion 2025 loss
Synopsis

Anthropic is planning an IPO that could value the company at over $2 trillion. Despite reporting a net loss of $42 billion last year, its revenue experienced substantial growth. The company aims to address concerns about AI safety while competing with OpenAI for market dominance. Key investors have backed Anthropic, providing critical cloud infrastructure for its operations. The upcoming public offering reflects strong interest in the burgeoning AI sector.

Reuters

Anthropic is planning an IPO that could value the company at over $2 trillion.

Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters.

But the cost to get there will be staggering. Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, according to the prospectus.

Also Read: Anthropic warns IPO investors AI could pose 'catastrophic' risks to humanity: Report

The prospectus details how the company has grown sharply in the last year – while also posting wider losses. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, according to the documents, reported here for the first time.

The public sale, which could value it at more than $2 trillion, would capitalize on the rapid rise of the AI startup lab that only came into existence five years ago, and establish it as a benchmark for how Wall Street values AI's leading companies, including rival OpenAI.

The plans come as Anthropic confronts evidence from its own research that increasingly autonomous AI models can behave in unexpected and potentially harmful ways, including sabotaging code, assisting fraud and manipulating information in controlled tests.

These reports have broken into the wider public sphere, igniting fears over how companies can keep the increasingly powerful systems under control as they race to deploy them commercially.

Anthropic CEO Dario Amodei has called for the global AI community to slow the pace of releasing new capabilities to address those concerns. Still, Anthropic rolled out its new Opus 5.5 model last week to counter OpenAI's momentum since its launch of GPT-6 Astra, ahead of its own expected IPO.

The AI lab spent $7.33 billion on compute and infrastructure last year, a threefold surge from 2024, accounting for more than half of its $12.65 billion in total operating expenses.

Also Read: Anthropic's path from AI startup to industry-defining IPO

Anthropic's public market debut is likely to be pushed to after the November US midterm elections, Reuters previously reported, citing sources. The sale would bring public investors into an AI race that has been until now underwritten by venture capital firms, sovereign wealth funds and Big Tech companies.

Anthropic declined to comment.

A $2 TRILLION VALUATION EXPECTED

Anthropic's expected valuation target is more than double its own estimated valuation of $965 billion in May.

The near-$42 billion net loss included a roughly $34 billion accounting charge that reflected an increase in the estimated value of financing that could eventually turn into Anthropic shares, rather than money the company spent running its business.

Anthropic said nearly a quarter of its revenue came from two customers last year, and as part of its risk factors, warned that many of its largest clients were not locked into long-term contracts and could cut or stop spending.

Anthropic had cash, cash equivalents and short-term investments totaling $20.28 billion as of December 31, the prospectus shows.

Anthropic's debut would follow SpaceX's recent blockbuster IPO that valued Elon Musk's company at $1.77 trillion.

That company's shares surged 19% in their June 12 debut to $160, but currently trade at around $147 — above where the IPO sold at $135 apiece.

That performance could give investors pause as they assess the still-lofty valuations for high-growth companies. AI and chip stocks have sold off recently, and Anthropic's sale will further test whether enthusiasm for the AI trade can withstand greater scrutiny, given its ambitious growth projections.

Still, the listing stands to cap one of the strongest years for US IPOs since 2021, despite elevated interest rates, economic uncertainty and valuation concerns.

THE TRILLION-DOLLAR AI RACE

Anthropic's biggest challenger remains OpenAI, as the two firms fiercely compete for business customers, talent and influence in Washington. OpenAI confidentially filed for an IPO in June. The ChatGPT maker is expected to list by early 2027, according to media reports.

Anthropic was founded by researchers who left its rival after disagreements over governance and AI safety. It released its first large language model in March 2023, competing directly with OpenAI.

It also competes with SpaceX's xAI, Alphabet's Google and Meta to build out AI infrastructure.

Analysts expect the first company to go public to establish valuation benchmarks for the AI industry and attract investors who have waited years for a pure-play way to bet on the technology.

Amazon and Google were two of Anthropic's early key strategic partners. Both companies have invested billions of dollars into the startup while simultaneously supplying cloud infrastructure needed to train and deploy Claude models.

Anthropic and CEO Amodei have clashed with the White House over the use of its tools, which led to the Pentagon temporarily blacklisting Anthropic, a move blocked by a US judge in August.

Add as a Reliable and Trusted News Source
Add Now!

Enter search text:

Continue reading with one of these options:
Limited Access
Free
Login to get access to some exclusive stories

& personalised newsletters
Login Now

Unlimited Access
Starting @ Rs120/month
Get access to exclusive stories, expert opinions &

in-depth stock reports
Subscribe Now

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Subscribe to gain powerful insights on business, stock market and industry trends.

Big Price Drop! Flat 40% Off

Student Only Offer

Already a Member? Sign In now

Already a Member? Sign In now
Already a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail Offer
Avail Offer

Claim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004

' + h3 + '

' + h4 + '

' + listing + '

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with in-depth insights that matter

Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

The problem with lab grown diamonds
Why a falling rupee is a better option for the economy

A list of top 20 momentum stocks that have delivered massive returns in one year