The prospectus for its upcoming IPO shows Anthropic plans to spend $518 billion to build out its artificial intelligence (AI) infrastructure in coming years.
The prospectus confirms the initial public offering could value the AI laboratory at a market cap of more than $2 trillion, as Reuters reported after the closing bell on Monday. The document also reveals that Anthropic recorded a net loss of $42 billion and an operating loss of $8 billion in 2025, as revenue expanded by 12 times to almost $4.6 billion.
Anthropic said nearly a quarter of its revenue came from two customers, which it did not name. It also warned that many of its biggest customers aren’t bound by long-term contracts.
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As Reuters notes, the net loss includes a $34 billion accounting charge to reflect an increase in the estimated value of financing that could eventually turn into Anthropic shares, as opposed to costs of running the business.
Infrastructure spending surged by three times to $7.3 billion against total operating expenses of $12.7 billion. The company had approximately $20.3 billion in cash as of December 31.
Anthropic used 48 pages of its 261-page prospectus to describe its operations, and another 80 to explain risk factors, such as “existential risks to humanity” represented by AI. Indeed, Anthropic’s prospectus speaks of “self-preserving behaviors” and cites attempts by its models to “resist shutdown,” as well as other behaviors “resembling blackmail.”
CEO Dario Amodei has appealed to other AI developers to exercise a little more caution as they release new capabilities. But Anthropic continues to keep pace with competitors such as OpenAI, which is also laying the foundation for a much-anticipated IPO. Both companies have delayed their respective processes amid the rising dialogue about AI safety.
At the same time, Anthropic and OpenAI must be mindful of price action for SpaceX (SPCX), which completed its IPO in June at an offer price of $135 per share. SPCX opened at $150, then traded up to $225.64 within days. By early August, it was down as low as $104.83. It closed at $145.47 on September 28.
As BCA Research Head of Equities Noah Weisberger observes, the IPO market is both hot and cold. Issuance is at a real-dollar record, but activity is concentrated in a handful of mega-listings.
IPO performance this year has been lackluster, too, with big gains early but “subsequent performance mostly negative.” Weisberger notes that two-thirds of this year’s IPOs trade below their “day one” closing prices.
Still, Weisberger says, elevated issuance is weighing on returns and multiples. “Anthropic and OpenAI will bring further supply,” Weisberger concludes, “and greater scrutiny of pricing, customer concentration and margins.”
Reuters reports that an Anthropic IPO is not expected to happen until after the November midterm elections.