Anthropic, the company behind the Claude artificial intelligence models, is preparing for an IPO that could value it at $2 trillion, while Reuters reported that its public debut could take place after the U.S. midterm elections in November. The prospectus outlines plans to spend $518 billion on cloud services, computing power and infrastructure in the coming years as revenue and infrastructure spending grow rapidly.

The expected valuation would be more than double Anthropic’s previous valuation of $965 billion as of May. A listing could become one of the largest IPOs in the history of the technology sector and allow investors to invest directly in an AI developer, Reuters noted.

Losses and infrastructure spending

Anthropic reported a net loss of about $42 billion for 2025. Roughly $34 billion of that amount resulted from an accounting revaluation of financing that could later convert into the company’s shares, rather than cash spent to operate the business, according to the report.

Spending on computing power and infrastructure reached $7.33 billion in 2025, three times the 2024 total. The expenditure accounted for more than half of Anthropic’s $12.65 billion in total operating expenses.

As of December 31, Anthropic held $20.28 billion in cash, cash equivalents and short-term investments.

The company said it was betting that artificial intelligence would transform the global economy more profoundly than industrialization, electrification and the rise of the internet.

Customer concentration and competition

Nearly one-quarter of Anthropic’s 2025 revenue came from two customers. The company warned in the prospectus that many of its largest clients do not have long-term contracts and could reduce or stop their spending.

Anthropic identified OpenAI as its main competitor. The companies are competing for enterprise customers, talent and AI market share. OpenAI confidentially filed for an IPO in June and, according to media reports, is considering a listing before early 2027.

Anthropic also competes with Google, Meta and xAI. Amazon and Google remain key strategic partners that have invested in the company and provide cloud infrastructure for training and operating Claude models.

AI safety concerns

Anthropic’s planned infrastructure expansion comes amid debate over the safety of increasingly autonomous AI models. In its own research, the company described controlled tests in which models could sabotage code, facilitate fraud or manipulate information.

Anthropic CEO Dario Amodei has urged the industry to slow the rollout of new AI capabilities and devote more attention to safety. At the same time, Anthropic continues to compete with OpenAI and other developers over the pace of new model deployments, Reuters reported.

Anthropic previously unveiled Claude Opus 5.5, a cheaper and faster AI model with enhanced safety mechanisms.

Source: Incrypted