Anthropic seeks $2T valuation in IPO amid surging costs

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 pr...