Anthropic IPO Expectations Climb Above $2 Trillion as Prospectus Shows Fast Growth and Heavy Losses

Anthropic is being discussed by investors as a potential public-market debut above $2 trillion, a valuation that would more than double the AI lab's last private round and test public investors' appetite for frontier-model economics. A draft IPO prospectus reviewed by reporters shows explosive revenue growth alongside deep losses and hundreds of billions of dollars in future compute commitments.