Anthropic Files for $2 Trillion IPO, Revealing $42 Billion 2025 Net Loss and Ambitious $518 Billion Infrastructure Plan

Anthropic has filed its prospectus for a public offering that could value the AI company at more than $2 trillion, more than double its private valuation from May, while disclosing a $42 billion net loss in 2025 despite twelve-fold revenue growth. The filing, reviewed by Reuters and released on September 28, 2026, reveals the company generated $4.6 billion in revenue last year while ramping compute spending to $7.33 billion, a 190% increase from 2024. Approximately $34 billion of the reported loss consists of non-cash accounting charges tied to the estimated value of convertible financing, with actual operating losses exceeding $8 billion when excluding writedowns tied to previous fundraising rounds.