Anthropic IPO Leak Shows $2 Trillion Target and Heavy 2025 Losses

Anthropic's IPO story has shifted from a confidential filing to a test of whether public investors will accept frontier-AI economics at unprecedented scale. Leaked prospectus figures circulating Tuesday put the Claude maker's target valuation as high as $2 trillion, alongside 2025 revenue of about $4.59 billion, an operating loss of $8.06 billion and a GAAP net loss of $41.97 billion.