Anthropic, the company behind the Claude chatbot, could be valued at more than $2 trillion when it lists, but its flotation prospectus shows just how expensive the AI race has become.
The document, seen by Reuters, shows the company made a net loss of $42 billion in 2025.
About $34 billion of that was an accounting charge linked to the rising value of financing that could eventually convert into shares, rather than cash spent running the business.
Strip that out and the operating loss still widened to $8.06 billion, from $2.98 billion in 2024.
Revenue grew roughly 12-fold to nearly $4.6 billion.
Compute bill soars
Spending on computing power and infrastructure tripled to $7.33 billion, more than half of total operating costs of $12.65 billion.
The company has also committed to $518 billion of cloud, computing and infrastructure spending in the years ahead.
It held $20.28 billion of cash and short-term investments at the end of 2025.
Nearly a quarter of revenue came from just two customers, and Anthropic warns that many large clients are not tied to long-term contracts.
The filing also cautions that increasingly capable AI could pose existential risks to humanity.
Timing and competition
The listing is likely to come after the US midterm elections in November, according to Reuters.
The targeted valuation is more than double the $965 billion Anthropic estimated for itself in May.
It would follow SpaceX's June float, which valued Elon Musk's company at $1.77 trillion.
Rival OpenAI filed confidentially for its own listing in June.
Anthropic declined to comment.
