Anthropic’s IPO would put a $42 billion loss on public display
Anthropic is growing fast enough to pursue a potential $2 trillion IPO, but public investors would inherit a company that lost $42 billion in 2025 while generating $4.6 billion in revenue. The leaked prospectus says infrastructure spending reached $7.33 billion and future cloud and computing commitments total $518 billion. It also warns that two customers supplied nearly a quarter of revenue and could cut spending.