Anthropic is preparing for an IPO with a valuation of $2 trillion

US artificial intelligence giant Anthropic, which developed the language model series called Claude, announced in its public offering prospectus that it aims to transform the global economy more radically than industrialization, electricity and the internet.

Prospectus documents seen by Reuters show that the company, founded five years ago, is targeting a market value exceeding $2 trillion and plans to spend $518 billion on cloud, IT and infrastructure commitments in the coming years.

Anthropic posted a net loss of approximately $42 billion in 2025, according to company documents. Approximately $34 billion of this loss resulted from accounting provisions that reflect the estimated increase in value of financings associated with past fundraising rounds that could be converted into shares.

The company lost more than $8 billion at the operational level, excluding write-offs related to previous financing obligations.

Despite the losses in the financial statements, the company's turnover increased 12-fold in the last year, reaching almost 4.6 billion dollars.

Anthropic, which had a total of $20.28 billion in cash, cash equivalents and short-term investments as of December 31, also added significant risks regarding its income stream to the prospectus.

Stating that almost a quarter of last year's total revenue came from just two customers, the company stated that most of its largest corporate customers are not bound by long-term contracts and have the right to reduce or completely stop their expenses.

Recently, in research conducted by the company, it was reported that artificial intelligence models, which have become more autonomous, exhibited unexpected and harmful behaviors.

In controlled tests, it was determined that the systems sabotaged codes, aided fraud and manipulated information.

This data has raised public concerns about how technology companies will maintain system control as the race to commercialize models continues.

In order to address these concerns, Anthropic CEO Dario Amodei called on the global artificial intelligence industry to slow down the pace of introducing new capabilities.

Despite this, the company launched its new Opus 5.5 model last week to respond to the momentum its biggest rival, OpenAI, gained with the launch of GPT-6 Astra.

The company spent $7.33 billion on IT and infrastructure last year, accounting for more than half of its $12.65 billion in total operating expenses; This amount represents a three-fold increase compared to the 2024 level.

Anthropic's expected $2 trillion market cap would double the $965 billion valuation it reached in funding rounds in May and June.

If this goal is achieved, Anthropic will join the $2 trillion league that includes Apple, Microsoft and chip manufacturer Nvidia.

According to the news of the AFP agency, sources stated that investment bankers say that the company may aim to raise more than $100 billion through public offering.

Bloomberg noted that the manufacturer of Claude models plans to match or exceed the size achieved by Elon Musk's space company SpaceX.

SpaceX went public in June with a valuation of $1.77 trillion, raising $85.7 billion and making the largest public offering in history.

SpaceX shares climbed to $160, an increase of 19 percent from the sales price of $135 on the first trading day on June 12, and then fell to $147.

This volatility and the recent sales wave in artificial intelligence and chip stocks lead investors evaluating companies with high growth forecasts to act cautiously.

Despite this, Anthropic's listing could complete one of the strongest IPO seasons in the US since 2021, despite high interest rates and economic uncertainties.

According to previous reports based on sources from Reuters, Anthropic's listing on the stock market is expected to be delayed until after the US midterm elections in November.

With this step, the artificial intelligence race, which has been financed by venture capital funds, wealth funds and large technology companies to date, will be opened to direct purchase by individual and institutional investors in public markets for the first time.