Anthropic has filed its IPO prospectus revealing a net loss of $42 billion in 2025 alongside revenues that surged twelvefold to nearly $4.6 billion. The AI laboratory plans to invest $518 billion in cloud computing, computation and infrastructure over the coming years, with total operating expenses reaching $12.65 billion. Founded just five years ago, the company could be valued at over $2 trillion when it goes public, expected after November’s US midterm elections. Anthropic competes fiercely with OpenAI for enterprise customers, talent and influence in Washington, while its own research raises questions about potentially harmful behaviors in increasingly autonomous AI models.
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