Anthropic, the AI lab behind Claude, filed a confidential S-1 registration statement with the SEC on June 1, laying the groundwork for what would be the first initial public offering by a frontier AI company. The company recorded a net loss of nearly $42 billion in 2025, roughly five times its $8.3 billion loss in 2024, due to massive spending on computing infrastructure required to train and run its AI models. Its quarterly run rate reached $11.5 billion by Q2 2026, representing a 14-fold year-over-year increase, with projected annualized revenue exceeding $100 billion by end of 2026. Infrastructure commitments are staggering: over $100 billion pledged to AWS over ten years, plus a $15 billion annual agreement with SpaceX through May 2029, totaling $518 billion in planned infrastructure spending. Anthropic is targeting a Nasdaq listing as early as mid-October 2026, aiming for a valuation of approximately $2 trillion.
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