Anthropic has confidentially filed for a US IPO targeting a valuation north of $2 trillion, which would make it the largest public offering in history, surpassing SpaceX’s $1.77 trillion debut. The company posted a $42 billion net loss in 2025 while growing revenue nearly 12-fold to approximately $4.6 billion. Compute infrastructure costs reached $7.33 billion, and the company has disclosed $518 billion in future cloud and compute commitments. Founded in 2021 by siblings Dario Amodei and Daniela Amodei, former OpenAI executives, Anthropic is backed by Amazon and Alphabet, with Morgan Stanley and Goldman Sachs serving as lead bankers on the IPO.
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