Anthropic Files for IPO as Revenue Surges and AI Costs Mount
Anthropic’s planned stock-market debut could give public investors a direct stake in one of the world’s fastest-growing AI companies — and expose the scale of
Anthropic’s planned stock-market debut could give public investors a direct stake in one of the world’s fastest-growing AI companies — and expose the scale of the costs behind that growth. The Claude maker has publicly filed an IPO registration statement with the U.S. Securities and Exchange Commission, reporting $16.3 billion in revenue for the six months ended in June.
That half-year figure exceeded Anthropic’s full-year revenue of $4.6 billion in 2025. The filing, made public Monday, lists ANT as the proposed ticker but does not specify the number of shares to be sold, an offer price or a company valuation.
Revenue growth comes with steep costs
Anthropic spent $9 billion on AI infrastructure in the first six months of the year, more than the $7.3 billion it spent during all of 2025. The company also disclosed a net loss of $80.7 billion through June, with most of that loss attributed to accounting charges.
Its infrastructure commitments point to the enormous computing demands of developing and running AI models. Anthropic plans to spend at least $110 billion on Amazon cloud services through April 2036 and $120 billion with SpaceX through 2029. Its filing also lists planned spending of $115 billion with Google and $45 billion with Microsoft, both through 2033.
Those agreements could bring major business to cloud providers, while leaving Anthropic committed to vast spending over many years. The company’s customer base also appears concentrated: roughly one-fifth of its revenue came from two customers, with most of the rest supplied by a small group of clients.
Valuation and offer details still to come
Reports cited by news organizations have put a potential valuation between $1.5 trillion and $2 trillion, though Anthropic has not disclosed a valuation in its filing. The company is expected to meet investors and prospective investors on a roadshow before setting the terms of the offering.
The listing could rank among the largest public offerings on record. Its eventual size and price remain unknown; Anthropic’s filing says it plans to spend at least $110 billion with Amazon alone.
Source: bloomberg.com
