Anthropic's IPO prospectus shows sweeping AI vision, surging costs

Business Recorder, citing a Reuters review of Anthropic's IPO prospectus, reported that the AI lab expects artificial intelligence to reshape the global economy more deeply than industrialisation, electricity or the internet. The filing shows a net loss of $42 billion for 2025 and commitments of $518 billion for cloud, computing and infrastructure in the coming years. Revenue rose 12-fold to nearly $4.6 billion, yet operating losses exceeded $8 billion before writedowns of liabilities tied to earlier fundraising.

A listing could put the company's value above $2 trillion, more than double the $965 billion estimate it reached in May. Spending on compute and infrastructure reached $7.33 billion last year, a threefold rise from 2024 and over half of $12.65 billion total operating expenses. Nearly a quarter of revenue came from two customers, and the company cautioned that many of its biggest buyers lack long-term contracts and could reduce or halt spending.

Earlier Reuters reporting, cited by Business Recorder, suggested the debut may be pushed beyond the November US midterm elections. The offering would follow SpaceX's IPO, whose shares trade around $147 against a $135 offer price, and would test investor appetite for AI stocks that have recently sold off. Anthropic declined to comment.