Anthropic, the company behind Claude, reportedly plans to raise up to $100 billion in an IPO that could value it at around $2 trillion, despite reporting a substantial annual loss.
According to Yahoo Finance’s reporting on its IPO materials, 2025 revenue jumped 1,088% to $4.59 billion, while its net loss reached $41.97 billion.
The loss needs context
The headline figure includes roughly $34 billion in accounting charges tied to financing instruments that could convert into shares, Reuters reported. It should not be interpreted as $42 billion of cash spent running the business.
The previous year’s net loss was $8.31 billion, putting the increase at approximately 405%.
Related: The AI Boom Is Increasingly Being Financed by Debt.
Potentially the largest IPO ever
The planned listing has moved from October to November 2026, according to The Wall Street Journal.
At the anticipated fundraising size, it could become the largest IPO on record, surpassing SpaceX’s June debut. However, the timing, valuation and amount raised remain expectations, rather than completed terms.
For investors, the central question is whether Anthropic’s rapid sales growth can eventually support the enormous costs of developing and operating its AI systems.
Disclosure: This article does not represent investment advice. The content is for informational and educational purposes only.
