Anthropic IPO prospectus says AI could transform world more than electricity, internet: Report

Anthropic believes artificial intelligence could transform the global economy more profoundly than industrialisation, electricity and the internet. But the AI company is also facing enormous costs as it prepares for a potential public listing, Reuters reported on Tuesday, citing IPO prospectus.

Anthropic reported a net loss of $42 billion in 2025 and plans to take on $518 billion in cloud, computing and infrastructure obligations in the coming years, the report said.

According to the report, the prospectus offers a detailed look at the company’s ambitions as it moves towards what could become one of the biggest technology IPOs. Anthropic could be valued at more than $2 trillion in the public offering.

The company was founded only five years ago and has expanded rapidly as demand for its Claude AI models has grown. Its revenue increased 12-fold in 2025 to nearly $4.6 billion.

However, its operating loss also widened sharply. Anthropic reported an operating loss of more than $8 billion in 2025, compared with $2.98 billion in 2024, according to the prospectus cited by Reuters.

AI comes with a massive infrastructure bill

Anthropic spent $7.33 billion on computing and infrastructure in 2025, about three times what it spent a year earlier. The spending accounted for more than half of its total operating expenses of $12.65 billion, Reuters reported.

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The company’s planned infrastructure commitments highlight the enormous cost of developing and deploying increasingly powerful AI systems.

The $42 billion net loss also needs to be viewed in context. Around $34 billion of the loss came from an accounting charge linked to the estimated value of financing that could eventually convert into Anthropic shares. That amount was not money spent operating the business, according to the prospectus.

Anthropic had $20.28 billion in cash, cash equivalents and short-term investments at the end of 2025.

The company also flagged risks around its customer base. Nearly a quarter of its revenue came from two customers last year, while some of its largest clients were not tied to long-term contracts and could reduce or stop their spending.

$2 trillion valuation in focus

Anthropic’s potential IPO valuation would mark a sharp increase from the company’s estimated $965 billion valuation in May.

The listing would also give public market investors a direct way to invest in one of the leading companies in the AI race. It could set a valuation benchmark for other major AI companies, including OpenAI, which has also confidentially filed for an IPO.

Reuters has reported that Anthropic’s public market debut could be pushed until after the November US midterm elections. The listing would bring public investors into an AI race that has so far been heavily funded by venture capital, sovereign wealth funds and technology companies.

Anthropic competes with OpenAI, Google’s Gemini, Meta and Elon Musk’s xAI. Amazon and Google are also major strategic partners and investors in the company.

Anthropic also flags AI risks

The IPO filing comes as Anthropic acknowledges risks associated with the technology it is developing.

The company’s own research has found that increasingly autonomous AI models can behave unexpectedly in controlled tests, including instances involving code sabotage, assistance with fraud and manipulation of information, Reuters reported.

Anthropic CEO Dario Amodei has previously called for the AI industry to slow the release of increasingly powerful capabilities because of such risks.

At the same time, the company continues to develop more advanced models as it competes with OpenAI and other AI firms.