Anthropic may go public at a valuation of more than $2 trillion.
A prospectus seen by Reuters shows how fast the maker of Claude is growing.
Revenue grew twelvefold last year to almost $4.6 billion. On that basis, the target valuation comes to more than 430 times annual revenue.
In 2025, though, Anthropic posted an operating loss of more than $8 billion.
Mostly because of accounting write-downs on obligations from earlier funding rounds, it ended up with a net loss of $42 billion.
It spent $7.33 billion on compute and infrastructure alone, three times as much as the year before.
On top of that, $518 billion in commitments for cloud capacity, computers and other infrastructure are locked in for the coming years.
In the prospectus, Anthropic predicts that AI will change the world economy more deeply than industrialisation, electricity and the internet did.
The IPO will likely be delayed until after the US elections in November.
