Anthropic reportedly bets that artificial intelligence will transform the global economy more profoundly than industrialization, electricity, or the internet—but its IPO prospectus says reaching that point will come at a staggering cost.
Massive Spending, Wider Losses
Anthropic plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years and posted a $42 billion net loss in 2025, according to the prospectus seen by Reuters.
The company spent $7.33 billion on compute and infrastructure last year, a threefold jump from 2024, and it accounted for more than half of its $12.65 billion in total operating expenses.
It lost more than $8.06 billion on an operating basis, excluding write-downs tied to previous fundraising, even as revenue grew 12-fold in 2025 to nearly $4.6 billion.
Anthropic did not immediately respond to Benzinga’s request for comment on the details of the prospectus.
Revenue Concentration Risk
Nearly a quarter of the Claude maker’s revenue reportedly came from just two customers last year, according to the filing.
The company warned in its risk factors that many of its largest clients are not locked into long-term contracts and could cut or stop spending.
A $2 Trillion Valuation Target
The public offering could value Anthropic at more than $2 trillion, more than double its own $965 billion valuation from May.
Anthropic had $20.28 billion in cash, cash equivalents, and short-term investments as of Dec. 31, according to the prospectus.
Founder LLC Controls Anthropic’s Voting Power
Anthropic is creating a “Founder LLC,” initially composed of its seven co-founders, who will control a single share of Class F stock representing 50.1% of total voting power on key corporate matters.
Anthropic will continue operating as a Public Benefit Corporation under Delaware law, a structure that formally allows its leaders to balance investors’ interests with the broader interests of humanity, the filing said.
CEO Dario Amodei reportedly made nearly $18 million in 2025, largely through stock and option awards, while his sister and company President Daniela Amodei was the second-highest paid executive at $16.4 million.
AI Poses ‘Existential Risks,’ Anthropic Warns
Anthropic has also warned prospective investors that advanced AI development could create risks ranging from unexpected model behavior to potentially “catastrophic or existential” consequences for humanity.
The filing warned that models could display “self-preserving behaviors,” including attempts to “resist shutdown,” conceal or manipulate information, and exhibit behavior “resembling blackmail.”
Earlier this month, Amodei called for the global AI community to slow the pace of AI development to address safety concerns, even as Anthropic rolled out its Opus 5.5 model last week to compete with OpenAI‘s GPT-6 Astra.
Anthropic’s public debut is expected to be pushed to after the November U.S. midterm elections, Reuters reported, citing sources.
Polymarket bettors currently price in a 69% chance that Anthropic lists its shares by Nov. 30, up from 59% a day earlier, with nearly $4 billion wagered on the outcome.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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