Anthropic is preparing for a huge IPO that could value the AI company at more than $2 trillion. The planned public offering would be one of the biggest tests yet of how investors value leading AI companies.
The company is making a massive bet on artificial intelligence. But that huge AI vision is coming with massive costs. The planned IPO would mark a dramatic rise in Anthropic’s value. Those tests included examples involving potentially dangerous behaviour. The research looked at AI systems that could sabotage code, assist fraud and manipulate information under certain conditions. The findings have added to wider concerns about AI safety. The reports have raised questions about how companies can control increasingly powerful AI systems while also rushing to release them commercially. But Anthropic is still moving quickly in the AI race. Anthropic’s IPO would come during a period of intense debate over AI valuations. AI and chip stocks have recently faced selling pressure, increasing questions about whether extremely high valuations can continue. The company’s IPO would follow SpaceX’s blockbuster public debut.
Anthropic reported a $42 billion net loss in 2025. The company still lost more than $8 billion from its operations. A valuation above $2 trillion would be more than twice the company’s estimated $965 billion valuation in May, according to Reuters. The company rolled out its Opus 5.5 model last week, seeking to keep up with OpenAI’s momentum after the launch of GPT-6 Astra. SpaceX was valued at about $1.77 trillion in its recent IPO, according to the Reuters report.
Anthropic believes AI could change the global economy more deeply than major developments such as industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters. That figure excludes writedowns of various liabilities, most of which were linked to earlier fundraising, according to the documents. He has argued that the industry needs to address safety concerns as AI systems become more powerful, according to Reuters.
Anthropic CEO Dario Amodei has previously called for the AI industry to slow down the release of new capabilities.
The company also has a significant amount of money available. However, Anthropic has warned that some of its revenue could be at risk. Anthropic had $20.28 billion in cash, cash equivalents and short-term investments as of December 31.
Nearly one-quarter of its revenue came from just two customers last year.
The competition goes beyond OpenAI. Anthropic is also competing with SpaceX’s xAI, Google’s Alphabet and Meta as companies race to build AI models and the infrastructure needed to run them. Amazon and Google have played major roles in Anthropic’s growth.
Both companies invested billions of dollars in Anthropic while also providing the cloud infrastructure used to train and operate its Claude models, according to Reuters.
