Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters.
But the cost to get there will be staggering. Anthropic CEO Dario Amodei has called for the global AI community to slow the pace of releasing new capabilities to address those concerns. Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming year, according to the prospectus. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, according to the documents, reported here for the first time. Still, Anthropic rolled out its new Opus 5.5 model last week to counter OpenAI’s momentum since its launch of GPT-6 Astra, ahead of its own expected IPO.
The prospectus details how the company has grown sharply in the last year — while also posting wider losses.
That performance could give investors pause as they assess the still-lofty valuations for high-growth companies. AI and chip stocks have sold off recently, and Anthropic’s sale will further test whether enthusiasm for the AI trade can withstand greater scrutiny, given its ambitious growth projections. Anthropic’s biggest challenger remains OpenAI, as the two firms fiercely compete for business customers, talent and influence in Washington. OpenAI confidentially filed for an IPO in June. Anthropic was founded by researchers who left its rival after disagreements over governance and AI safety.
The ChatGPT maker is expected to list by early 2027, according to media reports.
