The long-awaited Anthropic IPO may have a snag...
A prospectus for Anthropic's IPO leaked into the public sphere, and the numbers in it show a company growing at an unprecedented pace, but at the same time burning a huge amount of capital.
According to the document, the company's revenue grew by 1,088% in 2025 to $4.59 billion. However, the net loss deepened from $8.31 billion in 2024 to $41.97 billion. The prospectus reportedly anticipates a $2 trillion valuation, double the last funding round in which the company was valued at $1 trillion.
The main risk is cloud, computing capacity, and infrastructure commitments totaling roughly $518 billion. This amount shows how intertwined the AI ecosystem has become. If Anthropic fails to meet expectations, the impact would also be felt by its suppliers and partners, including $AMZN and $GOOG, who are also its investors, both in equity and bond markets.
But there is one more company. Salesforce $CRM invested $50 million in Anthropic at the beginning of 2023, also participated in other rounds, and its stake was worth $5 billion at the last valuation. In an IPO with a $2 trillion valuation, the value of this stake could roughly double without taking dilution into account.
Would you buy Anthropic shares at the IPO?
