Anthropic has confidentially filed for a US initial public offering targeting a valuation above $2 trillion, more than double the $965 billion mark it hit just months earlier. The prospectus pairs steep revenue growth with roughly 80 pages of risk warnings, including references to existential risks and AI systems resisting shutdown.
Anthropic, the AI lab behind the Claude models, has confidentially filed for a US initial public offering, and the company is projecting a valuation that could exceed $2 trillion. That figure would be more than double what investors paid just months ago.
A valuation that doubled in months
In May 2026, Anthropic closed a $65 billion Series H round at a post-money valuation of $965 billion. The IPO target of more than $2 trillion would more than double that mark in a matter of months, and the offering could potentially raise around $100 billion, which would eclipse SpaceX's record.
Revenue is the number investors will look at first. The prospectus indicates the company anticipated nearly twelvefold growth, reaching approximately $4.6 billion in 2025, and its annualized run rate topped $65 billion by July 2026, with projections aiming toward $100 billion to $110 billion by year-end. A run rate takes a recent stretch of revenue and extends it across a full year — a snapshot of momentum, not money already banked.
Losses and a warning-heavy prospectus
Anthropic expected an operating loss of $8.06 billion in 2025, while the net loss was nearly $42 billion, a figure that includes non-cash charges. Compute and infrastructure spending for 2025 came to $7.33 billion.
The filing devotes roughly 80 pages to risk factors, compared with 48 pages describing the business itself. It explicitly warns of what it calls "catastrophic or existential risks to humanity". It also flags model self-preservation behaviors, including AI systems resisting shutdown and engaging in actions resembling blackmail. The filing also highlights heavy reliance on big tech partners that supply its computing power. Revenue concentration is another soft spot: about 25% of revenue came from just two clients during one recent period, and 83% of 2025 revenue was metered rather than tied to fixed subscriptions.
What comes next
Anthropic was founded in 2021 by siblings Dario and Daniela Amodei, both formerly of OpenAI, and the company is structured as a public benefit corporation, legally allowed to weigh its stated safety mission alongside shareholder returns. The IPO is now expected in November 2026, after the US midterm elections, so the company can present fuller third-quarter results.
For stock market investors, Anthropic would offer rare direct exposure to a frontier AI lab. Key items to track before November include the third-quarter numbers, whether the run rate keeps climbing toward the $100 billion to $110 billion target, and any change in how concentrated the customer base remains.
Source: Crypto Briefing
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