Loading page…
The newly reviewed prospectus makes a far-reaching economic claim. Revenue figures Reuters reported in August offer a nearer-term measure, though Anthropic’s June filing set no offering price.
Listen to this story
Anthropic’s confidential IPO filing has opened SEC review, not committed the company to a stock sale: it has yet to set an offering size or price, and a listing remains conditional. Reuters’ prospectus review places the company’s claim that AI could transform the economy on a potential public-market stage, but that claim describes a possible future, not a measured outcome. Investors would need to assess it separately from Anthropic’s reported growth; its private funding valuations do not establish an IPO price.
Reuters, citing a source, reported Anthropic’s annual revenue run rate exceeded $65 billion by late July 2026; that is not completed-year revenue.
Reuters also reported a roughly $190–200 billion revenue forecast for 2028, a future projection that the current run rate does not guarantee.
Anthropic raised $30 billion at a $380 billion valuation in February 2026, then $65 billion at a $965 billion post-money valuation in May.
Anthropic’s IPO prospectus presents AI as a force that could reshape the global economy more profoundly than industrialization, electricity or the internet, according to a new review by Reuters. That ambition now sits beside a reported annual revenue run rate above $65 billion as the Claude maker pursues a public listing. The sales figure measures a recent pace, not the economic transformation described in the prospectus.
Reuters said Anthropic’s listing could be the first by a frontier AI lab. The prospectus’s claim describes what AI might do, rather than an economic effect already measured. It gives prospective investors a view of the scale Anthropic envisions, while the company’s reported sales figures speak to a narrower question: how fast its own business is growing.
Anthropic began the formal IPO process on June 1, when it said it had confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission. SEC review would give it the option to go public, the company said, but an offering would depend on market conditions and other factors. Submitting the draft was not a completed stock sale.
The revenue figures were reported in August, before Reuters’ September 28 prospectus review. Citing a source, Reuters said Anthropic’s annual revenue run rate had exceeded $65 billion by the end of July. A run rate expresses a recent sales pace on an annual basis; it is not revenue earned over a completed year.
Reuters also reported, citing sources, that Anthropic projected roughly $190 billion to $200 billion in revenue for 2028. That forecast concerns a future full year. The run rate shows the reported pace at one point in 2026; it cannot, by itself, establish whether the company will sustain enough growth to reach the 2028 range.
Anthropic raised $30 billion in a funding round.
Anthropic announced a $65 billion funding round.
Those funding rounds show how sharply Anthropic’s private valuation rose before Reuters reviewed the prospectus. They do not establish what buyers would pay in an IPO. When Anthropic announced its confidential filing on June 1, it said it had not set the number of shares to offer or their price. The proposed listing therefore remains a separate test: whether public investors will accept a price built around the company’s reported growth and its much larger vision of AI’s future.
Story updates
Anthropic’s revenue grew twelvefold in 2025, but its IPO prospectus also records a nearly $42 billion net loss. The document, reviewed by Reuters, puts a sharper financial picture behind the company’s possible public listing: fast-growing sales, substantial computing costs and obligations that extend well beyond last year’s spending.
Revenue reached nearly $4.6 billion in 2025, according to the prospectus. That growth did not cover the cost of running the business: Anthropic posted an operating loss of more than $8 billion, excluding writedowns of liabilities mostly tied to earlier fundraising.
The much larger net loss needs a different reading. Roughly $34 billion of it was an accounting charge reflecting a rise in the estimated value of financing that could eventually convert into Anthropic shares. It was not money spent operating the company. Removing that charge from the picture does not erase the operating loss; it shows why the two loss figures should not be treated as the same measure.
Computing is already a major expense. Anthropic spent $7.33 billion on compute and infrastructure in 2025, more than half of its $12.65 billion in total operating expenses. The computing figure was three times its 2024 level. Those are costs from a completed year, not a forecast of future spending.
The forward-looking figure is far larger. Reuters says the prospectus describes plans for $518 billion in cloud, computing and infrastructure obligations in the coming year. That reported figure is a plan concerning obligations, not a record of cash paid in 2025. Investors would need to assess how those commitments fit the company’s future revenue and financing needs, rather than compare the figure directly with one year of operating expenses.
Nearly a quarter of its 2025 revenue came from just two customers. Anthropic also warned that many of its largest clients lack long-term contracts and could reduce or stop spending. That makes the durability of recent growth a separate question from how quickly revenue rose last year.
The prospectus lists $20.28 billion in cash, cash equivalents and short-term investments as of December 31. That balance offers a snapshot of resources at year-end, but it does not by itself show how Anthropic would meet the reported infrastructure obligations. The customer warning matters here: spending plans reach into the future, while a significant share of the revenue base was concentrated in two accounts.
The prospectus points to a possible public-market valuation above $2 trillion, according to Reuters. That is not an IPO price. When Anthropic announced its confidential draft registration filing in June, it said the share count and price had not been set. It also said an offering would depend on market conditions and other factors.
Timing remains uncertain, too. Reuters previously reported that a debut was likely to move until after the November U.S. midterm elections. If Anthropic proceeds, prospective investors will have more to weigh than the net-loss headline: the smaller but substantial operating loss, the cost of computing and the risk that major customers can cut spending. The prospectus gives those questions numbers; it does not settle the terms of a sale.
anthropic.comLoading discussion...
Join the conversation
Which would carry more weight for you, and why?
Be the first to share a perspective or an experience.
Reader comments
Newest comments first. Replies stay oldest first.