Anthropic, the developer of Claude, has confidentially filed for a US IPO, targeting a valuation exceeding $2 trillion. This follows a May 2026 Series H round that raised $65 billion at a $965 billion valuation. The company aims to raise approximately $100 billion through the offering.
Financial data shows 2025 revenue reached $4.6 billion, with an annualized run rate hitting $65 billion by July 2026. Projections suggest this could reach $100–110 billion by year-end. However, the company reported a 2025 net loss of nearly $42 billion, with operating losses of $8.06 billion.
The prospectus highlights significant risks, dedicating 80 pages to potential issues including AI safety, model self-preservation, and dependence on big tech partners for computing power. Additionally, 25% of revenue is concentrated among two clients, and 83% of 2025 revenue was usage-based.
Founded in 2021 by Dario and Daniela Amodei, the company operates as a public benefit corporation. This structure allows it to prioritize social mission alongside shareholder returns. The IPO is expected in November 2026, following the US midterm elections.
