Anthropic, the developer of the Claude AI models, has filed for a confidential US initial public offering. The company is targeting a valuation exceeding $2 trillion, which would make it the largest IPO in history, surpassing the $1.77 trillion debut of SpaceX in June 2026.
The company aims to raise over $100 billion through the offering. This follows a fiscal year 2025 where Anthropic reported a net loss of $42 billion, largely due to non-cash accounting charges. Its operating loss for the same period reached $8.06 billion, up from $2.98 billion in 2024.
Revenue for the company grew nearly 12-fold in 2025, reaching approximately $4.6 billion compared to $386 million in 2024. The revenue run rate rose from $9 billion at the end of 2025 to over $65 billion by July 2026. Investors project revenues of $100 billion to $120 billion by the end of 2026.
In May 2026, Anthropic completed a Series H funding round, raising $65 billion at a post-money valuation of $965 billion. The company reported $7.33 billion in compute infrastructure costs for 2025 and has disclosed $518 billion in future cloud and compute commitments.
Founded in 2021 by Dario and Daniela Amodei, the company counts Amazon and Alphabet among its investors. Morgan Stanley and Goldman Sachs are acting as lead bankers for the IPO. The confidential filing was submitted on June 1, 2026, with the public listing expected later this year.
