Anthropic’s IPO Prospectus Sharpens Focus on AI Valuations
The prospectus says revenue grew 12-fold in 2025, while nearly one quarter of last year’s revenue came from two customers.
- Anthropic filed its IPO prospectus revealing plans to spend $518 billion on cloud computing and infrastructure, with a potential valuation exceeding $2 trillion.
- Morningstar strategist Michael Field attributed the valuation to 12-fold revenue growth in 2025, calling it "truly remarkable" and noting an 18x sales multiple makes the $2 trillion valuation "more reasonable."
- Wealth Club chief investment strategist Susannah Streeter said Anthropic's vision "seems to have lifted demand for European tech stocks," which jumped 2.4% despite concerns over massive losses.
- AJ Bell head of markets Coatsworth warned that nearly one quarter of last year's revenue came from two customers, implying concentration risks despite investor appetite.
- XTB Platform research director Brooks noted that Anthropic's planned capital spending signals the "capex cycle is not over yet," positioning the sector for continued growth.
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Anthropic strives for the greatest IPO of all time, but strongly warns against risks. For investors, these are not only in the potential extinction of humanity, but also in the business model.
Watch Anthropic IPO to Be a ‘Watershed Event’ for Tech, Says Ives
Dan Ives, partner and senior managing director at Yorkville Ives & Co., examines Anthropic PBC as the company prepares to file its initial public offering and looks at the growing list of concerns surrounding AI.
US artificial intelligence company Anthropic plans to go public in November and hopes to raise the company's value to $2 trillion through a share auction, according to a leaked prospectus, which provides the first overview of the company's financial figures and plans.
According to the unpublished prospectus, the AI company is aiming for a valuation of more than two trillion dollars. However, Anthropic lost 8.1 billion dollars in 2025.
Anthropic's prospectus cites AI risks, billionaire damage and US$ 518 bi in commitments while preparing IPO with a valuation of US$ 2 sort
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