Anthropic prepares largest IPO in history at $2 trillion

Anthropic is heading to the public market with a reported $2 trillion valuation and up to $100 billion raise, with a roadshow the week of November 9 and a listing before Thanksgiving. Revenue grew twelvefold in 2025 to $4.6 billion, but the company posted an $8 billion operating loss and carries over $518 billion in infrastructure commitments.

• Valuation near $2 trillion, raise up to $100 billion — largest IPO ever
• 2025 revenue grew twelvefold to $4.6 billion; Q1 2026 hit $4.73 billion
• 2025 operating loss about $8 billion; net loss around $42 billion
• Infrastructure commitments at least $518 billion, 80% noncancelable