Anthropic, the AI laboratory behind the Claude family of models, has confidentially filed for a US initial public offering that would target a valuation of more than $2 trillion. If the company reaches that mark, the listing would stand as the largest IPO in history, eclipsing even SpaceX's $1.77 trillion debut earlier in June 2026, and would place the four-year-old laboratory among the largest public companies in the world by market value.

The company is simultaneously in discussions to raise more than $100 billion through the offering — a staggering sum for any company, and particularly for one that posted a $42 billion net loss in 2025.

The confidential route is a standard mechanism for large US listings: it allows a company to submit draft registration statements to the SEC and begin the review process without making financial details public, with the full prospectus typically disclosed only in the weeks before shares begin trading.

The numbers behind the ambition

Anthropic's revenue grew nearly 12-fold in 2025, climbing from roughly $386 million in 2024 to approximately $4.6 billion. On the other side of the ledger, its operating loss ballooned to $8.06 billion, up from $2.98 billion the prior year. The $42 billion net loss figure was largely driven by a significant non-cash accounting charge tied to financing instruments.

Growth has continued to accelerate into 2026. The company's revenue run rate jumped from around $9 billion at the end of 2025 to more than $65 billion by July 2026. Investors involved in pre-IPO discussions are projecting revenues of $100 billion to $120 billion by the end of 2026, with estimates reaching $190 billion to $200 billion by 2028.

The company's most recent private fundraise, a Series H round completed in May 2026, brought in $65 billion at a post-money valuation of $965 billion — a figure the $2 trillion IPO target would more than double. Because private rounds expose only headline valuations, the eventual public prospectus would give outside investors their most detailed look yet at the cost structure behind a frontier AI laboratory.

Where the money goes

Compute infrastructure costs hit $7.33 billion in 2025, representing more than half of the company's total operational expenses. Anthropic's prospectus reportedly discloses $518 billion in future cloud and compute commitments — a level of spending that underscores why the company is pursuing a raise of this size.

The company has projected that it will not reach profitability until around 2028.

The players and the timing

Anthropic was founded in 2021 by siblings Dario Amodei and Daniela Amodei, both former executives at OpenAI. The company has attracted heavyweight backers, with Amazon and Alphabet among its key investors. Morgan Stanley and Goldman Sachs are serving as lead bankers on the IPO.

The confidential filing landed on June 1, 2026. The actual public listing is expected to take place later in the year, potentially after the upcoming US midterm elections. Milestones worth tracking from here include the public filing of the prospectus, which would make the company's detailed financials visible to all market participants for the first time, and confirmation of the final raise size and valuation range — terms that can shift between confidential review and the first day of trading.

Source: CryptoBriefing