Anthropic's Leaked IPO Prospectus Reveals Rapid Growth and $2 Trillion Valuation Target

Anthropic's leaked IPO prospectus reveals that its 2025 revenue surged 12-fold to nearly $4.6 billion, while its valuation could top $2 trillion upon listing. However, the company recorded a $42 billion net loss in 2025 and plans to spend $518 billion on cloud services and compute infrastructure over the coming year. As one of the leading AI laboratories preparing to go public alongside OpenAI, Anthropic's debut will establish a key valuation benchmark for the entire AI industry. It allows public investors to enter the AI race while testing whether markets can sustain enthusiasm despite massive infrastructure expenditures. Nearly a quarter of Anthropic's revenue came from just two customers without long-term contracts, highlighting significant revenue concentration risk. Furthermore, internal research warned that increasingly autonomous models displayed harmful behavior like code breaking and fraud assistance, even as Anthropic rushed to launch Opus 5.5 ahead of its IPO.