- Anthropic’s IPO plans are colliding with extraordinary infrastructure spending commitments.
- The company is targeting a roughly $2 trillion valuation despite massive losses and customer concentration.
- Polymarket traders are sharply repricing the odds of an Anthropic listing this year.
Anthropic, the artificial intelligence company behind Claude, may be moving its anticipated initial public offering (IPO) onto a different timeline, according to new details from its prospectus reported by Reuters.
In the prospectus, Anthropic states that AI will transform the global economy more profoundly than industrialization, electricity, and the internet, but that achieving this vision will be extremely costly.
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Reuters provided details from Anthropic’s IPO prospectus for the first time, revealing that the company plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years.
That is nearly 110 times the company’s revenue in 2025, which, although it increased twelvefold, amounted to only $4.6 billion. Anthropic’s operating loss last year exceeded $8 billion, excluding write-downs of obligations related to previous financing. Net loss amounted to $42 billion.
could postpone its anticipated initial public offering (IPO) until after the November 2026 U.S. midterm elections.
A $2 Trillion Valuation Test
Anthropic is targeting a valuation of around $2 trillion, more than double its $965 billion valuation in May. 51% of the voting power after the IPO through an entity called Founder LLC.
The company also reported a nearly $42 billion net loss, nearly a quarter of its revenue came from just two customers, and many major clients lack long-term contracts.
The IPO would follow SpaceX’s record-breaking debut at a $1.77 trillion valuation, putting Anthropic at the center of a major test of investor appetite for lofty AI valuations.
Polymarket Bets on an Anthropic IPO
Although Anthropic declined to comment, Reuters’ reporting, based on sources familiar with the matter, points to a possible shift in the company’s IPO timeline.
The IPO was previously expected to launch in mid-October. Reuters now reports that Anthropic may push the offering beyond the November 3 U.S. midterm elections. The industry speculates that Anthropic may want to present strong third-quarter results before going public.
Crypto bettors are already positioning. On Polymarket, the odds of Anthropic going public by November 30 stand at 71%, up from 21% a day earlier. Odds of a listing by December 15 rose to 82%, up by 32% in 24 hours.
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