Anthropic Prospectus Shows What a $2 Trillion AI Company Costs to Run

Artificial intelligence’s most anticipated initial public offering (IPO) prospectus puts numbers to a company the market has only been able to guess at. Anthropic has raised more than $125 billion privately since its founding five years ago, and the filing is the first look at how the company runs. Revenue rose 12-fold to nearly $4.6 billion in 2025 while the company lost more than $8 billion on an operating basis, Reuters reported Monday (Sept.