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Gotrade News - The Anthropic IPO could value the Claude developer at more than $2 trillion, according to Reuters, a listing The Motley Fool argues could be critical for AI stocks. That target is more than double the $965 billion valuation Anthropic estimated for itself in May, Reuters reported.
According to the company's official announcement, Anthropic confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission on June 1, 2026. The company said the proposed offering will depend on market conditions and other factors, and that the number of shares and the price have not yet been set.
The exact date is still moving. The Motley Fool reports that an offering is expected in November, while Reuters previously reported, citing sources, that the debut is likely to come after the November US midterm elections.
As reported by The Motley Fool, Anthropic posted second-quarter revenue of $11.5 billion, up 14-fold from the same quarter a year earlier. That figure topped OpenAI's $6.7 billion in revenue for the quarter.
Anthropic also reported a $559 million adjusted operating profit in the quarter, according to The Motley Fool, while OpenAI had an operating loss of $12.3 billion over the same period.
Per The Motley Fool, a $2 trillion valuation would put Anthropic at about 45 times run-rate sales based on its second-quarter results. That compares with the roughly 100 times sales at which SpaceX went public at a $1.75 trillion valuation.
The longer view is less tidy. According to Reuters, which reviewed the IPO prospectus, Anthropic's revenue grew 12-fold in 2025 to nearly $4.6 billion, but the company booked a net loss of $42 billion.
Reuters said that loss included a roughly $34 billion accounting charge reflecting a rise in the estimated value of financing that could eventually turn into Anthropic shares, rather than money spent running the business. On an operating basis, Anthropic lost more than $8 billion in 2025.
Future cloud, compute and infrastructure obligations
$518 billion
Reuters
Potential IPO valuation
More than $2 trillion
Reuters
Anthropic Plans $518 Billion in Compute and Infrastructure Spending
Spending is where the listing connects most directly to public AI stocks. Per Reuters, Anthropic spent $7.33 billion on compute and infrastructure in 2025, a threefold jump from 2024 and more than half of its $12.65 billion in total operating expenses. The company plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years.
Two of its early strategic partners are already listed. Reuters reported that Amazon (AMZN) and Google, owned by Alphabet (GOOGL), were early key strategic partners that have invested billions of dollars in Anthropic while supplying the cloud infrastructure used to train and deploy Claude models.
Motley Fool contributor Jeremy Bowman argues that the biggest risk to the AI boom is that companies like Anthropic fail to turn a profit, which would eventually leave them unable to buy chips from Nvidia (NVDA) and other semiconductor makers.
Customer Concentration and Cash Among Prospectus Risks
The filing also flags risks. According to Reuters, nearly a quarter of Anthropic's 2025 revenue came from two customers, and many of its largest clients were not locked into long-term contracts and could cut or stop spending.
Anthropic held $20.28 billion in cash, cash equivalents and short-term investments as of December 31, Reuters reported. Its rival is on a slower track: OpenAI confidentially filed for an IPO in June and is expected to list by early 2027, according to the same report.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms registered with Kominfo (Indonesia's Ministry of Communication and Informatics). His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
Hendrie Saputra holds a Master of Business Administration (MBA) with a concentration in Business Risk & Finance, along with professional experience in finance, marketing, and project management. He is a licensed Securities Broker-Dealer Representative (WPPE) under the supervision of the Financial Services Authority (OJK) and is experienced in analyzing market data and developing research-driven business strategies.
