Anthropic targets mega $100bn IPO

AI developer Anthropic is seeking a valuation of about $2 trillion
in its planned IPO, but its prospectus reveals heavy dependence on
Big Tech partners for investment, computing power and distribution

GROWTH AND LOSSES

Revenue
Operating loss

Revenue surged 12-fold in
2025, but operating losses
more than doubled as
long-term computing
commitments
topped $417bn

$0.4bn
2024
$2.98bn
$4.6bn
2025
$8.06bn

TECH GIANTS: Amazon and Alphabet
are expanding Anthropic’s reach – with
47% of sales routed through
their cloud platforms

47%
32%
2024
11%
2023
2025
($2.16bn)

Anthropic paid about $351m in
distribution fees, equivalent
to roughly 16 cents of
every dollar generated
through those channels

Circular relationships create
potential conflicts of interest, with
cloud partners acting as investors,
suppliers, distributors,
customers and rivals

AI-RELATED COMPANIES BY VALUE
Market cap (Approx $ trillions)
Nvidia			5.08
Apple			4.86
Alphabet (Google)	4.25
Microsoft		3.75
Amazon			2.73
Anthropic (Projected)	2.00
TSMC			1.90
Meta Platforms		1.70
Broadcom			1.65
Tesla			1.42

IPO offering
could make
five-year-old AI
start-up sixth most
valuable company
in sector – potentially
exceeding SpaceX’s
$1.77 trillion IPO valuation



Sources: Bloomberg, Reuters

IPO: Initial Public Offering
Picture: Getty
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