Anthropic's IPO prospectus sharpens focus on AI valuations

Anthropic’s IPO prospectus, reviewed by Reuters, frames AI as a force likely to reshape the global economy more deeply than past technology shifts such as industrialization, electricity and the internet. The company could be valued at more than $2 trillion at IPO, according to the filing. Anthropic also plans to spend $518 billion on cloud computing and other infrastructure obligations over the coming years, even as it reports losses. Analysts cited by Reuters pointed to rapid revenue growth—up 12-fold in 2025—as a key support for demand among investors, alongside concerns about spending levels and customer concentration.