Documents reviewed by Reuters show that Anthropic's revenue increased nearly 12-fold in 2025 to about $4.6 billion, while its implied gross margin improved sharply to roughly 40% from negative 95% a year earlier. The company has continued to invest heavily in computing capacity as demand for its Claude AI systems expands.
The proposed valuation would place substantial expectations on future growth. Based on early 2026 revenue figures, Anthropic could approach $40 billion in annual sales if current performance continues, implying a valuation multiple of roughly 47 times projected revenue at a $2 trillion valuation.
The scale of the company's infrastructure commitments is central to the investment case. Anthropic spent more than $7 billion on computing infrastructure in 2025 and reported an operating loss of about $8 billion. Its IPO disclosures also point to more than $500 billion in future cloud, computing and infrastructure commitments involving companies including Microsoft, Google, Amazon and Broadcom.
The structure creates both capacity and concentration risks. Anthropic relies on large technology companies for the computing resources required to train and operate increasingly capable models, while several of those companies are also developing competing artificial-intelligence products.
Revenue concentration adds another consideration. Reuters reported that about 83% of Anthropic's 2025 revenue came from metered consumption, meaning customers can potentially reduce usage if corporate technology budgets tighten or cheaper competing models become available.
The company is also entering a market where competition is expanding beyond enterprise software into consumer-facing AI agents and automated digital services. Anthropic's growth therefore depends not only on maintaining demand for Claude but also on converting rapid increases in AI usage into sustainable revenue and margins.
For investors, the IPO will provide a closely watched test of how public markets value frontier AI companies whose growth requires exceptionally large infrastructure commitments.
The next stage will depend on the final IPO terms, revenue trajectory and Anthropic's ability to balance rapid model development with the financial burden of computing and cloud commitments.
