Anthropic, the company behind Claude and a major rival to OpenAI, is preparing for a potential IPO that could rank among the biggest ever. From its ri…
1/9Anthropic’s potential IPO in numbers | Anthropic could seek a valuation of $1.5 trillion to $2 trillion and raise as much as $100 billion through its IPO. The company reported $16.3 billion in revenue and an $80.7 billion net loss for the first half of 2026, including a large accounting charge. (Image: Reuters)
2/9From a start-up to a potential trillion-dollar company | Founded in 2021 by former OpenAI employees, including siblings Dario and Daniela Amodei, Anthropic has seen its valuation rise sharply. It was valued at $4.1 billion in 2023, $18 billion in 2024, $61.5 billion in March 2025 and $183 billion in September 2025, with reports now pointing to a potential IPO valuation of $1.5 trillion to $2 trillion. (Image: Reuters)
3/9$100 billion — the IPO target | Anthropic could raise as much as $100 billion through its IPO, potentially surpassing SpaceX’s reported $86 billion offering in June 2026. If achieved, the fundraising total would set a new benchmark for public listings. (Image: Reuters)
4/9Claude is at the centre of Anthropic’s business | Anthropic launched Claude in 2023, and its AI assistants and models now compete with OpenAI’s ChatGPT. Claude supports tasks such as writing, research and coding, while Anthropic has increasingly focused on selling AI tools to businesses and developers. (Image: Reuters)
5/9Amazon and Google are major backers | Amazon has invested at least $13 billion in Anthropic and agreed to invest up to another $20 billion in April 2026, while Google has committed up to $40 billion. Both companies also provide computing infrastructure and other resources that help Anthropic develop and run its AI models. (Image: Reuters)
6/9Its biggest investors are also competitors | Amazon and Google are not just investors and technology suppliers to Anthropic; they are also developing their own AI products. This creates potential conflicts of interest and raises questions about Anthropic’s continued access to the computing resources it needs. (Image: Canva)
7/9$16.3 billion in revenue, but an $80.7 billion loss | Anthropic reported $16.3 billion in revenue and an $80.7 billion net loss in the first half of 2026, with a one-time accounting charge of $72.4 billion accounting for most of the reported loss. The figures highlight why its financial performance must be assessed by looking at both revenue growth and the costs and accounting items behind the loss. (Image: Canva)
8/9More than $600 billion in spending commitments| Anthropic’s AI ambitions depend on access to computing power, specialised chips, electricity and data centres. Its total spending commitments with around eight partners are reported to exceed $600 billion over the next decade, reflecting the resources needed to develop advanced AI models and meet rising customer demand. (Image: Canva)
9/9AI safety remains part of Anthropic’s identity | Anthropic was founded by former OpenAI employees who wanted to place AI safety at the centre of their work. As it prepares for a potential IPO, the company faces the challenge of balancing that focus with the need to compete, secure computing resources and generate enough revenue to fund its expansion. (Image: Canva)