Anthropic Seeks $2 Trillion Valuation in Confidential IPO Filing

Anthropic is seeking a valuation of approximately $2 trillion in a confidential IPO prospectus that reveals significant financial and operational dependencies on Amazon and Alphabet Inc. In 2025, the AI developer routed 47% of its sales through these two companies, which simultaneously serve as investors, computing suppliers, and competitors. The filing acknowledges that this reliance creates potential conflicts of interest and risks regarding access to compute.

Financial data shows a 12-fold revenue surge in 2025 to nearly $4.6 billion, though operating losses more than doubled to over $8 billion. By early 2026, the company had made long-term computing commitments exceeding $417 billion. Anthropic also faces revenue concentration risks, with two unnamed customers each accounting for 12% of its annual revenue.

While Anthropic maintains that its partnerships accelerate market penetration, rival OpenAI has alleged that the company's method of booking gross revenue from marketplace contracts inflates reported earnings. Anthropic denies these claims, stating it follows established accounting practices. Additionally, the company signed a computing deal with Microsoft in November.