Anthropic wants an IPO big enough to be the largest ever, and it might file within weeks.
Anthropic is targeting a public offering that matches or exceeds SpaceX's record $75 billion raise, and could file as soon as the end of this month. That target comes despite red ink most companies would call a crisis: a net loss of nearly $42 billion in 2025, five times what it lost the year before. The company hasn't detailed how it plans to close that gap before facing public shareholders. Investors will get their first real look at the finances once the filing lands.
A five-fold jump in losses in a single year is not incidental. It's the price tag of the compute buildout every frontier AI lab is racing to fund. Anthropic is effectively betting that public markets will value it on future model dominance, not current cash burn, the same bet its private backers have already made at ever-higher valuations.
SpaceX earned its scale by building rockets that fly and a satellite business that prints cash. Anthropic is asking for the same size check on the strength of a chatbot market it hasn't yet won outright.