PitchBook questions Anthropic’s $2 trillion IPO valuation

Anthropic's confidential IPO prospectus, first reported by Reuters, gives investors their first detailed view of the Claude maker's finances. The draft shows revenue rising about twelvefold in 2025, to nearly \$4.6 billion, and lists at least \$518 billion in commitments for computing infrastructure over roughly the next decade. The offering could come as soon as November and could value the company at close to \$2 trillion.cnn+2

Anthropic filed the draft with the Securities and Exchange Commission in June. The public version has not yet been posted. According to CNN, citing The Wall Street Journal News Corp ↗ 0.25%, the company could raise up to \$100 billion. That would be more than the roughly \$86 billion SpaceX raised in its listing, which is the largest so far.global.morningstar+1

Big Losses, Mostly From an Accounting Charge

According to the prospectus, Anthropic posted a net loss of about \$42 billion in 2025. About \$34 billion of that was a non-cash charge. As the company's valuation rose, convertible notes held by investors became more valuable, and accounting rules require the company to book that increase as a loss. The operating loss was more than \$8 billion. Compute and infrastructure cost \$7.33 billion, out of total operating expenses of \$12.65 billion.investmentnews+2

Growth sped up in 2026. A PitchBook analysis based on the draft and later operating updates found that first-quarter revenue was \$4.73 billion. By late July, Anthropic's annualized revenue pace had passed \$65 billion. PitchBook analyst Harrison Rolfes wrote that the leak "weakens the case for paying \$2 trillion for it today." He said a \$2 trillion price is just under 31 times the July run rate.global.morningstar

Locked-In Spending

About 80% of the \$518 billion has to be paid whether or not Anthropic uses the capacity. The draft lists at least \$111.1 billion owed to Google, \$110 billion to Amazon Amazon.com, Inc. ↘ 0.11% and \$31.4 billion to Microsoft ↗ 1.62%. It also lists about \$161.2 billion in equipment leases related to Broadcom ↗ 1.93%, which can be canceled only in case of default. The draft warns that if outside providers curtail, reprice or terminate its access to compute, its "business, financial condition, and results of operations could be adversely affected".investmentnews

Reuters also reported that Broadcom has agreed to lend Anthropic up to \$42 billion through convertible notes. That could cover about a third of a \$125.2 billion, five-year lease for capacity on Google's tensor processing unit (TPU) chips. Anthropic is expected to become Broadcom's largest compute customer in 2027. In the filing, Anthropic acknowledged that Broadcom's role as both supplier and lender creates "potential conflicts of interest".reuters

An Uncertain IPO Market

Bond yields are rising, and several companies have recently postponed their IPOs. OpenAI has pushed its own listing to next year. Angelo Zino, an analyst at CFRA Research, still expects strong demand. "I anticipate a robust appetite and demand for Anthropic," he told CNN. Jay Ritter, a professor emeritus at the University of Florida, was more cautious: "However, outcomes often do not unfold as expected".cnn