AI startup Anthropic is reportedly preparing for a public listing that could value the company at more than $2 trillion, according to a recent report. This potential valuation would represent more than double the company's May 2025 valuation of $965 billion.
Financial details disclosed in the report indicate that Anthropic generated nearly $4.6 billion in revenue in 2025. However, the company also recorded a net loss of $42 billion during the same period. As of December 31, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments. Additionally, the company plans to invest approximately $518 billion in future cloud, computing, and infrastructure spending.
The report outlines a governance structure designed to preserve founder control. Anthropic’s seven co-founders have pledged to donate 80% of their personal equity to charitable causes. To maintain control, the founders will form a Founder LLC that directs a single Class F share carrying 50.1% of the voting power on key corporate matters. The company also plans to remain a Delaware Public Benefit Corporation.
Despite the massive scale of the potential offering, a deal veteran has downplayed its impact on the broader market. Robert Kindler, global chair of the M&A Group at Paul Weiss, told CNBC that he does not expect the IPO to be a market catalyst. Kindler noted that IPO and M&A activity has remained relatively moderate despite several large transactions. He suggested that companies now have more opportunities to raise private capital, reducing the need to go public for growth funding.
Kindler distinguished the IPO from the wider AI investment cycle. While he acknowledged that AI spending is supporting the market, he stated that investors cannot predict what will trigger the next downturn. He also pointed to the broader market trading at roughly 19 times earnings, describing it as not very expensive.
