Anthropic's public offering reveals $518 billion in cash, IPO valuation or more than $2 trillion

  It's the first time in the history of the world.

It's a shocking $200 trillion IPO valuation, and behind it is a $518 billion accounting hoax!

On September 28, Reuters disclosed the financial details of the Anthropic IPO material.

In support of this expected daily valuation, there is a steep growth curve:

In 2025, Anthropic's revenue was nearly $4.6 billion, up about 12 times from the previous year.

Investors are betting that more and more businesses will continue to make money for Claude to keep this growth going.

But growth expectations are not orders, nor are accounts receivable.

The number of future customer orders is still variable; the $518.0 billion in computing and infrastructure spending commitments over the next few years have been written in advance.

If the customer's earning rate does not match the rate at which the calculator burns money, the underlying premature layout can turn into a heavy financial strain.

In anthropic's 2025 book, two sets of numbers form a sharp contrast:

Revenues rose by about 12 times from last year, to nearly $4.6 billion; net losses for the same period were about $42 billion.

Anthropic's revenue grew from about $400 million in 2024 to nearly $4.6 billion in 2025.

The company reported a net loss of $4.6 billion a year, a net loss of $42 billion, and a loss of about nine times its revenue.

Anthropic reported a net loss of about $42 billion in 2025, largely influenced by accounting costs generated by funding revaluations.

According to Reuters, of the $42 billion net loss, about $34 billion was related to changes in the valuation of previous financing.

Some of the funding Anthropic received in the past could be converted into company shares in the future. As the company's valuation increases, the "share change rights" in the hands of investors also become more valuable.

For companies, there is also an increase in the amount of financing obligations that must be paid to investors on the account. According to the accounting rules applicable to this type of financing arrangement, this part of the added value is to be taken into account for current losses.

Therefore, the approximately $34 billion, mainly accounting expenses generated by revaluation financing, does not correspond to cash outflows of the same amount, nor does the company actually spend the year on model research, computational procurement or user services.

However, with the exception of this accounting factor, the operational pressure at Anthropic is still not small.

Anthropic reported an operating loss of $80.6 billion in 2025.

Of these, $7.3 billion was spent on computing and infrastructure alone, accounting for nearly 60 percent of operating expenses.

As revenues and users continue to grow, this calculation bill will continue to go up.

In the example of Claude Code, Anthropic disclosed on February 12 that its weekly active users had doubled since the beginning of the year.

This means a greater need for computing.

If the customer demand is overwhelmingly low, even stronger models may not be able to keep up with the business.

But the more prepared the mathematicians are, the higher the costs.

For Anthropic, the real test is not whether to expand, but whether revenue can grow faster than cost.

Next, whether revenue growth will gradually run-in with cost growth will determine this rapid expansion, which will ultimately not produce profits.

US$73.3 billion, just the amount that Anthropic has spent on computing and infrastructure in 2025.

There's a bigger bet in the future.

Anthropic's long-term commitments to spend up to $51 billion over the next few years to cover cloud services, computing resources, and infrastructure are backed by public procurement materials.

In an effort to set the pace ahead, Anthropic disclosed in May that it had signed new add-on agreements with Amazon, Google, and Botnet, and a GPU collaboration with SpaceX.

Anthropic has signed a memorandum of understanding with Amazon, Google, Bloomberg and SpaceX.

These agreements are an early stage of Anthropic's preparation for future growth.

But the calculations can be locked in advance, while customer needs cannot be guaranteed in advance.

These long-term calculation commitments can turn from growth chips to heavy capital pressures once business customers cut budgets, bidding wars, or product usage falls short of expectations.

The US$518.0 billion has already been written into future spending plans, and the real question is:

Will future orders be able to raise this huge accounting bill?

One of the figures for the disclosure of the materials for the auction adds a layer of suspense to the event.

In 2025, almost a quarter of Anthropic's revenue will come from two customers.

Reuters did not disclose the names of the two customers.

Large customers can quickly boost revenues, but it also makes companies more dependent on their orders. If one of them drastically cuts purchases, the company may lose a significant amount of revenue.

Another risk is how long customers' orders can be locked.

According to Reuters, Anthropic warns against risk factors that many of its largest customers do not sign long-term contracts and may reduce or even stop spending.

The calculator has to be prepared in advance and how much customers will buy in the future, but there is no guarantee of a long-term contract.

Customers who don't want to keep making money will have to see if using AI is cost-effective.

Next, whether customers can continue to buy and expand is the key to supporting the $51 billion long-term computing investment.

If the risk is at stake, why would supporters shout about a $2 trillion IPO valuation?

We've seen the growth rate of Anthropic.

In 2024, the company generated about $400 million in revenue; by 2025, this figure is close to $4.6 billion, up about 12 times from the previous year.

In May, the company announced it had completed $65 billion in financing, with a post-investment valuation of $965 billion, and said annual operating income for the month had exceeded $47 billion, the equivalent of a one-year discount on revenue at the time.

And the eyes of investors are already on the year 2028.

Reuters reported in August, citing people with knowledge, that Anthropic forecasts revenues of about $190 billion to $200 billion in 2028, and bankers and investors are referring to future revenues as their valuation.

For long-term forecasts to become a reality, a series of conditions must be met continuously: customer demand will continue to expand, products will remain competitive, and revenue growth will gradually run at the expense of winning.

Any failure to meet expectations could put a strain on the valuation.

XAI's parent company, SpaceX, has taken the first step into the capital market.

In June, it went public with an IPO valuation of $177 trillion.

On June 12, 2026, SpaceX will ring the bell in both New York and Texas.

Anthropic is hitting a potential IPO valuation of more than $2 trillion, but the launch date has not yet been finalized.

According to Reuters, the IPO could be postponed until after the November midterm elections in the United States. OpenAI has also secretly filed a listing application, which, according to media reports, could be launched in early 2027, although the exact date has not yet been determined.

The valuation of trillions of dollars is putting the future of these companies ahead of the equity market.

But it's just one of the nodes for staying valued, based on continued growth, cost control and reliable products.

For Claude and ChatGPT users, the competition ultimately comes down to one issue:

The same subscription fee, who can do more work, make fewer mistakes, make you go back to work, and worry less?

Capital markets can be priced in advance for the future, but users are paying for today's experience.

Whether it's Anthropic or OpenAI, every renewal of their daily valuation needs a valid enough reason.