Anthropic Files for IPO at $2 Trillion After $42B Annual Loss

The scale of the loss against the proposed valuation makes this less a conventional listing than a test of whether public markets will underwrite AI capex on narrative rather than earnings. The twelvefold revenue jump and the $518 billion spending plan point to a business still in land-grab mode, and the risk section's existential warning is a notable disclosure posture. What matters is whether that spending is framed as demand-driven or speculative; that distinction will shape how the AI infrastructure complex, from compute to power, is read.