Almost a trillion dollars: The AI giant preparing for a massive IPO
The artificial intelligence company Anthropic concludes July with exceptional figures. The company reached an annual revenue run rate of 65 billion dollars, a jump of about 600% compared to the end of 2025. The private company is preparing for its next step: last June, it submitted a confidential prospectus to the US Securities and Exchange Commission for an initial public offering (IPO) at a market valuation of approximately 965 billion dollars.
The artificial intelligence company Anthropic concludes July with exceptional figures. The company reached an annual revenue run rate of 65 billion dollars, a jump of about 600% compared to the end of 2025. The private company is preparing for its next step: last June, it submitted a confidential prospectus to the US Securities and Exchange Commission for an initial public offering (IPO) at a market valuation of approximately 965 billion dollars.
Partnerships that cash in billions
The success of Anthropic is critical for two major technology giants. The first is Amazon, the largest investor in the company, which has so far injected about 13 billion dollars into it with an option to increase the investment to 33 billion dollars. Beyond the ownership stake, Amazon benefits from a significant commercial contract: Anthropic has committed to spending about 100 billion dollars on Amazon's cloud services over the next decade, securing for itself computing power based on the artificial intelligence chips of the retail giant.
The second partner is SpaceX, owned by Elon Musk. Although there is no equity relationship between them, Anthropic has become the largest client of SpaceX's artificial intelligence division. The company rents computing power from it based on more than 300,000 Nvidia chips and pays about 1.25 billion dollars per month until 2029. This amount constitutes about half of all sales of SpaceX's AI division.
Will the IPO reveal the truth about profits?
Anthropic's growth rate is indeed fast, with its revenue in the second quarter standing at about 11.5 billion dollars — 14 times higher than in the same period last year. However, it is important to remember that an annual revenue run rate is only a temporary snapshot. The big question that worries the market is the question of profitability. Developing artificial intelligence models is an expensive business, and it seems that the company's costs are growing at the same rate as its revenues.
Although it was recently reported that Anthropic is operationally profitable, this figure does not include the high development costs of the models themselves. The planned IPO will force the company to disclose all its financial data in minute detail. If it turns out that the company is unable to meet its expenses, the large partners who are currently profiting from it may discover that it has become a dangerous liability for them.
