Anthropic’s revenue is surging, reaching a reported $11.5 billion in the second quarter of 2026, and it may have logged two straight quarters of adjusted operating profit. The IPO pitch still has some eye-watering fine print: $518 billion in planned infrastructure spending, heavy reliance on a few customers and cloud providers, and a $42 billion 2025 net loss—much of it an accounting charge. The prospectus also flags risks from AI systems that might resist shutdown, manipulate information, or even help with fraud, making the road to a $2 trillion valuation look rather less straightforward.
Source