The upcoming Anthropic IPO reveals big tech problems in the US as the AI bubble bursts.
Anthropic has filed for an initial public offering (IPO), with reports suggesting it could raise $100 billion or more at a valuation of up to $2 trillion. Earlier, the Cloud maker reported explosive growth in revenue, generating $16.29 billion in the first half of 2026 alone. This follows a notable increase from 41 million dollars in 2023 to 386 million dollars in 2024 and 4.59 billion dollars in 2025. Still, this rapid growth comes with mounting losses, computing and infrastructure expenses, and significant financial liabilities:. H1 2026: operating loss of $693 million; 2025: Operating loss of $8.06 billion, up from $2.98 billion in 2024.
The company's computing investments increased from $430 million in 2023 to $2.52 billion in 2024 and $7.33 billion in 2025.
It has also pledged to spend $500 billion over the next decade with six major partners, including: Amazon: $110 billion.
Google: $114.5 billion.
Microsoft: $44.9 billion.
Experts also warn that anthropic public benefit corporation (PBC) status requires a balance between investor returns and its public benefit mission, while its governance centralizes executive power. This suggests that prioritizing its goals over profitability may limit returns for investors, while concentrated executive power limits accountability. Anthropic is seeking to surpass a market cap of over $2.1 trillion in 2027 of $1.2 trillion to over $1.4 trillion and Elon Musk's SpaceX, which reached a market cap of over $2.1 trillion in its market debut in June. However, the company's losses and financial liabilities have led some experts to lower their valuation expectations to $1.5 trillion. The stock price also remains unclear, but some point to SpaceX's IPO as a warning example: its stock reached a record high of $225.