Anthropic targets $2 trillion valuation despite huge spending and billions in losses

Anthropic has put a massive price tag on the AI boom, backing it with an equally heavy spending plan.The AI giant is heading towards a potential valuation of more than $2 trillion even as it plans $518 billion in cloud computing and infrastructure obligations in the coming years.The company’s IPO prospectus, seen by Reuters, also shows just how quickly its business has grown. Anthropic’s revenue reportedly rose 12-fold in 2025, giving investors a strong growth story to weigh against its continuing losses and huge infrastructure commitments.The scale of its plans has also spilled into markets, with European technology shares rising 2.4% and the US chip index gaining 1.5%.Revenue growth draws investor attentionFor investors, Anthropic’s rapid expansion is a key part of the valuation story.Michael Field, chief equity strategist at Morningstar, Amsterdam, said the speed of the company’s growth stood out in the prospectus."If anything, the acceleration of the business is the biggest part of this release. Growing a big business can be difficult, but the prospectus stating that revenue grew by 12 fold in 2025 is truly remarkable."Field said the proposed valuation should be considered alongside the company’s sales."Obviously a $2 trillion valuation sounds outlandish, but when you break it down to a multiple of sales, likely to be around 18-20x, it sounds much more reasonable than the recent SpaceX IPO."Huge infrastructure spendingAnthropic’s plans also show that the AI investment cycle is continuing to require substantial spending on infrastructure.Kathleen Brooks, research director at XTB Platform, London, said the planned spending was positive for companies involved in semiconductors and AI infrastructure."This is positive for the AI trade, since it is fuelled by continued elevated levels of capex spend. The fact that Anthropic is planning on spending big on capex means that the capex cycle is not over yet. This is good news for semiconductor and AI infrastructure companies. I believe that if Anthropic had signalled a lower level of spending, this could have caused a wobble in the AI trade, since it would lead to fears about the sustainability of the AI trade as we move into Q4."The prospectus puts rapid revenue growth alongside the large infrastructure commitments needed to support it.Susannah Streeter, chief investment strategist at Wealth Club, London, said Anthropic’s expectations for AI’s economic impact appeared to have supported demand for European technology stocks."It's the vision and the projections to the extent to which Anthropic believes AI will be a game changer for economies around the world that seem to have lifted demand for European tech stocks."She also raised concerns over the company’s spending while it remains loss-making."There still will be niggles of concern among some about the huge sums that are projected to be spent even though it is making a loss. But that hasn't caused a flutter of general fear because, overall, there still seems to be a pretty hefty appetite for AI focused investments."Losses add to valuation questionsAnthropic’s losses remain another factor in the debate around its proposed valuation.Field said the losses were a concern when considered against the company’s current revenue, growth rate and size. However, he said investors had already absorbed much of the spending story."The losses certainly are a concern. Particularly given the growth rate and the size relative to current revenues. It's unlikely to deter investors, however, with the spend story having been digested for some time now."He said the scale of planned investment also reflected management’s confidence in future demand."The key takeaway for investors is the confidence in the business and the AI strategy. Yes spend is high and growing, but management obviously feel the growth rate inherent in demand is sufficiently attractive to keep spending, hence why they are coming to market and demanding a top-dollar valuation."Customer concentration remains a riskAnthropic’s revenue growth is another area attracting attention, particularly because a significant share reportedly comes from a small number of customers.Dan Coatsworth, head of markets at AJ Bell, London, said the company’s revenue growth had become the main focus despite its spending plans. "Massive spending would normally have investors running for the hills, but what's capturing the market's attention is Anthropic's stellar revenue growth, up 12-fold in 2025. Admittedly, AI is moving at such a rapid pace that last year’s sales achievements relate to technology that is already outdated."Anthropic’s IPO plans therefore bring together rapid revenue growth, continuing losses and a huge infrastructure commitment. The company is seeking a valuation of more than $2 trillion while planning $518 billion in cloud computing and infrastructure obligations.You use AI every day. Now get your AI Quotient. Take the AIQ test.