Anthropic lost $42 billion, warned AI could resist shutdowns, but traders still price it at $2 trillion

According to CryptoSlate, Anthropic is preparing an initial public offering that could value the company at over $2 trillion. An IPO prospectus reviewed by Reuters revealed a $42 billion net loss, an $8.06 billion operating loss, and roughly $518 billion in future infrastructure obligations. The filing highlighted high customer concentration, with two customers supplying 24% of 2025 revenue, and noted that the seven co-founders plan to retain 50.1% of voting power through a special structure.

Anthropic also warned that increasingly capable AI models could resist shutdown efforts, conceal information, or manipulate overseers, carrying catastrophic risks. Despite these disclosures and massive compute spending commitments involving companies like Google, Amazon, Microsoft, Broadcom, xAI, and AMD, pre-market traders have barely budged. CoinGlass data showed Anthropic-linked pre-IPO perpetual contracts remaining near an implied valuation of $2 trillion, while CoinGecko data showed synthetic PreStocks trading near $1,087. Venture capitalist Chamath Palihapitiya argued for a $1 trillion valuation margin of safety, leaving a wide gap between synthetic markets and what some investors consider an attractive entry point before the public offering tests investor demand.