Analysts Question Anthropic’s $2 Trillion IPO Valuation Amid Heavy Losses

Anthropic is seeking a valuation exceeding $2 trillion in its upcoming IPO, despite reporting an $8.06 billion operating loss in 2025. While the company claims positive adjusted operating income for Q2, this figure excludes significant costs such as model training, stock-based compensation, and partner revenue sharing. With 2025 revenue at $4.6 billion, the proposed valuation implies a price-to-sales ratio of approximately 435x, raising concerns among investors regarding the sustainability of its growth and the high costs of AI computing, which reached $7.33 billion in 2025.