Anthropic's IPO could value the Claude maker at more than $2 trillion, which would likely make it the largest stock market debut on record. One of Wall Street's most prominent dealmakers says that still may not be enough to move the broader market. The target is more than double the $965 billion post-money valuation Anthropic reached in its $65 billion Series H round in May 2026. Its IPO prospectus shows revenue grew about twelvefold in 2025 to nearly $4.6 billion. The company reported a net loss of about $42 billion for the year, but roughly $34 billion of that came from a non-cash accounting charge tied to the rising value of financing that could convert into shares. The operating loss was about $8.06 billion, up from $2.98 billion in 2024. Anthropic also disclosed roughly $518 billion in future cloud, compute, and infrastructure commitments and held $20.28 billion in cash, cash equivalents, and short-term investments as of Dec. 31. Control stays with the founders. Anthropic's seven ...