Anthropic is aiming for a $2 trillion valuation, more than double its valuation as recently as May, Reuters reported from a draft S-1 prepared ahead of a potential IPO. The filing shows 2025 fiscal-year revenue of $4.6 billion, alongside an operating loss of more than $8 billion and a net loss of $42 billion. It also says computing and infrastructure expenses rose to $7.33 billion.