المنشور
OKX Orbit
Anthropic wants the market to price the AI buildout.
The Claude maker is reportedly aiming for a November IPO, with a pre-IPO investor day planned for October 14 and formal marketing possible as early as the week of November 9. The timeline can still move.
Investors are reportedly discussing a $1.8T to $2T valuation, making Anthropic one of the biggest tests yet for the AI trade.
But the real story is not just valuation. It is the cost of staying at the frontier.
· Anthropic reportedly generated nearly $4.6B in 2025 revenue, around 12x the prior year
· Operating loss widened to about $8.1B
· Reported net loss was about $42B, largely reflecting accounting charges tied to prior financing
· Compute and infrastructure spending reportedly reached about $7.33B in 2025
· Future cloud, compute and infrastructure commitments reportedly total at least $518B over the next decade
· Around 80% of those obligations are reportedly non-cancelable or payable regardless of usage
· Broadcom may provide up to $42B in compute-infrastructure financing
· About 47% of 2025 sales reportedly flowed through Amazon and Google cloud channels, which are also investors, partners, suppliers and competitors
This IPO matters beyond Silicon Valley.
AI revenue is scaling fast, but so are the bills for chips, power, data centers and cloud capacity. Public investors must decide whether frontier AI should be valued like software, infrastructure, or a capital cycle.
For crypto markets, the link is indirect but relevant. AI has become a major driver of risk appetite, chip demand and data-center investment. If investors begin questioning losses and compute commitments, high-beta assets could face broader volatility.
As the IPO narrative builds, will the market focus on AI’s growth potential, or the cost of the compute buildout?
#AnthropicEyesNovIPO
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