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CHART 1 • The $2 trillion Anthropic wager
Anthropic is about to make history when it IPOs at $2 trillion in the coming months. Behind that extraordinary number is a company whose revenues have grown twelvefold since last year. It is worth noting that losses have also grown, though.
The company plans to spend $518 billion on cloud computing and infrastructure to support its AI business. These are extraordinary sums of money and difficult to comprehend because nothing like this has happened in the history of corporate America. A company of such magnitude is listing on the public market for the first time.
Source: Wolf Financial
As you can see, operating losses still outstrip revenue, and in 2025 Anthropic made a net loss of $42 billion. It is undoubtedly a fantastic company that has done extremely well, but it’s hard not to worry.
Anthropic’s IPO is set to be larger than SpaceX’s debut, which turned Elon Musk into the world’s first trillionaire. You have to wonder if, despite all this success, investors are perhaps getting a little over-exuberant about the future of AI.
Paid subscribers get access to the other four charts: Nvidia’s margin, chipmakers’ free cash flow, technology’s profit dominance and paid consumer AI. Together, they show where the boom is already earning money and where it still depends on expectation.
