Anthropic’s $2 trln goal is reportedly AI’s biggest moonshot
MSFT•Anthropic is reportedly targeting a $2 trillion valuation. Its revenue rose nearly 12-fold in 2025 to $4.6 billion, while it recorded an $8 billion operating loss.
1. Revenue and valuation target
Anthropic’s revenue rose nearly 12-fold in 2025 to $4.6 billion, and its implied gross margin swung to roughly 40% from negative 95%. The company’s $16 billion in revenue in the first and second quarters of 2026, if sustained, would imply just under $40 billion in sales for the year. At a $2 trillion valuation, less $120 billion of net cash, it would be worth roughly 47 times that revenue.
2. Spending and commitments
Anthropic spent more than $7 billion on computing infrastructure in 2025 and had an $8 billion operating loss. It points to more than $500 billion in spending commitments across multiyear contracts, including commitments with Microsoft, Google, Amazon.com and Broadcom. The article says 83% of its 2025 revenue came from metered consumption, up from 75% in 2024.
