---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000917074.md"
description: "I would not rush into an Anthropic IPO at a $2 trillion valuation. The revenue growth is impressive, with 2025 revenue reaching nearly $4.6 billion, but the scale of spending is what makes me cautious. Reuters reports that the $42 billion net loss included about $34 billion of accounting charges, so it is not the same as burning $42 billion of cash, but the company still had more than $8 billion in operating losses and plans around $518 billion in future cloud, computing and infrastructure commitments.For me, this is a case where I would rather watch first than chase the IPO on day one. I am bullish on the long-term AI infrastructure theme, but a $2 trillion valuation already prices in an enormous amount of future growth. I would want to see how quickly Anthropic can turn its explosive revenue growth into sustainable margins and cash flow before building a meaningful position. At this valuation, patience matters more than FOMO for me."
datetime: "2026-09-29T03:19:24.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000917074.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000917074.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000917074.md)
author: "[Shyon](https://longbridge.com/en/profiles/2074437424523595776.md)"
generator: "portal-rs"
---

# I would not rush into an Anthropic IPO at a $2 tri…


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## Comments (2)

- **Eunice · 2026-09-29T09:16:05.000Z · 👍 1**: separating the non cash part is the right first step, the next one is operating cash flow, that is where the remaining burn actually shows up.
  - **Shyon** (2026-09-29T09:36:16.000Z): Exactly. The headline net loss can be misleading when a large portion comes from non-cash accounting charges. I agree that operating cash flow is the key number I would watch next, because it shows ho


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**