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.