Anthropic IPO: Valued at $2 Trillion+ as Gulf Funds Invest

Anthropic is preparing for an Anthropic IPO that could value it above $2T, putting Gulf investors including MGX and QIA under a new public-market spotlight.

The potential listing would also put Abu Dhabi’s MGX and Qatar Investment Authority (QIA) in focus. Both investors backed the company through multiple private funding rounds as its valuation climbed toward $1 trillion.

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Financial Performance and Costs of the Anthropic IPO

Anthropic reported nearly $4.6 billion in 2025 revenue, up about 12 times from the previous year. However, it spent $7.33 billion on computing and infrastructure.

The company reported a $42 billion net loss, which includes a large accounting charge tied to financial instruments. Anthropic spent $7.33 billion on computing and infrastructure in 2025, accounting for more than half of its $12.65 billion in operating expenses, according to its IPO prospectus reviewed by Reuters.

Those costs are set to rise sharply. Anthropic expects at least $518 billion in cloud, computing and infrastructure obligations over the coming decade. About 80% of these are either non-cancelable or payable regardless of actual usage, according to Reuters.

The commitments include at least $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft, alongside large equipment lease obligations involving Broadcom. Anthropic also has agreements involving xAI and AMD for additional computing capacity.

The Challenge of Frontier AI Infrastructure

That spending reflects the central challenge of frontier AI. Demand for computing capacity is growing rapidly, but building and securing the infrastructure needed to train and run increasingly capable models requires enormous capital.

Anthropic is also becoming less dependent on a traditional cloud-only model. The prospectus outlines a shift toward dedicated data centers and directly leased chips.

MGX has participated in multiple stages of the company’s private expansion. It co-led the $30 billion Series G round in February 2026, which valued the firm at $380 billion post-money. MGX later participated in the $65 billion Series H round at a $965 billion valuation.

QIA has followed a similar path. It first invested in September 2025, then participated in the Series G round and again in the Series H financing. QIA said its latest investment was its third consecutive funding round. That gives both investors exposure at several stages of private-market growth. A public listing would shift the reference point from private funding valuations to the price investors are willing to pay for shares.

Gulf Investment Strategy

The Anthropic investment is also part of a broader Gulf strategy around the AI supply chain. MGX has investments spanning AI software, advanced computing and infrastructure.

Its portfolio includes Aligned Data Centers, which it acquired with the AI Infrastructure Partnership and BlackRock’s Global Infrastructure Partners in a deal that valued the business at about $40 billion. The transaction closed in July 2026.

QIA has also continued investing across AI infrastructure and computing, including participation in AI infrastructure company SambaNova’s $1 billion Series F financing in July 2026.

Anthropic therefore sits within a wider investment picture in which Gulf capital is reaching both the companies building AI models and the infrastructure needed to run them. Its public-market debut would give investors a closer look at whether its rapid revenue growth can justify the capital required to support it.

Market Risks and Long-term Outlook

The company also faces concentration risk. Reuters reported that nearly a quarter of revenue in 2025 came from two customers, while the prospectus warns that some major customers are not committed to long-term contracts.

That makes the potential $2 trillion-plus valuation about more than a headline number. It would put a market price on a business growing at extraordinary speed while committing extraordinary sums to computing capacity.

Why it Matters to MENA Investors and Startups

For MENA, this potential IPO offers a useful view of where regional AI capital is heading. MGX and QIA are not simply backing a fast-growing software company; their exposure sits alongside investments in computing, data centers and other parts of the AI stack.

The strategy shows how Gulf investors are positioning themselves across both AI applications and the infrastructure required to scale them. For MENA startups, the bigger signal is that regional capital is increasingly participating in frontier AI deals at a global scale, while also building the infrastructure that could support the next generation of AI companies.