Anthropic is heading toward one of the most closely watched AI IPOs ever, and GraniteShares is preparing a way for traders to bet against it from day one.

The ETF issuer has filed for the GraniteShares 2x Short Anthropic Daily ETF (ANS), which would seek -200% of Anthropic's daily stock performance once the Claude maker becomes publicly traded and the fund's registration takes effect. GraniteShares has also filed a matching 2x long ETF, AIL. Neither fund is trading yet.

The timing is notable because Anthropic's latest IPO disclosures have exposed both the explosive growth, and the enormous costs, behind its private-market valuation.

$4.6B Revenue, $42B Loss

According to the IPO prospectus seen by Reuters, Anthropic generated nearly $4.6 billion in 2025 revenue, roughly 12 times the previous year's figure. But its net loss reached about $42 billion.

That headline loss needs context. Roughly $34 billion was an accounting charge related to the rising estimated value of financing instruments that could eventually convert into Anthropic shares. Its underlying operating loss was still substantial, at more than $8 billion.

Compute is the bigger issue for the long-term economics. Anthropic spent about $7.33 billion on computing and infrastructure in 2025, more than half of its operating expenses, while outlining approximately $518 billion in future cloud, computing and infrastructure obligations.

Yet Anthropic Wants a $2T Valuation

That spending has not stopped the valuation machine.

Anthropic was valued at $965 billion in its May Series H financing after raising $65 billion. Its prospective IPO could value the company at more than $2 trillion, more than double that private-market valuation.

The growth story remains powerful. Anthropic's annualized revenue run rate reportedly surpassed $65 billion by the end of July, up more than sevenfold from the end of 2025.

But investors will also have to digest concentration risk. Anthropic disclosed that nearly one-quarter of its 2025 revenue came from just two customers, while warning that many large customers are not locked into long-term contracts.

Why ANS Could Become an Intriguing IPO-Week Trading Vehicle

That's where GraniteShares' ANS becomes particularly relevant.

ANS won't be a conventional bearish investment designed to capture Anthropic's long-term decline. It will reset every trading day, using swaps, options and potentially the underlying stock to target twice the inverse of Anthropic's daily move. GraniteShares explicitly warns that compounding can cause longer-term returns to diverge substantially from -200% of Anthropic's cumulative return.

That makes ANS essentially a high-conviction daily trading instrument for Anthropic's post-IPO volatility.

And the potential volatility is unusually obvious. Anthropic will enter public markets carrying a more than $2 trillion valuation target, enormous infrastructure commitments, rapid revenue growth, substantial operating losses and an increasingly crowded AI market.

For GraniteShares, the paradox is the opportunity: the same numbers that underpin the bull case for Anthropic also provide plenty of fuel for a bearish trading thesis.

ANS is therefore less a verdict on Anthropic than a sign of how quickly the private AI boom is being transformed into a two-sided public-market trade.