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Details: Written by Doug Schneider Doug Schneider; Category: Full-Length Equipment Reviews Full-Length Equipment Reviews; Created: 01 August 2025 01 August 2025

Note: for the full suite of measurements from the SoundStage! Audio-Electronics Lab, click here.

Reviewers' Choice The Anthem P2 stereo amplifier is not a new product, nor is this the first time we’ve reviewed it. Launched in 2005 as the Statement P2 stereo amplifier, it was reviewed by Jason Thorpe, who praised its sonic transparency. At that time, the amplifier retailed for a very reasonable $2500 in the United States, and Jason bought the review sample and used it for several years. Now, 20 years later, we’re reviewing the Anthem P2 again.

What prompted this review was a recent conversation with Blake Alty, product manager for Anthem and Paradigm. Anthem, known for its high-performance electronics, and Paradigm, a top loudspeaker maker, are sister companies under the Canadian ownership umbrella that also includes MartinLogan and, more recently, GoldenEar. During our talk, Alty casually mentioned that the Statement P2 is still being produced in its original form. It is now being marketed simply as the P2, to suit the company’s current naming system, but the front and back panels still carry the original name.

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Given how frequently high-end audio components are refreshed, revised, or discontinued, the P2’s longevity surprised me. I had assumed it had long since been replaced—or at least, dropped—as most companies introduce new models to replace older products every three to five years, if only to keep their product line fresh and, in the eyes of consumers, relevant. So Alty’s revelation piqued my interest enough to request a current sample for review. I was intrigued to see how the P2 would hold up in 2025, particularly since the current US price (US$4999.99, CA$5999.99, £4395, €5310) is about double what it originally cost. When you factor in inflation, the price change is fairly modest—US$2500 in 2005 dollars translates to approximately US$4129 in today’s dollars.

Description

The Anthem P2 is a solid-state, class-AB stereo power amplifier. The primary designer was Marc Bonneville, an electrical engineer formerly with Canada’s National Research Council (NRC) who, in the mid-1990s, cofounded the Paradigm Advanced Research Centre in Ottawa, Ontario, alongside fellow NRC alumnus Dr. Peter Schuck. Their goal was to continue the research-driven audio engineering they had begun at the NRC. The P2 and its five-channel sibling, the P5, which currently retails for US$8999.99 and CA$10,999.99, are the direct result of that collaboration. Bonneville is now retired.

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Physically, the P2 is imposing. It’s housed in the same chassis and casework—19.25″ wide (including the faceplate), 9.4″ high (including feet), and 22.5″ deep (including handles)—as the P5, which has three more of the amplification channels used in the P2 stereo amp. The P2 weighs about 75 pounds, while the P5 weighs a whopping 130 pounds. The shared platform allows for manufacturing efficiencies and design consistency across Anthem’s amplifier lineup.

Both amplifiers are exceptionally powerful—rated to deliver 325Wpc into 8 ohms, 500Wpc into 4 ohms, or 675Wpc into 2 ohms (all ratings 20Hz–20kHz with <0.1% THD, one or all channels driven). Notably, the amplifiers are engineered to remain stable even into a short circuit at full output—a rare level of robustness in consumer audio gear. Default gain is specified as 29dB.

Internally, the P2 and P5 are similar, in that they’re modular in construction, with a monoblock-style architecture. Each amplifier channel resides on its own vertically mounted circuit board, stretching from front to rear. The transformers—massive toroidal units—are mounted behind the front panel.

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Anthem highlights the “proprietary input topology” of these amplifiers, which is said to be a deliberate departure from the traditional differential input stage. Specifically, the input stage employs eight low-noise, hand-matched bipolar input transistors in a “complementary active-load cascoded feedback configuration,” which is said to provide “exceptionally linear response, but also superior bandwidth and superb amplifier reliability.”

The output stage is similarly overbuilt, featuring 14 bipolar transistors per channel. Cooling is handled passively via large heatsinks. The absence of fans meant that the P2 was very quiet in my room. Just sitting there, it made virtually no noise—not even transformer hum. And when I put an ear to each tweeter, I could hear almost nothing.

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The P-series amplifiers are designed without traditional fuses; instead, they incorporate advanced fault-protection circuitry. In the event of an output short circuit, only the main AC line breaker will trip. Two lights near the bottom center of the P2’s front panel—one per channel—glow blue while the amp is in use. I was told that the lights would turn off if the protection kicked in, and the amp would stay off until it recovered from the fault. On the top panel of the P2 there are two buttons—each located directly above the channel it affects—that need to be pressed to reset the amp in case of a fault. While I made no attempt to abuse the amplifier to test this feature, I didn’t experience a protection fault during my evaluation. Nor did the P2 go into protection when Diego Estan tested it in the SoundStage! Audio-Electronics Lab to ascertain its full output into various loads.

The P2’s rear panel is straightforward but well equipped. There is a balanced XLR input and an unbalanced RCA input for each channel; the switches to toggle the inputs have the option to reduce the gain on the XLR input by 6dB. There are two pairs of heavy-duty, gold-plated binding posts and a power selector switch with three settings: Manual-On (power-up via the front-panel button), Auto-On (activated when an input signal is detected), and Trigger-On (for integration with external control systems). When the amplifier is turned on, a blue light above the front-panel power button illuminates.

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The Anthem P2 and P5 are manufactured in Canada, at the parent company’s facility in Mississauga, Ontario. Both models come with a five-year limited warranty, which has long been considered the industry standard, though I’ve seen far too many companies go as low as two years. Also underscoring the quality and reliability of both amps is the sturdy, all-metal construction. I can’t say that the P2 is a looker—its all-black, boxy appearance is more a statement of seriousness than stylishness—but sitting in my room between the speakers, the Anthem looked like it meant business.

System(s)

I tested the P2 with the same Arendal Sound 1528 Tower 8 loudspeakers I reviewed in December 2024. At that time, they were set up in my living room, but I’ve since moved them to my main listening room—it has a 16′ × 18′ listening area (about the same as my living room), but with an 18′ × 18′ area behind it, making the entire space considerably larger.

The Tower 8 is a big floorstander with four 8″ woofers, a 5″ midrange, and a 1.1″ tweeter. We measured one unit and found a sensitivity of 89dB (2.83V/m)—fairly high—but with an impedance that dips to or just below 4 ohms from 70 to 400Hz, making it a somewhat demanding load. Importantly for this review, the Tower 8 can play cleanly from whisper-quiet to dead-loud. Speaker cables were QED Supremus.

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During the review period, I rotated through a couple DACs and preamps, but my impressions of the amp remained consistent. My analog interconnects were balanced runs of Crystal Cable Standard Diamond between DAC and preamp, and between preamp and amp.

I started with an EMM Labs DA2 DAC and EMM Labs Pre preamp (discontinued, US$25,000 each when available) playing music from an older HP Spectre x360 laptop running Windows 11 and Audirvāna. The DAC was connected to the computer via a Shunyata Research Alpha USB cable. Later, I switched to an Anthem STR preamp (US$4299.99), using it only as a line-stage preamp, so its room-correction system was not engaged. I connected a Hegel Music Systems D50 DAC (US$4900) to one set of balanced inputs on the STR. In that setup, I used a Bluesound Node Icon (US$1199) as a dedicated streamer, feeding the D50 through RCA S/PDIF using a Furutech FX-Alpha-Ag coaxial cable. All power cords and distributors were from Shunyata Research (see the endnote of this review for details).

Sound

It’s natural to want to crank up a high-powered amplifier right away, but I’ve always taken a more cautious approach when introducing new components—particularly with amplifiers. I prefer to start with lower volume levels to make sure everything is working well, minimizing the risk of damaging anything through carelessness.

I applied that cautious approach with the P2. As mentioned, I began with the EMM Labs electronics, and what followed was surprising: even at modest volume levels, the sound was so good—and so right—that I never felt compelled to rush through the initial phase and turn the volume way up. Even at levels low enough for casual background listening, where conversation could easily overshadow the music, the clarity was astounding, allowing the music, including its most subtle nuances, to come through clearly.

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When I started nudging the volume up and playing some of my go-to test tracks from Tidal—Bruce Cockburn’s “Pacing the Cage” from The Charity of Night and “Grim Travellers” from Humans (Deluxe Edition) (both 16-bit/44.1kHz FLAC, True North Records), and Lana Del Rey’s “Yosemite” from Chemtrails over the Country Club (24/48 FLAC, Interscope Polydor)—I found nothing to criticize, because the presentation offered superb transparency: no added coloration, high detail, and a crystalline clarity across the audioband.

Among the strengths, mind you, the treble stood out. When I got into hi-fi seriously in the 1980s, there was a common belief that finesse was sacrificed when amplifier power was increased—particularly in the highs, which many felt could sound brash or hard. At the time, 200Wpc seemed to be the upper limit before crossing into what some called PA-amplifier territory. Not so with the Anthem P2. Despite its brute-force appearance and ability to deliver very high power, the P2 presented extraordinary finesse in my system, with high frequencies that were as pure as the best lower-powered amps I’ve heard. In fact, it sounded so refined I would consider using a P2 even if I only ever needed a fraction of its power.

What also surprised me was the level of detail revealed—not the clinical or analytical kind, but meaningful musical details that uncovered nuance and spatial cues in each recording. I often remarked to visitors who listened to the P2 during the review period that it was as if you could hear deeply into every recording I played.

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The openness of the soundstage of each recording was also unmistakable, with the word “airy” frequently coming to mind. This stood out to me on the Leaving Las Vegas soundtrack album (16/44.1 WAV, Pangæa), which I’d ripped from CD. It’s a great, great album that features ethereal, jazz-influenced tracks—mostly performed by the film’s director, Mike Figgis—interspersed with dialog from the film. “Angel Eyes,” which features Sting, typified the presentation of the music—not just open but also large-scale, conveying all the recorded space. The open sound reminded me of a moment years ago at Jason Thorpe’s house when we compared his P2 to another solid-state amp he was reviewing. After listening, I told him the other amp sounded so closed-in that it seemed constipated by comparison.

That same openness and resolution created impressively wide soundstages that often extended beyond the speakers’ physical boundaries, indicating great channel separation. This, along with clearly discernible depth, was demonstrated by a number of the tracks on Leaving Las Vegas. Similarly, on “Pacing the Cage,” Cockburn’s voice, his guitar, and Rob Wasserman’s bass had specific, stable positions across the soundstage, both left to right and front to back. Cockburn was dead center and up front, the guitar slightly left and back, and the bass just behind his voice. Del Rey’s vocals on “Yosemite” were surrounded by a healthy dose of ambience—real or artificial—that projected her voice, cloud-like, in space so vividly that it seemed as if I could both see and hear it. Of course, this level of performance is a system achievement; but the P2 was no weak link in my system—it appeared to be passing musical signals through entirely unadulterated.

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That impression of the P2 as a thoroughly transparent, essentially flawless part of my system lasted throughout the three weeks I had the EMM Labs electronics installed, during which I played dozens of albums and hundreds of tracks. I was so entranced by how deeply I could hear into recordings that cranking the volume never crossed my mind.

However, I was aware that power output would be a key concern for many readers. When I later swapped in the Anthem STR, Hegel D50, and Bluesound Node Icon, I spent part of one afternoon playing some of my favorite hard-rocking tracks at exceptionally high volume levels. Among the many selections I chose on Qobuz were AC/DC’s “You Shook Me All Night Long” from Back in Black (24/96 FLAC, Atlantic Records), April Wine’s “Roller” from Greatest Hits (16/44.1 FLAC, Aquarius Records), and Fleetwood Mac’s “Go Your Own Way” from the 2002 remaster of Rumours (16/44.1 FLAC, Warner Bros. Records). That should give you the vibe—consider it a celebration of hard rock from the 1970s and early 1980s.

These listening sessions didn’t reveal anything about finesse—they were simply too loud for that—but they showed that I never approached the P2’s output limits. The amp got warm, but not hot. And as I wrote earlier, I never tripped the protection circuitry in my time with the Anthem. I think you’d have to send mammoth power into the speakers to do that. But despite the room being so bombarded with sound, the clarity was astoundingly good—like the best rock concert I’d ever attended in terms of sonic quality.

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Having all that power proved beneficial beyond brute force. Even at low and typical listening levels, the sound consistently felt more relaxed and at ease than with the super-featured T+A R 2500 R streaming CD–receiver (US$18,800 without phono stage)—an outstanding component of its type—that I’d used previously in my smaller living-room system. That T+A receiver is rated at 140Wpc into 8 ohms or 250Wpc into 4 ohms—enough to play the Tower 8s loudly, but not to the extremes the P2 could reach. The Tower 8s sounded more relaxed with the P2 than with the R 2500 R at all volume levels, which is something I’ve experienced before with amps that have way more power on tap than you’ll ever need.

Comparison

Perhaps not coincidentally given my experiences, Arendal recommends an amp with at least 200Wpc into 8 ohms for its Tower 8s. So to put that recommendation to the test and to compare the P2 against a more expensive amp I know well, I brought in a Simaudio Moon 761 stereo amplifier. The STR/Hegel/Bluesound combo remained in place.

The Moon 761 (US$14,000, CA$18,500) is also Canadian-made and is conservatively rated at 200Wpc into 8 ohms or 400Wpc into 4 ohms (in our lab, it achieved 253Wpc and 418Wpc into 8 and 4 ohms, respectively). It’s considerably smaller than the P2 but, surprisingly, four pounds heavier, which makes it feel much denser. It also has much better styling and metalwork, as it should for its price. Finally, the 761 also comes with a ten-year warranty, double that of the P2, providing extra peace of mind for long-term ownership.

Despite the difference in price, there wasn’t a night-and-day difference between the two, sonically. This is not uncommon in high-end audio—call it diminishing returns. Similarly, switching from the EMM Labs electronics to the STR/Hegel/Bluesound combo didn’t yield a radical shift, either. If anything, the EMM Labs gear made imaging and depth slightly easier to discern and added a touch more spaciousness—but I’m splitting hairs.

I also ended up splitting hairs with the two amps; but first, I should point out that—despite being lower-powered than the P2—the 761 handled the Tower 8s with ease. The 761 sounded just as effortless as the P2 at both high and low levels, showing firm, controlled bass and total speaker command. And with no music playing and an ear close to one tweeter, the 761 was subtly quieter than the P2—barely noticeable, but worth mentioning given its much higher price.

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Also subtle were the sonic differences when music was playing. Even at normal or low volume levels, after level-matching the two (their gain figures differ by 2dB), I struggled to detect much. For example, listening to Lana Del Rey’s new single “Henry, Come On” (24/48 FLAC, Interscope Polydor / Qobuz), I compared her voice and the accompanying guitar. The ambience seemed identical. Maybe her voice and the guitar were a touch richer through the 761—but that’s a big maybe.

I then returned to an old favorite: Ennio Morricone’s The Mission soundtrack (16/44.1 FLAC, Virgin Records), focusing on “Ave Maria Guarani” and “Brothers,” tracks 4 and 5. The former builds from a boy’s solo to a full choir, and the latter features vividly plucked classical guitar with string accompaniment. Did the 761 sound warmer than the P2? Did I hear more soundstage depth from the 761? Possibly. But, again, any differences were too subtle to call definitive.

In the end, I determined both to be excellent amps capable of superb transparency, and able to drive a big pair of speakers like the Tower 8s. Therefore, choosing a winner depends on a potential buyer’s priorities. The Moon 761 offers exceptional build, elegant styling, excellent sound, and a double-length warranty—at a premium price. It also provides enough power for most speakers. The Anthem P2, while less refined in appearance, offers comparable sonics, greater power, and, by virtue of its price, outstanding value. It’s a serious performer that embodies Anthem’s and sister-brand Paradigm’s ethos: performance-first engineering without luxury. Buyers will have to decide which mix of features appeals more.

Conclusion

I’m not one to advocate for higher hi-fi prices—over time, I’ve seen too many products that were, to my mind, overpriced for their design, build, warranty, and sound. This is particularly true today, when there are solid-state amps selling for more than US$100,000. But back in 2005, I felt Anthem had underpriced the P2. At US$2500, it struck me, as I said at the outset, as being very reasonable. When I compared the Anthem to its competition, I thought the P2 could’ve easily sold for US$3000–$3500 and still represented good value.

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Considering inflation and industry changes, the P2’s current price—one penny under US$5000—is still very reasonable for what it offers. Were it priced higher, I’d expect better casework, which typically raises a product’s cost substantially without improving the sound. A longer warranty would be nice, but, frankly, five years is the standard and anything more is an exception. As it stands, then, the P2 delivers strong value, especially for those who prioritize performance over aesthetics.

My recent listening also confirms why this amp has endured. It sounded excellent at any output level—not just for the money, but in absolute terms, which means Anthem aced the original design. I think Anthem could keep selling the P2 unchanged for another 20 years and it would still hold up.

. . . Doug Schneider
das@soundstage.com

Note: for the full suite of measurements from the SoundStage! Audio-Electronics Lab, click here.

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