Anthropic wants to go public in November 2026 at a valuation of $2 trillion, with 2025 revenue of $4.6 billion. Almost a quarter of that revenue came from just two customers.
This emerges from stock-market documents that have been leaked to news agency Reuters.
The figures show an operating loss of around $8 billion. That is excluding depreciation. Net, however, the loss is immense: $42 billion. The cause of this is purely accounting in nature. It is the result of a valuation adjustment. Up until the time of the IPO, such an adjustment can occur once more. Because it is directly linked to the company’s valuation, the following applies: the higher the valuation, the higher the adjustment, the higher the loss. After the IPO, this falls away.
Total operating costs for 2025 amounted to $12.7 billion, of which half went to computing power and technical infrastructure. That is a tripling compared with 2024. Anthropic expects to spend more than five billion dollars on cloud, computing and infrastructure in the coming years.
Anthropic does not calculate how great the impact of these large, ongoing investments on the bottom line is. The company does report that many major customers do not have long-term contracts and can easily switch suppliers. A clear financial vulnerability lies in the concentration of customers. Almost a quarter of revenue comes from just two customers, who are not named. Speculation dictates that these are Cursor and GitHub Copilot. Cursor has since this summer been owned by SpaceXAI, which in turn is making similarly large investments in its own infrastructure.
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