💰 Anthropic’s leaked IPO prospectus reveals a $2 trillion ambition

Anthropic is reportedly targeting a valuation of more than $2 trillion as it prepares to take Claude public despite losing nearly $42 billion in 2025.

The prospectus reportedly shows:

• $4.6B in 2025 revenue, up roughly 12×
• $8.06B operating loss
• $42B net loss, including about $34B in non-cash accounting charges
• Nearly 25% of revenue came from just two customers
• Many major customers aren’t tied down by long-term contracts and could reduce or stop spending
• $518B in future cloud, computing and infrastructure commitments

That last figure is especially striking: Anthropic’s planned infrastructure obligations are more than 100× its 2025 revenue.

@aicoursesdaily