🚨BREAKING: Anthropic's official IPO filing reveals its finances for the first time. The Claude maker's revenue grew 12x in 2025, while the cost of building its AI tripled. THE NUMBERS: Revenue: $4.59 BILLION, up from $386 MILLION in 2024 Operating loss: $8.06 BILLION, up from $2.98 BILLION Net loss: $42 BILLION, including a roughly $34 BILLION non-cash accounting charge tied to past fundraising Compute costs: $7.33 BILLION, three times 2024's level and more than half of all operating expenses Cash: $20.28 BILLION THE RISKS: Nearly a quarter of its revenue came from just two customers. It warns many of its largest clients aren't locked into long-term contracts and could cut or stop spending. It plans $518 BILLION in cloud, computing and infrastructure obligations in the coming years. The filing also warns AI may pose "existential risks to humanity." THE IPO: The listing could value Anthropic at more than $2 TRILLION, more than double its estimated $965 BILLION valuation in May. Its founders plan to keep control through a new "Founder LLC." The debut is likely to come after the November midterms, per Reuters.