Anthropic @AnthropicAI IPO is really happening. Data shows their 2025 revenue is projected at $4.59 billion, a 12x YoY increase, but with a reported net loss of $42 billion; However, about $34 billion of that is accounting provisions from the revaluation of convertible financing instruments—not actual spending; The real burn is the operating loss of $8.06 billion, with $7.33 billion spent just on compute power, which is 1.6x their annual revenue. What’s even riskier is that their two biggest customers, Amazon and Google, each account for 12% of their revenue—losing just one would mean a 10%+ drop. Even so, they’re aiming for a $2 trillion valuation, and the IPO is likely to be scheduled after the mid-November elections. Will the secondary market bite? Short it?