Anthropic's IPO prospectus reports FY25 revenue of $4.59 bln, up 1,088% YoY. Even after excluding impairment charges mainly linked to prior financing, operating losses exceeded $8.0 bln. As of Dec. 31, 2025, cash, cash equivalents and short-term investments totaled $20.28 bln. Nearly 25% of FY25 revenue came from two customers; the filing warns many of its largest customers lack long-term contracts and could cut or stop spending. The prospectus outlines plans to develop transformative AI technol

Anthropic's IPO prospectus reports FY25 revenue of $4.59 bln, up 1,088% YoY. Even after excluding impairment charges mainly linked to prior financing, operating losses exceeded $8.0 bln. As of Dec. 31, 2025, cash, cash equivalents and short-term investments totaled $20.28 bln. Nearly 25% of FY25 revenue came from two customers; the filing warns many of its largest customers lack long-term contracts and could cut or stop spending. The prospectus outlines plans to develop transformative AI technologies. Following recent sell-offs in AI and chip stocks, the IPO will be a further test of investor appetite for AI investments under closer scrutiny.