Anthropic’s IPO filing reveals the Claude maker lost nearly $42 billion, with an $8.06 billion operating loss and $518 billion in future infrastructure commitments over the coming decade. Revenue surged 1,088% to $4.59 billion in 2025, driven by business and developer adoption of Claude. The seven co-founders retain 50.1% voting control through a special structure, while two largest customers account for 24% of revenues. Major cloud commitments include agreements with Google ($111.1 billion), Amazon ($110 billion), Microsoft ($31.4 billion) and Broadcom ($161.2 billion). Despite the losses and warnings about AI systems potentially resisting shutdowns, pre-IPO markets continue to value Anthropic near $2 trillion.
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