Anthropic filed its S-1 prospectus for an IPO in which the company identifies US government actions as a major revenue risk factor. In June 2026, the Commerce Department imposed export controls on the advanced models Mythos 5 and Fable 5, forcing the company to temporarily disable these models worldwide. The numbers show explosive growth: revenue reached nearly $4.6 billion in 2025, a twelvefold increase, with a run-rate of $47 billion by May 2026. The company is targeting a valuation of approximately $2 trillion while carrying infrastructure commitments of roughly $518 billion. Concentration also exposes the group: the US market accounts for two-thirds of sales and 83% of revenue comes from consumption-based billing.
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