📰 Anthropic files secret documents for an IPO, targeting a valuation of more than $2 trillion. Honestly, this isn’t a typical AI company going public—it’s the first time this round of large-model competition has laid its books out in public.
🔥 First, look at the operating numbers: revenue rose from $386 million to $4.59 billion—about a 12x increase; but operating losses also widened from $2.98 billion to $8.06 billion. Of the rumored $42 billion net loss, about $34 billion comes from changes in the valuation of financing instruments, which doesn’t mean the company directly spent $42 billion in one year.
💡 Even more eye-catching is the revenue outlook. Reportedly, Anthropic’s annualized revenue grew from $9 billion at the end of 2025 to over $65 billion by the end of July this year. But annualized revenue is just calculated by extrapolating a single month—last year, nearly a quarter of revenue still came from two customers, and many major customers don’t have long-term contracts. Growth is fast, but questions remain about stability.
👀 The compute bill is just as staggering. In 2025, infrastructure spending reached $7.33 billion, accounting for 58% of operating expenses; the company also committed to $518 billion in compute-related spending. Amazon and Google are both investors and cloud service providers—so how much of this money comes from real demand versus how much circulates among the big players? After the IPO, it will be repeatedly scrutinized.
🤔 Also, Founder LLC will control 50.1% of total voting power through a class F share, significantly diluting the influence of common shareholders. Even more notably, Anthropic has voluntarily decided to abandon development of some image- and video-generation products, redirecting compute resources toward research and safety. With a company like this, would you buy its IPO?
#Anthropic #AI #IPO #加密市场
🔥 First, look at the operating numbers: revenue rose from $386 million to $4.59 billion—about a 12x increase; but operating losses also widened from $2.98 billion to $8.06 billion. Of the rumored $42 billion net loss, about $34 billion comes from changes in the valuation of financing instruments, which doesn’t mean the company directly spent $42 billion in one year.
💡 Even more eye-catching is the revenue outlook. Reportedly, Anthropic’s annualized revenue grew from $9 billion at the end of 2025 to over $65 billion by the end of July this year. But annualized revenue is just calculated by extrapolating a single month—last year, nearly a quarter of revenue still came from two customers, and many major customers don’t have long-term contracts. Growth is fast, but questions remain about stability.
👀 The compute bill is just as staggering. In 2025, infrastructure spending reached $7.33 billion, accounting for 58% of operating expenses; the company also committed to $518 billion in compute-related spending. Amazon and Google are both investors and cloud service providers—so how much of this money comes from real demand versus how much circulates among the big players? After the IPO, it will be repeatedly scrutinized.
🤔 Also, Founder LLC will control 50.1% of total voting power through a class F share, significantly diluting the influence of common shareholders. Even more notably, Anthropic has voluntarily decided to abandon development of some image- and video-generation products, redirecting compute resources toward research and safety. With a company like this, would you buy its IPO?
#Anthropic #AI #IPO #加密市场
