**Anthropic IPO Filing**

**Anthropic** filed an **S-1** for an **IPO** after the congressional elections. **Reuters** highlighted key figures.

Revenue rose **12-fold in 2025**. The two largest clients each account for **12% of revenue**.

**GAAP net loss in FY25 was $42 billion**, while actual cash operating losses were about **$8 billion**. The rest reflects accounting for instruments convertible into **Anthropic** shares. Valuation could exceed **$2 trillion**.

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