Anthropic's IPO prospectus shows AI vision, surging costs
6thbit
88 points
83 comments
September 28, 2026
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Discussion Highlights (10 comments)
2ss
2 things can be true: -LLMs profoundly change society -The LLM business is mangled in terms of ROIC vs CoC Such a business already exists - airlines. This nuance is what many here refuse/find difficult to understand.
jameskilton
> Anthropic said nearly a quarter of its revenue came from two customers last year, and as part of its risk factors, warned that many of its largest clients were not locked into long-term contracts and could cut or stop spending.
carterschonwald
is the prospectus public yet? its not linked in the article afaict.
camdenreslink
Some of these numbers are crazy. The scale of them is hard to comprehend. - $42 billion net loss in 2025 - $518 billion in infrastructure obligations coming up (EDIT) - 1/4 of revenue coming from 2 customers
xdavidliu
i'm curious what the two customers were
vmg12
Why are they only revealing 2025 numbers 3 quarters into 2026?
simonw
I'm confused. The numbers that Reuters describe in this article were entirely for 2025. It's been well documented that Anthropic's revenue growth in 2026 has been enormous. This was the year of coding agents, and tokenmaxxing, and companies blowing enormous amounts of money on AI thanks to coding agent users spending hundreds (or thousands) of dollars a day. Given that, I don't understand why the article and the headline are based exclusively on those 2025 numbers, with not so much as a hint to the reader that there are figures from the past 9 months that aren't covered by the documents Reuters saw. Losing $8bn in 2025 isn't particularly notable if you've made ~10x that amount of revenue in 2026. (How much did they lose in 2026? Wouldn't we love to know that!) Is this just a thing with leaked IPO prospectuses and coverage of them?
jfrbfbreudh
https://www.reuters.com/business/retail-consumer/anthropic-t... FYI. Not sure why everyone is fixating on the 2025 numbers without even bothering to look up the 2026 numbers…
preommr
Well now we know how/why opus 5.5 usage is so generous
htrp
Reuters source who leaked them the info only showed them the 2025 numbers.