Two Customers Account for a Fifth of Anthropic’s Revenue, a Concentration Risk IPO Buyers Should Know
Anthropic, one of the world’s fastest-growing AI companies, plans to go public by the end of the year. It’s reportedly targeting a $2 trillion valuation, which would make it the largest IPO in history and one of the world’s most valuable companies.
However, the recent leaks from its confidential S-1 filing reveal some bright red flags. In the first half of 2026, it reportedly generated $16.3 billion in revenue, but it posted a staggering net loss of $80.7 billion. $72 billion of that loss came from non-cash accounting charges, but it still raises troubling questions about its claim to have achieved “adjusted” profitability in its third quarter.
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