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Anthropic's confidential IPO filing shows 47% of 2025 sales, about $2.16 billion, flowed through Amazon and Google cloud marketplaces. Revenue surged 12-fold to nearly $4.6 billion while operating losses topped $8 billion. The company seeks a $2 trillion valuation and has over $417 billion in long-term computing commitments, but warns its concentrated customer base and cloud dependence create conflict-of-interest risks.
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