Anthropic IPO Filing Reveals $42B Loss

Anthropic's leaked IPO prospectus shows a $41.97 billion net loss for 2025 on $4.59 billion revenue, up 1,088% year over year. The Claude maker plans $518 billion in cloud and infrastructure spending and warns nearly 25% of revenue came from two customers, many without long-term contracts. Backers target a $2 trillion valuation for a November IPO.