Anthropic's $2 Trillion IPO Gamble

🔥 What happened Anthropic posted a $42 billion net loss in 2025 and plans to spend $518 billion on cloud and compute, per its IPO prospectus. Revenue jumped 12x to $4.6 billion. The listing could value the company above $2 trillion. 💡 Why it matters Anthropic burned $7.33 billion on compute last year — over half its total operating expenses. Nearly a quarter of revenue comes from just two customers with no long-term contracts. That's not a startup balance sheet, that's a sovereign wealth fund with an API. ⚡ Our take Spending $518 billion while publicly warning the world to slow down AI takes either remarkable irony or a very flexible risk framework. Wall Street will ask which one it is at the IPO — and Amodei better have an answer.