Anthropic reported $4.59 billion in 2025 revenue but a $42 billion net loss, including a $34 billion non-cash charge tied to stock conversion and an $8 billion operating loss. The company spent $7.33 billion on compute, while two customers accounted for 24% of revenue without long-term contracts, according to institutional researcher Nicholas Mugalli. Anthropic is preparing for a potential IPO at a valuation above $2 trillion, more than double its $965 billion valuation in May, and has outlined roughly $518 billion in future cloud, computing and infrastructure spending. However, Jeff Park of Bitwise Asset Management warned that an IPO this year should not be treated as certain. Equity analyst Ross Hendricks argued that Anthropic’s warnings about existential AI risks could support calls for government action against cheaper open-source competitors, though that claim was presented as his own analysis. Anthropic’s seven co-founders have pledged to donate 80% of their personal equity to charitable causes, while a Founder LLC would control a single Class F share carrying 50.1% of voting power on key corporate matters. The company also plans to remain a Delaware Public Benefit Corporation. Robert Kindler, Paul Weiss global chair of the M&A Group, said the potential listing would not drive the broader equity market.