Anthropic’s S-1 filing for an initial public offering identifies the US government as a major business risk, despite the United States being the company’s largest market. The filing cites a February 2026 Trump administration directive telling federal agencies to stop using Anthropic’s AI models, alongside a Department of Defense designation tied to supply-chain risks. In June 2026, the Commerce Department imposed export controls on Anthropic’s advanced Mythos 5 and Fable 5 models, citing security concerns and potential misuse by foreign actors. Foreign access required licenses, forcing Anthropic to temporarily disable both models worldwide. The company warned of potential "material revenue losses or business disruptions." Anthropic’s revenue reached nearly $4.6 billion in 2025, up 12-fold, while run-rate revenue rose from $14 billion in February 2026 to $47 billion by May 2026. About two-thirds of sales came from the US, two unnamed customers each represented 12% of 2025 revenue, and consumption-based revenue accounted for about 83% of income. Government contracts generated less than 1% of annual revenue, including a $200 million Department of Defense award and approximately $19,000 from the State Department in 2026. Anthropic is targeting a valuation of around $2 trillion while carrying roughly $518 billion in infrastructure commitments, about 80% of which are non-cancelable. The filing says licensing decisions affecting foreign access to Mythos 5 and Fable 5, as well as any change to the Department of Defense designation, will influence revenue and commercial partnerships.