Anthropic’s prospectus for IPO (initial public offering) investors outlines plans to develop transformative artificial intelligence technology while highlighting significant financial and customer-concentration risks. The company reported $4.59 billion in revenue for fiscal 2025, up 1,088% year over year. Even after excluding the impact of liability impairments mainly related to earlier financing, Anthropic still recorded an operating loss of more than $8 billion. Nearly one-quarter of its revenue last year came from two customers, while many of its largest customers have not signed long-term contracts. Anthropic warned that those customers could reduce or stop spending, a risk that may make investors more cautious when valuing high-growth companies at elevated levels.