Anthropic IPO Filing Shows $4.59B 2025 Revenue, Over $2T Target Valuation

The gap between a 12-fold revenue jump and losses past $8 billion is the real story: Anthropic is scaling revenue faster than it can scale profitability, and the $518 billion infrastructure commitment locks that tension in for years. The $2 trillion target, more than doubling the May estimate, implies public-market buyers are being asked to underwrite a compute-heavy cost structure before margins prove out. Timing tied to the midterms adds a political variable to an already unusual listing. Whether the revenue trajectory holds as spending compounds is the open question.