Opening The Books…

Anthropic is only a few years old.

In that short time, Claude has turned it into one of the biggest names in AI, with revenue jumping 12× in 2025 alone.

Now the company is preparing for one of the largest IPOs in history, seeking a valuation near $2 trillion.

That number will get plenty of attention.

But an IPO does something else, too.

It opens the books.

And Anthropic’s reveal quite a bit.

The filing shows a business growing at extraordinary speed, but also one increasingly tied to the same handful of tech giants helping fund it, power it and sell its products.

Then there are the commitments Anthropic has already made to keep that growth going.

And some rather unusual fine print about what future shareholders are actually signing up for.

So, two questions:

How does Anthropic’s business actually work — and what would investors really be buying into at a $2 trillion valuation?

Let’s dig into it. ⇩

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A Little Help From Big Tech…

Anthropic sells Claude directly to customers.

But increasingly, a huge chunk of its business runs through Amazon and Google.

The progression is pretty striking:

→ 2023: 11% of revenue
→ 2024: 32%
→ 2025: 47%!

That’s $2.16 billion in sales last year routed through Amazon and Google’s cloud marketplaces.

And those platforms don’t work for free.

Anthropic paid them roughly $351 million in distribution fees — about 16 cents for every dollar sold through those channels.

There’s a good reason Anthropic does it.

Amazon and Google give Claude access to enormous existing customer networks, something Anthropic says would be difficult to replicate on its own.

But there’s another layer to this relationship.

Amazon and Google do a lot more than sell Claude.↓

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Amazon + Google = 47%

Amazon and Google sit on almost every side of Anthropic’s business.

→ Investors: they’ve invested tens of billions into Anthropic.

→ Suppliers: Anthropic relies on them for the computing power needed to run Claude.

→ Sales channels: they sell Claude through their cloud marketplaces and collect customer payments.

→ Competitors: both are building AI products of their own.

Anthropic acknowledges the awkwardness itself, warning that these relationships create “complex dynamics” that could lead to conflicts of interest or even affect its access to computing power.

And that computing power comes with a very large tab.

✱ More than $417 billion.

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The Cost…

Running Claude requires a lot of computing power.

And Anthropic has already committed heavily to securing it.

At the end of 2025, the company had $54.6 billion in non-cancellable hosting and computing commitments.

By early 2026, its total long-term commitments had climbed above:

→ $417 billion.

That covers roughly 3.5 gigawatts of dedicated computing capacity.

For some perspective, Anthropic generated just under $4.6 billion in revenue in 2025.

The commitments stretch years into the future, so this isn’t a $417 billion bill coming due tomorrow.

But it shows the enormous amount of infrastructure Anthropic is lining up to support the growth it expects.

→ And the financing behind all that compute is getting interesting.↓

According to Reuters, Broadcom is lending Anthropic up to $42 billion to help finance its infrastructure buildout.

Broadcom also happens to design some of the technology Anthropic will be spending heavily on.

By 2027, Anthropic is expected to become Broadcom’s largest compute customer.

So the money makes something of a round trip:

Broadcom finances Anthropic → Anthropic builds more compute → Broadcom gets more business.

A supplier. A lender. And potentially its biggest customer on the other side.

A Few Big Customers…

The Big Tech relationships aren’t Anthropic’s only concentration.

Just two unnamed customers accounted for 24% of 2025 revenue — 12% each.

And most of Anthropic’s revenue isn’t coming from subscriptions.

→ $3.8B: usage-based revenue
→ $789M: subscription revenue

Anthropic expects usage-based sales to remain the “substantial majority” of revenue for the foreseeable future.

That means revenue rises and falls more directly with how much customers actually use Claude.

And some of its biggest customers aren’t locked in for the long haul.

Anthropic warns that many aren’t bound by long-term contracts and can reduce or stop spending.

PBC?

Anthropic is going public as a Public Benefit Corporation, or PBC.

It still operates for profit, but its board has a broader mandate than a traditional corporation.

Directors must balance three interests:

→ Investors
→ Anthropic’s stated public benefit
→ People materially affected by its actions

Anthropic’s stated benefit is to “responsibly develop and maintain advanced AI for the long term benefit of humanity.”

And the filing tells investors what that structure can mean in practice.

When those interests conflict, Anthropic warns that its board may not resolve them in favor of shareholders. 

That sounds fairly abstract.

And earlier this year, a Delaware court gave us a useful example.

The court ruled that when a PBC is being sold, its board does not have to seek the highest reasonable price for shareholders.

Imagine two offers for Anthropic.

One pays shareholders more. The other pays less, but the board believes it better protects Anthropic’s AI mission.

Under the PBC structure, price doesn’t necessarily have to decide the outcome.

That doesn’t mean Anthropic would choose the lower offer. It means its board is legally allowed to consider more than shareholder value when making the decision.↓

Quite The Disclaimer…

Now for the risk section…

Anthropic devotes roughly 80 pages of its 261-page prospectus to what could go wrong.

That’s nearly a third of the entire filing — and roughly twice as many pages as it uses to describe the actual business.

Some risks are exactly what you’d expect from an IPO.
Others are decidedly less ordinary.

Anthropic warns that advanced AI could pose “catastrophic or existential risks to humanity.”

Its filing also identifies potential AI behaviors including:

→ “Self-preserving behaviors”
→ Attempts to “conceal or manipulate information”
→ Behavior “resembling blackmail”

Those are Anthropic’s own risk disclosures about the technology it is asking public investors to value at nearly $2 trillion.

For comparison, SpaceX devoted roughly 38 pages to risk factors in its own filing.

✱ Anthropic: ~80.

There aren’t many IPO prospectuses where the risk section extends all the way from operating losses to existential risk.

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