Anthropic has filed for an IPO, targeting a valuation of approximately $2 trillion. The company reported revenue of nearly $4,6 billion in 2025, marking a 12-fold increase. Its run-rate revenue reached $14 billion in February 2026 and rose to $47 billion by May 2026.
The prospectus highlights significant risks from US government actions. In February 2026, the administration directed federal agencies to cease using Anthropic models, citing supply-chain concerns. By June 2026, the Commerce Department imposed export controls on the Mythos 5 and Fable 5 models, forcing a temporary global shutdown of these services.
The US market accounts for about two-thirds of the company's sales. Additionally, 83% of income is derived from consumption-based revenue, making the business sensitive to service interruptions. Two major customers contributed 12% of revenue each in 2025, while government contracts represent less than 1% of total annual income.
The company faces infrastructure commitments totaling roughly $518 billion, with 80% being non-cancelable. Despite receiving $200 million from the Department of Defense and $19 000 from the State Department in 2026, Anthropic warns that regulatory restrictions on its top models pose a material threat to future financial performance.
