• $8 billion operational loss
• Committed to $500 billion in required spending over a decade, where even if they don’t get the growth to make use of that spending they are required to pay Microsoft, Google, and Amazon anyway.
• 2 customers make up 25% of revenue
• Sales via Google and Amazon make up nearly half of revenue

So a huge chunk of their revenue, which isn’t enough to cover operational costs, comes from their direct competitors directly using it to try and build their own replacement product, from resellers who either are competitors or have been bought by them, or from circular spending.

See also https://www.reuters.com/business/finance/anthropics-ipo-prospectus-shows-sweeping-ai-vision-surging-costs-2026-09-28/

…and they’re aiming for a $2 trillion market cap at IPO.