Anthropic's IPO prospectus discloses fiscal year 2025 revenue of $4.59 billion, representing 1,088% year-over-year growth, alongside a net loss of $42 billion. The AI company reported operating losses exceeding $8 billion after adjusting for liability impairments tied to prior financing rounds, while holding $20.28 billion in cash and short-term investments as of December 31, 2025. The filing highlights significant concentration risk, with nearly 25% of revenue derived from just two clients and many top customers lacking long-term contracts. Anthropic plans $518 billion in cloud, compute, and infrastructure spending over the next year. The disclosure comes amid a broader selloff in AI and chip stocks, testing investor appetite for high-growth AI valuations under increased scrutiny.