Anthropic’s Confidential Filing Reveals Customer Concentration

Anthropic said nearly a quarter of its $4.6 billion in revenue last year came from just two customers, according to a confidentially filed IPO prospectus reported by Reuters on Monday. That’s one metric that could give investors pause ahead of its IPO, expected later this year. The report didn’t name the customers.

The company also posted an eye-popping $42 billion net loss last year, although about $34 billion of that total stemmed from an accounting charge related to the increase in per-share value of outside funding it raised, which investors will likely overlook. The Information previously reported its net loss was about $15 billion in the first half of this year, with about $12 billion related to the same accounting charge.

The company said in the risk factors portion of its prospectus that its business was “resource-intensive” that requires a “continuous and overlapping cadence” of model releases. It also said the models it worked on could be dangerous. “Our development of highly advanced models, platforms, and applications and expansion of use cases could further increase the risk that our models cause harm,” Anthropic said in the filing.