Anthropic recently disclosed its IPO prospectus to certain partners, aiming to proceed with an initial public offering with a target valuation of about $2 trillion. Data shows that the company's revenue in 2025 grew 12 times year-on-year to nearly $4.6 billion, with nearly two-thirds coming from the U.S. market, but its operating loss also doubled to exceed $8 billion during the same period.

In terms of commercial structure, the Claude model mainly operates on a usage-based billing model, contributing approximately $3.8 billion in revenue, while subscription services only generated $789 million (accounting for less than 20%).

Anthropic, Claude, claude

The prospectus clearly shows its deep integration with leading technology giants: In 2025, Anthropic earned $2.16 billion through Amazon and Google Cloud platforms, with this revenue share rising sharply from 11% in 2023 to 47%, and paying around $351 million in channel fees.

However, both giants simultaneously serve as investors, computing power suppliers, and model competitors, creating potential conflicts of interest and pricing negotiations. Additionally, the company's two largest anonymous customers contributed 24% of revenue, without long-term agreements. By the end of 2025, the company had non-cancellable computing power hosting commitments of $54.6 billion, with unpaid invoices reaching $909 million (60% collected by intermediaries).

This indicates that leading players in the generative AI industry, while having successfully scaled their commercialization, still need to overcome multiple challenges, including limited control over distribution channels, rigid computing costs, and customer retention fluctuations.