Anthropic expects a limited group of customers to continue generating a significant share of revenue for the foreseeable future. Many of its largest customers use its models on a usage-based basis without long-term contracts, leaving spending more exposed to changes in demand, pricing and competition.
Anthropic earns revenue when platforms access its Claude models through its API. Cursor, an AI-focused coding editor acquired by SpaceX’s AI business for $60 billion in August, offers users access to Claude.
The business is expanding alongside extraordinary infrastructure obligations.
Anthropic confidentially submitted a draft registration statement for an initial public offering on June 1. The proposed offering remains subject to regulatory review and market conditions, and the company has not set the number of shares or offering price. The offering is now expected before Thanksgiving after an earlier expectation of a September debut. Public markets would give Anthropic access to a larger pool of capital as private financing becomes more expensive, but the company would enter that market with concentrated customers, enormous fixed commitments and losses that remain large even after excluding non-cash charges.