A Quarter of Anthropic’s Revenue Comes From 2 Customers. Experts Say the Real Test Comes Next
Even though Wall Street may initially forgive huge losses, experts say a dependence on a small handful of buyers could be harder to ignore down the road.
Anthropic, an AI company, is preparing to go public. According to Reuters, the company reported a $42 billion net loss in 2025, but plans to spend $518 billion on cloud computing and infrastructure in the future. A Reuters report indicates that 25% of Anthropic's revenue comes from just two unnamed customers. However, experts suggest that this high concentration of revenue may not be a major cause for concern.
Shay Boloor, a chief market strategist at Futurum, believes investors will focus more on whether Anthropic can attract a broader customer base in the coming years instead of worrying about the current customer concentration. Boloor also notes that diversification will become increasingly important as the company's valuation reaches $2 trillion.
Anthropic has experienced rapid growth since its launch five years ago. In the second quarter of 2026, the company reported revenue exceeding $11.5 billion, a significant increase from $4.73 billion in the first quarter of 2026. Despite potential concerns, some experts are confident that the upcoming IPO will not be derailed by the controversy surrounding Anthropic.
Mahdi Eslamimehr, an executive vice president at Quandary Peak Research, points out that the company's public filing reveals that many of its biggest clients do not have long-term contracts and can potentially reduce or stop their spending. The IPO for Anthropic is set to take place in November, following the company's confidential submission of its draft S-1 registration statement in early June.
The timing of the public market debut is expected to be delayed until after the U.S. midterm elections.
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