[Anthropic IPO prospectus reveals fiscal year 2025 revenue of US$4.59 billion] On September 29, a prospectus showed that Anthropic proposed a development plan for transformative artificial intelligence technology in its promotion to IPO investors. The prospectus also shows that Anthropic’s revenue for fiscal year 2025 will be US$4.59 billion, a year-on-year increase of 1088%. However, after deducting the impact of debt impairment mainly related to previous financing, the company’s operating level will still lose more than US$8 billion. Anthropic said nearly a quarter of revenue last year came from just two customers and warned among risks that many of its largest customers did not have long-term contracts and could cut or stop spending in the future. This may prompt investors to be more cautious when assessing the high valuations of high-growth companies. There has been a recent sell-off in AI and chip stocks, and Anthropic's listing will further test whether the market's enthusiasm for AI investment can withstand stricter scrutiny. As of December 31, 2025, Anthropic held cash, cash equivalents and short-term investments totaling US$20.28 billion. The prospectus shows that Anthropic plans to invest US$518 billion in cloud computing, computing resources and infrastructure commitments in the next year.