The Twenty Minute VC (20VC) · Thursday, October 1, 2026
Anthropic's leaked draft S-1 filing projects $4.6 billion in revenue for 2025, with an operating loss of $8 billion. The filing also noted that two customers accounted for 25% of revenue, indicating significant reliance on a few major clients. While the 2025 numbers are seen as largely historical, the Q3 revenue figures are considered crucial for assessing the company's current trajectory amidst intense competition with OpenAI.
“Now, number one, Anthropics Draft S1 leaks. I think every venture nerd was so excited for this moment. 4.6 billion of 2025 revenue, 8 billion operating loss,”
“The 2025 numbers long since spent, I mean, lots of shitty bad takes, the whole, oh my God, they're losing $40 billion when $34 billion of its non-accounting loss.”
“The Q3 numbers, which haven't been finalized yet, are the monologue, are the only thing you need to care about.”