Anthropic’s Big Reveal

What happened: Anthropic could make public the paperwork for its initial public offering as early as Monday, with the S-1 expected to clarify finances, partner deals, revenue concentration, governance and lockups. Key numbers: Anthropic has said around a fifth of its revenue this quarter came from just two customers, compared to a quarter for all of 2025. Why it matters: Investors will look for more recent concentration data and details on revenue sources, while the filing could show how conflicts between the Long-Term Benefit Trust and founder-appointed board members get resolved.

Anthropic could make public the paperwork for its initial public offering as early as Monday, with the S-1 expected to clarify finances, partner deals, revenue concentration, governance and lockups.

Investors will look for more recent concentration data and details on revenue sources, while the filing could show how conflicts between the Long-Term Benefit Trust and founder-appointed board members get resolved.