Anthropic's newly public numbers show huge losses against modest revenue, which is unsettling for AI investors but not yet proof the boom is over.

• Anthropic made about $4.6 billion in 2025 while spending $12.6 billion, losing roughly $8 billion.
• The company has committed to around $518 billion in cloud and computing costs over the next decade — a staggering bet on future growth.
• Claims of profitability in 2026 leave out stock pay, model training costs, and revenue shared with partners like Amazon, so they don't hold up.
• Current revenue is running near a $65 billion annual pace, but growth may be flattening — which explains the rush to go public now while comparisons still look spectacular.
• Seven co-founders will keep majority voting control through a separate entity, shielding them from pressure to put profit ahead of safety; Ben Bernanke is a trustee and Reed Hastings sits on the board.

Outlook: The real test comes in late 2027, when slowing growth would spook investors and could shut off the funding that keeps the whole AI buildout going.