Anthropic IPO Filing Leaks: $42B Net Loss in 2025, Valuation Could Top $2T

Anthropic's leaked IPO filing shows $42B net loss in 2025 against ~$4.6B revenue (12x growth), with $518B planned capex for cloud/compute over the next year. That's a burn rate that dwarfs revenue by 9x, yet the market is pricing it toward a $2T valuation on growth, not profitability.