According to sources familiar with the matter, Anthropic will announce its updated third-quarter financial data to institutional investors at its headquarters this Wednesday. This financial disclosure comes at a critical moment as the company prepares for what is expected to be the largest IPO in history, targeting a valuation of up to $2 trillion and aiming to raise over $100 billion. The company's annualized revenue has surged from $9 billion at the end of 2025 to $65 billion by July 2026, with expectations of achieving consecutive profitability in the third quarter and a profit margin of approximately 6%. Despite rapid revenue growth, its net loss reached $42 billion in 2025, primarily due to swelling upfront expenses for computing power. Over the next few years, the company will be obligated to invest $518 billion in cloud and computing infrastructure, with 80% of this commitment being irrevocable and binding, resulting in an average annual amortization of $41.44 billion that could consume 64% of its annualized revenue. Additionally, the company's revenue is highly dependent on top clients, with 24% of its 2025 revenue coming from two mysterious customers, and many major clients have not signed long-term procurement contracts, raising doubts about revenue stability. Nevertheless, its gross margin exceeds 80%, providing a financial foundation for technological iteration and market expansion.