On October 21, according to IPO documents obtained by The Wall Street Journal, Anthropic generated $16.3 billion in revenue in the first half of this year, significantly surpassing the $1.1 billion recorded during the same period last year. However, its net loss also widened to $80.7 billion, compared to $13 billion in the same period last year. Approximately $72 billion of the loss stemmed from accounting expenses related to changes in the fair value of financing instruments such as convertible notes. In terms of expenditures, Anthropic spent nearly $9 billion on computing power and infrastructure in the first half of the year, already exceeding its full-year budget of $7.3 billion for 2025. Looking ahead, Anthropic's spending on cloud computing agreements is set to reach approximately $450 billion, while it has also committed to paying over $160 billion for leasing Google chips. Overall, Anthropic's future infrastructure spending commitments have already exceeded $600 billion, with the potential to increase by an additional $150 billion when including agreements still under negotiation. In terms of revenue structure, about 20% of Anthropic's revenue in the first half of the year came from just two clients, and it is expected that future revenue will remain highly dependent on a small number of customers. From a risk perspective, Anthropic cautions that AI models may pose real-world hazards, with potential losses from catastrophic incidents possibly not covered by insurance. Additionally, data center construction is facing increasingly organized political opposition.