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Anthropic just filed its IPO, and investors may be able to buy the stock as early as next month. There's a lot of excitement around the artificial intelligence (AI) company, as its IPO may be the largest one ever, potentially topping Space Exploration Technologies Corp (SPCX -2.25%).

But before deciding whether to buy Anthropic's stock when it becomes available, investors should consider the following key numbers, which together provide a good overview of Anthropic’s operations, its opportunities, and risks.

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The company generated 16.3 billion in revenue through the first six months of 2026

Anthropic's business has been growing fast, with revenue totaling $16.3 billion after two quarters so far this year, representing a year-over-year increase of 1,300%.

While that's impressive, investors would still be paying a massive premium for the AI stock, as that would translate into an annual run rate of about $32 billion. A $2 trillion valuation would mean investors are paying more than 60 times revenue. Although its growth will likely continue to ramp up, it's still a significant premium.

It incurred an operating loss of $693 million during the first two quarters

Anthropic is growing fast, but it isn't profitable. While it has technically incurred a net loss of $80.7 billion during the first two quarters this year, that's largely due to changes in fair value and nonoperating items. Its operating loss, which is a better reflection of how close it is to breaking even, was $693 million.

That may seem as though the business is getting closer to profitability (its loss during the same period last year was $2.1 billion), but that's still not a sure thing, particularly given the tech company's need to spend aggressively as it scales its operations and tries to stay ahead of the competition.

Approximately 20% of revenue came from just two customers

Concentration risk is an important consideration for investors, as it could make a business's future growth dependent on demand from a few customers. About one-fifth of Anthropic's revenue comes from two customers, and it admits that it may only have a "limited number of customers for the foreseeable future."

This means that, effectively, its growth will be tied to how aggressively tech giants invest in AI, which has been under the microscope of late. A pullback in spending by one of Anthropic's key customers could significantly impact its growth rate.

The company spent almost $9 billion on compute during the first half of 2026 -- already more than how much it did all of last year

Compute and infrastructure has been the largest expense item for Anthropic, totaling $8.9 billion during the first half of the year. That's already more than how much it spent on compute in all of 2025, which was $7.3 billion. It's an expense item that investors will certainly want to keep an eye on, as the company expects compute spending to be much more significant in the future.

Anthropic may spend $750 billion on compute capacity

Computing power is in high demand for AI companies, and Anthropic estimates it may spend up to $750 billion on it in order to help grow its business in the years ahead. At a time when interest rates are on the rise, the market may be a bit worried about a business that needs to raise so much money so quickly, especially given that it isn't profitable.

High spending on compute may not only weigh down its earnings but also lead to significant cash burn and increase the need for frequent stock offerings, diluting shareholders along the way.

Investing in Anthropic this early is extremely risky

Investors only need to look as far as SpaceX to see how things can quickly go off the rails for an IPO. The space stock started out hot in its first few trading days, only to fall sharply afterward. Even though it's been generating strong growth, it hasn't come anywhere close to those highs again.

Anthropic may end up being the biggest IPO ever, but investors should tread carefully, as buying it out of the gate may not be a great move.