According to CoinMeta, and based on a document obtained by The Wall Street Journal (identified as IPO), Anthropic reported revenue of $16.3 billion in the first half of the year, compared to $1.1 billion in the same period last year, and incurred a net loss of $80.7 billion during that time, whereas last year it had a net loss of $13 billion. Approximately $72 billion of this loss came from accounting expenses arising from changes in the fair value of financing instruments such as convertible notes. Anthropic spent nearly $9 billion on computing power and infrastructure in the first half of the year, while the related expenditures for the entire year of 2025 are estimated at $7.3 billion. Anthropic plans to spend about $450 billion on cloud computing agreements over the next 7 to 10 years. In addition, the company has committed to paying over $160 billion for leasing Google chips. Anthropic has already committed more than $600 billion in future infrastructure expenditures, and if agreements still under negotiation are included, this amount could increase by up to another $150 billion. About 20% of the company's revenue in the first half of the year came from two customers, and the company expects to continue to rely heavily on a few key customers in the future. Regarding risks, Anthropic warns that AI models may pose real dangers, and the losses from catastrophic incidents might not even be covered by insurance. Data center construction also faces increasingly organized political opposition.