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Anthropic's leaked financials show extreme customer concentration and an $8B loss, raising doubts about its reported $2 trillion valuation ask.

• Customer concentration risk: Anthropic's leaked S-1 shows ~25% of revenue from just two clients; ramp data shows 80% of OpenAI/Anthropic enterprise revenue comes from 1% of customers.
• Valuation math is extreme: At a $350B-$500B ask (discussed up to $2T comparisons), Anthropic trades near 435x trailing revenue; one analyst says it needs the entire AI market to grow ~4x, requiring 74% annual growth for 10 years.

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