Anthropic made $16.3B in 6 months and still reported an $80.7B loss. Both numbers are real. The loss is mostly non-cash accounting. The scarier line: ~25% of revenue comes from two customers with no long-term contracts, plus $518B of compute commitments, 80% non-cancellable. Growth is the story. Concentration is the risk. www.contentbuffer.com #AI #Anthropic #IPO #Claude #Startups #TechNews Would you buy a $2T AI IPO with 25% of revenue riding on two customers?