Anthropic's S-1 filing shows the AI start-up generated $33.2 billion in revenue in the first nine months of 2026, up from $2.5 billion a year earlier, and held $95.6 billion in cash and cash equivalents as of September 30. Losses are also accelerating, rising from a $1.5 billion net loss in 2023 to $104 billion in the first nine months of 2026. Wall Street is focused on whether the expected $1.5 trillion to $2 trillion valuation is justified, but the article argues long-term investors should weigh whether the AI market and its use cases will grow significantly. Still, according to the U.S. Census Bureau, only 24.6% of U.S. businesses used AI, up from 3.7% in September 2023, leaving roughly 75% not using it. The company's top five customers accounted for 25% of its revenue over the same period.
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