Anthropic IPO leaks -- here are two big hot takes

And we have an IPO prospectus leak for Anthropic ( ANTH.PVT ).

For a company that has a founder warning about the end of the world at the hands of his tech, why isn't this a shock?

Anthropic saw its 2025 sales surge 1,088% to $4.59 billion, according to a report from Reuters late Monday who saw the company's IPO prospectus. An official filing has not been made public yet.

Anthropic lost $41.97 billion last year on a net basis, up from a loss of $8.31 billion in 2024.

Why everything has to go right for Anthropic, or else: The prospectus outlines about $518 billion in cloud, compute and infrastructure obligations as the company continues building out its AI infrastructure. While the monster number underscores the optimism on AI stocks, it also shows how intertwined the AI ecosystem has become. If Anthropic doesn't deliver on its grand vision, it could put a lot of other companies at major financial risk — from a stock and a bond perspective.

One surprising winner: The prospectus reportedly has Anthropic valuing itself at $2 trillion, up from $1 trillion on its last funding round.

Salesforce ( CRM ) stands to be an under the radar winner here.

The company's stake in Anthropic was valued at $5 billion on its last funding round.

Salesforce had initially invested $50 million in Anthropic in early 2023 and participated in subsequent funding rounds.

Brian Sozzi is Yahoo Finance's Executive Editor, host of the Sozzi Unleashed morning show, the ' Power Players With Brian Sozzi' podcast and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi , Instagram , and LinkedIn . Tips on stories? Email brian.sozzi@yahoofinance.com.