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BY Chris Stokel-Walker

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Tech’s worst-kept secret is finally out: Anthropic has filed its S-1 with the SEC, paving the way for an IPO and a reported investor roadshow beginning as soon as November 9 in an attempt to drum up interest befitting its targeted $1.5 trillion valuation.

In doing so, the company has opened its books, giving would-be investors their first look at its finances. And the numbers are eye-popping. The company booked an $80.7 billion net loss on $16.3 billion in revenue, but operating losses are falling.

Around 250 customers pay the firm more than $10 million a year in contracts, while more than 10,000 pay at least $100,000. Its net revenue retention stands at around 900%. And every employee contributes $6.6 million to the company’s revenue, the kinds of numbers that any company would envy.

However, the S-1 filing also reveals plenty of potential problems ahead.…