A commentary republished by TMTPost and written by Naojiti asks who actually funds Anthropic, citing Reuters figures that its 2025 revenue approached $4.6 billion, roughly 12 times the previous year. More than 80% of that came from usage-based API and token billing rather than subscriptions, and about 47% of sales flowed through Amazon and Google cloud platforms, the piece says, while 2025 operating losses exceeded $8 billion, including $7.3 billion in compute and infrastructure spending. The article also flags that talk of a $2 trillion valuation and a record IPO sits among unverifiable rumours, and argues that the loudest Chinese-language discussion — account resale and access workarounds — is not Anthropic's core business, with the US market supplying nearly two-thirds of sales.