Anthropic may be growing incredibly fast, but investors are questioning whether that growth will survive an IPO.

The Financial Times reports that @AnthropicAI expects annualized revenue to exceed $120 billion by year-end. Yet only 22.5% of its customers reportedly remain after one year, as OpenAI and cheaper open models make switching increasingly easy.

A company seeking a valuation of up to $4 trillion will have to convince public investors that replacing more than three-quarters of its customers every year is sustainable.