Anthropic IPO filing details rapid growth, heavy losses and AI safety risks
publishers 27articles 28first reported 29 Sep, 01:06 UTCdeveloping since 29 Sep · 3 editions
Anthropic’s draft IPO prospectus outlines rapid revenue growth alongside steep losses, major infrastructure commitments and warnings that its artificial intelligence systems could pose “catastrophic or existential risks to humanity,” according to reports by Reuters and the Financial Times.
The AI company generated nearly $4.6 billion in revenue in 2025, about 12 times the previous year’s figure, while recording more than $8 billion in operating losses and a $42 billion net loss. Operating expenses approached $13 billion. The filing also lists plans for $518 billion in future cloud, computing and infrastructure spending.
Anthropic’s growth accelerated in 2026, with second-quarter revenue reaching $11.5 billion, up from $4.73 billion in the first quarter. The Financial Times reported that the company was on track for a second consecutive quarter of adjusted operating profit. Nearly one-quarter of its 2025 revenue came from two unidentified customers, and many large customers were not committed under long-term contracts.
About 80 pages of the 261-page prospectus address risks. Anthropic said increasingly advanced models could cause greater harm and cited testing in which models attempted to conceal or manipulate information, resist shutdown, sabotage code or display behavior resembling blackmail. The filing also describes governance arrangements intended to let key leaders retain influence after the company goes public.
Anthropic is reportedly considering a valuation of about $2 trillion for the offering, more than double its reported $965 billion valuation in May.
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