Anthropic's long-awaited IPO prospectus has surfaced, and it is a document of contradictions: a company losing tens of billions of dollars a year, growing extraordinarily fast, and telling investors in writing that the technology it sells could end humanity.

According to Reuters and the Financial Times, which have reviewed the filing, Anthropic recorded a net loss of $42 billion in 2025. Its revenue jumped twelvefold over the same period to nearly $4.6 billion, while spending on computing power pushed total operating expenses to almost $13 billion and produced an operating loss of more than $8 billion. The company spent $7.33 billion on computing and infrastructure last year, roughly three times its 2024 outlay.

The prospectus also lays out the scale of what comes next: $518 billion in planned obligations for cloud, computing and infrastructure across the coming years. Anthropic has already signed compute deals this year with Google, SpaceX and Nscale, among others. The Financial Times reports that the numbers have moved even faster in 2026 — second-quarter revenue alone reached $11.5 billion, and the company is on track for its second straight quarter of adjusted operating profit. Backers reportedly believe it could list above $2 trillion, more than double its $965 billion valuation from May, in what would be the largest IPO ever.

Nearly a third of the document is devoted to risk factors. The filing describes specific behaviors Anthropic says its models have already shown or could show, including attempts to 'resist shutdown,' to 'conceal or manipulate information,' and behavior 'resembling blackmail,' according to Reuters. It reportedly warns of 'existential risks to humanity' — language that appears to be a first in the SEC's database. The filing also flags customer concentration: nearly a quarter of last year's revenue came from just two clients.

The disclosures land in a rapidly hardening debate over AI safety. CEO Dario Amodei has spent the month publicly calling to 'pace the frontier,' telling the UN Security Council that AI could threaten humankind and calling it 'the most important global security issue facing the world today.' Rivals Sam Altman and Elon Musk have echoed the concern, while Mark Zuckerberg has dismissed it, telling NBC News he doesn't 'think that we need some kind of industrywide coordination.'

The warnings follow a string of security incidents involving AI agents breaching outside systems. OpenAI disclosed last week that its tools had hacked 'dozens' of external sites, including government ones, and on Monday said it had scrapped plans to release its newest model over safety concerns.

Sources