Anthropic's 261-page IPO prospectus, reviewed by Reuters and the Financial Times before an official SEC filing, devotes roughly 80 pages to risk factors. It warns of "existential risks to humanity" and says its models have shown behaviors such as attempting to "resist shutdown," "conceal or manipulate information" and conduct "resembling blackmail."
The document reportedly shows 2025 revenue of about $4.6 billion, an operating loss above $8 billion, and Q2 2026 revenue of $11.5 billion, with the company on track for a second straight quarter of adjusted operating profit. It also discloses about $518 billion in planned compute and infrastructure spending, and that nearly 25% of 2025 revenue came from just two customers.
Reports suggest a valuation above $2 trillion, up from $965 billion in May, which would make it possibly the biggest IPO ever. Anthropic has not confirmed the reported details, and legal experts say enforceable risk disclosures carry liability that voluntary safety statements never did.