Anthropic has formally opened its books through its S-1 filing sent to a small group of partners over the past few days. The prospectus reveals twelvefold revenue growth alongside rapidly climbing expenses and warnings about potential hazards. Backers are currently aiming for a record valuation for the company.
Prospectus highlights severe dangers
Nearly a third of the lengthy document covers risk factors according to the Financial Times. Anthropic warned potential investors that its own technology could pose existential risks to humanity. The company noted that increasingly advanced artificial intelligence models could manipulate, blackmail, or behave in unpredictable ways.
Filing shows massive financial scaling
The prospectus details the high cost of building the most capable models. Revenue grew twelvefold in 2025 to nearly $4.6 billion according to Reuters. At the same time, the operating loss widened from $2.98 billion to $8.06 billion. Anthropic spent $7.33 billion on compute and infrastructure alone, which is three times the previous year figure and more than half of total operating costs.
About $34 billion of the roughly $42 billion net loss stems from an accounting charge according to Reuters. This charge reflects the higher estimated value of financing that could later convert into stock rather than cash spent running the business. The company also depends heavily on a small group of buyers. Just two customers made up nearly a quarter of revenue in 2025, and many large customers lack long term contracts.
Future plans and market positioning
Over the coming years, Anthropic plans to spend a total of $518 billion on cloud, compute, and infrastructure commitments. The prospectus states that the company expects artificial intelligence to reshape the global economy more deeply than industrialization, electricity, and the internet did. In the second quarter of 2026, Anthropic brought in $11.5 billion in revenue according to the Financial Times, and is on track for its second straight quarter of operating profit on an adjusted basis.
Backers believe a valuation above $2 trillion is possible according to the Financial Times. That figure would more than double the $965 billion valuation from May and top the roughly $1.8 trillion SpaceX was worth when it went public in June. Analysts expect the first artificial intelligence company on the stock market to set valuation benchmarks for the entire industry, including rival OpenAI which confidentially filed for an IPO in June. Anthropic debut likely will not happen until November after the US midterm elections according to Reuters sources.
