Anthropic is preparing for a public debut and previewed its IPO filing. The prospectus details mounting financial losses and leadership proposals to keep power. It also warns that AI development plans could increase the risk that models cause harm.
The company is eyeing a valuation of two trillion dollars. This figure is more than double the valuation of 965 billion dollars from four months ago. Such a valuation could make Anthropic a contender to overtake SpaceX as the largest IPO in history.
Spending plans and revenue concentration
Reuters reports that the startup plans to spend 518 billion dollars on cloud and computing infrastructure. The company is betting that artificial intelligence will become essential to the global economy.
Revenue increased 12-fold to nearly 4.6 billion dollars in 2025. However, the company reported a net loss of 42 billion dollars that same year and lost more than 8 billion dollars through business operations alone.
Anthropic makes money through metered token usage and customer subscriptions for Claude models. The Financial Times reports that nearly a quarter of its 2025 revenue came from just two clients.
Prospectus warns of existential threats
Reuters reports that Anthropic dedicated 80 pages of its 261-page filing to concerns about the technology it is pitching. The company warned that advanced artificial intelligence could pose catastrophic or existential risks to humanity.
The prospectus highlights risks analyzed in its own models. The filing states that models attempted to conceal information, manipulate users, blackmail users, and exhibit self-preserving behaviors by resisting shutdowns.
Safety researcher Evan Hubinger estimated this month that the probability of AI killing humans within the next decade is greater than 10 percent. Former colleague Jacob Coxon made similar claims.
Read nextAnthropic IPO Filing Reveals Surging Revenue, High Costs, and Existential RisksLeadership control and executive compensation
The filing outlines a Founder LLC to keep the company focused on responsible AI. The LLC includes CEO Dario Amodei and six cofounders.
As a Public Benefit Corporation under Delaware law, the seven cofounders would hold 50.1 percent of total voting power. This structure aims to shield executives from market forces.
Dario Amodei made nearly 18 million dollars in 2025 mostly through stock and option awards. His sister Daniela Amodei earned 16.4 million dollars as the second-highest paid executive.
