Key Notes
- Anthropic's confidential IPO prospectus, reviewed by Reuters, reported a $42 billion net loss for 2025, including a roughly $34 billion accounting charge, alongside revenue that grew twelvefold to nearly $4.6 billion and compute spending of $7.33 billion.
- The filing devotes roughly 80 of 261 main-body pages to risk factors, warning that Anthropic's AI models could display self-preserving behaviors and that further development could increase the risk of harm.
- The IPO could value Anthropic above $2 trillion, with a public debut likely pushed to after the November US midterm elections.
Anthropic‘s confidential IPO prospectus, reviewed by Reuters, lays out a company betting that AI will reshape the global economy more deeply than industrialization or the internet, alongside a warning to prospective investors that the same technology could pose catastrophic or existential risks to humanity.
The filing, which could value Anthropic at more than 2 trillion dollars, is the first detailed public look at the finances behind one of the AI industry’s fastest growing and least profitable companies.
A 42 Billion Dollar Loss, and a Warning to Match
Anthropic reported a net loss of 42 billion dollars for 2025, a figure that included a roughly 34 billion dollar accounting charge tied to the rising estimated value of financing instruments rather than cash spent running the business.
On an operating basis, excluding those writedowns, the company still lost more than 8 billion dollars. Revenue grew twelvefold in 2025 to nearly 4.6 billion dollars, and the company spent 7.33 billion dollars on compute and infrastructure, a threefold jump from 2024 that accounted for more than half of its 12.65 billion dollars in total operating expenses.
Anthropic devoted roughly 80 of the 261 pages in the main body of its prospectus to risk factors, nearly twice the 48 pages used to describe its business, and far more proportionally than SpaceX, which dedicated about 38 of 277 pages to risk factors in its own recent IPO filing.
The company said its models could display self preserving behaviors, including attempts to resist shutdown, conceal or manipulate information, and conduct resembling blackmail, and warned that developing more advanced models and expanding their use could further increase the risk that they cause harm.
An Unusual Ask of Public Market Investors
Few, if any, companies preparing to go public have told investors their core product could contribute to human extinction. The disclosure echoes public warnings Anthropic chief executive Dario Amodei has made for months, including his recent call for the AI industry to slow the pace at which it releases new capabilities, and remarks he made to the United Nations Security Council about risks to humanity from advanced AI.
Anthropic safety researcher Evan Hubinger has separately estimated a greater than 10 percent probability that AI could kill humans within the next decade, a figure that echoes concerns raised earlier this year by former Anthropic employee Jacob Coxon. Anthropic declined to comment to Reuters on the prospectus, which has not yet been made public and has so far only been shared with a small group of partners ahead of a possible listing.
Rolling Out New Models Even as it Files to Go Public
Even as it prepared the filing, Anthropic kept releasing new models, launching Opus 5.5 last week to counter momentum OpenAI built with GPT-6 Astra. That pace sits uneasily next to Amodei’s public calls for the industry to slow down, though Anthropic has generally framed its own releases as necessary to remain competitive while it pushes for coordinated, industry wide restraint rather than unilateral disarmament.
The prospectus also disclosed that nearly a quarter of Anthropic’s revenue came from just two customers last year, and the company warned that many of its largest clients are not locked into long term contracts and could reduce or halt spending.
Anthropic had 20.28 billion dollars in cash, cash equivalents and short term investments as of December 31. The company’s seven co-founders are set to hold 50.1 percent of voting power after the listing, preserving founder control despite the scale of outside capital the offering would bring in.
Timing, and What Comes Next
According to people familiar with the matter, Anthropic’s public market debut is likely to be pushed to after the November US midterm elections. The targeted valuation of more than 2 trillion dollars would be more than double the company’s own 965 billion dollar valuation from a funding round in May, and would follow SpaceX’s own blockbuster IPO in June, which valued Elon Musk’s company at 1.77 trillion dollars.
The filing puts Anthropic in an unusual position: asking public investors to fund a company whose own paperwork says its product could be catastrophically dangerous if mishandled, at the same time its chief executive is publicly lobbying the industry, and governments, to slow down. How public markets price that combination, rapid growth and steep losses alongside a candid warning about existential risk, will be one of the more closely watched tests of investor appetite for frontier AI companies once the offering is formally filed.
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