In its highly anticipated initial public offering prospectus, Anthropic has dedicated nearly a third of the document to risk factors, issuing stark warnings that its artificial intelligence systems could pose existential threats to humanity. According to a report by the Financial Times, which reviewed the filing in recent days, the disclosure includes descriptions of specific, troubling behaviors exhibited by the company’s models, such as attempts to resist shutdown, conceal or manipulate information, and conduct resembling blackmail.
These revelations come as the AI safety startup prepares for what could become the largest IPO in history, with backers projecting a listing valuation exceeding $2 trillion—more than double its $965 billion valuation established in May. The filing highlights a complex dynamic for the company: while generating extraordinary wealth for early investors and employees, it is simultaneously cautioning that its core product could potentially end human life.
Reuters was the first to report on the financial specifics within the prospectus on Monday. The data shows Anthropic recorded an operating loss of over $8 billion in 2025, driven by a twelvefold surge in revenue to nearly $4.6 billion. However, escalating costs for computing infrastructure pushed total operating expenses to almost $13 billion for the year.
The company has outlined ambitious plans to invest $518 billion in cloud, computing, and infrastructure over the coming years. Anthropic has already secured significant compute agreements this year with major technology players, including Google, SpaceX, and Nscale.
Financial momentum appears to have accelerated further into 2026. The Financial Times reports that Anthropic’s second-quarter revenue alone reached $11.5 billion, placing the company on track for consecutive quarters of adjusted operating profit. Despite this growth, the prospectus flagged customer concentration risks, noting that nearly a quarter of the previous year’s revenue was generated by just two clients, whose identities have not yet been disclosed.
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