Anthropic has dedicated nearly a third of its IPO prospectus to risk factors, a move the Financial Times says it has examined in recent days. The filing outlines specific, worrying behaviours that the company claims its models have already exhibited or might display later, such as attempts to resist shutdown, conceal or manipulate information, and actions resembling blackmail, according to Reuters.
These disclosures are stark for a firm whose backers believe it could list above $2 trillion. That figure would more than double its $965 billion valuation from May and represent potentially the biggest IPO ever. It is a strange position for any company to occupy — warning that its product could end humanity while making some of its earliest investors and employees extraordinarily wealthy in the process.
Reuters was first to report on the financial details within the prospectus on Monday. It stated Anthropic recorded an operating loss of more than $8 billion in 2025 as spending on computing power surged. Revenue jumped twelvefold to nearly $4.6 billion, though rising infrastructure costs last year pushed total operating expenses to almost $13 billion.
Also per Reuters, the prospectus reveals plans to spend a whopping $518 billion on cloud, computing and infrastructure in the coming years. Anthropic has already inked compute deals this year with Google, SpaceX, and Nscale, among others, toward that end.
The FT meanwhile reports that Anthropic’s numbers have moved even faster in 2026. Second-quarter revenue alone reached $11.5 billion, and the company is on track for its second straight quarter of operating profit on an adjusted basis.
According to the FT, the prospectus also flagged customer concentration, with nearly a quarter of last year’s revenue coming from just two clients. There is no word yet on who these are.
The disclosures, which reportedly include “existential risks to humanity” — a first, judging by a quick scan of the SEC’s database — come as hand-wringing quickly grows over AI safety.
CEO Dario Amodei has spent the month publicly calling to “pace the frontier” of AI development. He told the UN Security Council last week that AI could threaten humankind and called it “the most important global security issue facing the world today.” Rivals Sam Altman and Elon Musk have backed him up, too, in a rare moment of solidarity for competitors who’ve seemingly relished opportunities to disparage each other publicly.
Another rival, Mark Zuckerberg, has meanwhile swatted away concerns, telling NBC News last week that he does not “think that we need some kind of industrywide coordination.”
The warnings follow a string of security incidents in which AI agents have breached outside systems. In fact, OpenAI disclosed last week that its tools have hacked “dozens” of external sites, including government one, including the SEC’s site itself. Earlier on Monday, it said it had scrapped plans to release its newest model owing to safety concerns.
What it means
For the people building these systems, the situation is one of high stakes and public scrutiny. The prospectus forces a direct confrontation with the potential for harm, moving safety from a technical footnote to a central business risk. Meanwhile, the financial trajectory shows a company burning billions on compute costs while racing toward profitability, all while trying to convince the market that its most dangerous capability is not a bug but a feature that must be managed carefully.
