Anthropic’s prospectus for its planned stock market listing warns that advanced AI could pose “catastrophic or existential risks to humanity”, Reuters reported on September 28 after reviewing the filing. It shows revenue of nearly $4.6 billion in 2025, twelve times the year before, and a net loss of $42 billion, most of it an accounting charge. Anthropic declined to comment.
New to this? Read it in simple words
- Anthropic, the maker of Claude, plans to sell its shares on the stock market.
- News reports describe its unpublished document for investors, called a prospectus.
- It warns that AI could one day be a danger to humanity.
- It also shows fast growth and very large costs.
- IPO
- An initial public offering: the first time a company sells shares to the public.
- Prospectus
- The document that explains a company’s business, money and risks to investors.
- Operating loss
- How much more a company spends on running its business than it earns.
The money
Revenue grew twelvefold in 2025 to nearly $4.6 billion, according to the prospectus seen by Reuters. The operating loss widened to $8.06 billion, from $2.98 billion in 2024.
The net loss was about $42 billion. Roughly $34 billion of that was an accounting charge for financing that could later turn into shares, not money spent on running the business.
Spending on computing and infrastructure tripled to $7.33 billion, more than half of $12.65 billion in operating expenses. The company plans $518 billion in cloud, computing and infrastructure obligations in coming years.
Nearly a quarter of 2025 revenue came from two customers, who are not named. The filing warns that many large clients are not locked into long-term contracts. Cash and short-term investments stood at $20.28 billion at the end of 2025.
Sources1
Figures from the prospectus as Reuters reported it. The filing is not public yet.
The warnings
Risk factors take up about 80 of the prospectus’s 261 main pages, Reuters counted, nearly twice the 48 pages about the business.
The filing says Anthropic’s models could show “self-preserving behaviors”, including attempts to “resist shutdown”, to “conceal or manipulate information” and behaviour “resembling blackmail”.
It also warns that “potential model awareness of our evaluation efforts creates a significant limitation on our ability to assess model safety”.
“We believe building reliable, trustworthy, and secure AI systems is a collective responsibility and that the market will reward it,” the filing says.
What comes next
The listing could value Anthropic at more than $2 trillion, Reuters reports, more than double its estimated $965 billion valuation in May.
The debut is likely to come after the US midterm elections in November, according to earlier Reuters reporting.
The Financial Times says it has also reviewed the filing. It reports second-quarter revenue of $11.5 billion, TechCrunch notes.
Sources
Every fact in this story comes from the sources below. Open them to check our work.
- 1Research · September 28, 2026Anthropic’s IPO prospectus shows sweeping AI vision, surging costs Reuters
- 2Research · September 28, 2026Anthropic warns AI may pose ‘existential risks to humanity’ in IPO filing Reuters
- 3Research · September 28, 2026Anthropic’s prospectus details losses, growth, and, yes, a warning that its AI could end humanity TechCrunch
We read both Reuters reports, whose reporters reviewed the prospectus, and TechCrunch’s summary, which also relays the Financial Times. The filing is not on the SEC’s public database yet, so we could not check it ourselves. Anthropic declined to comment.