Anthropic’s prospectus details losses, growth, and, yes, a warning that its AI could end humanity

A leaked IPO prospectus is giving investors the first detailed view of Anthropic’s finances ahead of an upcoming public listing. The company is burning cash—losing $42 billion last year—while bringing in $4.6 billion in revenue, according to the leaked filing reviewed by Reuters. The filing shows how quickly the Claude maker has grown but also how much the lab is spending to keep up in the race to build increasingly powerful AI systems. Revenue rose 1,088% in 2025, while its operating loss widened to $8.06 billion from $2.98 billion a year earlier. Anthropic also spent $7.33 billion on computing and infrastructure last year, up threefold from 2024. The company had been rapidly trying to secure more compute after products like Claude Code spurred a sudden growth in users and Anthropic suffered from a compute crunch. According to the prospectus, it has also committed to $518 billion in future cloud, computing, and infrastructure obligations. Amazon and Google have invested billions in Anthropic and supply much of the cloud infrastructure it uses to train and run Claude. Anthropic has also struck computing deals with SpaceX and smaller providers as it tries to secure the capacity needed for future models. Read more [paywall removed for Redditors]: https://fortune.com/2026/09/29/anthropic-leaked-ipo-prospectus-losses-growth-ai-end-humanity/?utm_source=reddit/

Anthropic devoted nearly a third of its hotly anticipated IPO prospectus to risk factors, according to the Financial Times, which says it has reviewed the filing in recent days. The filing details specific, worrisome behaviors that Anthropic says its models have already shown or could show, including attempts to “resist shutdown,” to “conceal or manipulate information,” and behavior “resembling blackmail,” according to Reuters. The disclosures are decidedly grim for a company whose own backers believe it could list above $2 trillion, more than double its $965 billion valuation from May, in potentially the biggest IPO ever. It’s a strange position for any company to be in — warning that its product could become exceedingly dangerous 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, saying Anthropic recorded an operating loss of more than $8 billion in 2025 as spending on computing power surged, and that its 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, Anthropic’s prospectus further 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. Its 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. (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 — comes as hand-wringing quickly grows over AI safety. CEO Dario Amodei has spent the month publicly calling to “ pace the frontier ” of AI development, telling the UN Security Council last week that AI could threaten humankind and calling 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 doesn’t “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 the SEC’s site. Earlier on Monday, OpenAI volunteered to the WSJ that it has scrapped plans to release its newest model owing to safety concerns. When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence. Loizos has been reporting on Silicon Valley since the late ’90s, when she joined the original Red Herring magazine. Previously the Silicon Valley Editor of TechCrunch, she was named Editor in Chief and General Manager of TechCrunch in September 2023. She’s also the founder of StrictlyVC, a daily e-newsletter and lecture series acquired by Yahoo in August 2023 and now operated as a sub brand of TechCrunch. You can contact or verify outreach from Connie by emailing connie@strictlyvc.com or connie@techcrunch.com, or via encrypted message at ConnieLoizos.53 on Signal. View Bio