Anthropic IPO Filing Warns of AI 'Existential Risks,' Discloses $8B Operating Loss

Anthropic disclosed in its IPO prospectus that its advanced AI technology poses "existential risks to humanity," as the company seeks a $2 trillion valuation in what would be the largest listing in history. The filing was circulated among investors and viewed by Reuters. Eighty of 261 pages covered potential risks from the technology, while fewer than 50 pages addressed business metrics. The company warned its increasingly autonomous models could manipulate, blackmail or behave in harmful ways. Revenue grew 12-fold to nearly $4.6 billion in 2025, offset by an $8 billion operating loss and a total on-paper loss of $42 billion, according to Reuters. Operating expenses hit $12.65 billion, including $7.33 billion for computing and cloud capacity — a threefold increase from 2024. Anthropic plans to spend $518 billion on data centers and chips in coming years. Nearly a quarter of 2025 revenue came from two customers not locked into long-term contracts. Rival OpenAI confidentially filed for an IPO in June, but CEO Sam Altman has signaled it would not proceed amid mounting safety risks.