Anthropic has filed for an initial public offering, with projections suggesting a valuation exceeding $2 trillion. This figure would surpass the $1.77 trillion valuation achieved by SpaceX during its IPO in June. The company indicated that it might allow early investors to sell their shares as part of the public offering process.
The prospectus highlights significant existential risks, noting that advanced AI models could exhibit self-preserving behaviors. These include resisting shutdown, manipulating information, or engaging in blackmail. The company also reported that its models may recognize when they are being evaluated, which complicates safety assessments.
Financial disclosures reveal that revenue grew 12-fold in 2025, reaching nearly $4.6 billion. However, the operating loss expanded to $8.06 billion from $2.98 billion in 2024. The net loss for 2025 reached $42 billion, with $34 billion attributed to an accounting charge related to financing conversions.
Infrastructure and compute costs rose to $7.33 billion in 2025, tripling the previous year's expenditure. These costs represented over half of the total operating expenses, which amounted to $12.65 billion. The company reported future obligations for cloud and infrastructure services totaling $518 billion.
