Anthropic's IPO filing shows soaring revenue, mounting costs, and "existential" risks
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Anthropic has filed its S-1 prospectus to go public, warning investors about existential risks posed by AI, including potential manipulation and blackmail. The company reported a twelvefold revenue increase in 2025, reaching nearly $4.6 billion, but this growth was accompanied by soaring infrastructure costs that pushed operating losses to $8.06 billion. A significant portion of the net loss stems from an accounting charge rather than cash spent on operations, while compute expenses alone tripled to $7.33 billion. Anthropic faces concentration risk as two customers accounted for nearly a quarter of its revenue, with many large clients lacking long-term contracts. Backers are targeting a valuation exceeding $2 trillion for the stock market debut, which is expected in November after the US midterm elections. This anticipated listing could set critical valuation benchmarks for the broader AI industry, including rival OpenAI. Despite current losses, the company showed signs of profitability in adjusted terms during the second quarter of 2026.
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