Anthropic revealed risks ahead of potentially the largest IPO in history

Artificial intelligence developer Anthropic has disclosed to investors the scale of expenses and risks associated with its business ahead of a potential stock market debut. The company warns that advanced AI systems could pose not only financial and regulatory but also "catastrophic or existential risks to humanity."

This is stated in Anthropic's IPO prospectus, which Reuters reviewed Reuters. The company devoted about 80 of the main document's 261 pages to describing risk factors — almost twice as much as to describing the business itself.

Among potential threats, Anthropic cites situations where more advanced models could resist shutdown, conceal information, or demonstrate manipulative behavior. The company also acknowledges the risk that systems may develop capabilities that developers did not detect during testing.

At the same time, the documents reveal for the first time the scale of costs accompanying Anthropic's rapid growth. According to the prospectus, in 2025 the company's revenue grew approximately 12-fold to nearly $4.6 billion. However, the operating loss exceeded $8 billion.

Anthropic's net loss for the year approached $42 billion. A significant portion — about $34 billion — is related to non-cash accounting revaluations of liabilities resulting from previous funding rounds.

One of the largest expense items remains computing power. In 2025, Anthropic spent about $7.33 billion on computing and infrastructure. In addition, the company has assumed future commitments for cloud services, computing resources, and other infrastructure of approximately $518 billion.

Among business risks, the company also cites dependence on a small number of large customers. According to the documents, almost a quarter of Anthropic's revenue in 2025 came from just two customers, and many clients are not bound to the company by long-term contracts.

Despite the huge expenses, Anthropic is rapidly increasing its valuation. The potential valuation of the company at the time of its stock market debut could exceed $2 trillion. In that case, the listing of the creator of Claude would become one of the largest technology IPOs in history.

However, the parameters of the offering have not yet been firmly determined. On June 1, Anthropic officially announced the confidential submission of its draft S-1 registration statement to the U.S. Securities and Exchange Commission. The company emphasized at the time that the number of shares to be offered and their price have not yet been set, and the IPO itself will depend on market conditions and other factors.

Earlier, Kurs wrote that Anthropic's investors expected the company to go public with a valuation of at least $2 trillion. The new prospectus for the first time shows in detail the financial and technological risks accompanying such a valuation.