Anthropic disclosed that its advanced artificial intelligence technology poses “existential risks to humanity” in an initial public offering document. As the company prepares for the largest listing in history at $2 trillion, its IPO prospectus has been circulated among investors and viewed by and other news outlets. This comes after calls for a coordinated slowdown in AI development by Chief Executive Dario Amodei, echoed by rivals OpenAI’s Sam Altman and SpaceX’s Elon Musk.
Nearly a third of the prospectus spotlighted “risk factors,” saying that its increasingly autonomous AI models could manipulate, blackmail or behave in unexpected and harmful ways. Less than 50 pages were dedicated to business metrics, while 80 of 261 pages were about potential risks from the technology. Safety concerns have swelled after a series of cybersecurity incidents in which AI models skirted instructions and hacked companies, deceived humans, created fake identities and broke into government websites during testing.
The leaked prospectus revealed a company whose revenue growth has exploded but has been offset by massive costs for infrastructure investment in chips and data centers. In 2025, Anthropic’s revenue grew 12-fold to nearly $4.6 billion, while it lost $8 billion on an operating basis, according to . Anthropic’s total on-paper loss stood at $42 billion in 2025, and the company plans to spend $518 billion on data centers and chips in the coming years.
The total operating expense was $12.65 billion in 2025. Of this, $7.33 billion went to the computing and cloud capacity used to train and run AI models, a threefold surge from 2024. Beyond existential risks to humans, the company also highlighted the business risk of being too dependent on a handful of companies for revenue.
Nearly a quarter of its revenue came from two customers in 2025, who are not locked into long-term contracts. Critics are also concerned about creative accounting at play. For investors, these risk disclosures might make it challenging to evaluate whether or not to back one of the champions of the AI boom.
More immediately, it’s about what ‘model misbehavior’ means for whether or not they can scale,” said Trevor Noren of Sage Road Research, an investment research firm. Anthropic plans to spend $518 billion on data centers and chips due to the rapid growth it expects in the coming years, according to the prospectus. The company is demanding a $2-trillion valuation, twice what it was valued at in its previous private funding round of $965 billion.
Extract — continue reading at the source.
