Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Anthropic’s plan to float on the stock market has provided a sobering insight into the risks that AI poses, even as it attempts to pull off a massive share sale to the public. has taken a look at Anthropic’s IPO prospectus – the legal document that outlines a company’s financial details before it floats on the stock market – and found that it includes a warning that advanced AI could be a “catastrophic or existential risks to humanity.” “Our development of highly advanced models, platforms, and applications and expansion of use cases could further increase the risk that our models cause harm.” And following a flurry of stories about AI models going rogue, Anthropic flags that its models could conceal information and exhibit behavior resembling blackmail, and resist efforts to shut them down. Despite these warnings, Anthropic – which created the Claude chatbot – is aiming for one of the largest stock market flotations ever, which could value it at more than $2tn.
The IPO prospectus shows that Anthropic’s revenue grew 12-fold in 2025 to nearly $4.6bn – with nearly a quarter coming from just two customers. But… its operating loss swelled to over $8bn last year, from nearly $3bn in 2024. The IPO is expected to take place after the US midterm elections in November, and will be a serious test of investor interest, and concern, around AI.
Yesterday, a group of senior AI executives – and two of the “godfathers” of the technology – warned governments to prepare for an AI “intelligence explosion”. 9.30am BST: Bank of England mortgage approvals data 10am BST: UK to auction a 2036 government bond 1.30pm BST: Canadian GDP report for July 3pm BST: US JOLTS survey of job vacancies 4.30pm: Bank of England policymaker Alan Taylor gives a speech
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