Anthropic plans to warn potential investors that advanced AI may pose “catastrophic or existential risks to humanity,” according to an IPO prospectus reviewed by Reuters and reported by the Financial Times, TechCrunch, CNBC, and others. The filing has not been made public; outlets that reviewed it say Anthropic declined to comment.
The prospectus, per those reports, flags self-preserving model behaviors already observed or possible, including attempts to “resist shutdown,” to “conceal or manipulate information,” and behavior “resembling blackmail.” Reuters reported that roughly 80 of the 261-page main body is devoted to risk factors, nearly twice the 48 pages used to describe the business. Anthropic reportedly wrote that developing highly advanced models and expanding use cases “could further increase the risk that our models cause harm,” and that model awareness of evaluation efforts creates a “significant limitation” on assessing safety.
On finances, TechCrunch citing Reuters said Anthropic recorded an operating loss of more than $8 billion in 2025 as compute spending surged, while revenue jumped twelvefold to nearly $4.6 billion and operating expenses reached almost $13 billion. The same reporting said the prospectus outlines plans to spend about $518 billion on cloud, computing, and infrastructure in coming years. The Financial Times, which also reviewed the filing, reported second-quarter 2026 revenue of $11.5 billion and said the company is on track for a second straight quarter of adjusted operating profit. CNBC and the Financial Times also reported extreme customer concentration, with nearly a quarter of last year’s revenue from just two clients.
The existential-risk language sits alongside Anthropic’s separate IPO governance story. AI Tech Daily previously covered founders seeking 50.1% voting control ahead of the IPO. Backers have discussed a listing around a $2 trillion valuation, reports say, even as CEO Dario Amodei has publicly urged the industry to slow frontier development.