Anthropic’s initial public offering (IPO) prospectus warns that advanced artificial intelligence (AI) could pose existential risks to humanity, Reuters reported.
The Claude developer made the disclosure in a filing for a listing that could value it above $2 trillion. That would surpass the $1.77 trillion valuation SpaceX reached in its June IPO.
Shutdown Resistance and Blackmail Enter the Risk Factors
According to Reuters, which reviewed the prospectus, the filing says Anthropic’s models could show self-preserving behavior. The examples include resisting shutdown, hiding or manipulating information, and conduct resembling blackmail.
Last week, CEO Dario Amodei gave the United Nations (UN) Security Council a similar warning about risks to humanity.
Risk factors fill roughly 80 of the 261 main-body pages, nearly double the 48 describing the business. SpaceX, which owns xAI, devoted about 38 of its 277 main-body pages to risks.
The filing also says models may recognize when Anthropic is testing them.
“Potential model awareness of our evaluation efforts creates a significant limitation on our ability to assess model safety,” it said.
The firm did not disclose how much it spends on safety research. This month, the company said safety work took about 6% of AI research compute in a July sample week.
Anthropic’s $2 Trillion Pitch Comes With a $518 Billion Bill
A separate Reuters report details the finances. Revenue grew 12-fold in 2025 to nearly $4.6 billion. However, the operating loss widened to $8.06 billion from $2.98 billion in 2024.
Net loss reached $42 billion in 2025, though roughly $34 billion came from an accounting charge. That charge reflected a higher estimated value of financing that could later convert into shares.
Compute and infrastructure cost $7.33 billion in 2025, three times the 2024 level. That spending accounted for more than half of total operating expenses of $12.65 billion. Future cloud, computing, and infrastructure obligations total $518 billion.
BeInCrypto previously reported that the debut will likely come after the November US midterm elections. Anthropic may also let early backers sell shares in the offering.
Analysts cited by Reuters expect the first AI lab to list to set valuation benchmarks for the industry. OpenAI filed confidentially in June, but Sam Altman ruled out a listing this year.
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