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Anthropic devoted nearly a third of its hotly anticipated IPO prospectus to risk factors, according to the Financial Times<\/a>, which says it has reviewed the filing in recent days. The filing details specific, worrisome behaviors that Anthropic says its models have already shown or could show, including attempts to \u201cresist shutdown,\u201d to \u201cconceal or manipulate information,\u201d and behavior \u201cresembling blackmail,\u201d according to Reuters<\/a>.<\/p>\n The disclosures are decidedly grim for a company whose own backers believe it could list above $2 trillion, more than double its $965 billion valuation from May, in potentially the biggest IPO ever. It\u2019s a strange position for any company to be in \u2014 warning that its product could end humanity, while making some of its earliest investors and employees extraordinarily wealthy in the process.<\/p>\n Reuters was first to report<\/a> on the financial details within the prospectus on Monday, saying Anthropic recorded an operating loss of more than $8 billion in 2025 as spending on computing power surged, and that its revenue jumped twelvefold to nearly $4.6 billion, though rising infrastructure costs last year pushed total operating expenses to almost $13 billion. <\/p>\n Also per Reuters, Anthropic\u2019s prospectus further reveals plans to spend a whopping $518 billion on cloud, computing and infrastructure in the coming years. (Anthropic has already inked compute deals this year with Google<\/a>, SpaceX<\/a>, and Nscale<\/a>, among others toward that end.) <\/p>\n The FT meanwhile reports that Anthropic\u2019s numbers have moved even faster in 2026. Its second-quarter revenue alone reached $11.5 billion, and the company is on track for its second straight quarter of operating profit on an adjusted basis.<\/p>\n According to the FT, the prospectus also flagged customer concentration, with nearly a quarter of last year\u2019s revenue coming from just two clients. (No word yet on who these are.)<\/p>\n The disclosures, which reportedly include \u201cexistential risks to humanity\u201d \u2014 a first, judging by a quick scan of the SEC\u2019s database \u2014 comes as hand-wringing quickly grows over AI safety. <\/p>\n CEO Dario Amodei has spent the month publicly calling to \u201cpace the frontier<\/a>\u201d of AI development, telling the UN Security Council last week that AI could threaten humankind<\/a> and calling it \u201cthe most important global security issue facing the world today.\u201d Rivals Sam Altman and Elon Musk have backed him up, too, in a rare moment of solidarity for competitors who\u2019ve seemingly relished opportunities to disparage each other publicly. <\/p>\n Another rival, Mark Zuckerberg, has meanwhile swatted away concerns<\/a>, telling NBC News last week that he doesn\u2019t \u201cthink that we need some kind of industrywide coordination.\u201d<\/p>\n The warnings follow a string of security incidents in which AI agents have breached outside systems. In fact, OpenAI disclosed last week that its tools have hacked \u201cdozens\u201d of external sites, including government one, including the SEC\u2019s site itself<\/a>. Earlier on Monday, it said it had scrapped plans<\/a> to release its newest model owing to safety concerns.<\/p>\n<\/div>\n When you purchase through links in our articles, we may earn a small commission<\/a>. This doesn\u2019t affect our editorial independence.<\/em><\/p>\n