Anthropic's leaked IPO prospectus shows a $42 billion net loss in 2025, a recent return to operating profit, and warnings of 'existential' risk

Reuters and the Financial Times have reviewed a draft of Anthropic's S-1 prospectus, which reportedly went to a small group of partners, and Fortune, TechCrunch and The Decoder have reported the details. Revenue rose about twelvefold in 2025 to nearly $4.6 billion. Operating expenses reached almost $13 billion, producing an operating loss of more than $8 billion. Fortune lists a net loss of $42 billion and cash of $20.28 billion. Quarterly revenue reached $11.5 billion in the second quarter of 2026, up from $4.73 billion in the first, and Anthropic will report a second straight quarter of operating profit. The filing lays out plans to spend $518 billion on cloud services, computing and data centers. Nearly a third of the document covers risk factors, including 'existential risks to humanity.' It says models have shown or could show attempts to 'resist shutdown,' to 'conceal or manipulate information,' and behavior 'resembling blackmail.' Customer concentration is also listed as a risk. Backers hope for a valuation above $2 trillion, more than double the $965 billion valuation from May. The Decoder says the listing is expected in November and could be the largest IPO ever.