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A prospectus for Anthropic’s initial public offering has leaked. The numbers inside are extraordinary, even by the standards of the current AI boom. The Anthropic IPO filing, reviewed separately by Reuters, Fortune and CNN, shows the maker of the Claude chatbot lost $8.06 billion in 2025. Revenue grew more than tenfold over the same period. The company is still pursuing a public valuation north of $2 trillion.
The filing shows a business scaling faster than almost any technology company before it. It also shows spending commitments large enough to reshape how investors think about the AI industry’s staying power.
What the Anthropic IPO filing actually shows
Anthropic’s revenue reached $4.6 billion in 2025. That is up 1,088% from the year before, according to the prospectus. Its operating loss widened to $8.06 billion, nearly triple the $2.98 billion it lost in 2024. Infrastructure and computing spending tripled to $7.33 billion over the same period. The company reported $20.28 billion in cash on hand at the end of December 2025.
Looking ahead, the filing discloses $518 billion in committed cloud, computing and infrastructure obligations. That figure covers capacity Anthropic has already signed contracts for. Fortune’s reporting says the company expects to need that capacity over roughly the next decade.
A valuation that keeps climbing
A filing reported by Axios valued Anthropic at $965 billion. Other accounts of the same prospectus describe a targeted public valuation above $2 trillion once shares begin trading. Either figure would place Anthropic among the largest public listings in history. A report from Uniladtech noted the debt and spending disclosed in the filing could put Anthropic on track to eclipse the stock market debut record set by SpaceX.
A group of former OpenAI researchers founded Anthropic in 2021. It has become one of two companies, alongside OpenAI, that dominate discussion of frontier AI development. Fortune expects the IPO to happen after the November 2026 U.S. midterm elections.
The company’s own warning about its technology
One of the more unusual elements of the filing is how bluntly Anthropic describes the risks of the technology it sells. CNN reported that the prospectus warns Anthropic’s own AI models could pose “existential risks to humanity.” It cautions that increasingly autonomous systems “could behave in unexpected ways, create security problems, be used for fraud or manipulate information.”
The filing also flags a concentration risk. Two unnamed customers accounted for nearly a quarter of Anthropic’s 2025 revenue. Most of the company’s customer contracts are not long-term agreements, according to Fortune’s review of the document.
What happens between now and the listing
A leaked prospectus is not a finished offering. Anthropic has not confirmed a listing date, an exchange, or a final share price range. The numbers in a draft filing can still change before any public sale of stock. Investors will be watching one thing closely: whether the $518 billion in infrastructure commitments is matched by revenue growth steep enough to justify it. That question matters more given how concentrated Anthropic’s revenue currently is among a small number of customers.
The listing will also test how public markets price a company that tells investors its core product carries catastrophic risk. An AI leader warning regulators and shareholders about its own technology, while asking them to fund its expansion, has no close precedent on Wall Street.
What this means beyond Silicon Valley
If Anthropic proceeds toward a $2 trillion valuation, it would rank among the most valuable companies ever to go public. It would compete for capital and attention with established giants rather than other startups. The scale of the $518 billion infrastructure commitment also has knock-on effects for chipmakers, cloud providers and the data-center construction industry. All three stand to benefit if Anthropic’s spending plans hold.
Frequently asked questions
What is the Anthropic IPO filing?
Several news organizations, including Reuters, Fortune and CNN, reviewed a draft prospectus for Anthropic’s planned initial public offering before its formal release. It discloses the company’s financial results, spending commitments and risk factors.
How much money did Anthropic lose in 2025?
The filing reports an operating loss of $8.06 billion for 2025, up from $2.98 billion in 2024, even as revenue grew to $4.6 billion.
What valuation is Anthropic seeking?
Accounts of the prospectus describe a targeted public valuation above $2 trillion, while a valuation of $965 billion was separately reported by Axios in connection with the filing.
When will Anthropic actually go public?
No date has been confirmed. Fortune’s reporting indicates the listing is expected after the November 2026 U.S. midterm elections, but the timeline could shift.
What did Anthropic say about the risks of its own AI models?
The filing reportedly warns that Anthropic’s AI systems could pose existential risks to humanity. It adds that more autonomous systems could behave unpredictably, create security problems, or enable fraud.
Is a leaked IPO filing final?
No. The figures, valuation and timeline in a draft prospectus can all change before a company completes its public offering.
Related coverage on Tamara News
- AMD’s climb toward a trillion-dollar market cap
- Nvidia’s new open agent safety platform
- What happened to OpenAI’s GPT-6.1 Astra
Sources
- Fortune — Anthropic’s leaked IPO prospectus details steep losses, rapid growth, and a fear that AI could end humanity. fortune.com
- CNN Business — Anthropic says its AI models pose ‘existential risk to humanity’ in leaked IPO filing. cnn.com
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