Anthropic devoted nearly a third of its hotly anticipated IPO prospect

Anthropic devoted nearly a third of its hotly anticipated IPO prospectus to risk factors, according to the Financial Times , 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 “resist shutdown,” to “conceal or manipulate information,” and behavior “resembling blackmail,” according to Reuters . 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’s a strange position for any company to be in — warning that its product could end humanity, while making some of its earliest investors and employees extraordinarily wealthy in the process. Reuters was first to report 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. Also per Reuters, Anthropic’s 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 , SpaceX , and Nscale , among others toward that end.) The FT meanwhile reports that Anthropic’s 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. According to the FT, the prospectus also flagged customer concentration, with nearly a quarter of last year’s revenue coming from just two clients. (No word yet on who these are.) The disclosures, which reportedly include “existential risks to humanity” — a first, judging by a quick scan of the SEC’s database — comes as hand-wringing quickly grows over AI safety. CEO Dario Amodei has spent the month publicly calling to “ pace the frontier ” of AI development, telling the UN Security Council last week that AI could threaten humankind and calling it “the most important global security issue facing the world today.” Rivals Sam Altman and Elon Musk have backed him up, too, in a rare moment of solidarity for competitors who’ve seemingly relished opportunities to disparage each other publicly. Another rival, Mark Zuckerberg, has meanwhile swatted away concerns , telling NBC News last week that he doesn’t “think that we need some kind of industrywide coordination.” 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 “dozens” of external sites, including government one, including the SEC’s site itself . Earlier on Monday, it said it had scrapped plans to release its newest model owing to safety concerns. Topics AI , Anthropic When you purchase through links in our articles, we may earn a small commission . This doesn’t affect our editorial independence. Connie Loizos Editor in Chief & General Manager Loizos has been reporting on Silicon Valley since the late ’90s, when she joined the original Red Herring magazine. Previously the Silicon Valley Editor of TechCrunch, she was named Editor in Chief and General Manager of TechCrunch in September 2023. She’s also the founder of StrictlyVC, a daily e-newsletter and lecture series acquired by Yahoo in August 2023 and now operated as a sub brand of TechCrunch. You can contact or verify outreach from Connie by emailing connie@strictlyvc.com or connie@techcrunch.com , or via encrypted message at ConnieLoizos.53 on Signal. View Bio October 13 – 15 San Francisco Get 50% off a second pass The Disrupt experience is meant to be shared. Get your pass and bring a colleague, partner, or peer at 50% off. Cover more ground by making connections, building momentum, and discovering what’s next in the startup ecosystem. BOOK NOW Most Popular Crusoe abandons $1.25B plan to use Boom turbines at AI data centers Kirsten Korosec Astra and Opus just passed Turing’s other test Tim Fernholz Oracle sends force majeure notice on its New Mexico Stargate data center Aditya Mehta Meta made a Tamagotchi-like wearable for its Muse AI agent Lucas Ropek Vogue sent robots down the runway at Vogue World, and people were not impressed Dominic-Madori Davis Anthropic says its biology lab has already found something big Julie Bort PitPro’s first tire-changing robot goes live in Canada Sean O'Kane