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Anthropic's IPO prospectus shows sweeping AI vision, surging costs

The filing says revenue rose 12-fold to nearly $4.6 billion in 2025, even as Anthropic posted an $42 billion net loss.

  • Anthropic's IPO prospectus revealed on Monday a potential valuation exceeding $2 trillion, more than double the company's May estimate of $965 billion.
  • Revenue grew to nearly $4.6 billion in 2025 while Anthropic reported a $42 billion net loss, which included a roughly $34 billion accounting charge tied to financing instruments rather than operating costs.
  • Anthropic cautioned investors that advanced AI models could pose "catastrophic or existential risks to humanity," dedicating roughly 80 pages of its prospectus to risk factors versus 48 pages describing its business.
  • To compete with OpenAI, Anthropic maintains a "continuous and overlapping cadence" of releases while describing safety efforts as "resource-intensive" and dividing limited funds between compute, talent and research.
  • Recent market scrutiny of AI stocks suggests the public debut will test whether enthusiasm can withstand greater scrutiny, with the offering likely pushed until after the November midterm elections.
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Reuters broke the news in London, United Kingdom on Monday, September 28, 2026.
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