Anthropic’s prospectus details losses, growth, and, yes, a warning that its AI could end humanity

In its prospectus, Anthropic just told investors it's losing tens of billions of dollars a year, but also growing like crazy, and — oh yeah — its own AI might pose an existential risk to humanity.

Key points

• In its prospectus, Anthropic just told investors it's losing tens of billions of dollars a year, but also growing like crazy, and — oh yeah — its own AI might pose an existential risk to humanity.

From the report

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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 o