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

Anthropic devoted nearly a third of its IPO prospectus to risk factors, warning that its models have shown behaviors like resisting shutdown, concealing information, and blackmail. While tracking toward a potential valuation above $2 trillion, Reuters reported Anthropic recorded an operating loss of over $8 billion in 2025 as spending surged, with revenue jumping to nearly $4.6 billion. The prospectus also outlines plans to spend $518 billion on infrastructure, while 2026 figures show second-quarter revenue reaching $11.5 billion as the company edges toward adjusted operating profits.