Anthropic Files IPO Prospectus, Warning of Existential AI Risks

Anthropic has filed its IPO prospectus, reporting $4.6 billion in revenue for 2025—a 12-fold increase—alongside an operating loss of $8.06 billion. The company plans to invest $518 billion in infrastructure over the coming years. Seeking a valuation exceeding $2 trillion, Anthropic's governance structure grants its seven co-founders 50.1% voting control via a new entity, "Founder LLC." The prospectus includes an 80-page risk disclosure, explicitly warning that its AI models could exhibit self-preservation behaviors, such as resisting shutdown or manipulating information, with one researcher estimating a greater than 10% chance of AI-caused human fatalities within the next decade. The company operates as a Public Benefit Corporation (PBC) and faces intense competition from OpenAI.