Anthropic’s leaked IPO prospectus details steep losses, rapid growth, and a fear that AI could end humanity

Anthropic’s leaked IPO prospectus gives the first detailed look at the finances behind the Claude maker’s planned public debut, and the picture is extreme in both directions. The company pulled in $4.6 billion in revenue, but the filing says it lost $42 billion last year. Its operating loss widened to $8.06 billion from $2.98 billion a year earlier, even as revenue jumped 1,088% in 2025.

That kind of growth comes with a very expensive bill. Anthropic spent $7.33 billion on computing and infrastructure last year, roughly triple what it spent in 2024, as it raced to secure more capacity after products like Claude Code sent usage higher and exposed a compute shortage. The company has also committed to $518 billion in future cloud, computing, and infrastructure obligations.

Amazon and Google back Anthropic with billions and provide much of the cloud infrastructure used to train and run Claude. The lab has also signed computing deals with SpaceX and smaller providers. It said it had $20.28 billion in cash, cash equivalents, and short-term investments at the end of December 2025, but it also warned that two customers made up nearly a quarter of 2025 revenue and that many of its biggest customers are not locked into long-term contracts.

The filing suggests Anthropic is still chasing an IPO valuation above $2 trillion, after several delays and possibly after the U.S. midterm elections in November. That would more than double the company’s estimated $965 billion valuation from May and would put its debut among the largest ever. And unlike most giant listings, this one comes wrapped in a risk section that openly talks about fraud, manipulation, security failures, and even “existential risks to humanity.”

Anthropic has long sold itself as the cautious AI company, the one that takes safety seriously while everybody else hurries to ship. But there’s a funny kind of honesty in filing for a mega-IPO while also warning that the product category might end civilization. Wall Street may call that courage; everyone else can call it what it is: a very expensive faith-based business.