The Big OneDeals
Anthropic's IPO prospectus discloses billions in losses and an AI risk warning
Anthropic's prospectus for its planned US listing shows a 2025 operating loss of more than $8 billion against revenue that grew twelvefold to nearly $4.6 billion, with the company targeting a valuation above $2 trillion. Reuters and the Financial Times reported that the filing is the first on the SEC's database to list existential risk to humanity as a disclosed risk factor.
NoteA company does not usually put existential risk in the same document as its revenue growth, so seeing Anthropic name it as a risk factor is as much a signal to the banks building on its models as it is to the investors pricing a valuation above $2 trillion.