Anthropic's IPO prospectus, per Reuters: a $2 trillion-plus target, $4.6B in revenue and a $42B loss

Reuters has reviewed Anthropic's IPO prospectus, it reported on September 28. The company is pursuing a valuation of more than $2 trillion, and its public debut is likely to come after the November US midterm elections.

THE NUMBERS

Revenue grew roughly 12-fold in 2025, to nearly $4.6 billion. The net loss for 2025 was $42 billion; excluding writedowns of liabilities mostly tied to earlier fundraising, the operating loss was more than $8 billion. The prospectus lists $518 billion in cloud, computing and infrastructure obligations in the coming years.

THE WARNING

The filing warns investors that its AI models could pose catastrophic or existential risks to humanity. Several outlets report that about 80 of its 261 pages are given to risks, against 48 on the business itself.

WHAT WE DO NOT KNOW

Reuters saw the prospectus; no Anthropic registration statement is public on the SEC's EDGAR system as of this morning, which suggests a confidential filing. There is no ticker, exchange or date. Everything above is Reuters' reading of the document, not ours.