Anthropic has submitted its filing to go public on the U.S. stock market, marking the first time the AI research lab disclosed its financial details and the myriad risks it faces. The company’s investor prospectus, made public on Monday, spans over 90 pages and covers both its rapid growth and the potential threats associated with its business. This filing, known as an S-1, provides insights into what some investors have valued the firm at between $1.5 and $2 trillion, although Anthropic did not specify a target valuation in the document.
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Founded in 2021, Anthropic reported $16.3 billion in revenue for the first half of 2026 but incurred a significant loss of $80 billion, largely attributed to a one-time charge of $72.4 billion. In 2025, its revenue stood at $4.585 billion with losses near $33.9 billion. A major contributing factor to these costs is the substantial investment in computing power; the company allocated nearly $9 billion for AI infrastructure in the first half of this year, a steep increase from $2.3 billion in the same period last year. Unlike competitors like OpenAI, Anthropic has clarified that its primary clientele consists of other businesses, with its top five customers representing 25% of its revenue.
Anthropic envisions a future where AI could emulate the capabilities of what they describe as "a country of geniuses in a datacenter," with the potential to transform various fields such as biology, finance, and medicine. While discussing its ongoing projects, the company pointed out efficiencies gained in clinical trial reporting, reducing the time from months to minutes. It also claims to have unlocked biological discoveries, including a novel molecular machine that could potentially aid in gene editing.
The company recognizes that AI poses significant societal risks, categorizing them into misuse by bad actors, loss of control, authoritarian abuse, and economic disruption. Despite emphasizing the safeguards implemented to prevent misuse, Anthropic expressed concerns that these measures may not be sufficient or could be evaded. The company highlighted its troubling detection of a large-scale cyber-attack allegedly orchestrated by a state-sponsored Chinese hacking group using its AI tools.
Anthropic's S-1 includes a detailed 92-page analysis of its potential business risks. The firm underscores its reliance on top executives and highlights the need to navigate a competitive landscape dominated by major players like Google and OpenAI as well as evolving regulatory pressures. The company’s designation as a public benefit corporation means it must prioritize social good alongside financial success, which may complicate its ability to achieve immediate financial objectives.
As it steps into the public market, Anthropic also has to confront the universal risks associated with AI, including the prospect of catastrophic scenarios resulting from its technology. CEO Dario Amodei has previously advocated for a temporary halt in AI development to address these concerns responsibly. Regulatory changes, natural disasters, and the dependency on U.S. immigration policies for recruiting qualified talent are additional vulnerabilities that could impact the firm’s growth and stability.