AI company Anthropic's revenue is projected to grow twelvefold to nearly $4.6 billion in 2025, with operating losses expanding from $2.98 billion in 2024 to $8.06 billion in the same period, according to its prospectus obtained by Reuters on September 28. The company's net loss is nearly $42 billion, of which approximately $34 billion comprises non-cash accounting expenses. The IPO targets a valuation exceeding $2 trillion, significantly higher than its previous expectation of $965 billion six months ago.

The prospectus also revealed Anthropic's plan to invest $518 billion in cloud computing, hashrate, and infrastructure over the next few years. In the risk section, the company dedicated 80 pages to warn that its AI models could pose "catastrophic or even existential risks" to humanity, including self-preservation behaviors such as "resisting shutdown" and "concealing information." The company's governance structure is unique, with the seven co-founders holding 50.1% of voting rights on key matters through the "Founder LLC" entity, limiting the influence of common shareholders.