Timeline
- 7.5
Anthropic’s IPO doubles the price of its own books
A leaked Anthropic IPO prospectus shows the Claude maker preparing a November listing at a $2 trillion valuation — roughly double the $965 billion post-money valuation of its Series H round four months earlier. The filing leans on unaudited "run-rate" figures that annualize May 2026 revenue to $47 billion, against audited 2025 revenue of $4.6 billion. At the stated $100 billion raise and $2 trillion valuation, the offering would be the largest IPO on record, topping SpaceX’s $85.7 billion haul at a $1.77 trillion valuation. The prospectus is less bullish than the bankers lining it up: roughly 80 of its 261 pages are dedicated to risk factors. Anthropic’s $4.6 billion of 2025 revenue came alongside a $42 billion net loss, driven by AI infrastructure costs, according to the leaked document. It says the company is seeking $100 billion, and that Nvidia has floated a $10 billion anchor stake; at $2 trillion the valuation is about 435 times trailing 2025 revenue, versus roughly 210 times at the Series H price.
- 8.5
Anthropic’s prospectus details losses, growth, and, yes, a warning that its AI could end humanity
Anthropic's IPO prospectus discloses annual losses in the tens of billions of dollars alongside rapid growth, and carries a formal warning that its own AI models could pose an existential risk to humanity. Anthropic declined to comment on the filing, which was reported on September 28-29, 2026. A public prospectus from a frontier AI lab puts audited-scale financials and an explicit existential-risk statement into the public record at the same time. The offering itself could raise tens of billions of dollars for the cash-hungry company. The Financial Times reported that Anthropic told investors it recorded an operating loss of more than $8bn last year as it increased spending on computing power. Other coverage cited figures of roughly $42bn in losses and more than half a trillion dollars in cloud commitments.