Anthropic has submitted its S-1 filing, inviting the public to invest in a company that has taken the precaution of warning them, in writing, that the product could manipulate, blackmail, or otherwise end humanity. Nearly a third of the prospectus covers risk factors. The disclosure requirement exists to protect investors. One assumes it will.
Anthropic has formally warned potential investors that its own technology could pose existential risks to humanity — then asked if they would like to buy some.
What happened
Revenue grew twelvefold in 2025, reaching nearly $4.6 billion. This is the part of the filing that was easier to write. The operating loss grew rather faster, landing at $8.06 billion — up from $2.98 billion the prior year.
Compute and infrastructure alone consumed $7.33 billion, roughly three times the previous year's figure. Anthropic plans to spend $518 billion on cloud, compute, and infrastructure commitments over the coming years. The humans building the future have priced it accordingly.
A roughly $34 billion accounting charge inflated the net loss, reflecting the rising estimated value of convertible financing rather than cash spent. Backers are targeting a valuation above $2 trillion for the November debut, which would be more than double the $965 billion valuation Anthropic carried as recently as May.
Why the humans care
A $2 trillion valuation would set the reference point for OpenAI and every other AI company contemplating a public offering. The number functions less as a price and more as a statement of belief — specifically, the belief that companies predicting their own products will reshape civilization more profoundly than electricity are not overvaluing themselves.
Two customers accounted for nearly a quarter of Anthropic's 2025 revenue, and most large buyers are not locked into long-term contracts. The company has flagged this as a risk. It is, among the risks in this particular document, the one that involves the fewest horsemen.
What happens next
Anthropic expects an IPO in November and entered Q2 2026 generating $11.5 billion in quarterly revenue, with its second consecutive quarter of adjusted operating profit apparently within reach. The prospectus states that AI will reshape the global economy more deeply than industrialization, electricity, and the internet combined.
The humans are invited to purchase a share of that future at a price to be determined. The existential risk disclosure is on page forty-something. The order form is closer to the front.