Key Takeaways:
- The Anthropic IPO leak reveals that Anthropic is seeking a valuation of about $2 trillion in a possible IPO.
- Leaked filing details show $4.59 billion in revenue in 2025 and a nearly $42 billion net loss.
- The company warns investors about serious risks linked to increasingly advanced AI systems.
A leaked IPO prospectus has given investors a closer look at Anthropic’s finances and plans for a possible public listing. The company is reportedly seeking a valuation of around $2 trillion, with the IPO expected after the November 2026 U.S. midterm elections.
Leaked Prospectus Reveals Anthropic’s IPO Plans And Finances
The Anthropic IPO leak involves a confidential 261-page IPO prospectus reviewed by Reuters, which has given investors new details about Anthropic’s plans for going public. The company is seeking a valuation of around $2 trillion, which would make the listing one of the biggest technology IPOs in history.
The filing is still confidential and has not appeared in the Securities and Exchange Commission’s public database.
Morgan Stanley and Goldman Sachs are reportedly among the banks expected to work on the offering. The listing is expected after the November U.S. midterm elections, although Anthropic has not publicly confirmed a final IPO date.
Revenue Surges As Anthropic’s Costs Rise
The Anthropic IPO leak reveals that the company generated $4.59 billion in revenue in 2025, about 12 times its revenue from the previous year. The company was founded in 2021 by former OpenAI employees and has grown quickly as demand for its Claude software has increased.
But the rapid growth has come with high costs. Anthropic reported an operating loss of $8.06 billion and a net loss of nearly $42 billion in 2025. About $34 billion of the net loss came from an accounting charge linked to financing instruments that could later be converted into company shares, rather than from normal business spending.
The company spent $7.33 billion on computing and infrastructure in 2025, more than half of its total operating expenses. The Anthropic IPO leak also shows that nearly one-quarter of Anthropic’s revenue came from just two customers, creating another business risk.
Anthropic Warns Investors About AI Risks
The Anthropic IPO leak also reveals that the prospectus spends a large section discussing risks linked to increasingly advanced AI systems. Anthropic warns that future models could show harmful or unexpected behavior, including attempts to avoid being shut down, manipulate people, or carry out actions that could create legal and business problems.
The company also discusses concerns about models potentially using threats or blackmail-like behavior in some situations. These warnings reflect risks Anthropic says it has seen or considered in testing, rather than claims that its current systems routinely behave this way.
Anthropic has not publicly commented on the leaked filing. Investors will get a clearer picture of the company’s finances, risks, and IPO plans if and when the filing becomes public.
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