Anthropic's impending IPO is met with investor skepticism following the leak of SEC filings that highlight substantial financial losses, a massive surge in revenue, and extensive cloud computing obligations. The AI company also dedicates a significant portion of its prospectus to warning about the potential catastrophic consequences of advanced AI, raising ethical concerns alongside financial ones as it prepares for its NASDAQ listing.

Anthropic's impending IPO is met with investor skepticism following the leak of SEC filings that highlight substantial financial losses, a massive surge in revenue, and extensive cloud computing obligations. The AI company also dedicates a significant portion of its prospectus to warning about the potential catastrophic consequences of advanced AI, raising ethical concerns alongside financial ones as it prepares for its NASDAQ listing.

Anthropic's impending IPO is met with investor skepticism following the leak of SEC filings that highlight substantial financial losses, a massive surge in revenue, and extensive cloud computing obligations. The AI company also dedicates a significant portion of its prospectus to warning about the potential catastrophic consequences of advanced AI, raising ethical concerns alongside financial ones as it prepares for its NASDAQ listing.

As investors debate investing in Anthropic’s upcoming IPO, details from the AI company’s leaked SEC filings have further fuelled the scepticism behind AI investments. The revelations have stunned traders, with the Claude-maker citing huge losses despite revenue growing 12-fold over the the same period. The IPO prospectus revealed its huge cloud computing obligations and warned prospective investors about AI’s catastrophic consequences for humanity.

Anthropic’s IPO prospectus, filed in June 2026, was accessed by Reuters. According to the report, the company's revenue skyrocketed to nearly $4.6 billion in 2025 from $400 million in 2024. Nearly a quarter of this revenue reportedly came from just two customers.

However, the company’s losses ballooned by 425 per cent to $42 billion in 2025 from $8.31 billion in 2024. The $12.64 billion loss came from total operating expenses, more than half of which, around $7.33 billion, was spent on compute and infrastructure.

The company also wiped out the possibility of future relief, listing commitments of roughly $518 billion for cloud, computing and infrastructure obligations in the coming years.

Ross Hendricks, an equity analyst and author of the Ross report, questioned this statement on X, writing, “Just a casual mention of raising half a trillion in a single year, really? Does anyone believe this? Let's say they pull $100B in equity from the IPO... and then what, $400B from the debt markets?”

In a more pressing matter, the AI company reportedly dedicated 80 pages of the 261-page filing to warn investors about the risks of AI.

“Development of highly advanced models, platforms and applications and expansion of use cases could further increase the risk that our models cause harm," Anthropic said in the filing.

The Claude-maker warned that its models could potentially manipulate, blackmail and exhibit unpredictable behaviours. It also mentioned that models can develop unexpected capabilities that researchers may not identify beforehand.

These filings come right after Anthropic CEO Dario Amodei wrote an essay, arguing for a slower pace of AI development to reduce potential threats to humanity.

Hendricks posted on X, “the company reported a net loss of $42 billion in 2025 - and this is before it started losing market share to dirt-cheap open-source models. Anyone still wondering why the company is threatening to end humanity unless the government shuts down their competition?”

Despite the scepticism from investors, Anthropic remains confident in its valuation and rolled out its new Claude Sonnet 5.5 on Monday. The IPO is expected to be listed on the NASDAQ in November.