Anthropic's IPO filing shows $8 billion loss and warns of 'existential risks'

Anthropic filed its S-1 registration for a stock market listing that could value the company near $2 trillion, according to the Financial Times and MarketWatch. The filing shows the company lost $8 billion last year while generating $4.6 billion in revenue, a fivefold gap between income and spending. MarketWatch notes revenue grew more than tenfold during 2025, but the cost of training and running its AI models is climbing just as quickly. What sets this filing apart from a typical prospectus is its language: Anthropic's own S-1 warns of "existential risks to humanity" from advanced AI systems, according to the FT. That is an unusual disclosure for a company asking investors to buy its shares, and it puts a specific number behind the debate over whether AI labs are growing revenue faster than they are burning cash. Unresolved is how the market will price a company that is both the seller of a technology and, in its own words, a source of risk from that same technology. The eventual IPO valuation, and whether investors treat the loss figure as a temporary scaling cost or a structural problem, remains to be seen.