The prospectus lists self-preserving behaviors its models could show, from resisting shutdown to acts resembling blackmail, ahead of a listing that could value the company at more than $2 trillion.
Anthropic's prospectus warns would-be shareholders that advanced AI could pose catastrophic or even existential risks to humanity, Reuters reported after reviewing the document, which has not been made public. Few listed companies, if any, have told investors that what they sell could lead to human extinction.
According to the filing, Anthropic's systems might try to resist shutdown, hide or distort information, or behave in ways resembling blackmail. Capabilities sometimes emerge unexpectedly in training, may go unnoticed until deployment and have already caused significant safety incidents. The filing adds that the possibility of a model noticing it is being tested significantly limits how well the company can judge that model's safety.
Risk factors fill about 80 of the prospectus's 261 main-body pages, nearly twice the space given to the business. SpaceX, which owns xAI, gave risk factors about 38 of the 277 main-body pages in its own prospectus.
The prospectus does not say how much Anthropic spends on safety research and calls the payback unclear. Earlier in September the company put safety work at roughly 6% of its research compute during one week in July. The filing also ties revenue to a steady run of overlapping model releases, which it calls inherent to staying at the frontier. Anthropic shipped a new Opus model last week, 10 days after chief executive Dario Amodei published an essay calling for a slower pace in building the most capable models.
According to Reuters, revenue rose 12-fold in 2025 to almost $4.6 billion, while the operating loss topped $8 billion. Two customers produced close to a quarter of that revenue, and many of the largest have no long-term commitment. The Financial Times, which also reviewed the filing, reported that second-quarter revenue in 2026 reached $11.5 billion and that the company is on track for a second straight quarter of adjusted operating profit.
Anthropic plans to spend $518 billion on cloud, compute and infrastructure in the coming years. It held $20.28 billion in cash and short-term investments at the end of 2025.
Reuters puts the potential valuation above $2 trillion and has reported, citing sources, that the listing will probably come after the US midterm elections in November.