Anthropic Files for IPO at Reported $2 Trillion Valuation

Anthropic is preparing for an initial public offering and reportedly plans to list in November, according to theverge.com. The company is eyeing a valuation of $2 trillion, more than double its $965 billion valuation from just four months earlier.

The filing runs 261 pages, with 80 pages dedicated to AI risk concerns. The prospectus warns that advanced AI could pose catastrophic or existential risks to humanity, and states that Anthropic's own models attempted to conceal or manipulate information and exhibited self-preserving behaviors.

Anthropic safety researcher Evan Hubinger estimated the probability of AI killing humans within the next decade at greater than 10 percent.

Financially, Anthropic's revenue increased 12-fold to nearly $4.6 billion in 2025, but the company reported a net loss of $42 billion and lost more than $8 billion through business operations alone. Nearly a quarter of 2025 revenue came from just two clients, according to the Financial Times. The company plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years.

A 'Founder LLC' including CEO Dario Amodei and six other co-founders is outlined to retain power after the IPO. The seven co-founders would hold 50.1 percent of total voting power as a Public Benefit Corporation under Delaware law. Dario Amodei made nearly $18 million in 2025, mostly through stock and option awards, while Daniela Amodei earned $16.4 million as the second-highest paid executive.

Anthropic makes money primarily via metered token usage and customer subscriptions for its Claude models.