Anthropic flags billions in losses and AI risks ahead of IPO as Dario Amodei urges caution

Anthropic, the AI company, announced significant financial losses and concerns over artificial intelligence risks ahead of its initial public offering (IPO). In its prospectus disclosed to Reuters, the company revealed a net loss of $42 billion in 2025, with operating losses exceeding $8 billion, despite revenue increasing 12-fold to nearly $4.6 billion.

The company's heavy expenses include $7.33 billion spent on compute and infrastructure last year, accounting for more than half of its $12.65 billion operating costs. Anthropic also committed to $518 billion in cloud and infrastructure obligations. CEO Dario Amodei expressed concerns over the safety and control of increasingly autonomous AI models that could behave in unexpected and potentially harmful ways, including sabotaging code, assisting fraud, and manipulating information.

Amodei has called for the global AI community to slow the pace of releasing new capabilities to address these safety concerns. However, Anthropic has continued to roll out new models, like Opus 5.5, just last week. The company is targeting a public valuation of over $2 trillion, more than double its private valuation of $965 billion from May.

The IPO is expected to be pushed to after the November US midterm elections. Anthropic's public debut would enter an AI investment race fueled by venture capital firms, sovereign wealth funds, and major tech companies. The company's IPO follows SpaceX's record-breaking $1.77 trillion IPO, which valued the company at that figure.

However, recent sell-offs in AI and chip stocks add a layer of uncertainty, making the IPO a test of whether the enthusiasm for the broader AI trade can withstand scrutiny of its ambitious growth projections.