$2 trillion valuation, catastrophic AI risks: What Anthropic’s IPO filing reveals

Anthropic, an artificial intelligence company, is preparing for a potential $2 trillion valuation and an initial public offering (IPO) following the US midterm elections in November. The company filed a draft S-1 registration statement with the US Securities and Exchange Commission in June. Despite reporting a net loss of $42 billion in 2025, Anthropic's revenue grew 12-fold to around $4.6 billion, nearly doubling its valuation from $965 billion in May 2025 to $2 trillion.

The company emphasizes its commitment to safety, warning investors about the potential catastrophic or existential risks advanced AI could pose to humanity. With a focus on safety research, Anthropic allocated 6% of its computing power to safety during a sample week in July, but the cost of compute remains the central expense for the company.

In a unique move, Anthropic is structuring its ownership so that the founders retain control over key decisions, even after the IPO, by retaining 50.1% of voting power through a "Founder LLC" and special Class F shares.