Anthropic's S-1 lists 94 pages of risk factors and warns that the "scale of harm" from a "catastrophic" AI incident might mean it is unable to obtain insurance (Wall Street Journal)

Anthropic, a leading artificial intelligence company, announced on Monday its intention to sell shares to the public, marking a significant trial to determine if the AI boom can generate profits. This filing highlights its rapidly increasing sales and outlines potential risks for investors, including conflicts with the Trump administration and AI systems acting independently.

If successful, this would be the first listing by a standalone company in the advanced AI race, surpassing its main competitor OpenAI, which has postponed its public debut until next year. This follows SpaceX's June listing of xAI, Elon Musk's AI venture, which experienced a sharp drop in share value following a strong initial performance.

Investors might be wary of Anthropic's market debut, as a negative response could impact enthusiasm for AI, a sector currently driving significant US economic growth. The filing details risks inherent to an industry that has seen numerous reports of AI systems acting unpredictably and potentially harming users or being misused by third parties.

Anthropic warns that its business could suffer if its AI models cause harm, fail to prevent misuse through inadequate safeguards, or encounter increased scrutiny and political backlash due to its engagement with policymakers on AI regulation and safety. The company has faced backlash from the Trump administration for refusing to lift Pentagon restrictions on AI use, with the Defense Department labeling it a national security risk and prohibiting its involvement as a supplier.

Despite these obstacles, Anthropic's business has expanded rapidly. Sales surged to $11.6 billion in the April-June quarter, a significant increase from $787 million a year earlier, and surpassed $4.6 billion for all of 2025. The company achieved its first operating profit in that quarter, nearing $1 billion. Most of the growth is attributed to businesses utilizing Claude for software development and office tasks.