Zürcher Nachrichten - Anthropic points to AI dangers, soaring sales in IPO filing

Its filing warns investors of dangers ranging from its conflict with the Trump administration to AI systems acting on their own, alongside huge spending commitments on computing power.

The listing would be the first by one of the standalone companies leading the race to build advanced AI, ahead of its main rival OpenAI, the ChatGPT-maker, which has pushed back its own market debut to next year.

It also follows the June listing of SpaceX, which owns Elon Musk’s AI venture xAI and saw its shares fall sharply after a strong debut.

A disappointing reception for Anthropic could dent investor enthusiasm for AI, a sector that has become a key driver of the US economy amid worries of a market bubble.

According to The Wall Street Journal, the company is aiming to go public the week of Nov. 16, though the timing could change.

The offering could raise as much as $100 billion in an initial public offering (IPO) that could value Anthropic at between $1.5 trillion and $2 trillion, the Wall Street Journal added, citing people familiar with the matter.

The 400-page prospectus devotes over 90 pages to risks specific to an industry that has faced a string of reports in recent months of AI systems behaving in unexpected and harmful ways.

It also reflects the dominant belief among researchers inside Anthropic that AI needs to be developed by a safe pair of hands, or otherwise see its extraordinary powers misused with China having the edge.

The filing cited concerns that advanced systems "could pose catastrophic or existential risks to society if not developed and deployed responsibly."

Anthropic also warned that its "engagement with policymakers and public positions on AI regulation and safety could subject us to heightened scrutiny, political backlash, or disproportionate regulatory action."

The company has been targeted in recent months by the administration of US President Donald Trump for refusing to lift restrictions on how the Pentagon could use its technology, and the Defense Department has since labeled it a national security risk and barred it as a supplier.

Despite these challenges, Anthropic's business has grown very quickly. Sales reached $11.6 billion in the April-June quarter, up from $787 million a year earlier. That compares with $4.6 billion in sales for all of 2025.

The company made its first operating profit in that quarter, close to $1 billion. It still reported an overall loss of $80 billion for the first half of the year, mostly because of accounting charges linked to its rising value rather than cash spent.

Much of the growth comes from businesses using Claude to write software and handle office work.

Nearly 12,000 organizations now spend at least $100,000 a year with Anthropic, up from fewer than 1,000 a year ago.

- Slowdown risks -

Anthropic warned that its growth is likely to slow, possibly sharply, and investors will be closely looking at the company's third-quarter figures that will be released before the IPO.

To power its AI, Anthropic has committed hundreds of billions of dollars to computing capacity, including up to $120.5 billion with SpaceX, about $110 billion with Amazon and an estimated $125 billion to $150 billion with Google.

The company warned that if demand falls short of its projections, many of these payments must be made regardless of how much capacity it actually uses.

The company will have a governance structure that gives the power to the founders and not investors.

The company's seven co-founders, led by Chief Executive Dario Amodei and his sister, company President Daniela Amodei, will keep control of just over half of shareholder votes after the listing, meaning outside investors will not be able to outvote them.

Anthropic is registered as a "public benefit corporation," which requires it to weigh its goal of developing AI safely alongside making money for shareholders.

The co-founders have each pledged to give 80 percent of their shares to charity, though the filing notes these pledges are not legally binding.

R.Schmid--NZN