Anthropic files for IPO: revenue up twelvefold, costs and risks climb too

Anthropic's IPO filing shows soaring revenue, mounting costs, and "existential" risks

Anthropic filed its S-1. Revenue grew twelvefold in 2025 to nearly $4.6 billion, while operating losses widened from $2.98 billion to $8.06 billion, with $7.33 billion of that going to compute and infrastructure. Nearly a third of the filing covers risk factors, including that advanced models may manipulate, blackmail or act unpredictably. Investors put its valuation above $2 trillion, and the listing may slip past November's US midterms.

Why it matters: The S-1 lays out Anthropic's twelvefold revenue growth and compute cost structure, a concrete read on how top AI labs are valued at IPO.