# Anthropic IPO filing shows revenue up twelvefold, $2trn target

> Anthropic's leaked IPO filing targets a $2 trillion-plus valuation.

*Leaked prospectus reveals a $42 billion loss, $518 billion of planned infrastructure spending, and warnings about existential AI risk.*

By Behzad Hosseini · FeaturedDaily
Canonical: https://featureddaily.com/news/anthropic-ipo-filing-shows-revenue-up-twelvefold-2trn-target

**What happened:** Reuters obtained Anthropic's confidential IPO prospectus, filed with the SEC on 1 June 2026, and reported it on 28 September. Anthropic declined to comment.

**The numbers:** 2025 revenue grew twelvefold to almost $4.6 billion, but the company posted a $42 billion net loss and an $8 billion operating loss. It spent $7.33 billion on compute and infrastructure in 2025, with $518 billion more planned. Q2 2026 revenue hit $11.6 billion, and the annualised run rate topped $65 billion by end-July.

**The details:** Bankers are reportedly eyeing a valuation above $2 trillion, more than double Anthropic's roughly $965 billion valuation in May. That figure leans on projected 2028 revenue of $190–200 billion, at an 18–20x sales multiple. The offering could raise up to $100 billion, surpassing SpaceX's $1.77 trillion June 2026 IPO. It would list on Nasdaq, led by Morgan Stanley, Goldman Sachs and JPMorgan. Nvidia is reportedly weighing a $10 billion contribution.

**The catch:** Nearly a quarter of revenue came from just two unnamed customers, and the filing warns many top clients lack long-term contracts.

**Why it matters:** The 261-page prospectus devotes about 80 pages to risk factors, including warnings that AI could pose a "catastrophic or existential risk to humanity", that recursive self-improvement could trigger an "intelligence explosion", and that models could show "self-preserving behaviors" such as attempts to "resist shutdown".

**In their words:** "The prospectus stating that revenue grew by 12 fold in 2025 is truly remarkable," said Michael Field of Morningstar.

**The rivals:** OpenAI's own IPO is now expected in 2027.

**What's next:** The listing date is unconfirmed. Some reports point to mid-October, others to November 2026. [Reuters via Investing.com](https://www.investing.com/news/stock-market-news/anthropics-ipo-prospectus-sharpens-focus-on-ai-valuations-4923003) and [Gizmodo](https://gizmodo.com/leaked-anthropic-ipo-prospectus-gives-wall-street-an-early-look-at-how-ai-could-go-off-the-rails-2000818911) both flag the risk-factor disclosures as unusually stark for a filing of this scale.

## Key takeaways

- 2025 revenue rose twelvefold to almost $4.6 billion
- Filing warns AI could pose existential risk, resist shutdown
- Offering could raise up to $100 billion, topping SpaceX

## Sources

- [Anthropic's IPO prospectus sharpens focus on AI valuations](https://www.investing.com/news/stock-market-news/anthropics-ipo-prospectus-sharpens-focus-on-ai-valuations-4923003) — Reuters via Investing.com, 2026-09-29
- [Leaked Anthropic IPO Prospectus Gives Wall Street an Early Look at How AI Could Go Off the Rails](https://gizmodo.com/leaked-anthropic-ipo-prospectus-gives-wall-street-an-early-look-at-how-ai-could-go-off-the-rails-2000818911) — Gizmodo, 2026-09-29