Craziest IPO ever: Anthropic has filed for an IPO that could value the company at more than $2 trillion, but warns in the same prospect for "catastrophic or existential risks to humanity." Reuters reviewed the prospectus. Key 2025 figures: - Revenue: ~$4.6B, up roughly 12x - Operating loss: $8.06B - Net loss: ~$42B, including a ~$34B non-cash accounting charge - Compute and infrastructure spending: $7.33B - Cash, equivalents and short-term investments: $20.28B at year-end The newer 2026 numbers show how quickly the business has grown: - Q2 revenue: ~$11.5B, up roughly 14x YoY - ARR: reportedly $65B+ by late July - Positive adjusted operating income in Q2, with another profitable quarter expected in Q3, according to the FT. This measure excludes costs including stock-based compensation. The prospectus also outlines $518B in future cloud, compute and infrastructure obligations. And in the same prospectus, Anthropic warns that advanced AI could pose "catastrophic or existential risks to humanity." It says models could resist shutdown, hide or manipulate information, and exhibit behavior resembling blackmail. Risk factors occupy roughly 80 pages of the prospectus, compared with 48 describing the business. There is something absurd about pitching a potential $2T valuation while listing existential risks to humanity in the investment paperwork.