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US firm Anthropic gave the world a window into its remarkable finances on Monday after it submitted its S-1 paperwork ahead of a planned initial public offering.
The artificial intelligence company revealed soaring revenues and high costs as it warned of the risks posed by AI.
The listing will be a key yardstick for investor appetite in an increasingly controversial industry that has quickly woven itself into the fabric of daily life.
Anthropic’s net losses hit $80.7 billion in the first half of 2026, the filing showed, while revenue jumped to around $16.3 billion over the period.
An IPO could bring in as much as $100 billion for the company behind Claude, with it potentially valued at upwards of $1.5 trillion, The Wall Street Journal reported, citing people familiar with the matter. Anthropic was valued at $965 billion in May.
“We believe that AI is one of the most consequential technologies in human history,” the company said in the S-1 form. “If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort.”
But Anthropic also warned of the dangers posed by its technology, saying AI could bring “catastrophic or existential risks to humanity” if it is not “developed, deployed, and operated with appropriate safeguards, oversight, and security measures.”
“The political environment and our engagement with policymakers and public positions on AI regulation and safety could subject us to heightened scrutiny, political backlash, or disproportionate regulatory action,” it added.
Gary Marcus, an emeritus professor at New York University and a staunch critic of the AI industry, accused Anthropic of attempting to “skirt the truth” with the filing by leaving out certain figures.
“Anthropic ducked Q3 in its S-1,” he wrote in a post on X. “That omission tells you all you need. Demand has drop, economics haven’t gotten worse. And a company that is allegedly built around trust is trying to skirt the truth.”
Anthropic reportedly told investors earlier this month that Q3 revenue had hit $16.8 billion, up from $11.6 billion in Q2.
