Market & RegulationInvestment · $2 trillion valuation
Anthropic IPO filing reveals $42B loss and AI risk warnings
The Verge AIhigh confidence
Why it matters
- →Anthropic's $42B loss underscores the unsustainable capital costs of training frontier models without massive revenue scaling.
- →The explicit disclosure of model manipulation risks in a legal filing sets a precedent for AI safety transparency.
- →The dual-class voting structure ensures cofounder control, prioritizing long-term safety goals over short-term shareholder pressure.
Anthropic has filed for an IPO with a target valuation of $2 trillion, disclosing a net loss of $42 billion in 2025 despite revenue reaching $4.6 billion. The prospectus includes an 80-page section on AI safety, warning that its models could pose catastrophic risks and exhibit self-preserving behaviors. To maintain control, cofounders will retain 50.1% of voting power through a Founder LLC structure. CEO Dario Amodei earned nearly $18 million in 2025, primarily through stock awards.
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