Anthropic IPO Prospectus Leaked Showing 2025 Revenue of $4.6 Billion, $42 Billion Net Loss and 80 Pages of AI Risk Warnings

A draft of Anthropic's IPO prospectus leaked on September 28, 2026, revealing 2025 revenue of approximately 4.6 billion dollars, up twelve-fold from the prior year, an operating loss of more than 8 billion dollars, and a net loss of 42 billion dollars, about 34 billion of which is a non-cash accounting charge, according to Reuters, TechCrunch and CNBC reporting published September 28-29. The Financial Times and other outlets reported second-quarter 2026 revenue of 11.5 billion dollars, representing rapid growth during 2026 from Q1's 4.73 billion dollars. Roughly 80 of the 261-page draft prospectus cover risks, including a warning of catastrophic or existential risk to humanity.

Anthropic confidentially submitted a draft S-1 registration statement to the SEC on June 1, 2026, for a proposed initial public offering of its common stock. The company has selected Nasdaq for listing and is reportedly targeting a November 2026 debut, though no IPO date, ticker, exchange or price range has been publicly confirmed. Prediction markets price a listing by year-end near 78 percent. The company closed a Series H funding round at a 965 billion dollar post-money valuation, surpassing OpenAI.

Investors and regulators face concentration and commitment risks. The draft shows 47 percent of sales devoted to Amazon and Google, who are at once investors, suppliers and rivals. The company has committed 518 billion dollars to compute over a decade, 80 percent of it non-cancelable, a figure larger than its current market capitalization. The filing sets a disclosure precedent that OpenAI and others will be measured against if they pursue public listings.

Sources

Reuters, September 28, 2026, cited in Yahoo Finance finance.yahoo.com and CNBC cnbc.com Financial Times, September 28, 2026, cited in SiliconANGLE siliconangle.com and Fortune fortune.com TechCrunch, September 28, 2026, cited in Decode The Future decodethefuture.org CNBC, August 15, 2026, Q2 2026 revenue reporting, cited in ValueAddVC valueaddvc.com and Forbes forbes.com Dr. Alex Wissner-Gross / The Innermost Loop newsletter, September 30, 2026, theinnermostloop.substack.com Luminix AI Strategic Research / Jon Sinclair, September 30, 2026, useluminix.com Forge Global, September 2026, forgeglobal.com