Anthropic files 335‑page prospectus ahead of US IPO

Artificial‑intelligence firm Anthropic has lodged a 335‑page filing with US regulators as it prepares for a long‑awaited stock market debut.

The prospectus outlines how the Claude chatbot owner generates revenue, its spending patterns and its ownership structure, and it lists a range of risk factors, including the possibility that advanced AI could pose “catastrophic or existential risks to humanity”.

Anthropic disclosed that a hacking group it believes was backed by China manipulated Claude less than a year ago, breaching several technology, financial, chemical and government organisations.

The filing notes that the company’s ability to develop and deploy cutting‑edge AI models depends on access to computer chips and data‑centre infrastructure, a cost pressure it faces alongside fierce competition for talent and computing power.

Financially, Anthropic reported a loss of $80.7 billion in the first half of the year on revenue of $16.2 billion, but it holds $131.6 billion in cash, described as working capital, which exceeds the cash reserves of Meta and Google combined.

Customer base and growth strategy

Revenue is concentrated, with 250 enterprise customers contributing at least $10 million each in the past year, and five of those accounting for a quarter of total business. The firm says its enterprise client count has risen from about 1,500 last year to nearly 12,000 this year, driven by offering Claude for free initially and converting users over time.

Anthropic has not set a target share price, but market analysts expect a valuation of $2 trillion or more, which would make it the largest listing in history.

Source: BBC News. Photo: Alesia Kozik / Pexels.