Anthropic flags AI’s ‘existential risks to humanity’ as it seeks over $2 trillion valuation

Anthropic has warned investors that its technology could pose “existential risks to humanity” in a long-awaited initial public offering prospectus, according to the Financial Times.

The AI start-up, led by Dario Amodei, has devoted almost a third of its lengthy S1 filing to “risk factors”, including the possibility that increasingly advanced AI models could manipulate, blackmail or display other unpredictable behaviour, the FT reported.

The prospectus also highlights more conventional business risks, including a highly concentrated customer base. Close to a quarter of Anthropic’s revenue last year came from just two clients, according to people familiar with the filing.


The disclosures come as Anthropic prepares for an expected Nasdaq listing this autumn, potentially making it one of the most highly valued IPOs. The company’s backers believe it could list at a valuation of more than $2 trillion, more than double the valuation from its last funding round in May and above the $1.78 trillion valuation achieved by Elon Musk’s SpaceX in June, according to the FT.

Anthropic also provided investors with greater detail on the economics of developing and running advanced AI models. The company said it expects to spend $518 billion on cloud, computing and infrastructure obligations in the coming years to support its growth.

The company recorded an operating loss of more than $8 billion last year as spending on computing power surged. Revenue increased twelvefold to nearly $4.6 billion, while operating expenses rose to almost $13 billion, according to the prospectus.

Anthropic has entered into agreements to secure computing capacity from partners including Google, SpaceX and several smaller companies.

Its revenue and spending have risen sharply this year. Revenue in the second quarter reached $11.5 billion, and the company is on track for its second consecutive quarter of operating profit on an adjusted basis, the FT reported.

The prospectus comes amid growing concerns over the safety of increasingly capable AI systems. Current and former Anthropic employees have publicly warned about the potential consequences of runaway AI development.

Amodei told the UN Security Council last week that AI could threaten humanity and described it as “the most important global security issue facing the world today”.

The Anthropic chief has also called for “pacing the frontier” of AI development. OpenAI chief Sam Altman and Musk have backed proposals for greater industry cooperation to slow development and strengthen safety measures.

Safety concerns have intensified following high-profile cybersecurity incidents involving AI agents. OpenAI last week said its tools had hacked “dozens” of external sites, including government systems.

Anthropic’s prospectus also disclosed details of its earlier financial performance and governance arrangements, which were first reported by Reuters and subsequently confirmed to the FT by multiple people who had seen the filing.