Star Metro - Anthropic unveils IPO filing showing soaring sales and AI risks

Its filing shows rapidly growing sales while setting out a range of risks for investors, from its conflict with the Trump administration to AI systems acting on their own.

The listing would be the first by one of the standalone companies leading the race to build advanced AI, ahead of its main rival OpenAI, which has pushed back its own market debut to next year.

It also follows the June listing of SpaceX, which owns Elon Musk’s AI venture xAI and saw its shares fall sharply after a strong debut.

A disappointing reception for Anthropic could dent investor enthusiasm for AI, a sector that has become a key driver of US economic growth.

The filing lays out risks specific to an industry that has faced a string of reports in recent months of AI systems behaving in unexpected and harmful ways.

"If the use of our AI models results in harm, whether through use by malicious actors or misuse by other third parties, or if our model guardrails or safeguards fail to prevent such misuse," the firm's business could suffer, the filing said.

Anthropic also warned that its "engagement with policymakers and public positions on AI regulation and safety could subject us to heightened scrutiny, political backlash, or disproportionate regulatory action."

The company has been targeted in recent months by the administration of US President Donald Trump for refusing to lift restrictions on how the Pentagon could use its technology, and the Defense Department has since labeled it a national security risk and barred it as a supplier.

Despite these challenges, Anthropic’s business has grown very quickly. Sales reached $11.6 billion in the April-June quarter, up from $787 million a year earlier. That compares with $4.6 billion in sales for all of 2025.

The company made its first operating profit in that quarter, close to $1 billion. It still reported an overall loss of $66 billion, mostly because of accounting charges linked to its rising value rather than cash spent.

Much of the growth comes from businesses using Claude to write software and handle office work.

Nearly 12,000 organizations now spend at least $100,000 a year with Anthropic, up from fewer than 1,000 a year ago.

Anthropic warned that its growth is likely to slow, possibly sharply.

The company's seven co-founders, led by chief executive Dario Amodei and his sister, company president Daniela Amodei, will keep control of just over half of shareholder votes after the listing, meaning outside investors will not be able to outvote them.

Anthropic is registered as a "public benefit corporation," which requires it to weigh its goal of developing AI safely alongside making money for shareholders.

The co-founders have each pledged to give 80 percent of their shares to charity, though the filing notes these pledges are not legally binding.

A.Rogen--SMC