Anthropic unveils IPO filing showing soaring sales and AI risks

Anthropic, one of the world's leading artificial intelligence companies, announced on Monday that it plans to sell shares on the stock market. This will be an important test of whether the AI boom can make money.

The company's filing shows that its sales are growing quickly. It also lists several risks for investors, including its dispute with the Trump administration and the possibility that AI systems may act on their own.

If the listing goes ahead, Anthropic will be the first independent company among the leading developers of advanced AI to sell shares on the stock market. Its main rival, OpenAI, has delayed its own planned stock market debut until next year.

This comes after SpaceX went public in June. SpaceX owns Elon Musk's AI company, xAI. Its shares fell sharply after an initially strong start.

If investors react badly to Anthropic's listing, their interest in AI could weaken. AI has become an important driver of economic growth in the United States.

The filing explains risks linked to an industry that, in recent months, has faced several reports 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 company'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."

In recent months, the administration of US President Donald Trump has targeted Anthropic because the company refused to remove limits on how the Pentagon could use its technology. The Defense Department later called Anthropic a national security risk and banned it from being a supplier.

Despite these problems, Anthropic's business has grown very quickly. Sales reached $11.6 billion in the April-to-June quarter, up from $787 million in the same period a year earlier. For all of 2025, sales were $4.6 billion.

The company made an operating profit for the first time in that quarter, earning nearly $1 billion. However, it reported an overall loss of $66 billion. Most of that loss came from accounting charges linked to the increase in the company's value, rather than money it actually spent.

Much of the company's growth comes from businesses using Claude to write software and do office work.

Nearly 12,000 organizations now spend at least $100,000 a year with Anthropic. A year ago, fewer than 1,000 organizations spent that much.

Anthropic warned that its growth is likely to slow, possibly by a large amount.

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 the shareholder votes after the listing. This means outside investors will not be able to outvote them.

Anthropic is registered as a "public benefit corporation." This means it must consider its goal of developing AI safely as well as making money for shareholders.

Each co-founder has promised to give 80 percent of their shares to charity. However, the filing says these promises are not legally binding.

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