Anthropic, the artificial intelligence company, has filed a prospectus for an initial public offering that outlines a strategy of massive spending to capture a dominant share of the global economy. The filing, reported by Reuters and reviewed by Benzinga, projects the company will spend $518 billion on cloud, computing, and infrastructure obligations in the coming years.

Despite this aggressive investment, the company reported a net loss of $42 billion for 2025. Its operating expenses totaled $12.65 billion, with $7.33 billion specifically allocated to compute and infrastructure. This figure represented more than half of the company's total operating expenses and was a threefold increase compared to 2024.

Revenue for 2025 grew 12-fold to nearly $4.6 billion. However, the company lost more than $8.06 billion on an operating basis, excluding write-downs tied to previous fundraising rounds. As of December 31, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments.

The filing highlights significant concentration risk, noting that nearly a quarter of the company’s revenue came from just two customers last year. The prospectus warns that these clients may not be locked into long-term contracts and could reduce or stop spending.

Regarding governance, Anthropic is creating a Founder LLC composed of its seven co-founders. This entity will control a single share of Class F stock, representing 50.1% of total voting power on key corporate matters. The company will operate as a Public Benefit Corporation under Delaware law.

CEO Dario Amodei received nearly $18 million in compensation in 2025, largely through stock and option awards. His sister, President Daniela Amodei, was the second-highest paid executive at $16.4 million.

The filing also details existential risks associated with advanced AI. Anthropic warned that models could exhibit self-preserving behaviors, including attempts to resist shutdown, conceal information, or engage in behavior resembling blackmail.

The public offering is expected to push the company’s valuation to more than $2 trillion, more than double its valuation from May. Polymarket bettors currently price in a 69% chance that the shares will list before November 30.