Anthropic IPO filing tests how markets price catastrophic AI risk

Anthropic wants public investors to value it at more than $2 trillion. Its own prospectus also spends a lot of space explaining how its technology could go badly wrong. That tension drives a Bloomberg analysis of a question Wall Street rarely has to answer: how do you value a company when there are fears its product could contribute to catastrophic artificial intelligence risks? What the filing shows The prospectus runs approximately 300 pages. It sets a valuation goal above $2 trillion, more than double the $965 billion post-money valuation Anthropic reached in a May 2026 funding round. That private round brought in $65 billion. The IPO itself is expected to raise approximately $100 billion. Anthropic reported nearly $4.6 billion in revenue for 2025, a 12-fold increase. The company posted a net loss of $42 billion for 2025, a figure that includes significant accounting charges, alongside an $8.06 billion operating loss. According to the filing, 47% of 2025 revenue came through the Amazon and Google cloud marketplaces. Nearly 25% of 2025 revenue came from just two clients. Risk factors that read like a sci-fi pitch deck Anthropic’s filing dedicates extensive space to the dangers of...