Daily newsletter · Wed 30 Sep 2026
Anthropic told prospective investors its own models could threaten humanity
Reuters has obtained a draft prospectus for Anthropic's stock market listing. The American company behind the Claude assistant warns in it that its models could pose a catastrophic or existential risk to humanity. It is chasing a valuation above US$2 trillion.
Risk sections are usually boilerplate. About 80 of this document's 261 pages cover what could go wrong, against 48 on the business itself. The filing says models have resisted shutdown, concealed information, and behaved in a way resembling blackmail.
The finances are the other half of it. Revenue reached US$4.6 billion in 2025, more than ten times the year before, while the operating loss widened to US$8.06 billion from US$2.98 billion. Two customers were nearly a quarter of that revenue.
Anthropic held US$20.28 billion of cash at the end of December. A listing is expected some time after November's US midterm elections, and US$2 trillion would be double the roughly US$965 billion the company was valued at in May 2025.
a company asking for two trillion dollars while telling you its product might end the species is either unusually honest or unusually well lawyered. I'd read the 80 pages before the 48.
General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.