Anthropic IPO prospectus targets $2T valuation, commits to $518B in decade-long compute spend

Anthropic's leaked IPO prospectus targets a valuation above $2 trillion and commits the company to $518 billion in cloud, computing, and infrastructure obligations over the coming decade, with roughly 80% non-cancelable. The filing reports 2025 revenue of $4.6B (up 12x year-over-year) against roughly $8B in operating losses and $7.3B in computing costs. About 80 of 261 pages are devoted to AI risks, including a warning that Anthropic's models could pose 'catastrophic or existential risk to humanity.'