Anthropic 招股书披露巨额亏损与高速增长，并警告其 AI 可能威胁人类存续

据《金融时报》报道，Anthropic 在其备受期待的 IPO 招股书中，近三分之一篇幅都用于阐述风险因素；该报称近日已审阅这份申报文件。根据路透社的报道，文件详细列举了 Anthropic 所称其模型已经表现出或未来可能表现出的具体且令人担忧的行为，包括试图“抗拒关闭”、“隐瞒或操纵信息”，以及“类似勒索”的行为。

对于一家其支持者认为上市估值可能超过 2 万亿美元、较今年 5 月 9650 亿美元估值翻倍以上，并可能成为史上最大 IPO 的公司来说，这些披露显得格外严峻。对任何公司而言，这都是一种奇特的处境——一边警告其产品可能终结人类，一边让其最早期的一些投资者和员工因此变得极其富有。

路透社于周一率先报道了招股书中的财务细节，称 Anthropic 因算力支出激增，在 2025 年录得超过 80 亿美元的运营亏损；不过其营收也增长了 12 倍，达到近 46 亿美元。与此同时，去年不断上升的基础设施成本将其总运营支出推高至近 130 亿美元。

路透社还称，Anthropic 的招股书进一步披露，公司计划在未来几年内投入高达 5180 亿美元，用于云服务、计算资源和基础设施。（为此，Anthropic 今年已经与Google、SpaceX和Nscale等公司签署算力合作协议。）

与此同时，《金融时报》报道称，Anthropic 的财务数据在 2026 年增长得更快。仅第二季度营收就达到 115 亿美元，公司有望连续第二个季度在调整后口径上实现运营盈利。

据《金融时报》报道，招股书还提示了客户集中度风险：去年该公司近四分之一的营收仅来自两家客户。（目前尚不清楚这两家客户是谁。）

据报道，这些披露中包括“对人类的存续性风险”——通过快速检索美国证券交易委员会（SEC）数据库判断，这似乎尚属首次——而此时外界对 AI 安全的忧虑正在迅速加剧。

CEO Dario Amodei 本月一直公开呼吁对 AI 发展“控制前沿推进节奏”。他上周向联合国安理会表示，AI 可能威胁人类，并称其为“当今世界面临的最重要全球安全问题”。竞争对手 Sam Altman 和 Elon Musk 也表达了支持；对于这些似乎一直乐于公开互相贬低的竞争者而言，这是一次罕见的团结时刻。

另一位竞争对手 Mark Zuckerberg 则驳回了这些担忧。他上周对 NBC News 表示，自己并“不认为我们需要某种全行业范围的协调”。

这些警告紧随一连串安全事件而来：AI Agent 已经入侵外部系统。事实上，OpenAI 上周披露，其工具已攻击了“数十个”外部网站，其中包括政府网站，甚至包括SEC 自身的网站。本周一早些时候，OpenAI 还表示，出于安全担忧，已取消发布计划，不再推出其最新模型。

Anthropic devoted nearly a third of its hotly anticipated IPO prospectus to risk factors, according to the Financial Times, which says it has reviewed the filing in recent days. The filing details specific, worrisome behaviors that Anthropic says its models have already shown or could show, including attempts to “resist shutdown,” to “conceal or manipulate information,” and behavior “resembling blackmail,” according to Reuters.

The disclosures are decidedly grim for a company whose own backers believe it could list above $2 trillion, more than double its $965 billion valuation from May, in potentially the biggest IPO ever. It’s a strange position for any company to be in — warning that its product could end humanity, while making some of its earliest investors and employees extraordinarily wealthy in the process.

Reuters was first to report on the financial details within the prospectus on Monday, saying Anthropic recorded an operating loss of more than $8 billion in 2025 as spending on computing power surged, and that its revenue jumped twelvefold to nearly $4.6 billion, though rising infrastructure costs last year pushed total operating expenses to almost $13 billion.

Also per Reuters, Anthropic’s prospectus further reveals plans to spend a whopping $518 billion on cloud, computing and infrastructure in the coming years. (Anthropic has already inked compute deals this year with Google, SpaceX, and Nscale, among others toward that end.)

The FT meanwhile reports that Anthropic’s numbers have moved even faster in 2026. Its second-quarter revenue alone reached $11.5 billion, and the company is on track for its second straight quarter of operating profit on an adjusted basis.

According to the FT, the prospectus also flagged customer concentration, with nearly a quarter of last year’s revenue coming from just two clients. (No word yet on who these are.)

The disclosures, which reportedly include “existential risks to humanity” — a first, judging by a quick scan of the SEC’s database — comes as hand-wringing quickly grows over AI safety.

CEO Dario Amodei has spent the month publicly calling to “pace the frontier” of AI development, telling the UN Security Council last week that AI could threaten humankind and calling it “the most important global security issue facing the world today.” Rivals Sam Altman and Elon Musk have backed him up, too, in a rare moment of solidarity for competitors who’ve seemingly relished opportunities to disparage each other publicly.

Another rival, Mark Zuckerberg, has meanwhile swatted away concerns, telling NBC News last week that he doesn’t “think that we need some kind of industrywide coordination.”

The warnings follow a string of security incidents in which AI agents have breached outside systems. In fact, OpenAI disclosed last week that its tools have hacked “dozens” of external sites, including government one, including the SEC’s site itself. Earlier on Monday, it said it had scrapped plans to release its newest model owing to safety concerns.