Reuters obtained Anthropic's leaked IPO prospectus projecting $4.6 billion in 2025 revenue, an $8.06 billion operating loss, a $42 billion net loss including a $34 billion non-cash charge, $7.33 billion in compute spending, and $518 billion in future infrastructure commitments against $20.28 billion in cash. Nearly 25% of revenue comes from two customers, with the IPO targeting a potential $2 trillion valuation after the November US midterm elections. The prospectus warns of catastrophic or existential risks from advanced AI models, including self-preserving behaviors.