A leaked IPO prospectus reportedly shows Anthropic warning investors that advanced AI could pose existential risks, while also exposing the financial strain of building its business. The article questions whether such warnings highlight genuine danger or serve the company’s interests by drawing attention to its technology and encouraging regulation.

The leaked figures say Anthropic plans $518 billion in cloud, computing and infrastructure commitments, compared with a hoped-for valuation of $2 trillion. It spent $7.33 billion on infrastructure last year and recorded an operating loss of more than $8 billion, despite revenue rising twelvefold to about $4.6 billion. The article also points to uncertainty around Oracle’s planned data-centre capacity for OpenAI and estimates that AI infrastructure spending could reach $31.6 trillion by 2050, warning that a collapse in investment could harm the wider economy.