And we have an IPO prospectus leak for Anthropic (ANTH.PVT).

For a company that has a billionaire founder warning about the significant safety risks to the world at the hands of his powerful tech, why isn’t this a shock?

Anthropic saw its 2025 sales surge 1,088% to $4.59 billion, according to a report from Reuters late Monday, which saw the company’s IPO prospectus. An official filing has not been made public yet.

Read more: How Anthropic overtook OpenAI to become the AI lab to beat

Anthropic lost $41.97 billion last year on a GAAP net basis, up from a loss of $8.31 billion in 2024.

The company formally warned investors that its technology may pose “existential risks to humanity”, per a report on Tuesday citing sources with knowledge of the prospectus.

Here are two hot takes off the jump:

Why everything has to go right for Anthropic, or else: The prospectus outlines about $518 billion in cloud, compute, and infrastructure obligations as the company continues building out its AI infrastructure. While the monster number underscores the optimism on AI stocks, it also shows how intertwined the AI ecosystem has become. If Anthropic doesn’t deliver on its grand vision, it could put a lot of other companies at major financial risk — from a stock and a bond perspective.

One surprising winner: The company, according to the FT report, has its sights set on a $2 trillion valuation. In a funding round in May, Anthropic was valued at $965 billion.

Salesforce (CRM) stands to be an under-the-radar winner here.

The company’s stake in Anthropic was valued at $5 billion on its last funding round.

Salesforce had initially invested $50 million in Anthropic in early 2023 and participated in subsequent funding rounds.

Brian Sozzi is Yahoo Finance’s Executive Editor, host of the Sozzi Unleashed morning show, the ‘Power Players With Brian Sozzi’ podcast and a member of Yahoo Finance’s editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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