Anthropic's leaked IPO prospectus reveals the AI startup is targeting a November listing with a valuation exceeding $2 trillion. The filing details massive capital expenditure plans of $518 billion for cloud and infrastructure over the coming years. In Q2 2026, Anthropic reported revenue of $11.5 billion, marking its second consecutive quarter of operating profit on an adjusted basis.

However, the prospectus devotes nearly a third of the filing to unprecedented risk factors, warning of potential AI model manipulation and unpredictable behaviors. This comes amid market volatility, as Oura postponed its own listing due to IPO uncertainty. Other delayed offerings include SB Energy and Holtec International.

The leak highlights intensifying scrutiny on AI safety, with Donald Trump recently hosting Anthropic's Dario Amodei at the White House to discuss regulatory approaches. Democrats are campaigning on AI anxiety ahead of midterm elections. While investors remain confident in Anthropic's growth trajectory, the company faces a narrowing window to complete its public offering before year-end amid a shifting market landscape.