Anthropic, an AI company valued at $1 trillion, is aiming for a record stock market debut, and its Wall Street prospectus published Monday lays out three threats: rivals catching up, collapsing prices and rising costs. Almost all of its revenue comes from its AI tools, with no advertising or cloud business to fall back on, and it warns its safety measures could slow capability gains. Open models trail closed ones by about 4 months on average, and the price of processing the same amount of text at the same performance has dropped 97%, from $17 at the end of 2024 to 50 cents. Shareholders floated a $2 trillion valuation in mid-August, but slowing quarter-on-quarter growth from 145 percent to 45 percent cooled expectations to around $1.5 trillion. Still, more than 80 percent of last quarter's revenue came from models less than six months old.
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| Market | US stocks |
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| Industry | Systems Software |
| Market cap | $3.9T |
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