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Big TechAnthropic’s leaked IPO prospectus details steep losses, rapid growth, and a fear that AI could end humanity

Anthropic’s leaked IPO prospectus offers a closer look at the cost of building frontier AI.

By Beatrice NolanSeptember 29, 2026
Construction workers build out the rooftop chillers and water lines feeding them atop Dallas TX4, which is under construction at the NTT Data center campus in Garland, Texas
Success
Google data center lead says ‘hundreds of thousands’ of skilled trade jobs are open across the U.S.—and they’re ‘just waiting to be filled’
By Preston ForeSeptember 29, 2026
Exclusive: AI housing unicorn EliseAI hits $4 billion valuation in new funding round led by a16z and Bessemer
Startups & Venture
Exclusive: AI housing unicorn EliseAI hits $4 billion valuation in new funding round led by a16z and Bessemer
By Nick LichtenbergSeptember 29, 2026
Fortune AIQ 75
Fortune AIQ 75
By FortuneSeptember 29, 2026
Latest
Geico turned a talking Gecko into an advertising icon. Now its CMO wants that fame to sell more than car insurance40 minutes ago
Trump’s new AI website America.gov said Biden won 2020—then the White House made the chatbot stop answering42 minutes ago
‘We can’t stifle it’: Trump says AI leaders ‘have to self-police’ AI technology that ‘will be bigger than the industrial revolution’55 minutes ago
Funflation is fueling hobbies as Americans spend more on fun at home to avoid going out
Economy
Funflation is fueling hobbies as Americans spend more on fun at home to avoid going out
By Marco Quiroz-GutierrezSeptember 29, 2026
Millennial with her mother in family house
Success
‘We are going to start looking a lot more like Europe’: Millennials are living at home into their 30s, signaling a major shift
By Emma BurleighSeptember 29, 2026
duke
Success
The Fortune ad director who ran D‑Day’s greatest deception
By Jason BellSeptember 29, 2026
Jeremy Siegel, the Russell E. Palmer Professor of FInance at the Wharton School, prepares to address the Securities Industry Association during their annual meeting in Boca Raton, Florida, Thursday, November 10, 2005.
Economy
AI may prove disinflationary because agents can negotiate contracts and deals to make your life cheaper, says top economist
By Eleanor PringleSeptember 29, 2026
pf
Commentary
The gut-check questions every leader needs to ask before building with AI
By Paul FippsSeptember 29, 2026
Young woman working at modern office.Technical price graph and indicator, red and green candlestick chart and stock trading computer screen background.
Banking
83% of CFOs say U.S. stocks are overvalued, even as optimism about their companies rises
By Sheryl EstradaSeptember 29, 2026
ADP: what 77 years of payroll taught us about AI
Commentary
ADP: what 77 years of payroll taught us about AI
By Joe DeSilvaSeptember 29, 2026
shop
Retail
The end of the price tag
By Lindsay OwensSeptember 29, 2026
Newsletters
Eye on AIBy Emily Forlini
alt
After months of ‘hell,’ an OpenAI safety researcher suggests way to prevent more rogue AI incidents
MPW DailyBy Emma Hinchliffe
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With AMD’s $8.2 billion World Labs deal, Lisa Su and Fei-Fei Li show what a different AI future could look like
MarketsBy Jim Edwards
alt
Anthropic’s $2 trillion IPO prospectus has leaked—here’s a snapshot of its income statements
Term SheetBy Emily Forlini
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OpenAI’s agents are still ransacking the web
CEO DailyBy Diane Brady
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Inside Danny Meyer’s promote-from-within culture: 80% of his GMs started as hourly staff
Fortune TechBy Alexei Oreskovic
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AMD snags AI’s ‘godmother’
Fortune Daily Episodes
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The Careers AI Can’t Replace ft. Mike Rowe | Fortune DailySeptember 28, 2026
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When AI Becomes Management | Fortune DailySeptember 27, 2026
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Inside Chevron’s Massive Bet on AI & Energy | Fortune DailySeptember 23, 2026
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Effective Altruism Explained: Why the Pentagon Is Attacking AI 'Doomers' | Fortune DailySeptember 22, 2026
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When to Spend Everything ft. Bill Perkins | Fortune DailySeptember 21, 2026
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Why Viral Views Don’t Equal a Business (And What Does) | Fortune DailySeptember 20, 2026
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How Lucy Guo Became a Self-Made AI Billionaire | Fortune DailySeptember 16, 2026
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Inside Gap’s High-Stakes Comeback | Fortune DailySeptember 15, 2026
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Inside The Secret Economy of Billionaire Travel | Fortune DailySeptember 14, 2026
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Why ChatGPT’s Founder Wants to Pump the Brakes on AI | Fortune DailySeptember 13, 2026
AI
Geico turned a talking Gecko into an advertising icon. Now its CMO wants that fame to sell more than car insurance
C-Suite
Geico turned a talking Gecko into an advertising icon. Now its CMO wants that fame to sell more than car insurance
By Ruth UmohSeptember 29, 2026
President Donald Trump applauds on stage during the America.gov launch event at Andrew W. Mellon Auditorium on September 29, 2026 in Washington, DC. The website features an artificial intelligence tool to help Americans interact with the federal government.
Politics
Trump’s new AI website America.gov said Biden won 2020—then the White House made the chatbot stop answering
By Meg Kinnard, Chris Rugaber and Will WeissertSeptember 29, 2026
President Donald Trump gesturing as he speaks at the Andrew W. Mellon Auditorium.
AI
‘We can’t stifle it’: Trump says AI leaders ‘have to self-police’ AI technology that ‘will be bigger than the industrial revolution’
By The Associated Press, Christopher Rugaber, Will Weissert and Meg KinnardSeptember 29, 2026
After months of ‘hell,’ an OpenAI safety researcher suggests way to prevent more rogue AI incidents
Newsletters
After months of ‘hell,’ an OpenAI safety researcher suggests way to prevent more rogue AI incidents
By Emily ForliniSeptember 29, 2026
Fortune 500: Titans and Disruptors of Industry
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Sam Altman: Safety Standards 'Not at a Place' to Push AI Capabilities Much FurtherSeptember 11, 2026
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Why GM's CEO Mary Barra is Still Bullish on Electric VehiclesSeptember 9, 2026
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Bill Ackman's takes on Mamdani, Trump and investing in the age of AIAugust 4, 2026
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FedEx CEO on How AI Can Fix a $1.8 Trillion Global Supply Chain ProblemJuly 14, 2026
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$4 Trillion Savings Gap: TIAA’s CEO on The Retirement Crisis June 16, 2026
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Qualcomm's AI takeover | Titans and DisruptorsMay 5, 2026
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Delta: Bankrupt to Billions | Titans and DisruptorsMarch 31, 2026
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The End of Work: Vinod Khosla's Bold AI Prediction | Titans and DisruptorsMarch 3, 2026
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Google’s AI boss made OpenAI issue code red. Now he wants to solve disease. | Titans and DisruptorsFebruary 10, 2026
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Pfizer CEO took on COVID. Now he wants to cure cancer | Titans and DisruptorsJanuary 27, 2026
Success
Construction workers build out the rooftop chillers and water lines feeding them atop Dallas TX4, which is under construction at the NTT Data center campus in Garland, Texas
Success
Google data center lead says ‘hundreds of thousands’ of skilled trade jobs are open across the U.S.—and they’re ‘just waiting to be filled’
By Preston ForeSeptember 29, 2026
Funflation is fueling hobbies as Americans spend more on fun at home to avoid going out
Economy
Funflation is fueling hobbies as Americans spend more on fun at home to avoid going out
By Marco Quiroz-GutierrezSeptember 29, 2026
Millennial with her mother in family house
Success
‘We are going to start looking a lot more like Europe’: Millennials are living at home into their 30s, signaling a major shift
By Emma BurleighSeptember 29, 2026
duke
Success
The Fortune ad director who ran D‑Day’s greatest deception
By Jason BellSeptember 29, 2026
Term Sheet Podcast
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This Billion-Dollar Soda Brand Founder Explains Why Fortune 500s Can’t Win Gen ZSeptember 23, 2026
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Inside Wonder's Plan to Automate Restaurants: From Robotic Kitchens to Drone Delivery | Term SheetAugust 25, 2026
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This Mentalist Says He’s Training ChatGPT to Hypnotize People | Term SheetAugust 13, 2026
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The $11.5B Startup 100 Investors Turned Down | Term SheetJuly 28, 2026
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How this multi-millionaire investor spots billion-dollar ideas | Term SheetJune 23, 2026
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The Investor Who Bet on SpaceX, OpenAI and Anthropic Before You Could | Term SheetJune 10, 2026
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The $2B AI tool automating Wall Street | Term SheetMay 27, 2026
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This creator investor on the truth about the AI gold rush | Term SheetMay 13, 2026
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From a Palo Alto closet to $1 billion revenue: how Gusto cracked small business software | Term SheetMay 7, 2026
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How to raise a CEO: The "Godmother of Silicon Valley" Esther Wojcicki | Term SheetApril 21, 2026
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The Startup Fighting to Save the American Farm with Modern Finance | Term SheetApril 7, 2026
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How Winston Weinberg built his $11 billion AI Company | Term SheetMarch 17, 2026
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Why revenue is an outdated metric | Term SheetFebruary 18, 2026
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Chemistry cofounder: “more talented founders than ever” are moving into health care | Term SheetFebruary 3, 2026
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Exelon CEO on if our utilities can handle the AI boom | Term SheetJanuary 21, 2026
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OpenAI Researcher turned VC on what we’re missing on the AI Bubble January 13, 2026
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“Healthcare isn't working for anybody,” says Cityblock Health’s Dr. Toyin Ajayi | Term SheetNovember 4, 2025
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Vet care for the 21st century with Modern Animal’s Steven EidelmanOctober 29, 2025
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“Success disasters,” data privacy, and unlocking growth with Oura CEO Tom HaleOctober 21, 2025
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"Bubbles have almost always preceded some important technological shift”: OpenAI's COOOctober 6, 2025
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The Sociology of Startup Success with VC Powerhouse Hans TungOctober 1, 2025
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The “Egoless” Company Culture that Powers Supabase with CEO Paul CopplestoneSeptember 24, 2025
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Inside Phia's $8 Million Seed RoundSeptember 16, 2025
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Klarna CEO Sebastian Siemiatowski on the IPO, Loving Walmart, and Embracing AISeptember 10, 2025
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The Brave New World of AI Cyber Crime with Evan Reiser from Abnormal AIAugust 27, 2025
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Vibe Coding, Tech Jobs, & Democratizing the Web with Vercel’s Guillermo Rauch | Fortune Term SheetAugust 20, 2025
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Nvidia + AMD’s Deal & Unfiltered Chat with OG VC, Canvas Prime’s Rebecca LynnAugust 13, 2025
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OpenAI Raises More Capital, Joby Aviation’s Air Taxi Play & The Power of Community in TechAugust 6, 2025
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Figma IPO: What Investors Need to Know, and Understanding Defense TechJuly 30, 2025
From the Magazine
MagazineNo. 1 on the Fortune Global 500: Amazon’s Jeff Bezos on how his garage startup became the largest company in the world by revenue

As Amazon pours $200 billion into AI this year, Bezos says the company’s next act will define the next decade.

By Kristin StollerJuly 28, 2026
How Wistron’s early Nvidia bet made it an unsung winner of the AI boom—and one of the biggest risers on this year’s Global 500
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How Wistron’s early Nvidia bet made it an unsung winner of the AI boom—and one of the biggest risers on this year’s Global 500
By Nicholas GordonJuly 28, 2026
Can a global car company survive today’s complicated world? Nissan hopes to find out
Magazine
Can a global car company survive today’s complicated world? Nissan hopes to find out
By Andrew StaplesJuly 28, 2026
Meet SLB: The $70 billion oil services giant poised to cash in on AI data centers and the post-Strait of Hormuz oil exploration boom
Magazine
Meet SLB: The $70 billion oil services giant poised to cash in on AI data centers and the post-Strait of Hormuz oil exploration boom
By Jordan BlumJuly 24, 2026
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Magazine
The American Dream according to Bill Ackman
By Jeff John RobertsJuly 20, 2026
Energy
Current price of oil as of Sept. 29, 2026
Personal Finance
Current price of oil as of Sept. 29, 2026
By Joseph HostetlerSeptember 29, 2026
Europe paid $113.5 billion more for energy since the Iran war, and gained not one extra barrel
Energy
Europe paid $113.5 billion more for energy since the Iran war, and gained not one extra barrel
By The Associated Press and Sam McNeilSeptember 29, 2026
un
Commentary
The bill has come due. But no one wants to pay for climate mitigation
By Stephanie WaltonSeptember 29, 2026
Saudi Arabia is reaping a massive oil windfall, making it perhaps the Iran war’s only winner. Tehran’s proxies actually ‘did Saudi a favor’
Middle East
Saudi Arabia is reaping a massive oil windfall, making it perhaps the Iran war’s only winner. Tehran’s proxies actually ‘did Saudi a favor’
By Jason MaSeptember 28, 2026
Fortune Rankings
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Fortune 500 Europe logo
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By FortuneSeptember 16, 2026
Fortune Global 500 Ranking
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Leadership
Geico turned a talking Gecko into an advertising icon. Now its CMO wants that fame to sell more than car insurance
C-Suite
Geico turned a talking Gecko into an advertising icon. Now its CMO wants that fame to sell more than car insurance
By Ruth UmohSeptember 29, 2026
OpenAI dots graphic
AI
OpenAI unveils Dots as rival to Meta’s Muse, plus a $500 monthly plan
By Emily ForliniSeptember 29, 2026
Construction workers build out the rooftop chillers and water lines feeding them atop Dallas TX4, which is under construction at the NTT Data center campus in Garland, Texas
Success
Google data center lead says ‘hundreds of thousands’ of skilled trade jobs are open across the U.S.—and they’re ‘just waiting to be filled’
By Preston ForeSeptember 29, 2026
Funflation is fueling hobbies as Americans spend more on fun at home to avoid going out
Economy
Funflation is fueling hobbies as Americans spend more on fun at home to avoid going out
By Marco Quiroz-GutierrezSeptember 29, 2026
Takeaways from the Fortune AIQ 75
Illustration featuring several employees at work, connected by a green arrow.
AIFrom Pfizer to UPS, the newest members of the AIQ 75 share the secrets to upping their AI game

How Pfizer, Lumen, Cisco, UPS, Palo Alto Networks, and Thermo Fisher are moving AI beyond pilots—using it to reshape drug discovery, networks, logistics, cybersecurity, and daily work.

By John KellSeptember 29, 2026
Illustration of three employees racing one another across the finish line
AI
How bottom-line-focused financial firms are finding ROI in AI
By John KellSeptember 29, 2026
How 111-year-old HVAC company Carrier leaped to the top 10 of the Fortune AIQ 75
AI
How 111-year-old HVAC company Carrier leaped to the top 10 of the Fortune AIQ 75
By Sage LazzaroSeptember 29, 2026
How Netflix is using AI to personalize streaming
AI
How Netflix is using AI to personalize streaming
By Sage LazzaroSeptember 29, 2026
Agentic AI early adopters have failed, pivoted, and learned these 3 lessons 
AI
Agentic AI early adopters have failed, pivoted, and learned these 3 lessons 
By Sage LazzaroSeptember 29, 2026
Features
Sam Altman on the burden of leading OpenAI amid AI safety concerns: ‘You get used to anything’
AI
Sam Altman on the burden of leading OpenAI amid AI safety concerns: ‘You get used to anything’
By Fortune EditorsSeptember 15, 2026
Thumbnail image for Fortune Titans and Disruptors of Industry podcast reads, "Losing Control of AI?" and depicts Fortune Editor-in-Chief Alyson Shontell and OpenAI CEO Sam Altman in conversation on a podcast.
AI
Exclusive: Sam Altman addresses AI doomsday fears in new interview
By Alyson ShontellSeptember 12, 2026
Exclusive: OpenAI’s Sam Altman hints at pact with other AI companies to address safety risks
AI
Exclusive: OpenAI’s Sam Altman hints at pact with other AI companies to address safety risks
By Alexei OreskovicSeptember 12, 2026
Apple unveils $2,000 iPhone Duo, its first foldable smartphone
Big Tech
Apple unveils $2,000 iPhone Duo, its first foldable smartphone
By Sebastian HerreraSeptember 9, 2026
Real Estate
Millennial with her mother in family house
Success
‘We are going to start looking a lot more like Europe’: Millennials are living at home into their 30s, signaling a major shift
By Emma BurleighSeptember 29, 2026
Current refi mortgage rates report for Sept. 29, 2026
Personal Finance
Current refi mortgage rates report for Sept. 29, 2026
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Current ARM mortgage rates report for Sept. 29, 2026
Personal Finance
Current ARM mortgage rates report for Sept. 29, 2026
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Today’s home equity loan and HELOC rates, Sept. 29, 2026
Personal Finance
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Great Place to Work Rankings
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Commentary
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The gut-check questions every leader needs to ask before building with AI
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ADP: what 77 years of payroll taught us about AI
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Stop asking writers if they used AI. Just ask them how much
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The bill has come due. But no one wants to pay for climate mitigation
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EY Global Vice Chair: AI’s biggest paradox comes down to what AI can’t do
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