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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
Best Large Workplaces in Consulting and Professional Services6 minutes ago
Best Small and Medium Workplaces in Education & Training6 minutes ago
Best Small and Medium Workplaces in Consulting and Professional Services6 minutes ago
Best Workplaces in Engineering6 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
MarketsBy Jim Edwards
alt
Trump and Tehran are boxed in until the midterms because Iran wants to keep U.S. gas prices high and the president can’t accept ‘surrender’
CEO DailyBy Diane Brady
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The U.S. needs 1.7 million skilled trades workers a year. Ford wants to help train them
Fortune Gulf BriefBy Melissa Hancock
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From rift to rapprochement: Saudi-UAE reset over Yemen 
Term SheetBy Jeff John Roberts
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Big companies used to treat retail investors as an afterthought—now, they are at the IPO table
Fortune TechBy Alexei Oreskovic
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OpenAI fights Muse with Dots
Eye on AIBy Emily Forlini
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After months of ‘hell,’ an OpenAI safety researcher suggests way to prevent more rogue AI incidents
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
Video ThumbnailPlay23:46
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
Video ThumbnailPlay24:34
Inside The Secret Economy of Billionaire Travel | Fortune DailySeptember 14, 2026
Video ThumbnailPlay20:47
Why ChatGPT’s Founder Wants to Pump the Brakes on AI | Fortune DailySeptember 13, 2026
AI
Meet Noah Shinn: The 23-year-old college dropout whose viral AI assistant is emerging as a new challenger to Mark Zuckerberg’s Meta
Startups & Venture
Meet Noah Shinn: The 23-year-old college dropout whose viral AI assistant is emerging as a new challenger to Mark Zuckerberg’s Meta
By Marco Quiroz-GutierrezSeptember 30, 2026
Palo Alto Networks’ Nikesh Arora is building a defense against the dark side of AI
Magazine
Palo Alto Networks’ Nikesh Arora is building a defense against the dark side of AI
By Allie GarfinkleSeptember 30, 2026
Robinhood agents image
Investing
Robinhood just rolled out trading agents to millions—and investing may never be the same
By Jeff John RobertsSeptember 29, 2026
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
Fortune 500: Titans and Disruptors of Industry
Video ThumbnailPlay46:06
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
Video ThumbnailPlay43:48
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
d
Commentary
Deepak Chopra: the final chapter is a career move
By Deepak ChopraSeptember 30, 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
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
Term Sheet Podcast
Video ThumbnailPlay42:40
This Billion-Dollar Soda Brand Founder Explains Why Fortune 500s Can’t Win Gen ZSeptember 23, 2026
Video ThumbnailPlay35:27
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
Video ThumbnailPlay32:38
The $11.5B Startup 100 Investors Turned Down | Term SheetJuly 28, 2026
Video ThumbnailPlay32:19
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
Video ThumbnailPlay21:50
The Sociology of Startup Success with VC Powerhouse Hans TungOctober 1, 2025
Video ThumbnailPlay31:36
The “Egoless” Company Culture that Powers Supabase with CEO Paul CopplestoneSeptember 24, 2025
Video ThumbnailPlay34:50
Inside Phia's $8 Million Seed RoundSeptember 16, 2025
Video ThumbnailPlay35:28
Klarna CEO Sebastian Siemiatowski on the IPO, Loving Walmart, and Embracing AISeptember 10, 2025
Video ThumbnailPlay28:44
The Brave New World of AI Cyber Crime with Evan Reiser from Abnormal AIAugust 27, 2025
Video ThumbnailPlay31:48
Vibe Coding, Tech Jobs, & Democratizing the Web with Vercel’s Guillermo Rauch | Fortune Term SheetAugust 20, 2025
Video ThumbnailPlay26:06
Nvidia + AMD’s Deal & Unfiltered Chat with OG VC, Canvas Prime’s Rebecca LynnAugust 13, 2025
Video ThumbnailPlay28:11
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
Magazine
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
ackman
Magazine
The American Dream according to Bill Ackman
By Jeff John RobertsJuly 20, 2026
Energy
From rift to rapprochement: Saudi-UAE reset over Yemen 
Newsletters
From rift to rapprochement: Saudi-UAE reset over Yemen 
By Melissa HancockSeptember 30, 2026
‘Groundhog Day’: Iran is unlikely to let the war end until after the midterms—and may even escalate soon
Energy
‘Groundhog Day’: Iran is unlikely to let the war end until after the midterms—and may even escalate soon
By Jordan BlumSeptember 30, 2026
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
Fortune Rankings
Change the World
Change the World
By FortuneSeptember 23, 2026
Fortune 500 Europe logo
Fortune 500 Europe
By FortuneSeptember 16, 2026
Fortune Global 500 Ranking
Fortune Global 500
By FortuneJuly 28, 2026
Fortune 500
Fortune 500
By FortuneJune 3, 2026
Leadership
d
Commentary
Deepak Chopra: the final chapter is a career move
By Deepak ChopraSeptember 30, 2026
jim
Economy
Ford CEO Jim Farley teams with Jamie Dimon on $2 billion initiative as he fears the ‘backbone of the American dream’ is crumbling
By Nick LichtenbergSeptember 30, 2026
The U.S. needs 1.7 million skilled trades workers a year. Ford wants to help train them
Newsletters
The U.S. needs 1.7 million skilled trades workers a year. Ford wants to help train them
By Diane BradySeptember 30, 2026
Alex Karp, wearing a suit, looks forward.
Real Estate
Palantir CEO Alex Karp quietly purchased 37,000 acres of forests in Sweden—and locals found out when hunters lost leases to use the property
By Sasha RogelbergSeptember 30, 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
Alex Karp, wearing a suit, looks forward.
Real Estate
Palantir CEO Alex Karp quietly purchased 37,000 acres of forests in Sweden—and locals found out when hunters lost leases to use the property
By Sasha RogelbergSeptember 30, 2026
Current refi mortgage rates report for Sept. 30, 2026
Personal Finance
Current refi mortgage rates report for Sept. 30, 2026
By Glen Luke FlanaganSeptember 30, 2026
Mortgage rates today, Sept. 30, 2026: Rates jump upward
Personal Finance
Mortgage rates today, Sept. 30, 2026: Rates jump upward
By Glen Luke FlanaganSeptember 30, 2026
Current ARM mortgage rates report for Sept. 30, 2026
Personal Finance
Current ARM mortgage rates report for Sept. 30, 2026
By Glen Luke FlanaganSeptember 30, 2026
Great Place to Work Rankings
Best Workplaces in Chicago
Best Large Workplaces in Chicago
By FortuneJune 16, 2026
Best Workplaces in New York
Best Large Workplaces in New York
By FortuneJune 9, 2026
Best Workplaces in Texas
25 Best Large Workplaces in Texas
By FortuneJune 2, 2026
Best Workplaces in The Bay Area
25 Best Large Workplaces in the Bay Area
By Fortune EditorsMay 26, 2026
Commentary
booksBy Deepak Chopra
Deepak Chopra: the final chapter is a career move
climate changeBy Mitch New
Asia’s boardrooms risk missing the biggest cost of climate change: human health
Software as a serviceBy Paul Fipps
The gut-check questions every leader needs to ask before building with AI
250 Years of InnovationBy Joe DeSilva
ADP: what 77 years of payroll taught us about AI
MediaBy Jack Brewster
Stop asking writers if they used AI. Just ask them how much
ScamsBy Chris Carr
Georgia Attorney General: scams demand a new consumer protection strategy
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