Anthropic warned in its IPO prospectus that changing government policies and public perceptions of artificial intelligence could disrupt customer relationships, damage its reputation and cause lost revenue or operational interruptions. The company is preparing for a potential initial public offering that could value it at about $2 trillion. Anthropic cited a February order directing federal agencies to stop using its AI models, a later Department of Defense designation of the company as a national security supply-chain risk, and worldwide export restrictions imposed by the Department of Commerce on two models in June. Commerce later removed the restrictions and Anthropic restored access, but the company said similar actions could recur. Government contracts account for less than 1% of Anthropic's annual revenue. The prospectus also acknowledged that advanced AI systems could create catastrophic or existential risks to humanity. The disclosure followed signs that President Donald Trump had softened his position toward Anthropic CEO Dario Amodei after an October 2026 dinner, as discussions continued over AI's societal impact and possible government equity stakes in companies including Anthropic and OpenAI.