Anthropic’s prospectus for its IPO, which could value the company at $2 trillion, warns that the Trump Administration’s view of the company and its technology could ripple out to hurt its broader business, Reuters reports.
Bloomberg reports that AI giant Anthropic could go public as soon as November 9 according to individuals with knowledge of the matter. This would put it in line to begin trading before Thanksgiving. In a filing, seen by Reuters, the company stated that souring government sentiment could affect Anthropic’s relationships with commercial customers and partners, not just its dealings with federal agencies.
Government contracts currently account for less than one percent of Anthropic’s annual revenue, according to the company. But the prospectus still lays out a string of run-ins with federal authorities over the past year. In February, the president ordered federal agencies to stop using Anthropic’s models. The Department of Defense separately designated the company a supply-chain risk to national security. Anthropic wrote that it “may experience material revenue losses or business disruptions attributable to these events.”
Then in June, Trump’s Commerce Department imposed worldwide export restrictions on two of Anthropic’s models, Fable 5 and Mythos 5. Anthropic disabled both models for all customers to comply. Commerce later lifted the restrictions, and the company redeployed them. The prospectus warns this kind of thing could happen again, and that the fallout goes beyond whatever gets disrupted in the moment: such episodes risk “significant reputational harm, including adverse media coverage, public scrutiny, and negative perceptions among existing and prospective customers, partners, employees, and investors,” regardless of how the underlying dispute gets resolved. Selling to government agencies carries its own additional risk too, the filing notes: officials’ view of Anthropic or its technology could simply shift again.
Breitbart News previously reported that Anthropic’s investor prospectus explains its “existential risk to humanity” as a downside of investing in AI.
Adding to Anthropic’s problems with the Trump White House, the FTC under Chairman Andrew Ferguson has opened an investigation of Anthropic, OpenAI, and other AI giants over harm caused to Americans:
The agency plans to send civil investigative demands, legal tools similar to subpoenas, to force the companies to hand over internal records. A senior FTC official said the demands are also being drafted to compel testimony from executives at the leading AI giants. “The agency has plans to compel the executives at these firms to testify about their product [and] about the dangers they allege their products may have to consumers, to Americans,” the official told the Post. The demands are expected to go out in the coming weeks.
FTC Chairman Andrew Ferguson opened the investigation a few weeks before this report, according to the official, and before OpenAI’s “unprecedented” hack of the Hugging Face platform came to light. “Chairman Ferguson initiated an investigation into the leading AI firms a few weeks ago,” the official said. OpenAI had disclosed in July 2026 that more than 1,000 of its AI agents hacked Hugging Face, an open-source development platform.
AI giants simultaneously release powerful AI models and call for industry regulation, with China adding further complexity to the issue. David Sacks has pointed out that when AI titans like Dario Amodei, Sam Altman, and Elon Musk call for a slowdown, they are not doing so out of altruism, but with the motivation to capture the industry and exclude themselves from antitrust laws — a conflict that President Donald Trump and FTC Chairman Andrew Ferguson recognize. Breitbart News social media director Wynton Hall has written his New York Times bestseller Code Red: The Left, the Right, China, and the Race to Control AI to serve as the definitive guide on how the MAGA movement can create positions on AI that benefit humanity without handing control of our nation to the leftists of Silicon Valley or allowing the Chinese to take over the world.
Read more at Bloomberg and Reuters.
Lucas Nolan is a reporter for Breitbart News covering issues of AI, free speech, and online censorship.