Anthropic has warned that government attitudes toward the company could damage its business well beyond its direct dealings with the state, according to its IPO prospectus seen by Reuters on October 2.

The filing says negative perceptions by governments could hurt relationships with commercial customers, partners and other business ties. Government agency contracts account for less than 1 percent of Anthropic’s annual revenue.

The prospectus cites three US government actions this year. In February, President Donald Trump ordered federal agencies to stop using Anthropic’s models, and the Pentagon designated the company a supply-chain risk to national security.

In June, the Commerce Department imposed worldwide export restrictions on Anthropic’s Fable 5 and Mythos 5 models, forcing the company to disable them for all customers. The curbs were later lifted.

Chief Financial Officer Krishna Rao estimated in a June court declaration that hundreds of millions of dollars of 2026 revenue is at risk, with total potential losses in the multiple billions. Reuters reported the exclusive from New York.