Anthropic has filed to go public on the US stock market, revealing for the first time the AI research lab’s financials and all the risks – more than 90 pages of them – that might negatively affect its business.

The company’s investor prospectus, released on Monday, veers from hyperbolic predictions about AI’s “incredible potential” to existential risks of the technology to the reality of its current business: explosive but incredibly expensive growth. The filing to US financial regulators, known as an S-1, provides the public’s first look at an audited version of Anthropic’s finances.

Here are some of the key takeaways from Anthropic’s lengthy S-1.

1. Explosive and expensive growth

Here’s what you need to know: Anthropic is making a lot of money. It’s also losing a lot of it. The five-year-old firm has been valued between $1.5 and $2tn by some investors but did not list a target valuation in its S-1.…