Investing in any stock is kind of like gambling in the sense that you’re betting your money on a company’s future performance. But how do you bet on a technology that could, in the worst-case scenario, “pose catastrophic or existential risks to humanity,” or best case, “bring forth an age of miracles”?

To some extent, Anthropic suggests in a letter at the top of its S-1 filing, you have to just believe.

Anthropic’s 335-page S-1 prospectus, filed Monday, is part of a steady hype escalation in Silicon Valley’s interactions with Wall Street. In some ways, it’s not even that bizarre; SpaceX IPO’d in June after filing an S-1 that referenced dinosaurs and “colonizing Mars.” But its sweeping language and sheer volume — including 94 pages of risk factors — is a sometimes overwhelming collision of AI industry rhetoric and a hard financial pitch. Out-of-this-world promises are integral to Anthropic’s survival as a company .…