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BY Jude Cramer

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In preparation for what could be the biggest initial public offering of stock ever, Anthropic has finally filed its long-awaited prospectus with the Securities and Exchange Commission. That includes a summary of all the potential risks to Anthropic’s business, including both outside factors and threats from the AI company’s technology itself. Even keeping things concise, Anthropic’s list of risk factors came out to a whopping 97 pages.

If nearly 100 pages of risks sounds like a lot, that’s because it is. Risk disclosures from other AI companies to go public recently—including Roze AI, SpaceX, and QumulusAI—were just 21, 37, and 42 pages long, respectively.

Per the Code of Federal Regulations, if a business’s disclosure of risks exceeds 15 pages, it must include a bulleted list summarizing the main factors that make an investment in the company risky.…