Anthropic's IPO filing dropped on Monday morning, and the prospectus reads like a real estate agent desperately trying to sell a house of cards as an investment property:The upsides are enormous. There are just a few disclosures you should be aware of. Sure, the foundation is cracked; it's in a flood plain, and you can only really afford it if you land that promotion, but there's a non-zero chance it'll work out eventually, and just look at the views.Every S1's risk factors read a bit like a doomsday prophecy. Anthropic, like any other company that's going to trade on public markets, has to cover its butt. It doesn't change the fact that the company's success is built on a gamble that its revenues will grow fast enough to keep up with its...
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