Anthropic filed for a proposed initial public offering on Monday amid increasing investor uncertainty and growing public backlash against AI.

Move over, SpaceX: There may be a new record-breaking IPO about to come to market. Anthropic is set to make its debut as a public company in November after filing S-1 paperwork Monday.

The company, known for its Claude AI products, first filed confidentially in June. While SpaceX beat its AI industry peers to the punch, investors have been eyeing the IPOs of Anthropic and OpenAI for months. While OpenAI has eased its ambition to go to market in 2026, Anthropic has moved forward, even as investors increasingly question how the AI industry can generate the trillions of dollars needed to pay down its debts.

With the so-called safety-first AI giant’s prospectus now publicly available, it’s clear this isn’t a standard IPO filing. Nearly a third of the document elaborates on risk factors, warning that Anthropic’s “development of highly advanced models, platforms and applications and expansion of use cases could further increase the risk that our models cause harm.” Risks are a major part of any company’s disclosures to investors — if they’re not disclosed, investors can sue.

AI company CEOs, like Anthropic’s Dario Amodei, are consistently open about the risks posed by their products, up to and including human extinction. While that might seem counterintuitive, doomsday talk is a key to boosting the marketing hype around AI.

Hungry investors are likely to throw in for Anthropic regardless of the financial risks, after years of AI company investment being available mostly to private venture capital firms.

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