Silicon Valley wants you to invest in miracles

Anthropic's 335-page S-1 filing, part of a broader hype escalation between Silicon Valley and Wall Street, blends grand AI rhetoric with hard financial pitches. The founders' letter urges investors to see the purchase as "an opportunity to be part of something greater" and to help "bring forth an age of miracles," while the document also warns in exhaustive detail that advanced AI could pose "catastrophic or existential risks to humanity." The company frames this oversharing as an "anti-sell" strategy of "underpromise and overdeliver" to attract long-term believers, and it will go public as a public benefit corporation prioritizing a social mission. Anthropic presents "powerful AI" as inevitable and argues it must lead the charge, though it acknowledges a history of net losses, missing third-quarter results, and hundreds of billions in computing obligations. Experts note that S-1 filings have grown bloated since Apple's 47-page prospectus in 1980, with Facebook's manifesto-style filing a turning point, making it harder to find what's important. As one professor put it, investing remains a gamble, and "nobody knows" what happens after a company goes public.

(Source：The Verge)