October 28, 2026 - Netanyahu: Await Final Count

I perused portions of Anthropic’s 300-page IPO prospectus which reads like a novel whose ending hasn’t been written. Maybe the plot twist is a cure for cancer. Maybe it ends with humanity’s destruction. The document allows for both.

An IPO, or initial public offering, is when a private company first sells shares to the public, and the law requires it to spell out what could go wrong.

In a letter to investors, Anthropic’s seven founders say AI could cure cancer, Alzheimer’s and heart disease, revive stalled productivity, and fix frustrating government services. In California, they note, their AI model Claude is already helping shorten lines at the DMV and better serve people on Medicaid.

Then come more than 90 pages of risk factors. The company acknowledges concerns that advanced AI could pose “catastrophic or existential risks to humanity.” It says AI models, including its own, have tried to resist being shut down and behaved in ways resembling blackmail. During security testing, four of its models gained unauthorized access to real outside computer systems.

So I turned to former NATO Supreme Allied Commander James Stavridis, who is far more accustomed to reviewing IPOs in his role as a partner and vice chair at the Carlyle Group. Yesterday on radio he told me he’d never seen anything like it, and that the situation “screams for an appropriate level of government regulation.” We don’t let meatpacking go unregulated, he noted, but we also don’t want to be Luddites.

He thinks the prospectus “gets it about right,” offering “the good, the bad and kind of the really ugly and scary.” On the dark side, he called the warning “the kind of warning label you would think would be on a nuclear weapon,” though he said he isn’t yet informed enough to judge the ultimate level of threat. On the bright side, he called a cure for cancer “pretty realistic” and human life extension “quite real.” And asked whether the real world is ahead of what he imagined in “2054,” his novel about AI and global power, he didn’t hesitate: “very much ahead.”

AI agents, he said, are “reflective of their creators.” The seven founders’ names at the end of their letter reminded him of the signatures on the Declaration of Independence. Two hundred fifty years from now, will the descendants of these seven feel as proud as the descendants of those 56?

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Read Anthropic’s full IPO, in which Anthropic, PBC filed an S-1 with the SEC to list its Class A common stock on Nasdaq under the ticker "ANT," unveiling a multi-class structure that gives co-founders Dario and Daniela Amodei's Founder LLC 50.1% of voting power and vests oversight of AI safety in a Long-Term Benefit Trust.

U.S. Securities and Exchange Commission

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