Anthropic's IPO filing reveals a governance structure where founders control 50.1% of shareholder voting power and a trust appoints four of seven directors, keeping public investors outside real decisions.

• The prospectus devotes 94 pages to risk factors, warning that sufficiently advanced AI systems could pose catastrophic or existential risks to humanity if not developed with appropriate safeguards.
• The filing ties existential risk to recursive self-improvement, a process where AI models take over AI research and development, potentially accelerating progress beyond humans' ability to evaluate and safeguard new models.