Anthropic has published its long-awaited S-1 filing, the first formal step towards an initial public offering that is expected to be the most valuable of all time.
The maker of the Claude chatbot released the prospectus at 6am local time. The document is expected to give investors a clearer picture of the challenges involved in financing and building state-of-the-art artificial intelligence models.
The filing comes as investors question how long the AI boom can last. Concerns include the ballooning cost of AI infrastructure and whether leading companies can stay dominant as open models from China add to competitive pressure.
Parts of the S-1 had already leaked in recent weeks. In September, the start-up, which is led by chief executive Dario Amodei and is valued at nearly $1tn, [warned investors](https://www.ft.com/content/c7685a7e-7745-4cbc-8053-4958d0ea449b?syn-25a6b1a6=1) that its technology could pose "existential risks to humanity". The warning appeared in a copy of the prospectus shared with a small group of partners.
With the S-1 now public, a team of reporters is working through the document to assess the company's plans for an IPO that could mark a watershed moment for the AI boom.
