Anthropic finally filed its long-anticipated prospectus last week, giving investors a deep look into the artificial intelligence (AI) company's finances, opportunities, and risks. Management claims the company has a massive $40 trillion total addressable market, which includes the economic value of "knowledge work," the cumulative global impact of AI solutions and services, and other areas where AI is making an impact or could in the future. The vast market opportunity and spectacular growth -- revenue increased 1,300% in the first half of the year over the first half of 2025 -- sound enticing from an investment perspective. However, there was a book-length section on the company's risks. While there are a lot of them, here are three big ones to note as you weigh up Anthropic's initial public offering.
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