Anthropic, maker of the Claude chatbot, filed Monday for what could be the largest stock offering in history. The company is expected to be valued at around $1.5 trillion, roughly eight times its worth a year ago.

Investors are being offered an extraordinary technology, but with little influence over its future.

1. AI is ‘more important than electricity,’ claims the seller

Anthropic takes in more revenue each day than it earned in the whole of 2023. The tech is powerful: NASA engineers have used its coding agent to plot a route for the Mars rover. Anthropic’s prospectus says that AI will transform the global economy “in ways greater than the impact of industrialization, electricity, semiconductors, and the internet.”

2. Powerful AI models might not pay off colossal bills

On paper, Anthropic lost $80.7 billion in the first half of this year. Most was an accounting........

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