{"text":[[{"start":11.34,"text":"Anthropic has formally warned investors that its technology may pose “existential risks to humanity” in a long-awaited initial public offering prospectus circulated with a small group of partners in recent days."}],[{"start":33.84,"text":"The nearly $1tn AI start-up led by Dario Amodei devoted almost a third of its lengthy S1 filing to detailing “risk factors”, including the potential of increasingly advanced AI models to manipulate, blackmail and exhibit other unpredictable behaviours."}],[{"start":41.52,"text":"The disclosures add to the challenge faced by public markets investors in valuing the high-profile AI group when it launches what is expected to be the most highly valued IPO of all time."}],[{"start":53.76,"text":"Anthropic also shared details of its prior financial performance and governance arrangements in the prospectus, which were first reported by Reuters and confirmed to the FT by multiple people who have seen the prospectus."}],[{"start":67.68,"text":"The prospectus provides a clearer picture of the challenging economics of building state of the art AI models ahead of the listing, expected on the Nasdaq this autumn."}],[{"start":77.6,"text":"The Claude maker recorded an operating loss of more than $8bn last year as it jacked up spending on computing power, the company told investors. Its revenue jumped twelvefold to almost $4.6bn last year. But mounting costs for computing resources to train and run its models pushed operating expenses to almost $13bn."}],[{"start":99.64,"text":"The company’s spending and revenue have both increased sharply this year. Revenue in the second quarter of this year was $11.5bn, and Anthropic has inked deals worth hundreds of billions of dollars to secure computing power from partners including Google, SpaceX and a series of smaller companies."}],[{"start":117.12,"text":"Anthropic declined to comment."}],[{"start":121.6,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790648606_4225.mp3"}