Anthropic filed official S-1 paperwork for its planned IPO late on Monday, indicating it intends to list on the Nasdaq under the ticker symbol ANT and listing 94 pages of potential risk factors.

The company hasn’t indicated the intended pricing of its shares, but previous reports have suggested a valuation of $1.5 trillion (£1.1tn) to $2tn.

The intended listing date also hasn’t been disclosed, but the flotation could come as early as the week of 16 November, reported, citing unnamed sources.

Founders’ control

Risk factors the company listed include a “catastrophic AI-related incident” so large that insurance wouldn’t cover it, and government regulation that could “increase our costs, restrict our operations, or adversely affect demand”.

Anthropic also indicated that ongoing legal action around its use of copyrighted material to train its models could present a risk, as it could potentially be required to “retrain affected models from scratch at substantial cost”.

The S-1 filing also outlined Anthropic’s corporate structure, which could see its founders retain control of most shareholder votes for decades through a private company called Anthropic Founders LLC.

The entity holds Anthropic’s only Class F share and automatically casts 50.1 percent of most shareholder votes in favour of what the majority of founders decide.

The IPO comes at a time when a number of AI-related firms have called off flotations, amid rising borrowing costs that have highlighted unknowns around when the companies’ large spending plans might result in profits.

So-called neoclouds such as CoreWeave and Nebius, which provide AI-centric cloud computing power, have seen their market value decline by around 30 percent in October, while shares in South Korean data centre developer Elice fell nearly one-third on the day of their debut earlier this month.

SoftBank’s market value last week fell to half its all-time peak in June, while Australian data centre firm Firmus recently called off a planned IPO.