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This is a non-story; for those who haven’t read them, prospectuses include every potential risk under the sun. There will be risks that never make the news alon

This is a non-story; for those who haven’t read them, prospectuses include every potential risk under the sun. There will be risks that never make the news alongside the exciting backlash.

dofm 26d ago
“Everyone hates us and the very fundamentals of what we are promising, will fight to prevent us establishing infrastructure, may pass laws to limit our activities in their states, and will extend that hatred to our major investors, potentially materially damaging their businesses” is not a common thing in an IPO prospectus, I imagine, for quite obvious reasons. But that is the gist of the situation is it not? If it’s an honest statement, it is going to say something like this. Which prospectus got close to anything like this? People hate SpaceX products less.
- montagg 26d ago
  The non-story part is that they would include this risk even if it were 5 people.
  - sumeno 26d ago
    I could easily find 5 people who hate SpaceX and yet that wasn’t mentioned as a risk I think you’re going to have to provide evidence that this is a commonly documented risk
    - jmalicki 26d ago
      "Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, cybersecurity, data use, data combination, data protection, content, AI, competition, youth protection, safety, consumer protection and notification, advertising, e-commerce, sanctions, export controls, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and we could be required to make changes to our products and business practices, and be exposed to monetary penalties, increased cost of operations, declines in user growth or engagement, or loss of customers, or other harm to our AI products and X platform. " "Certain of our AI products, including Grok, offer features or modes designed to generate more candid, direct, or less reserved or irreverent outputs, such as “Spicy” Imagine Mode and “Unhinged” Voice Mode. These features are intended to provide users with greater flexibility and control in how they use our tools. Because these modes may be more irreverent and harsher than our standard offerings, they present heightened risks, including reputational harm, the generation of potentially explicit content and misinformation or deceptive outputs, potential nonconsensual or exploitative imagery, intellectual property infringement, or content that could be viewed as exploitative, harmful, harassing, abusive, or discriminatory. The availability of such features may also increase the risk of regulatory scrutiny, enforcement actions, litigation, or claims of harm, as well as reputational damage, user or advertiser backlash, or limitations on our ability to distribute or monetize our products in certain jurisdictions or through certain partners." Or the wonderful: "We, Mr. Musk, and other companies Mr. Musk is affiliated with frequently receive an immense amount of media attention. The actions and statements of Mr. Musk and his affiliated ventures, whether or not directly relating to us, may draw significant public attention and scrutiny to us and could potentially have a positive or negative impact on our business, relationships with customers and regulators, or stock price."
      - 1123581321 26d ago
        Thank you. Hopefully a good lesson for the GP to actually read prospectuses before making claims about them!
        deleted 26d ago
        [deleted]
      - sumeno 26d ago
        I should have specified the space part of SpaceX, of course the AI part has the same risk.
        1123581321 26d ago
        Market acceptance risk, geopolitical funding risk, reputational harm risk, for space flight and starlink specifically. The Musk risk section isn’t specific to AI.
  - deleted 26d ago
    [deleted]
- jmalicki 26d ago
  Uber and Airbnb both had similar risks in their S1s, for obvious reasons.
  - cavem0nkey 26d ago
    And both have been damaging to society. And are getting fined and chased out of certain countries. Why would you throw investment in this unless you’re just leveraging the growth in the time it takes for regulatory issues to appear? Which is terribly unethical. Wall to wall bastards. I’d rather die poor than contribute to the further decline of society.
    - dofm 26d ago
      They have but this reply was a fully fair answer to my point; perhaps there are more.
    - newsomix9xl 26d ago
      Maybe those who seek and profit from the decline in our society also want to promote divisiveness? Maybe divisiveness itself, is part of the problem?
      - cavem0nkey 26d ago
        Yep. We’re tribal apes. This is just a foot on the accelerator.
  - dofm 26d ago
    I was thinking maybe Uber but I was not sure it could have been that bad. They would have had states pushing back but against a very popular product with users. But Airbnb, good point: they would have talked about the risks of states curtailing their businesses. It’s still a very unusual level of hatred, I would say.
    - jmalicki 26d ago
      Uber called out that they were aggressively doing an end run around both taxi licensing AND minimum wage laws and facing significant pushback on both fronts, among many other risks.
- jryle70 26d ago
  "Everyone hates us but they can't have enough of us. Our revenue can't stop rising" Anthropic's credit line is now $10B - [0], and the IPO is expected to beat or match SpaceX - [1] [0] https://finance.yahoo.com/technology/ai/articles/anthropic-pre-ipo-credit-facility-120320361.html https://finance.yahoo.com/technology/ai/articles/anthropic-p... [1] https://www.bloomberg.com/news/articles/2026-08-20/anthropic-expects-to-match-spacex-s-record-ipo-size-or-top-it https://www.bloomberg.com/news/articles/2026-08-20/anthropic...
  - dofm 26d ago
    Not what we are discussing.
  - nozzlegear 26d ago
    This doesn't really refute what they said. The fact that they make a lot of money doesn't mean the public doesn't hate them or that they won't find themselves facing anti-AI backlash in the near or far future.
    - jryle70 26d ago
      Huh? "Everyone hates us and the very fundamentals of what we are promising" First of all everyone? Based on what? Second of all "they hate our guts and the core of what we're doing (fundamentals), but they can't have enough of us". Are you sure the society (everyone) is that self loathe or HN is in a giant bubble? AI clearly causes disruption, anxiety, uncertainty, and will be negative for certain groups, just like anything with major impacts in the history. But hate by everyone? people who consider themselves smart and well informed should really be more objective and level headed.
  - owebmaster 25d ago
    > "Everyone hates us but they can't have enough of us. Our revenue can't stop rising" Anthropic is far from profitable so using Claude makes them lose money. There's a fictional scenario where they make this money back with a huge profit but it's getting very hard to believe this gonna happen.
- bragr 26d ago
  I'm sure you can find similar stuff in the prospectuses of many controversial companies spanning oil, cigarettes, alcohol, cannabis, adult entertainment, guns, gambling, defense, etc... Anything someone is trying hard to ban.
  - newsomix9xl 26d ago
    Why is AI in the category of oil, cigs, and beer? Its software ....
    - bragr 26d ago
      Social media and gaming companies probably have it too
    - dragontamer 26d ago
      The electricity usage is off the charts. Every place that gets a data center has their electricity prices go up. Consumers are now fighting to stop data centers from coming into their hometowns. It's not like Data centers have lots of jobs that benefit a community anyway. It's basically a building that eats a local city's resources and gives barely anything back in return. At best, an AI data center is a year job for the local blue collar workers. A temporary benefit at best, while the price of electricity rises will negate any local benefits by a long shot. Plus water and noise, and other such issues.
      - dofm 26d ago
        I think that was maybe a rhetorical question, but that indeed sums it up.
      - ToValueFunfetti 26d ago
        Just read this interview[1] the other day that contends that the blue collar workers, or at least their union leaders, are thrilled about the data center boom. There are loads of these projects underway and they show no sign of stopping, so the fact that it's only work for a few years per building hardly matters. Plus, the pay is great because the projects have to fight each other for labor. It also says that localities competed for these projects because of the substantial tax revenue they'll bring in for the communities. Separately, while electrity usage is a valid concern with respect to pollution, data centers are not really driving electric costs up for residents, with (maybe?) a couple exceptions. Noise is likewise a non-issue by-and-large with (definitely existent) rare exceptions. And the water usage issue is totally invented; data centers use a tiny fraction of the water other industries that would otherwise occupy industrially-zoned land use. You didn't mention it, but the interview also contends that the "this will take our jobs" angle that gets passed around here as a reason isn't on anybody's mind. Instead, it seems that the AI companies used NDAs to prevent localities from efficiently pricing their deals. That's obviously sketchy on its own and worthy of attack, plus as a bonus it prevents governments from making statements to clarify that the populist narratives that surround the things and are, bluntly, false. [1] https://www.natesilver.net/p/why-does-everyone-hate-data-centers https://www.natesilver.net/p/why-does-everyone-hate-data-cen...
- deleted 25d ago
  [deleted]
Betelbuddy 26d ago
Well there is a story, and the story is we are going to have an Anthropic IPO? Believe it when I see it...
- mihaelm 26d ago
  We've known Anthropic has filed for an IPO since early June.
  - disgruntledphd2 25d ago
    Still no S-1, though. I really want to see it, have been on the edge of my seat all summer. I reckon they'll chicken out, though.
Betelbuddy 26d ago
One risk they should include is: Our vision is working on a product and business model, that if we succeed, will make our business model and product obsolete.
- JacobAsmuth 26d ago
  Not a risk.
- 1123581321 26d ago
  I expect this will effectively be stated, that their success will depend on developing a succession of products and evolving the company in response to the market climate.

This is a non-story; for those who haven’t read them, prospectuses include every potential risk under the sun. There will be risks that never make the news alongside the exciting backlash.

dofm 26d ago

“Everyone hates us and the very fundamentals of what we are promising, will fight to prevent us establishing infrastructure, may pass laws to limit our activities in their states, and will extend that hatred to our major investors, potentially materially damaging their businesses” is not a common thing in an IPO prospectus, I imagine, for quite obvious reasons. But that is the gist of the situation is it not? If it’s an honest statement, it is going to say something like this. Which prospectus got close to anything like this? People hate SpaceX products less.

montagg 26d ago
The non-story part is that they would include this risk even if it were 5 people.
- sumeno 26d ago
  I could easily find 5 people who hate SpaceX and yet that wasn’t mentioned as a risk I think you’re going to have to provide evidence that this is a commonly documented risk
  - jmalicki 26d ago
    "Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, cybersecurity, data use, data combination, data protection, content, AI, competition, youth protection, safety, consumer protection and notification, advertising, e-commerce, sanctions, export controls, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and we could be required to make changes to our products and business practices, and be exposed to monetary penalties, increased cost of operations, declines in user growth or engagement, or loss of customers, or other harm to our AI products and X platform. " "Certain of our AI products, including Grok, offer features or modes designed to generate more candid, direct, or less reserved or irreverent outputs, such as “Spicy” Imagine Mode and “Unhinged” Voice Mode. These features are intended to provide users with greater flexibility and control in how they use our tools. Because these modes may be more irreverent and harsher than our standard offerings, they present heightened risks, including reputational harm, the generation of potentially explicit content and misinformation or deceptive outputs, potential nonconsensual or exploitative imagery, intellectual property infringement, or content that could be viewed as exploitative, harmful, harassing, abusive, or discriminatory. The availability of such features may also increase the risk of regulatory scrutiny, enforcement actions, litigation, or claims of harm, as well as reputational damage, user or advertiser backlash, or limitations on our ability to distribute or monetize our products in certain jurisdictions or through certain partners." Or the wonderful: "We, Mr. Musk, and other companies Mr. Musk is affiliated with frequently receive an immense amount of media attention. The actions and statements of Mr. Musk and his affiliated ventures, whether or not directly relating to us, may draw significant public attention and scrutiny to us and could potentially have a positive or negative impact on our business, relationships with customers and regulators, or stock price."
    - 1123581321 26d ago
      Thank you. Hopefully a good lesson for the GP to actually read prospectuses before making claims about them!
      - deleted 26d ago
        [deleted]
    - sumeno 26d ago
      I should have specified the space part of SpaceX, of course the AI part has the same risk.
      - 1123581321 26d ago
        Market acceptance risk, geopolitical funding risk, reputational harm risk, for space flight and starlink specifically. The Musk risk section isn’t specific to AI.
- deleted 26d ago
  [deleted]
jmalicki 26d ago
Uber and Airbnb both had similar risks in their S1s, for obvious reasons.
- cavem0nkey 26d ago
  And both have been damaging to society. And are getting fined and chased out of certain countries. Why would you throw investment in this unless you’re just leveraging the growth in the time it takes for regulatory issues to appear? Which is terribly unethical. Wall to wall bastards. I’d rather die poor than contribute to the further decline of society.
  - dofm 26d ago
    They have but this reply was a fully fair answer to my point; perhaps there are more.
  - newsomix9xl 26d ago
    Maybe those who seek and profit from the decline in our society also want to promote divisiveness? Maybe divisiveness itself, is part of the problem?
    - cavem0nkey 26d ago
      Yep. We’re tribal apes. This is just a foot on the accelerator.
- dofm 26d ago
  I was thinking maybe Uber but I was not sure it could have been that bad. They would have had states pushing back but against a very popular product with users. But Airbnb, good point: they would have talked about the risks of states curtailing their businesses. It’s still a very unusual level of hatred, I would say.
  - jmalicki 26d ago
    Uber called out that they were aggressively doing an end run around both taxi licensing AND minimum wage laws and facing significant pushback on both fronts, among many other risks.
jryle70 26d ago
"Everyone hates us but they can't have enough of us. Our revenue can't stop rising" Anthropic's credit line is now $10B - [0], and the IPO is expected to beat or match SpaceX - [1] [0] https://finance.yahoo.com/technology/ai/articles/anthropic-pre-ipo-credit-facility-120320361.html https://finance.yahoo.com/technology/ai/articles/anthropic-p... [1] https://www.bloomberg.com/news/articles/2026-08-20/anthropic-expects-to-match-spacex-s-record-ipo-size-or-top-it https://www.bloomberg.com/news/articles/2026-08-20/anthropic...
- dofm 26d ago
  Not what we are discussing.
- nozzlegear 26d ago
  This doesn't really refute what they said. The fact that they make a lot of money doesn't mean the public doesn't hate them or that they won't find themselves facing anti-AI backlash in the near or far future.
  - jryle70 26d ago
    Huh? "Everyone hates us and the very fundamentals of what we are promising" First of all everyone? Based on what? Second of all "they hate our guts and the core of what we're doing (fundamentals), but they can't have enough of us". Are you sure the society (everyone) is that self loathe or HN is in a giant bubble? AI clearly causes disruption, anxiety, uncertainty, and will be negative for certain groups, just like anything with major impacts in the history. But hate by everyone? people who consider themselves smart and well informed should really be more objective and level headed.
- owebmaster 25d ago
  > "Everyone hates us but they can't have enough of us. Our revenue can't stop rising" Anthropic is far from profitable so using Claude makes them lose money. There's a fictional scenario where they make this money back with a huge profit but it's getting very hard to believe this gonna happen.
bragr 26d ago
I'm sure you can find similar stuff in the prospectuses of many controversial companies spanning oil, cigarettes, alcohol, cannabis, adult entertainment, guns, gambling, defense, etc... Anything someone is trying hard to ban.
- newsomix9xl 26d ago
  Why is AI in the category of oil, cigs, and beer? Its software ....
  - bragr 26d ago
    Social media and gaming companies probably have it too
  - dragontamer 26d ago
    The electricity usage is off the charts. Every place that gets a data center has their electricity prices go up. Consumers are now fighting to stop data centers from coming into their hometowns. It's not like Data centers have lots of jobs that benefit a community anyway. It's basically a building that eats a local city's resources and gives barely anything back in return. At best, an AI data center is a year job for the local blue collar workers. A temporary benefit at best, while the price of electricity rises will negate any local benefits by a long shot. Plus water and noise, and other such issues.
    - dofm 26d ago
      I think that was maybe a rhetorical question, but that indeed sums it up.
    - ToValueFunfetti 26d ago
      Just read this interview[1] the other day that contends that the blue collar workers, or at least their union leaders, are thrilled about the data center boom. There are loads of these projects underway and they show no sign of stopping, so the fact that it's only work for a few years per building hardly matters. Plus, the pay is great because the projects have to fight each other for labor. It also says that localities competed for these projects because of the substantial tax revenue they'll bring in for the communities. Separately, while electrity usage is a valid concern with respect to pollution, data centers are not really driving electric costs up for residents, with (maybe?) a couple exceptions. Noise is likewise a non-issue by-and-large with (definitely existent) rare exceptions. And the water usage issue is totally invented; data centers use a tiny fraction of the water other industries that would otherwise occupy industrially-zoned land use. You didn't mention it, but the interview also contends that the "this will take our jobs" angle that gets passed around here as a reason isn't on anybody's mind. Instead, it seems that the AI companies used NDAs to prevent localities from efficiently pricing their deals. That's obviously sketchy on its own and worthy of attack, plus as a bonus it prevents governments from making statements to clarify that the populist narratives that surround the things and are, bluntly, false. [1] https://www.natesilver.net/p/why-does-everyone-hate-data-centers https://www.natesilver.net/p/why-does-everyone-hate-data-cen...
deleted 25d ago
[deleted]

Betelbuddy 26d ago

Well there is a story, and the story is we are going to have an Anthropic IPO? Believe it when I see it...

mihaelm 26d ago
We've known Anthropic has filed for an IPO since early June.
- disgruntledphd2 25d ago
  Still no S-1, though. I really want to see it, have been on the edge of my seat all summer. I reckon they'll chicken out, though.

Betelbuddy 26d ago

One risk they should include is: Our vision is working on a product and business model, that if we succeed, will make our business model and product obsolete.

JacobAsmuth 26d ago
Not a risk.
1123581321 26d ago
I expect this will effectively be stated, that their success will depend on developing a succession of products and evolving the company in response to the market climate.