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Anthropic warns of AI's 'catastrophic risks' ahead of blockbuster share listing
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Anthropic has warned artificial intelligence (AI) could pose "catastrophic or existential risks to humanity" as it unveiled details of its planned blockbuster stock market listing in the US. The firm's valuation is expected to exceed that of SpaceX, which was the biggest-ever stock listing at an initial valuation of about $1.8 trillion in the summer. Anthropic has not yet disclosed the number of shares to be released, their price range, and a date for the listing. The Claude chatbot developer revealed losses in a filing on Monday of more than $80.7bn (Β£60.5bn) in the first half of the year, but said it had $112.4bn in cash or equivalents, and generated revenues of $16.3bn over the same period. Anthropic will be the first true AI company to go public, making it a test case for the future of the technology. It said it will list on the Nasdaq under the symbol ANT. In a filing ahead of its listing, Anthropic said concerns had been raised by policymakers, regulators and researchers as well as by people within its organisation that AI systems posed a significant risk to humanity. It said advanced AI systems "could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponised, or allowed to operate with a high degree of autonomy". Anthropic, which was founded just five years ago by chief executive Dario Amodei, his sister Daniela Amodei and five other co-founders, announced its intention to go public in June. Its most significant rival, OpenAI, quickly followed suit, saying it, too, intended to go public. That listing is now expected to occur early next year, according to a person familiar with OpenAI's plans. After the companies had decided on such plans, a wave of cyber-security and other types of technological breaches occurred involving their AI agents, or AI bots that are designed to operate somewhat autonomously. Current and former staff of both companies also gained public attention with new warnings that AI technology was being developed without the ability to protect the whole of humanity from possible future harms enacted by AI tools. As Anthropic revealed its stock debut plans on Monday, the owners of the rights to Elvis Presley's music sued the AI firm accusing it of using hundreds of the rock-and-roll star's songs to train its chatbot Claude. In Anthropic's new documents, it reiterated promises it has made in the past to develop AI in a way that is beneficial to people, while at the same time warning investors of its dangers. Anthropic detailed losses in its financial filings that exceeded its revenue for the first half of the year, but said it would often make forward investments "that may seem irresponsibly large at first glance". "In general, we will aim to be bold but sane, and to win trust with a track record of successful bets," the tech giant said. Its success depends largely on its ability to develop the most advanced AI models, Anthropic said, adding, "any failure to do so could adversely affect our business". Across about 90 pages detailing possible risk factors, Anthropic noted numerous potential threats to its ability to develop AI in a safe and competitive way. Highlighting potential issues, Anthropic cited its reliance on a cluster of cloud computing providers, Taiwanese chipmakers already facing huge demand, and data centres concentrated in the US. The filing also identified the potential for "regulatory action arising from harms associated with our AI models" β such as suicide and child safety β and uncertainty about where and how it might be held liable for actions taken by its systems. Tech companies have been heavily investing in costly AI infrastructure and tools, like data centres and the informational models that underly all AI technology, pouring more than $1tn into the efforts over the last year alone. Matt Orton, chief market strategist at investment management firm Raymond James Investment, said investors expected to see rapid growth as well as rapid financial losses in Anthropic's finances, so Monday's filing would not come as a surprise. "Getting the details from this filing, I think will help provide the market with more visibility, because we need to know where its revenue growth is coming from," he told the BBC. Peter Andersen, founder of Andersen Capital Management, told Reuters that Anthropic's plans to list was "a significant milestone in the development of artificial intelligence". He added that the outcome of its stock market debut would be "fairly indicative of the sentiment" among investors to continue ploughing cash into AI development. Why are there concerns AI could threaten humanity, and how real are they? Owners of Elvis music rights sue Anthropic for copyright violations Musk and Anthropic pledge public share giveaways AI giant Anthropic woos potential investors ahead of stock market debut Sign up for our Tech Decoded newsletter to follow the world's top tech stories and trends. Outside the UK? Sign up here.