Anthropic confidentially submits draft S-1 to the SEC
anthropic.com
anthropic.com
Not to mention the insane wake-up call it is going to be for these AI stocks when 3 months after they launch they have to start making earnings calls and showing their financials. That quarter-by-quarter pressure and scrutiny is no joke, and probably the biggest downside of going public.
I'm bullish on AI, but kind of bearish on any specific AI company. None of the initial big dotcom companies like AOL or Yahoo survived at the scale they briefly had.
In contrast, there was overwhelming doom and gloom for Google's IPO, in spite of their incredible growth and margin economics. In time, the doomers were proved wrong.
There's so much doom and gloom about Anthropic that directly contradicts their astounding growth and margins. For a long-term investor, Anthropic is looking a lot more like Google not AOL.
I can only hope the doomer narrative dominates until I can get a few shares at a reasonable valuation.
Vibes are almost always wrong. Ignore the vibes and focus on revenue growth rates and inference margins.
I'm betting more on the successors to this initial group of AI companies. The ones that have to build actual profitable businesses.
I doubt you will. Most likely IPO reference price will be like SpaceX's, 100x ARR or so.
You're better off buying Google who own a huge chunk of Anthropic at a much saner average.
The normies are all still excited/scared and the valuation based on secondary trading is going up and up.
Maybe not quite as crazy as the dot com boom but I'd say the current environment for AI and related equities is a lot closer to the mid/late 90s than 2004
They (together with OpenAI and maybe Google) can have better margins on frontier models, but the demand on those got to be much lower
The issue is that the way the rules have been changed, risky stocks have been added to a product that is meant to be stable.
A 401k, any retirement focused product, is not serving its purpose when it tags on risk.
Having people in the later part of their lives find they are broke, becuse despite them doing everything right, a loophole was created to extract their savings.
This is simply not right.
And ignore debt you can't pay back? Fine during ZIRP era because there was always another $50M around the corner. There is no extra $50B around the corner.
They've all over-invested in AI, same as the railroads, and it will collapse the same way.
I could be wrong, but the margins are so good because there isn't a "substitute" for the frontier models. The performance difference between the latest Opus and a more open model provider is large enough to justify the extra cost. If that difference shrinks, I think the cost people are willing to pay will go way down.
Most of the time, they're wrong half the time.
I conjecture that some amount of the "doomer posting" is a consequence of other people realizing what you realized here and attempting to sway public sentiment for personal gain.
Citation needed for that one.
We’ve already seen a startup make a chip which generates a hundred pages of text in milliseconds. When companies start bringing out hardware like that for cutting edge models, the entire business is dead. AWS will just eat the market.
SpaceX was a profitable company, it was heavily invested into R&D and had managed to build a tidily profitable connectivity business in Starlink. Now the company is being burdened with all the worthless debt of X and xAI with a likely merger with Tesla following launch just to hand Musk a big check when he hits the valuation targets.
IPO inclusion on indices should be illegal, the price discovery simply hasn't happened yet and it's a direct grab at the most vulnerable retail investors - the passive index huggers that were told that if they just buy an index it'll never be spectacular and it might dip but it'll steadily go up.
I would not be surprised if the US Government ends up bailing out retirees over this and cements the country's descent into debt. Pretty much everyone can see it coming, but we have to act as if Elon is valuing his companies in good faith and not just trying to rob a payday.
Retroactive reasoning with investments (if I just bought X) is insane.
I really dont see how America doesnt collapse on the weight of its own corruption. But maybe the was the plan all along....
Assume that Anthropic, OpenAI and SpaceX all IPO and get included in SPY with the new fast listing rules. They are likely to be worth $3-4T combined, which means 'retail' investors are going to have perhaps 5% of their portfolio in it.
_Arugably_ that's a pretty fair allocation for retail investors to have to these "moonshot" style companies.
Also - if any one of these IPOs don't go well; I suspect the other(s) will have to postpone, further reducing exposure.
Everyone I know who invests in an index fund is doing so to mitigate the risks of things like "moonshots" which are typically much riskier investments.
If I'm not reading it wrong though NASDAQ introduced a 3x multiplier for low-float stocks like SpaceX is most likely going to be (and maybe OpenAI and Anthropic too if they see that it works). A 15% exposure is then going to be pretty big.
If they are the only moonshot style companies in their portfolio, and if they crater that's the physical equivalent of a 160lb person carrying a gallon of milk around with them wherever they go. At least until they've drunk it I guess.
Lots of "ifs" in that sentence now I read it back though.
At least at first the spacex free float will be quite modest.
Hedge funds already know broad based mutuals will have to purchase these so can sneak in before them and then sell to them for a marginal gain. Mayhaps the newest strategy for exiting is generating so much hype that you're guaranteed an exit by retail retirement funds?
I started as being very skeptical circa 2024, became more open minded towards the end of 2025, and am becoming skeptical again now. Reason being, I interact with entrepreneurs now and I see what they hope for in AI. The universal desire seems to be "people will just talk to AI instead of me while paying me the same as before or more". This is typically covered with coping mechanisms (e.g. "I am not building a chat bot, I am building..." after which they describe a chat bot).
I think the crash is getting more likely because the disconnect between what the technology can be used for does not match what people want it to do.
[edit:typo]
there are ways for you to manage your risk if it in public markets, theres nothing you can do if its in private.
Are AI companies capable of turning a profit today if they turn some knobs?
Theoretically, if training more expensive models stops resulting in better capabilities or isn’t economically viable, the labs can shift gears into making profit on old models. A lot of future growth is priced in so this would lead to a collapse in share price if it happens anytime soon.
There’s a story out that Anthropic might be profitable this quarter. This is in one sense bad news - it means that the company wasn’t aggressive enough about acquiring capacity last year, because they didn’t foresee how fast their inference business would grow. Anthropic is now forced to make suboptimal choices about serving existing users vs. training the next model (need to scrounge for capacity by paying other players like SpaceX). And as a Claude Code user I feel like I’ve been affected by that, what with the random outages and performance degradations.
What? No. VCs, pensions, etc aren’t corporate investors in any common terminology.
The most recent change was the NASDAQ adopting the "fast change rule" which allows newly IPO'd companies to be listed in the index after only 15 days of trading. This rule was decided March 30, 2026 and only came into effect May 1, 2026.
The plan is to rapidly drive these prices up in the first 15 days, get the companies listed in the NASDAQ so funds are forced to purchase them at higher prices, then leave retirement accounts holding the bag.
Official justification, and other changes besides timeframe, e.g.:
> First, eligibility and company size. As multi‑class share structures have become more common, we now consider both listed and unlisted shares when determining eligibility and ranking. This allows the index to reflect a company's full economic size, while index weighting remains based solely on listed shares. This change affects who qualifies for inclusion, not how constituents are weighted.
* https://www.nasdaq.com/newsroom/nasdaq100-index-methodology-...
> A new method to calculate the market capitalization of companies to determine their eligibility for inclusion in the index. It involves adding listed stock and unlisted shares that are part of different share classes. Scrapping a rule that requires companies to float a minimum 10% of their shares. Companies with a low float will receive a lower weighting on the index. […]
* https://www.reuters.com/business/new-nasdaq-rules-include-fa...
I know SpaceX, Anthropic, and OpenAI will probably be a drop in the bucket in terms of scale of these funds, (free float % etc). But, is it realistic to take the money out of index funds for a bit until the price of these new stocks come crashing eventually?
Likely the government would step in and inject cash directly into the markets to support them in such a scenario, because a broad-index stock market crash is the modern-day bank run. Retirees carry the bulk of their savings in the form of stocks; if it disappears, we'd likely face revolt.
The bottom is going to fall out of the market and it's going to take years to recover, I don't see any reason to suffer through that (and neither do my retirement-age relatives).
I'm after steady gains in an approximately efficient market, not a wildly unsustainable speculative boondoggle, thanks.
https://finance.yahoo.com/markets/stocks/articles/spacex-ipo...
VTI in turn is the primary holding of most of Vanguard's Target Date retirement funds, which are widely held in 401ks.
There's no way they could have done that without telling those investors the S-1 was prepared and awaiting their signature on the round before they hit Submit, so to speak.
What they might do is trade bespoke instruments like a credit default swap on datacenter construction deals. Stays underneath the radar of politicians and tech insiders who are invested in a particular outcome.
Dumb question: why couldn't retirement accounts simply not purchase these?
Or one that just imposes a reasonable waiting period on adding newly-IPO’d listings.
If they really are a scam, their value will drop and they will be kicked out of the index. I still don’t understand how this means people will be “holding the bag”.
Additionally if you really believe that they are a scam and their price will fall you can just short the stock to completely neutralize their effect on your 401k.
Shorting (itself being a bad idea for regular investors) also breaks the mantra of passive investing, 401k or otherwise. It’s almost impossible to short right after IPO because of low float and high margin risk.
These mega IPOs are just using passive investors as backstop.
And there are plenty of ways to manipulate the price, such as issuing a low float to a hyper hyped stock..
And yes often a falling knife
This is pretty predictably wall street & federal regulators scamming normal people, retirement funds, etc, taking their fees and exit window at everyone else's expense
Meanwhile some of these companies are also lobbying to be able to only have to submit annual or biannual earnings reports, too.
Everyone is looking for multiple ways to leave the dumb money holding the bag.
It makes sense. They intend to track the market as it is.
Though, you can definitely make the case that the popularization of index funds has allowed their holders to essentially become patsies to hype IPOs.
Even with the CRSP indexes this was recently changed to make fast-tracking for these IPOs easier.[0]
> CRSP indexes were also recently changed to better accommodate fast entry . . . Previously, these screens included having at least 10% of shares qualifying as freely tradeable (known as float shares outstanding, or FSO). However, in April the methodology changed to allow stocks with either 10% FSO or approximately $3.3 billion in float-adjusted market capitalization to be eligible for index inclusion.
That change is notable because both Anthropic and SpaceX are planning to IPO at well under that old 10% requirement.[1] Neither would have qualified for fast-track inclusion before, but both are virtually guaranteed to clear the absolute valuation bar.
[0]https://www.schwab.com/learn/story/some-indexes-accelerate-e...
[1]https://www.economist.com/finance-and-economics/2026/06/01/c...
CRSP has recently changed their rules:
> CRSP indexes were also recently changed to better accommodate fast entry. New IPOs are eligible for CRSP's suite of indexes after five trading days, provided they pass the index's eligibility and investability screens. Previously, these screens included having at least 10% of shares qualifying as freely tradeable (known as float shares outstanding, or FSO). However, in April the methodology changed to allow stocks with either 10% FSO or approximately $3.3 billion in float-adjusted market capitalization to be eligible for index inclusion. The weighting of stocks in CRSP indexes is also based on free float, which should help address the investability challenges associated with thinly traded stocks.
* https://www.schwab.com/learn/story/some-indexes-accelerate-e...
The extremely small float of these offerings will make index weights a rounding error.
Ask your LLM of choice to compare the likely value of shares to be held by index funds with the market cap of each of these companies.
Diversification doesn’t work if you throw in low quality investments you wouldn’t consider on their own. It just lowers returns.
Saying you as in any random person can protect themself from a group of dedicated experts who also have access to levers the common person can’t pull, is kind of not believable on its face.
There's maybe, at best, 1% of the country even aware that this might be a problem.
[1] https://www.wheresyoured.at/anthropics-profitability-swindle...
This is just to pump their numbers for the IPO, profitability is nowhere close until we see the real numbers.
The reason you are seeing a boom in IPOs versus 2023-25 is because a large portion of funds that are from the 2016-20 vintage are about to hit the 10 year mark when LPs need to be made whole.
This means you need to exit your investments either with an additional round, an acquisition, or (the most common approach for growth equity which is what series D and later rounds are) IPO.
So what could happen, any number of things. An obvious near term issue might be inflation increases dramatically in the US (on account of the oil shock), causing interest rates to increase - maybe dramatically - , which causes the stock market to retract. Also, the housing market is pretty much toast at the moment and an increase in interest rates might finish it off too causing a contraction there. So many ways things can break.
But honestly, I'll tell you after it happens and it will happen. Having lived through a few of these now when everyone tells you it's a sure thing and prices go up for ever you get an inkling you are near the pop.
[1]: https://www.sec.gov/Archives/edgar/data/1181412/000162828026...
Even SpaceX is not profitable because of Starship.
SpaceX AI segment lost about $2.5B from operations in Q1 2026 on $818M revenue...they are burning dollars. Musk controls about 85% of voting power through supervoting shares, and cannot be fired...go IPO buyers...nothing like economic exposure without control....
Just because it's a bubble doesn't mean money can't be made.
If you're worried it and the risk involved, perhaps go from 100% equities (100/0) to an allocation that has some bonds (90/10, 80/20, etc). Rebalance as things get out of whack.
There are products that do this rebalancing for you: target-date funds that increase bond allocation as you get closer to retirement, or fixed-allocation all-in-one funds (VASGX, VSMGX; CA: VEQT/XEQT).
Having some bonds and rebalancing would have saved US domestic investors in the so-called Lost Decade of the '00s:
* https://www.forbes.com/sites/advisor/2010/09/13/its-not-real...
The bubble won't pop until these retirement accounts of have been raided.
Typically I just have my 401k in an index fund so that things have to become established before they're added. This seems like it's circumventing that, and I would be inclined to vote with my wallet. But everything around 401k index funds that I see are very opaque, so it's not totally clear to me how I would avoid this if I wanted to.
- S&P 500 Ex-Technology ETF (Ticker: SPXT)
- S&P 500 Equal Weight ETF (Ticker: RSP)
- Vanguard Value Index (Ticker: VTV)
- Vanguard Total Stock Market ETF (Ticker: VTI)
- Vanguard High Dividend Yield ETF (Ticker: VYM)
- Schwab US Dividend Equity (Ticker: SCHD)
- Invesco S&P SmallCap 600 Revenue ETF (Ticker: RWJ)
But I would strongly advise you to NOT DO THIS.
The above position makes it explicit that your thesis involves shorting a stock that could go through the roof in value. That emphasizes what a risk you're taking with your thesis. If your typical investment approach is to just buy index funds, then carry on just buying index funds and let the market do its work.
By the way, if SpaceX, Anthropic, OpenAI etc were to be excluded from the indices, then professional investors would just start a trade the inverse of the one I outlined above - i.e. they'd start shorting your index fund to the extent it was underweight in those companies, in order to profit off the exclusion of those tickers from it.
If you're in this for the long term (which I assume you are given this is your 401k), don't try to second-guess the market short-term.
Also, consumer staples are known for holding their ground during downturns.
But the general advice given is to accept that you probably can't beat the market so don't overthink it and just own the whole thing.
Also keep an eye on expense ratios. A lot of 401k providers gouge you on anything but the basic funds. So you'd have to beat the market by that much more.
Vanguard offers a bunch of ETFs so I can't exactly give you a solid answer.
One of their specific etfs (VTI) tracks the CRSP US Total Market index [1] which has its methodology described here [2] and looking at the "CRSP INVESTABILITY SCREEN SUMMARY" it sounds to me like SpaceX would be added to VTI after 5 days ("Seasoning of New Securities - 5 days or greater if satisfying the fast-track IPO rules".
[1]: "The Fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index (the “Target Index”), which represents 100% of the investable U.S. stock market," https://personal1.vanguard.com/pub/Pdf/sp970.pdf
[2]: https://www.crsp.org/wp-content/uploads/guides/CRSP_Market_I...
The real competition is coming out of China right now and I doubt the Chinese government is going to let them buy out their "fast follower" AI companies that are consistently 6-12 months behind in terms of quality. That said, I'm factoring quality as in Opus 4.5/Sonnet 4.5/GPT-5.5 as break points since I haven't really seen an improvement since that point when using AI.
https://www.anthropic.com/research/2028-ai-leadership
They are already starting that now.
A company consumed half a billion dollars worth of tokens in a month and nobody noticed anything until the bill came due.
Tha $500m dollars is roughly equivalent to 2000 people working for a year or 500 people working for four years, they can and would accomplish a lot if they worked in companies that add value to the economy by solving real problems.
Marketing only takes you so far in creating noise.
Its weird seeing this focus on bench marks again - PC's did this for quite some time. But in the end it came down to - what does all this additional horsepower let you do? Oh create interesting apps, multi-tasking etc. Which was really the value-add.
I'm responsible for AI roll out at a small business and we've had data science go over these things internally in terms of what results we get for 12+ months now. Its just my experience that is roughly the results we've seen using Deepseek, etc. and comparing cost/results vs. Anthropic/ChatGPT.
> A company consumed half a billion dollars worth of tokens in a month and nobody noticed anything until the bill came due.
It was sourced from one anonymous source. Its highly unlikely to be true in my view, but hey, you do you.
What? In what way would the change? They are already raising prices..
How much bigger can they get when they’re already 1/5 the size of the world’s largest company?
It seems like the chance of retail making a killing on these IPOs like they did with Amazon (+2200x since IPO) or Nvidia are slim. The entire S&P is $60T.
We don’t actually know if their business model is sustainable. If they were public we would have a better answer to this.
Jeeze 8500 employees. Even then though.
Sometimes I think that the endless cynicism around corporations that exists online is the real ploy by capitalists to keep people poor. It seems to be pretty damn effective at making people allergic to claiming their slice of the pie.
- ABNB right at around their IPO price. - Uber is 75% up… after 6 years. - SNOW came back to break even only after the recent surge.
Going public used to mean selling a portion of your company for the capital required to grow. Ideally John Q. Public buys stock, the company grows, and they can sell the stock for more money.
These companies already have the capital required to grow from private investment, and already grew; they're behemoths. The act of "going public" are those private investors using the public market to cash out their investment. The exponential growth the public buyers are expecting to see has most likely already happened.
Plus as insider lockup periods expire, that's a ton of dollars pulled out of the market and into safer assets. It's going to be a huge net exit of capital.
I'd expect a lot of volatility and pretty heavy downward pressure across the rest of tech.
Of course IIRC they looking into tweaking the rules to allow some handpicked extremely unprofitable companies in, due to "reasons"....
Index funds all make active choices and often hold companies not in the original index. They are more passive than a traditional funds that buys and sells all the time, but they still make active choices. When an index changes stocks they can look up the price - but the funds mirroring the index need to make real trades that if not carefully done will change the value of the stocks (and cause the fund to under perform the index), so index funds have plans to prevent this. Compared to a traditional fund an index fund looks passive and there is much much less for the manager to do - but that doesn't mean the managers do nothing.
The contents themselves contain a lot of detailed information about the internals of the company including financials, revenue, ownership details etc... those details are what's confidential until the SEC gives its approval, at which point the public can then review the document.
Welcome to 2012 [1].
[1] https://en.wikipedia.org/wiki/Form_S-1#:~:text=Under%20the%2...
As opposed to normal people trying to pick winning stocks?
* https://en.wikipedia.org/wiki/A_Random_Walk_Down_Wall_Street
Most stocks suck:
> We study long-run shareholder outcomes for over 64,000 global common stocks during the January 1990 to December 2020 period. We document that the majority, 55.2% of U.S. stocks and 57.4% of non-U.S. stocks, underperform one-month U.S. Treasury bills in terms of compound returns over the full sample. Focusing on aggregate shareholder outcomes, we find that the top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020. Outside the US, 1.41% of firms account for the $US 30.7 trillion in net wealth creation.
* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3710251
> Four out of every seven common stocks that have appeared in the CRSP database since 1926 have lifetime buy-and-hold returns less than one-month Treasuries. When stated in terms of lifetime dollar wealth creation, the best-performing four percent of listed companies explain the net gain for the entire U.S. stock market since 1926, as other stocks collectively matched Treasury bills. These results highlight the important role of positive skewness in the distribution of individual stock returns, attributable both to skewness in monthly returns and to the effects of compounding. The results help to explain why poorly-diversified active strategies most often underperform market averages.
* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447
Further, over ten years, most individual stocks under perform a market index (even more so if stock was initially a top performer):
> […] Since 1926, the median ten-year return on individual U.S. stocks relative to the broad equity market is –7.9%, underperforming by 0.82% per year. For stocks that have been among the top 20% performers over the previous five years, the median ten-year market-adjusted return falls to –17.8%, underperforming by 1.94% per year. Since the end of World War II, the median ten-year market-adjusted return of recent winners has been negative for 93% of the time. The case for diversifying concentrated positions in individual stocks, particularly in recent market winners, is even stronger than most investors realize.
* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4541122
Even with all these shenanigans, most people are better off sticking with index funds.
Some index funds have a very long horizon before they include them (e.g. a year). Others are "fast-tracked" (e.g. notably VTI). Most of those, however, are float-adjusted, so only the stock available for trade is considered part of the marketcap. So e.g. VTI / VTSAX will buy spacex relatively quickly after the IPO but at the float-adjusted weight of ~$75B because that's the % of stock available.
If you care alot about this, now is the time to understand how your index fund treats IPOs wrt to delays + float adjustment.
Specifically, I do a typical 3FP and own VTSAX, but I don't read bogleheads or anything. True set-it-and-forget-it, but I do want to read more if things are shifting.
https://www.multpl.com/shiller-pe
Valuations are literally at 1999 levels, and that's before the coming IPOs. No wonder they chose this moment to IPO.
Wikipedia states most capital in the late 1800s railroad bubble in the USA was "involved in projects offering no immediate or early returns" https://en.wikipedia.org/wiki/Panic_of_1873
Price setting.
Also filing an S-1 doesn't actually indicate that they intend to go public "immediately," it just gives them the option to go public (probably in the near future).
Would it crash other company stocks so that investors start selling and purchasing Anthropic shares, or how does it work?
AI real expectations are about as frothy as they'll ever be.
The latest models have legitimately taken senior coders from execution to agentic babysitting mode - something that was only a dream until last time.
There's a rumor of a $500M MONTHLY Anthropic Bill - that is the equivalent total compensation of 10-15 THOUSAND senior ICs (L5, L6). Imagine what kind of company can spend that amount and pay their staff and somehow 'see value'
The indexing argument is overblown. How many companies of the S&P could the average commenter here name? My guess is - charitably - 30. Yes, weighting, etc. but every indexer here is buying in hundreds of companies they have no idea about the business of, and all of a sudden some percentage goes to a tech company they know about and they want to comment.
Let these people run their victory lap!
Better to do it now than to wait a day longer and the tokens are not getting any cheaper here.
Obviously OpenAI will file for IPO certainly this month, or even this week in response both SpaceX, and Anthropic.
Then AGI will then have been achieved externally.
The document itself is what's confidential until the SEC approves it, at which point Anthropic will release that document to the public and IPO.
I do think Anthropic's business has very good long-term prospects, but the current run rates are not sustainable and they know it which is why they, more than OpenAI, are under higher pressure to IPO. Some things to consider:
1. This was surprising to me, but enterprises Claude Code (and Codex) plans are billed on token usage at API rates. I was expecting lower rates for volume subscriptions. This explains their huge spike in ARR, but I expect competitive pressures will soon come into play, especially as companies start to get more budget-conscious. Specifically...
2. Tokenmaxxing is finally encountering the inevitable pushback. My theory is it was an effort to incentivize devs to experiment and figure out ways to get productive with AI by throwing money at the problem, which was always going to be a short-term dynamic. Companies are going to be much more intentional about token budgets (especially as Anthropic is apparently now asking for volume commitments for enterprise plans.) Smaller, open-weight models may start looking much more attractive.
3. I've said before but I think Anthropic severely underestimated their own popularity and corresponding demand for compute and has to enter costly deals to acquire capacity to keep Claude's 9's above GitHub's, even as they alienated customers with short term tweaks to optimize usage. These deals will eat into their margins and Claude's problems likely pushed customers to competitors, the effects of which could take time to be more evident.
So maybe whatever looks good on their financials right now is time-limited, and the current boost may start petering out at some point, which may influence when OpenAI files their own IPO.
I just hope pension funds and other long-term investors don’t end up buying into them.
"The stock market just did something eerily similar to the dot-com bubble top in 2000" - https://www.cnbc.com/2026/06/01/the-stock-market-just-did-so...
And you can consistently beat the market as long as passive index investors believe in efficient markets.
post your position for all to see if you're so confident. Time in market is way better than timing the market. I'd rather ride through a downturn, buying at the same pace i always do, and come out the other side than try to time it. Been there done that and i got burned every time.
I've seen this comment on HN at least 5 times already.
It's just a standard/template that most companies reuse.
https://www.figma.com/blog/s1-confidential-submission
https://www.prnewswire.com/news-releases/gemini-announces-co...
https://investors.navan.com/news-releases/news-release-detai...
https://www.round1-group.co.jp/docs/pdf/2026/20260507_news_e...
It's a required public disclosure following a format traditionally used in mandatory public disclosures.
It’s a classic tactic. If you are unable to show real data (why?), then just give as little information as possible so that people can just fill in the gaps based on their own biases.
I mean, look at the way Mythos was announced…too dangerous to release outside of select customers, but they’ve announced they’re adding Mythos capabilities now, so I guess the danger has passed? What changed? What risk mitigations have taken place?