The artificial intelligence company said its public positions on AI safety and regulation could invite backlash, scrutiny and restrictions as it prepares to go public. By Owen Dahlkamp, Sam Sutton Anthropic is preparing to go public. But it's warning investors that its stance on artificial intelligence safety and regulation could expose the company to backlash from the public — and a Trump administration with which it has a contentious relationship.

While the president is not mentioned directly by name, the scuffle between the administration and the AI giant is threaded throughout its disclosure filed Monday.

In its S-1 registration statement — a key document that companies preparing to go public must submit to the Securities and Exchange Commission — the Silicon Valley company said its public positions could shape public narratives and regulators’ perceptions of its business in unfavorable ways.

Anthropic warned it could face investigations, selective application of rules and adverse treatment in government procurement or visa decisions affecting its employees.

“Our public positions, stated values, policy advocacy, or statements by our executives have attracted, and may continue to attract, criticism from influential political figures, industry participants, regulators, or other third parties, particularly in politically sensitive or polarized environments, which could shape public narratives or regulatory perceptions of our business in ways that are unfavorable to us,” the company wrote.

The warning underscores a tension at the center of Anthropic’s business as the company has made safety and regulation central to its public identity — at times putting it at odds with Trump administration officials.

As well as warning about potential threats to the company from political risk, Anthropic highlighted threats emanating from AI safety and the wider chip supply chain.

The company said it would continue to evaluate its models prior to their release to ensure that adequate safety guardrails are in place, writing that AI researchers and policymakers have pointed out that “AI systems could pose catastrophic or existential risks to society if not developed and deployed responsibly.”"It's not often you come across S-1s that say: 'Oh, we all might die. Tough luck. You should still buy the stock. Here's why,'" said Hardika Singh, an economic strategist at Fundstrat Global Advisors.

While the lab said it would attempt to mitigate such risks, “there can be no assurance that our efforts will be successful or that the broader AI industry will adopt similar safeguards.”Anthropic also highlighted risks to the company from Taiwan’s dominance in semiconductor manufacturing, which it said is particularly prone to instability. Any geopolitical uncertainty in the region, including threats from China, or natural disasters may disrupt the supply of chips required to power the AI buildout, according to the company.

“Efforts to establish sufficient advanced chip manufacturing capacity outside of Taiwan, including in the United States, remain in early stages and may not produce adequate compute to materially reduce these concentration risks within the foreseeable future,” the filing reads.

The company also identified its ability to maintain continued access to computing power as a potential threat to its business. Political opposition to new data centers has intensified and become increasingly organized, and “the loss of, or a significant disruption at, any major facility may not be readily absorbed by our remaining or future infrastructure,” the company said. Anthropic has had a volatile relationship with the federal government.

In late June, the Commerce Department lifted export restrictions on two of Anthropic’s models it had imposed after months of friction with the Trump administration, which saw the Pentagon declare the company a supply-chain risk over its refusal to allow its tools to be used in some offensive operations.

And Anthropic CEO Dario Amodei has publicly warned that the technology his company is developing may pose an existential risk to humanity, drawing criticism from other tech executives and Trump himself that he was raising unnecessary alarm.

“The Trump Administration has stopped AI ‘people’ from doing bad, or potentially bad, ‘things,’ like Dario (Anthropic!), who is now pretending to be a “perfect little angel” - and we will continue to do so,” the president said in a September Truth Social post arguing against more regulations.