Anthropic just filed to go public. In the S-1, they say their systems could pose catastrophic or existential risks to humanity. They say models have resisted shutdown and shown behavior resembling blackmail. They say no single insurer, and maybe not the insurance industry as a whole, may have enough capacity to cover the losses. NO INSURER CAN/WILL COVER! In other industries with catastrophic loss possibilities, somebody else is usually on the hook. Nuclear power got a federal liability shield in 1957 because private insurers would not underwrite a meltdown. Guns got a liability shield in 2005. AI just got a risk note in a filing. If you buy the stock, you are not only buying the upside, you're underwriting a never-before-seen level of risk. So the interesting question is not whether Anthropic is growing. It is whether public equity is the right place to park a risk the company itself describes as potentially civilization scale, with thin insurance and no regulatory backstop. It's easy to see why they would like to be regulated, and without regulation, there is a non-zero chance that the investment could go to zero.