Anthropic's IPO prospectus spends 80 of its 261 pages on risk factors. That's nearly double the 48 pages it uses to describe its actual business. SpaceX, a company that straps humans to rockets and lands them on drone ships, used 38. Risk factor sections exist for one reason. You can't sue a company over a disaster it warned you about. So lawyers stuff them with every conceivable failure, and investors have learned to skim past them as legal wallpaper. Then you read Anthropic's. The filing…