California companies have scooped up more than three-fourths of all U.S. startup funding this year. That, per Crunchbase data, is an apparent record share. And keep in mind: This year still has a couple months left.

False claims about customers, revenue and AI capabilities can expose founders to personal securities-fraud liability, with D&O insurance offering limited protection against established misconduct. Guest author Kyle Jeziorski of Founder Shield shares three policy provisions that need close attention from founders.

In an S-1 filing today preceding what could be the largest IPO ever, Anthropic laid out extensive new details about its earnings, growth, key stakeholders and the risks it faces going forward. Clocking in at 335 pages, the document wasn’t exactly light reading. However, in a preliminary once-over, we highlight some of the more intriguing disclosures.