Exactly, regulation isn't a risk, that's their attempt to avoid their product becoming commoditised.

The risk for investors is they don't succeed in getting regulatory capture because without that they don't have a long term business model

In Anthropic's case it is pretty openly that. Dario has been very public about existential dangers from Chinese models.

And if there was any doubt, look at the difference in their stock price for the prior year when they were "calling for regulation" vs now that there's an actual chance they get regulation by someone they don't control.