Anthropic's S-1 Shows a Founder Share With No Economics and Up to $120.5B in SpaceX Compute
Anthropic's IPO filing gives half the votes to a share with no economics, discloses that 5 to 7 percent of this year's revenue came from customers breaking its rules, and ties the company to SpaceX compute on terms that are a ceiling, not a commitment. The rest of the day asks what you're trusting when you run a model or an agent you didn't build.
Anthropic's announcement: the S-1 is filed, the symbol is ANT, and no price or share count exists yet.
Mad Robot: the Class F share carries 50.1% of the votes and no economic rights, and the Long-Term Benefit Trust elects a board majority.
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