Anthropic IPO: 80% Equity Giveaway

Anthropic plans to give away 80% of its founders' equity while keeping 50% of the vote. The IPO will list on Nasdaq as ANT, offering only A shares that total 49.9% of voting power. Each of the seven founders holds about 240 million A shares, worth $13.7-$14.4 B at the $58.90 Series H price. If Anthropic hits a $2 trillion valuation, those stakes could double to $27-$29 B each. The S-1 also reveals a dual-share scheme: a single F share holds 50.1% of the vote but no economic rights. Meanwhile, the company has signed $417 B of compute contracts and plans to spend $542-$567 B on infrastructure. That massive compute spend could swamp Anthropic's cash flow, even as it reports $11.6 B revenue and $5.6 B quarterly costs. So investors face a historic IPO that blends founder control, generous philanthropy, and a looming liquidity risk.