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Anthropic Files SEC IPO, Valued $1.5T–$2T

By Drooid · Oct 29, 2026 · How we work

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Summary

Anthropic filed an IPO registration with the SEC on Monday.
The filing values Anthropic at $1.5 trillion to $2 trillion.
The 335-page prospectus contains 93 pages of risk factors, citing existential AI threats.
First-half revenue reached $16.3 billion, a 1,300 % year-over-year increase.
The Pentagon labeled Anthropic a “supply chain risk” and briefly restricted model exports.

Summary

Anthropic’s Class F shares give Founder LLC 50.1% of voting power.
Founder LLC holds no economic rights, giving Amodei siblings decisive board control despite public shareholders.
A Long-Term Benefit Trust provides independent oversight to balance the Founder LLC’s voting dominance.
The board is split into three equal groups with staggered three-year terms for continuity.
Reed Hastings serves as lead independent director while a safety-risk committee monitors AI hazards.

History

Google’s August 19 2004 IPO introduced a dual-class structure that let founders Larry Page and Sergey Brin retain about 56 % of voting power despite holding only 14 % of economic shares. Anthropic’s 2024 IPO copies that model, giving its Founder LLC 50.1 % voting rights with no economic stake. The repeat has drawn fresh SEC scrutiny of super-voting shares.

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Google’s August 19 2004 IPO introduced a dual-class structure that let founders Larry Page and Sergey Brin retain about 56 % of voting power despite holding only 14 % of economic shares. Anthropic’s 2024 IPO copies that model, giving its Founder LLC 50.1 % voting rights with no economic stake. The repeat has drawn fresh SEC scrutiny of super-voting shares.

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