Anthropic
Anthropic files for an IPO with a trust that elects most of its board
Anthropic filed an S-1 to list on Nasdaq as "ANT", with a safety-purpose charter, a board-electing trust and a founder share holding 50.1% of the vote.
Anthropic has filed to go public, putting its safety-purpose charter and a trust that elects most of its board under SEC disclosure rules.
The company filed a registration statement on Form S-1 with the Securities and Exchange Commission on Oct. 26, 2026. It has applied to list Class A common stock on the Nasdaq Global Select Market under the symbol “ANT”. The company and selling stockholders are offering shares. The price range and share count are blank in the preliminary filing.
The Governance
Anthropic is a Delaware public benefit corporation with a stated purpose of “the responsible development and maintenance of advanced AI for the long-term benefit of humanity,” the filing says. Directors must balance stockholders’ financial interests, the interests of people materially affected by its conduct and that purpose.
The Long-Term Benefit Trust, created in 2023, has five financially disinterested trustees. Through Class T stock, it can elect and remove directors who make up a majority of the board. Class T has no economic rights.
Anthropic will issue one share of Class F stock to a Founder LLC immediately before the offering closes. Its members are the seven co-founders, Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. That one share carries 50.1% of total voting power on matters put to stockholders generally, including electing directors other than Class T directors. Class F has no economic rights. The filing says Anthropic is a “controlled company” under Nasdaq rules. It may be exempt from some Nasdaq governance requirements.
The Financials
Anthropic’s revenue grew from $41 million in 2023 to $386 million in 2024 and $4.6 billion in 2025, the filing says. It reached $16.3 billion in the six months ended June 30, 2026, against $1.2 billion a year earlier. Operating loss for those six months was $693 million, down from $2.1 billion. The company said it does not expect revenue to keep growing at comparable rates.
The filing says Anthropic has compute purchase commitments with take-or-pay terms. They obligate it to pay regardless of use.
The Risk Factors
The filing says concerns “have been raised both within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could… pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy.”
It also says Anthropic’s models are contributing to the pace of its own research.
Analysis
We think the filing shows where the control sits and where the money sits. Class T and Class F carry no economic rights, yet between them they hold the board majority and half the general vote. Buyers of Class A stock would hold the economics without that control. An investor weighing any lab that follows would have to decide what that split is worth.