Two Single Shares, Seven Seats, And A Non-Voting Amazon: Here Is What Anthropic Looks Like On Paper

We already went through the numbers in Anthropic's S-1 this morning: the first GAAP operating profit, the $72 billion paper loss and the roughly $800 billion compute bill (with Elon Musk as one of the landlords), all in "Anthropic's S-1 Is Out: A $974 Million Operating Profit, An $800 Billion Compute Bill, And Elon Musk As Landlord."

Which leaves the other question every IPO buyer should be asking, and which the prospectus spends dozens of pages answering in lawyer-speak: once the shares are sold, who actually owns this company, and who controls it?

Two Shares Run The Show