● Open case · S-1 filed 2026-10-26

Anthropic, PBC
files to go public.

Everything the prospectus says about the people who run it, who owns it, what each stake is worth, how the money moves and what could go wrong — pinned to one board, with every figure tied to its source. Nasdaq ticker ANT. Price range not set yet.

How to read this file. filing means read in an SEC document from the filing. press means reported by an outlet reading the S-1, not yet checked against the prospectus text itself (the 14 MB main document is still to be read line by line). estimate means our arithmetic: shares × a price mark, before tax, exercise cost and lock-ups.

01 · The board

Seven founders, one share, half the vote.

Every officer, director and trustee the filing names. Red string joins people who left OpenAI together to start the company; grey string is a board, trust or reporting tie. Click anyone to open their file.

co-founders, ex-OpenAI, familyboard / trustreporting line

02 · Follow the money

Who gets rich, and by how much.

Shares from the ownership table as of 2026-09-30, valued at three marks: the last private round, and the $1.5T and $2T valuations the press reports for the IPO, divided over 16.94B fully diluted shares.

Named holders

Employees · the pool

Big backers

Private rounds · price per common share

When can they sell

03 · Control

Owning 10% and voting 50.1%.

Two single shares decide who runs Anthropic. The founders' LLC holds Class F, whose vote resizes itself to 50.1% however many shares exist. The Long-Term Benefit Trust holds Class T, which elects a majority of the board.

Share classes after the IPO

04 · The business

Revenue up 31× in five quarters.

Quarterly revenue against what compute cost in the same quarter, and how an operating loss of under $1B became an $80.7B net loss on paper.

Revenue vs compute spend, per quarter ($M)

RevenueCompute & infrastructureQ3 2026, investor update, not in S-1

H1 2026 · from operating loss to net loss ($M)

The $72.4B line is the change in fair value of convertible notes, derivatives and SAFEs: a non-cash charge that grows as the company's value rises.

Annual results ($M)

Compute commitments by provider ($B, press, overlapping)

The filing's own total is about $417B of minimum payments on agreements signed after 2025-12-31. Outlets' provider totals overlap and sum higher; the year-by-year schedule is left blank in the S-1.

Customers named in the filing's case studies

05 · Risk file

What the company says could go wrong.

Fifteen risk factors, grouped. Each one is evidence from the prospectus as reported; the full wording is in the risk-factor section of the S-1.

06 · Sources