Source: r/AnthropicBets The S-1 went up on EDGAR this morning. Here's the part that isn't about revenue. One share, 50.1% of the vote. Right before the IPO closes, Anthropic will issue a single share of Class F stock to a "Founder LLC" whose initial members are the seven co-founders (Dario & Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, Chris Olah). That one share carries 50.1% of total voting power. It gets no dividends and only par value in a liquidation. It's there purely for control. The founders decide by majority vote how to cast it, so 4 of 7 can direct the whole 50.1%. It only starts to phase out once two or fewer co-founders remain (founders drop out of the LLC if they leave, die, sell too much stock, or are removed for cause). Then the Trust picks the board. The Long-Term Benefit Trust, 5 financially disinterested trustees, elects the Class T directors, and they form a majority of the board. So what does a public shareholder get? Class A, 1 vote per share, plus the dividend and liquidation rights. Add up every non-founder vote and it's 49.9% at most. Anthropic will be a Nasdaq "controlled company." The 5 classes of $ANT: A: the public. 1 vote/share, gets the economics. N: 846,840,960 shares (5% fully diluted) to the Anthropic Public Benefit Fund. No vote. The board can add up to 2% more each time the stock rises 50%. T: the Trust's class. Elects the board majority. F: the co-founders' single share. 50.1% of votes. E: employees. Limited votes, no dividends. For context - Zuckerberg needs hundreds of millions of Class B shares to control Meta. Anthropic's founders need one. The co-founders have also each pledged 80% of their equity to charity, though the S-1 itself says the pledges aren't legally binding. Bull read - it's built so a safety-first lab can't be pushed around by quarterly earnings or activist funds. You know exactly what you're buying. Bear read - at a $1.5T valuation, public investors are buying the economics with almost no say in how the company is run.
CryptoAlerta — análise de criptomoedas e mercado em tempo real