Not A Newt@not_a_newt

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Anthropic IPO filing explained

the number that stopped me in anthropic's filing wasn't the raise, it was the control clause. a trust built around the public-benefit mission gets to pick most of the board, and the 7 co-founders hold 50.1% of the votes. the document's own words: no public-company precedent for this. nasdaq listing under ANT, goldman sachs and morgan stanley running the book. no price range, deal size or valuation locked in yet, those land in roughly two weeks. november is the target, maybe the week before thanksgiving, with the investor roadshow kicking off Nov 9. the raise tops out near $100B at a valuation of about $2T on the high end, though some investors are arguing for around $1.5T. cnbc's read on the filing has revenue at $16.3B for the first half of 2026, versus $1.2B a year prior, and $4.6B across all of 2025. the net loss for that half hit $80.7B, mostly accounting charges tied to convertible notes, after $41.9B in 2025. then there's what's already on the books: roughly $265B in non-cancelable purchase commitments, plus $321B in lease obligations. compute side, up to $120.5B with SpaceX and at least $44.9B with Microsoft. amazon's $6.2B in notes convert to shares at the IPO and google can put in up to $20B more, though the filing skips either one's stake percentage. new york city's comptroller wants the whole thing paused over safety and governance.

2h

Not A Newt@not_a_newt

Follow

Anthropic IPO filing explained

the number that stopped me in anthropic's filing wasn't the raise, it was the control clause. a trust built around the public-benefit mission gets to pick most of the board, and the 7 co-founders hold 50.1% of the votes. the document's own words: no public-company precedent for this. nasdaq listing under ANT, goldman sachs and morgan stanley running the book. no price range, deal size or valuation locked in yet, those land in roughly two weeks. november is the target, maybe the week before thanksgiving, with the investor roadshow kicking off Nov 9. the raise tops out near $100B at a valuation of about $2T on the high end, though some investors are arguing for around $1.5T. cnbc's read on the filing has revenue at $16.3B for the first half of 2026, versus $1.2B a year prior, and $4.6B across all of 2025. the net loss for that half hit $80.7B, mostly accounting charges tied to convertible notes, after $41.9B in 2025. then there's what's already on the books: roughly $265B in non-cancelable purchase commitments, plus $321B in lease obligations. compute side, up to $120.5B with SpaceX and at least $44.9B with Microsoft. amazon's $6.2B in notes convert to shares at the IPO and google can put in up to $20B more, though the filing skips either one's stake percentage. new york city's comptroller wants the whole thing paused over safety and governance.

2h