Anthropic's IPO Filing Reveals a Founder Lock and $900 Billion in Compute Debt
Reading the Anthropic S-1, with Zvi Mowshowitz
Patrick McKenzie and Zvi Mowshowitz dig through Anthropic's S-1 and find a founder-controlled structure resting on a single Class F share holding 50.1% of the vote, an uncapped 3:1 employee donation match, and roughly $900 billion in forward compute commitments. They argue softer Q3 revenue reflects a GPU shortage rather than weak demand, weigh the bubble and circular-financing bear cases, and ask who should answer when AI-assisted hackers drain $5 billion from Binance.
They are worried that if someone else closes the loop before they close the loop, they will be out of the loop and they will lose.