Anthropic S-1: How One Golden Share Gives Founders 50.1% Control
Anthropic created a Class F golden share inside a Founder LLC, giving seven founders 50.1% voting control with zero economic rights.
Anthropic Files for IPO, Samsung Spyware Concerns | Diet TBPN
With John Coogan, Jordi Hays · Sunday, November 1, 2026
John Coogan and Jordi Hays analyze Anthropic's historic S-1 IPO filing, breaking down its $67.2 billion annualized revenue, multi-hundred-billion-dollar compute commitments, and 50.1% founder voting control structure. They also evaluate Spark Capital's 131x venture return, a white-hat security penetration of Anthropic by Cathedral, Samsung Smart TV tracking concerns, and Instagram's expansion into long-form TV video.
Key takeaways
- Anthropic created a single golden share of Class F common stock issued immediately prior to its IPO offering. Read more →
- Rumors on X claimed competitor bot farms stealing tokens accounted for up to half of Anthropic's revenue, but the actual number discussed at investor day was only 5% to 7%. Read more →
- Anthropic reached a $67.2 billion annualized revenue run rate while growing 45% quarter-over-quarter. Read more →
- Cathedral researchers penetrated Anthropic internal Slack channels where engineers discuss sensitive frontier models in under 12 hours using autonomous AI agents. Read more →
- Security researcher Log4j reverse-engineered Samsung Smart TV software and found a region-specific convolutional neural network running locally on the device. Read more →
5 articles from this episode
Anthropic S-1 Shows Model Distillation Is Only 5 to 7 Percent
Anthropic's S-1 groups model distillation under terms-of-service violations, exposing rumors of 50 percent phantom revenue.
Anthropic Scaled to $67.2B Run Rate on $482M in Capex
Anthropic reached a $67.2B revenue run rate while spending only $482M on capex by signing $637B in long-term compute rental commitments.
Why a $20 Billion AI Bug Bounty Will Not Save Big Tech
Cathedral hacked Anthropic in 12 hours. John Coogan and Jordi Hays debate whether a $20B federal bug bounty fixes AI security.
Why Samsung Puts Neural Networks in Smart TVs
TBPN examines security researcher findings on Samsung TV tracking, on-device neural networks, and the growing demand for dumb screens.
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