Reading the Anthropic S-1, with Zvi Mowshowitz

With Patrick McKenzie, Zvi Mowshowitz · Friday, November 6, 2026

Patrick McKenzie and Zvi Mowshowitz analyze Anthropic's S-1 filing, examining the company's unconventional corporate governance, massive financial commitments, and high-growth dynamics. They evaluate the Class F founder voting structure, an uncapped 3:1 charitable donation match, nearly $900 billion in forward compute commitments, and the broader economic and cybersecurity fallout of rapidly scaling frontier AI.

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Key takeaways

North Korea used AI to accelerate a cyber attack on Binance that netted more than $5 billion, pushing AI-enabled theft past 5% of North Korea's entire GDP. Read more →
Anthropic created a single Class F share that holds 50.1% of voting power, letting the founders overrule outside investors as long as at least three founders stay at the firm. Read more →
Wall Street analysts misread Anthropic's softer third-quarter revenue growth as weakening market demand or enterprise SaaS cohort exhaustion. Read more →
Anthropic established an uncapped 3:1 charitable match on employee stock donations, matching every dollar an employee gives away with three dollars of company stock. Read more →