Reading the Anthropic S-1, with Zvi Mowshowitz
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.
- 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 →
- 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 →
- Wall Street analysts misread Anthropic's softer third-quarter revenue growth as weakening market demand or enterprise SaaS cohort exhaustion. Read →
- 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 →