Anthropic's exhibitor prospectus: founders maintain control

Anthropic, the company behind the AI assistant Claude, has made its exhibitor prospectus public as part of its planned IPO on Nasdaq under the ticker ANT. The prospectus states that shareholders will receive one vote per share, but a special holding will still retain 50.1 percent of all votes. This means that the founders will have significant influence over key decisions, including the appointment of the board of directors.

The prospectus, filed with the U.S. securities regulator SEC on October 26, 2026, is still in its early stages. Key information such as the number of shares to be issued, the price range, and recent revenue figures have yet to be established. Further financial details, such as a loss of $80 billion, were previously disclosed and are also discussed in the prospectus.

Anthropic's structure is designed so that the seven founders – Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah – have 50.1 percent of the votes through a special share, the Class F share. This, along with a Long-Term Benefit Trust that influences the board of directors, ensures that buyers of Class A shares have limited control over strategic decisions, such as acquisitions.

The company operates as a public benefit corporation, meaning that the board not only considers profit for shareholders but also the broader impact of the company on society. However, this may conflict with the interests of shareholders, especially if they have little say. It has been revealed that over 80 percent of revenue depends on new AI models, and the company has never paid dividends. The bankers guiding the IPO include Goldman Sachs, Morgan Stanley, and J.P. Morgan.

Once Anthropic is listed on Nasdaq, Dutch investors are likely to have access to the shares through their brokers. The founders and the trust will jointly maintain control over the company while shareholders benefit from growth, which may raise significant questions for investors regarding their role in decision-making.

Read the full article from AI Insider.