Anthropic says a founder LLC holding one Class F share will receive 50.1% of voting power on general stockholder matters without economic rights. Separately, the Long-Term Benefit Trust’s Class T stock generally elects and removes Class T directors, who together constitute a majority of authorized board seats. Founder control, mission-oriented board control and economic ownership are therefore deliberately separated.
The scale figures are also unusually concrete. As of September 30, Anthropic reports more than 11,900 customers at $100,000 or more of trailing-twelve-month revenue, more than 1,900 at $1 million or more, and about 250 at $10 million or more.
Its reported net losses—$42.0 billion in 2025 and $80.7 billion for the first six months of 2026—are not equivalent to cash burn. Anthropic says $34.3 billion and $72.4 billion, respectively, came from fair-value changes in convertible notes, derivative liabilities and SAFEs, driven primarily by rising enterprise valuation. The bridge does not make the losses irrelevant; it changes what they measure. Anthropic S-1.