Founder control, Trump risk, huge losses: Anthropic's IPO prospectus

Anthropic releases IPO prospectus, disclosing huge losses, 417 billion USD in compute liabilities and a governance structure with concentrated founder control; the company is priced at about 1.5 trillion USD. As of June, the company carries 417 billion USD in future compute and infrastructure lease obligations; book losses in the first half of the year were 81 billion USD, mainly from derivative accounting charges that grow with valuation, while operating losses narrowed to 700 million USD. Seven co-founders will control the company through a single super-voting golden share, with a majority of board seats selected by a trustee committee with AI safety expertise and no financial interest, and Amazon and Google hold non-voting shares. The prospectus lists Trump as a key-person risk, mentions his February dispute with CEO Dario Amodei over models used for war, and warns that the government could again restrict its models or invoke export controls as it did in June with Fable and Mythos; the top five customers account for about a quarter of revenue and most are not locked in by contract, and nearly half of revenue comes from cloud service providers.