Anthropic's $2T IPO tests its safety trust

Our August analysis of Anthropic’s IPO math argued that a public prospectus—not another private valuation—would decide whether its $65 billion run rate could carry a $42 billion loss. A new report on the planned offering puts it at as much as $2 trillion and says its Long-Term Benefit Trust, rather than ordinary shareholders alone, would retain power over most of the board. Anthropic’s own trust charter says the five financially disinterested trustees will ultimately elect a board majority. Verdict: the call holds—public-market scrutiny is now the test, but buyers should keep supplier alternatives until a filing exposes margins, committed revenue, and compute obligations.