Anthropic has filed the documents for what could become the largest initial public offering to date. Its prospectus dedicates nearly 94 pages to risks, including the possibility that its models could exhibit forms of sentience, cause catastrophic harm or make certain jobs unnecessary. The offering will also create a Class F share held by an entity controlled by the seven co-founders, giving them 50.1% of the voting rights even if they sell 98% of their shares. The IPO price has not yet been set, and reactions are divided: Morningstar is bullish on the economic moats being built by leading AI labs, while New Constructs calls it the most ridiculous IPO of 2026. The success or failure of Anthropic’s IPO could nevertheless affect investor appetite for the AI sector as a whole.
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