Several points remain open. Reporting puts the target listing in the week of November 16, but that date is subject to change, and the company has not confirmed it. Reports also put the valuation above $2 trillion, a figure that will depend on pricing and demand. Goldman Sachs and Morgan Stanley lead an underwriting syndicate of about 20 other banks. The S-1 warns that as founders donate their shares, their economic interest will fall while their voting control stays fixed, which could pull their interests away from other shareholders. How that risk plays out over time is not yet clear.
For attorneys, the most useful comparison is SpaceX, which listed in June with Elon Musk holding about 82.4% of voting power through Class B shares. Anthropic's single-share founder control is less common than the multiple super-voting share structures used by Meta and others, and Korean reporting notes that a structure like this would not be permitted under South Korea's one-share-one-vote rule. Watch the risk factor disclosures on founder donations and voting drift, the Long-Term Benefit Trust's board authority, and whether institutional investors accept a governance model that concentrates control with founders who hold little economic stake. The timing also matters, since public scrutiny of AI safety has grown after reports of AI agents behaving unexpectedly.