Anthropic's S-1 reveals explosive revenue, an $80.7 billion net loss dominated by valuation accounting, and enormous multi-year compute commitments. The IPO is not just a valuation event. It is how an AI lab finances infrastructure years before demand arrives.
Anthropic has committed 5% of its shares to a public-benefit fund that can grow with the company. The S-1 confirms the transfer and clarifies the milestones, but liquidity, independent governance, dilution, and beneficiary power remain open questions.
Anthropic's internal data turns an open question into a warning: agent hours now exceed employee hours six to one while junior technical hires fell from 27% to 9%. The immediate risk is not mass unemployment. It is a career ladder disappearing one entry-level rung at a time.