Anthropic’s $23.7 Billion Equity Overhang and the Retention Risk Behind It
When Anthropic made its registration statement public on Monday, October 26, 2026, most readers went straight to the revenue line: $16.3 billion in the first half of the year, against $1.2 billion a year earlier. A less discussed set of disclosures may matter as much to the company’s future. The...