Read the Anthropic S-1? You’re still missing the story.

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Anthropic’s S-1 shows what the company has to disclose. The Information’s reporting shows what it didn’t: how OpenAI is going after its customers, what investors heard in private and who will control the vote.

Here are seven stories on what the S-1 doesn’t tell you, all reported in recent weeks.

Is Anthropic’s lead as safe as it looks?

OpenAI is offering deep discounts to win Anthropic’s customers, and several startups have already shifted spending. Anthropic’s high margins left the opening. Whether it can win those customers back is still open.

The filing also shows Anthropic running its models far more efficiently than a year ago. Our reporting looks at what’s behind those margins and why skeptics may need to rethink the math.

Investors also got a first look at Anthropic’s latest quarter in a private meeting, and what they heard has some of them rethinking the valuation bankers have floated.

The unusual company behind the IPO

Anthropic’s seven co-founders want Palantir-style voting control once the company is public, and the filing now spells out how it would work.

The company also matches employees’ charity donations with its own stock, and the bill for shareholders could grow much larger after the IPO.

Will Wall Street buy the story?

We explored whether Anthropic missed its peak IPO moment, and what slowing growth says about how much of a moat it really has.

Inside Anthropic, the belief in where AI is heading runs deep. Our article explains why Wall Street needs convincing and what that means for the IPO.

The filing answers some of the questions these stories raise. The rest will be settled once Anthropic’s stock starts trading.

Before it’s everywhere, it’s in The Information, and in depth. Subscribe for $299 and save 25% on your first year to keep following Anthropic’s IPO with reporters who have covered AI for more than a decade.