Research at the frontier.
Advancing the understanding of capable AI systems, including how they behave, how they can be interpreted, and how they can be developed responsibly.
Anthropic · Tokenized IPO
Explore the next chapter of Anthropic.
An investor experience for a tokenized offering. Explore the company, understand the structure, and follow the path from first review to recorded allocation.
The company
Research, products, and a long-term mission.
Anthropic develops AI systems and the Claude family of products. Its public benefit structure puts the impact of that work alongside the interests of its shareholders.
Products for real work.
Claude brings AI into writing, analysis, coding, and other everyday work. The product experience connects research with practical use.
A long-term perspective.
As a public benefit corporation, Anthropic considers both shareholder interests and its broader mission. Its public filings explain that structure in detail.
The offering
The details come first.
A clear view of the instrument, the terms, and the documents behind it. Public IPO materials provide company context; the proposed tokenized structure needs its own confirmed terms.
At a glance
Proposed offering terms
- Instrument
- Tokenized structureIssuer Anthropic, PBC Legal form Delaware public benefit corporation (incorporated January 2021) Relationship to underlying interest Direct equity — the shares are Class A common stock of Anthropic, PBC itself. No wrapper, derivative, or intermediate vehicle; the stock is the underlying interest.
- Investors
- Amazon, Google (Alphabet), Microsoft, co-foundersAmazon and Google hold non-voting Class N stock; Amazon's $6.2B in convertible notes convert at IPO subject to a 12% ownership cap, Google's stake capped at 14.99%. Neither holds a board seat. Microsoft's stake class and percentage are undisclosed. Co-founders control 50.1% of voting power via a single Class F share held by Founder LLC.
- Price & issue size
- $1.2T–$1.5T valuation; raise up to ~$100B.A price-range amendment is the next expected filing before the roadshow. Reference point: Series H-1 preferred priced at $589.01/share. Japan allocation capped at ~$3.5B; up to 20% of shares earmarked for retail .
- Eligibility
- Available worldwide, excluding China, Russia, and Iran.Permitted jurisdictions, investor categories, and verification requirements.
- Settlement & custody
- To be confirmedUsers are responsible for ensuring compliance with all applicable local laws and regulations, including financial, tax, and reporting obligations in their respective jurisdictions. Eligibility and participation are subject to local legal and regulatory requirements.
- Transfers & liquidity
- Staggered lockup — 23 release dates across 12 months; up to 10% of employee shares tradable from day one.Pre-IPO: all transfers require board approval; SPV transfers void. Post-IPO, four holder groups on different schedules: (1) non-founder directors/officers/employees — 10% day 1, +35% after FY26 results, rest at earlier of Q1'27 results or day 180; (2) other holders — staged 6–7% tranches on days 27/48/62/76, +12.5% after FY26 results, rest at day 180 or Q1'27; (3) >0.5% holders — small tranches from day 27, full release at earlier of Q3'27 results or day 365; (4) co-founders — 29% at earlier of Q1'27 results or day 180, rest at day 365 or Q3'27. Class N converts to Class A on qualifying transfer. No dividends expected. Underwriters may release lockups early at their discretion.
A public stock filing does not define the rights of a separate tokenized instrument. Registration and a portal estimate do not establish eligibility, share ownership, or an allocation.
Reading room
A place for the full picture.
Explore the draft offering terms and risk disclosures, with public company references alongside them. The drafts outline the proposed experience; final terms remain to be confirmed.
Offering documents
Tokenized offering termsThe instrument, rights, eligibility, pricing, and settlement process for this offering.Read draft · Preview contentRisk & transfer disclosuresThe risks, restrictions, custody arrangements, and transfer conditions participants need to understand.Read draft · Preview contentPublic company references
Anthropic IPO announcementCompany announcement dated 26 October 2026 concerning its proposed Class A stock IPO.Read reference · External siteSEC preliminary prospectusForm S-1/A filed 2 November 2026. Public equity offering reference; subject to completion.Read reference · External siteThe participation journey
Know where you are. Know what comes next.
One place to review information, manage your account, and follow an order. This is the proposed journey; offering-specific requirements will be defined in the final documents.
4 planned steps
Review the offering.
Start with the proposed terms and the source documents. Understand the instrument, its risks, and the requirements for participation.
Create your account.
Register, confirm your email, and manage your account details. Account creation does not itself establish investor eligibility.
Consider participation.
Explore an amount and review the available payment methods. Final terms must explain pricing, fees, eligibility, and settlement.
Track your allocation.
Follow submitted orders and their review status. Confirmed token records appear separately from pending requests and estimates.
A few important questions
Clarity before commitment.
How does this relate to Anthropic’s public IPO?
Anthropic’s October 2026 announcement concerns a proposed IPO of Class A common stock with the intended Nasdaq symbol ANT. This website previews a separate tokenized participation experience. The public stock announcement and prospectus do not define the terms or rights of this tokenized concept.
What would a token represent?
The legal instrument and the relationship to any underlying interest are not yet defined here. Ownership, voting, distributions, conversion, redemption, and transfer rights must be expressly set out in the final offering documents. The ANT label alone does not establish share ownership.
Who would be eligible to participate?
Final eligibility requirements have not been added. They may depend on jurisdiction, investor category, and verification requirements. Creating an account or reviewing an estimate does not establish eligibility.
Are the portal prices final offering terms?
No. In this preview, the calculator demonstrates the account and order experience using configured values. Final issue pricing, available units, contribution limits, fees, and allocation rules must be supplied in the offering documents.
How would allocation and settlement work?
The portal distinguishes submitted orders, pending review, and confirmed token records. The final offering documents must explain how any allocation is legally established, when settlement occurs, and who provides custody or maintains the official ownership record.
Can tokens be sold or transferred?
Transfer conditions are not defined in this preview. There is no promise of an exchange listing, a secondary market, liquidity, or a resale date. Any permitted transfer process and restrictions must be explained in the final terms.
Where can I read more?
The documents area includes preview drafts of the tokenized offering terms and risk and transfer disclosures. Each identifies the details still to be confirmed. Anthropic’s public IPO announcement and SEC preliminary prospectus are linked separately as company references.
Your next step
Explore the experience at your own pace.
Take a look inside the investor portal. Review the proposed offering, explore an estimate, and see how an account brings the process together.