Explore the offering.

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.