Anthropic IPO filing puts each co-founder near $18 billion

Anthropic's seven co-founders each stand to hold stakes worth about $17.8 billion to $18.1 billion if the company prices its initial public offering at the $74 midpoint of its proposed range, according to an amended S-1 filing analyzed by Business Insider. Its two largest outside shareholders, Amazon and Google, could see the biggest paper gains of anyone. The filing, submitted to regulators on Tuesday, November 10, set a range of $70 to $78 a share for 825 million shares. The deal could raise up to $64.4 billion, and trading is expected to begin on the Nasdaq on November 19 under the ticker "ANT," Reuters reported. At the top of the range, Anthropic would be valued at about $1.4 trillion on a fully diluted basis.reuters.com+1

Founders keep their stakes and control

The stakes are spread almost evenly. Chief compute officer Tom Brown holds the most, about 244 million shares worth roughly $18.1 billion. CEO Dario Amodei personally holds the fewest, about 240.6 million shares, though he also controls proxies over another 4.6 million, Business Insider found. Each founder plans to sell 3,378,378 shares in the offering, bringing in just under $250 million apiece at the midpoint, TechCrunch reported. That is about 1.5% of each founder's holding. Each co-founder has also pledged to give 80% of their personal Anthropic equity to charity.techcrunch.com+1

The founders will also keep voting control. Just before the offering, Anthropic will issue a single Class F share to a "Founder LLC" whose only initial members are the seven co-founders. That share will carry 50.1% of total voting power on most shareholder matters, including the election of directors other than those chosen by the company's Long-Term Benefit Trust, according to the filing. The Class F share has no economic rights, and the voting power of public Class A shares is capped at 49.9% in total, Morningstar noted.stocktitan.net+1

A windfall for the cloud giants

Amazon and Google together own more than a quarter of Anthropic, The New York Times reported. The Times estimated that Amazon's $18 billion investment could be worth more than $250 billion and Google's $33 billion around $140 billion. By Reuters' calculations, the two stakes could be worth a combined $411 billion at $78 a share. Business Insider used share counts alone and put the figures lower: Amazon's 1.92 billion non-voting shares would be worth about $142 billion at the midpoint, and Google's about $132 billion.nytimes.com+1

Google will also add to its position. It is one of seven strategic investors, along with Nvidia, AMD and Microsoft, buying $26 billion of stock in a private placement at the IPO price, Reuters reported. Google's share of that is $10 billion.miamiherald.com

Beyond the stakes

Gil Luria, an analyst at D.A. Davidson, estimated that each company's market value could rise by more than $1 trillion because of its ties to Anthropic, mostly from selling it cloud computing and offering its AI models to customers, the Times reported. Amazon CEO Andy Jassy told investors earlier this year that AI offers "an extraordinarily unusual opportunity to forever change the size" of the company.nytimes.com