IPO Tracker

Governance and share classes

• Public benefit corporation: the board must weigh shareholders against its stated purpose, the responsible development of advanced AI for the long-term benefit of humanity.
• Class A, the shares sold in the IPO, carry one vote each.
• One Class F share, held by an LLC of the seven co-founders, carries 50.1% of the vote on general matters.
• One Class T share lets the Long-Term Benefit Trust elect a majority of the board, which makes Anthropic a controlled company under Nasdaq rules.
• Class N shares, held mainly by strategic partners, have no vote and turn into Class A when sold to an unaffiliated buyer.
• 5% of fully diluted shares went to the Anthropic Public Benefit Fund, and at the board's discretion up to 2% more can be issued to it each time the share price rises 50% above the last milestone, starting from the IPO price.

Lock-up

• No single 180-day cliff: non-founder directors, officers and some employees can sell 10% the first trading day after pricing and 35% more after the FY2026 results; certain other holders are released in steps from day 27.
• Those groups are free by the earlier of the second trading day after the Q1 2027 results or day 180.
• The co-founders can sell up to 29% at that point and the rest at the earlier of the Q3 2027 results or day 365. Certain holders of more than 0.5% of fully diluted shares are released in steps on the same 365-day schedule.
• Goldman Sachs and Morgan Stanley can waive the lock-up early.

Underwriters

Goldman Sachs, Morgan Stanley lead, with J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho, MUFG, TD Securities, BTIG, Cantor, Capital One Securities, Macquarie Capital, Societe Generale.