$ANT · Anthropic, PBC
Anthropic, PBC filed Amendment No. 2 to its S-1 for an IPO of 825,000,000 Class A shares (801,351,354 from the company, 23,648,646 from selling stockholders) at an estimated $70.00–$78.00 per share, listing on Nasdaq under "ANT." The company has a novel governance structure: a public benefit corporation with a Long-Term Benefit Trust holding Class T common stock that elects a majority of directors, and Class F common stock giving the Founder LLC 50.1% of total voting power. A concurrent private placement of $26.0 billion of Class N common stock is committed by AMD, Broadcom, Google, Micron, Microsoft, NVIDIA, and TSMC Partners.
- Offering of 825,000,000 Class A shares at an estimated $70.00–$78.00 per share.
- Concurrent $26.0 billion Class N private placement from seven strategic partners including NVIDIA, Microsoft, and Google.
- Class F common stock gives the Founder LLC 50.1% of total voting power.
- Long-Term Benefit Trust (Class T) elects a majority of the board of directors.
- Directors and affiliates indicated interest in up to $303 million of Class A shares.
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One of the largest AI IPOs ever, pairing a public offering with a $26B strategic private placement and an unusual governance structure that cedes control to founders and a benefit trust.
Anthropic's IPO with a $26B strategic private placement underscores the capital intensity of frontier AI and the concentration of compute partners among hyperscalers and chipmakers.
The dual-class and LTBT governance structure concentrates control with the Founder LLC (50.1% voting power) and disinterested trustees, limiting public Class A stockholders' influence; the company is a "controlled company" under Nasdaq rules.