Anthropic IPO Cap Table: What Its Founder Stakes Reveal

Anthropic’s amended S-1 says the company expects to price its IPO between $70 and $78 a share. At the $74 midpoint, each of the seven cofounders’ stakes would be worth roughly $17.8 billion to $18.1 billion before planned share sales. The standout detail is how large and evenly divided those founder stakes are across the group.

Cofounder and Chief Compute Officer Tom Brown owns about 244 million shares, narrowly topping the other disclosed founder stakes. At the midpoint of the expected IPO range, Brown’s stake would be worth about $18.1 billion before his planned sale of 3.38 million shares, worth roughly $250 million at that price. CEO Dario Amodei owns 240.6 million shares, worth about $17.8 billion at the midpoint, and controls voting proxies over another 4.6 million shares.

Anthropic plans to issue a special Class F share to an LLC controlled by the seven cofounders immediately before the IPO. That single share will carry 50.1% of Anthropic’s total voting power on matters submitted to stockholders generally, including some director elections. The filing also says each cofounder has pledged to dedicate 80% of their personal equity in the company to philanthropic causes.

Amazon and Google will each own more than 5% of Anthropic after IPO conversions, according to the report. At the midpoint of the expected range, Amazon’s 1.92 billion shares would be worth about $142 billion, while Google’s stake would be worth about $132 billion. The article also names major venture and institutional shareholders including Spark Capital, Menlo Ventures, Lightspeed Venture Partners, Iconiq, Bessemer Venture Partners, Coatue and Sound Ventures.