Anthropic Co-Founders to Cash Out $250M Each in IPO
Anthropic's updated prospectus shows its seven co-founders will each sell 3.3784 million shares in the IPO, cashing out roughly $250 million apiece at the $74 midpoint, for a combined $1.75 billion. The company plans to offer 825 million Class A shares on Nasdaq under the ticker ANT at a valuation of up to $1.4 trillion, while founders retain 50.1% voting control through a Founder LLC and a special Class F share.
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On November 11, according to TechCrunch, Anthropic updated its prospectus on November 10 local time, disclosing that all seven co-founders plan to sell 3,378,400 shares each in the company's initial public offering.
Based on the midpoint of the offering price range of $74 per share, each person could cash out approximately $250 million, with the seven founders collectively selling shares worth about $1.75 billion.
Anthropic has set the offering price range at $70 to $78 per share. On this basis, the amount corresponding to each founder's share sale is approximately $236 million to $264 million, with the final proceeds depending on the actual offering price. The seven founders are collectively selling 23,648,600 shares, accounting for all of the shares being sold by existing shareholders in this offering.
The founders participating in the sale include CEO Dario Amodei, President Daniela Amodei, as well as Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah. The sale represents approximately 1.4% of each person's original holdings. After the transaction is completed, each person will still hold approximately 237 million to 240 million Class A shares, which at $74 would be worth nearly $18 billion.
The prospectus shows that Anthropic plans to issue 825 million Class A shares in this IPO, of which the company will issue approximately 801 million shares, with the remainder sold by the seven founders. At the maximum offering price of $78, the company's fully diluted valuation could reach $1.404 trillion. Anthropic has applied to list on Nasdaq under the ticker symbol "ANT."
Despite selling part of their holdings, the seven co-founders will still control the company through a jointly established Founder LLC. Before the IPO is completed, Anthropic will issue one share of Class F special stock with no economic rights to this entity, giving it 50.1% voting power on general shareholder voting matters. At the same time, the Anthropic Long-Term Benefit Trust will continue to be responsible for electing a majority of the board members.