Editor’s Note: A legal loophole allows investors to buy shares of private companies – right before they start trading. |
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Anthropic just made an unusual move for a company that may be weeks away from an IPO. |
On Sunday, the company said it plans to set aside 5% of its shares for a new Anthropic Public Benefit Fund. Stockholders still have to approve the donation. |
For every 50% increase in Anthropic’s value above a baseline it hasn’t disclosed, the board can add another 2 percentage points. |
This allows the benefit fund to grow alongside of Anthropic’s valuation. |
Here’s some quick math. Anthropic’s IPO valuation has reportedly been discussed at $1.5 trillion or more. At that level, 5% would be worth roughly $75 billion. |
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What’s the money for? |
Anthropic says the fund could make large donations to nonprofits, send money directly to specific groups of people, or try “bolder approaches” to AI’s effect on jobs. The company has already committed $200 million to studying that issue. |
The fund will be set up as an LLC owned by Anthropic rather than a traditional charity. The company says the equity won’t be used for lobbying or political giving. |
The co-founders have also pledged to donate 80% of their equity, and employees have a donation-matching program. Counting all of that, Anthropic says roughly 20% of its shares are now set aside for public purposes. |
Not everyone is impressed. |
Elon Musk replied that he’d “recommend giving the shares directly to the public.” He then said he’ll give one of his SpaceX shares to every child in America next year. |
This initiative aims to improve Anthropic’s image while AI faces scrutiny over jobs and security. |
For investors, I see two questions worth watching. |
The first is dilution. If the fund’s shares are newly issued, every other shareholder owns a slightly smaller slice. Anthropic hasn’t said yet where the shares will come. |
The second is the business itself. Anthropic told investors its third-quarter revenue hit $16.8 billion. That number will drive the IPO price, not the fund. |
The IPO is reportedly targeted for November. Anthropic says more details on governance and the valuation milestones are coming in the months ahead. I’ll be reading the filing closely when it lands. |
While you’re waiting for the Anthropic IPO… |
You may be interested in checking out a new cybersecurity Pre-IPO. |
The company is developing breakthrough security solution for a world with quantum computers. I met with the team privately at an exclusive meeting with investors. And I even had a chance to interview the team from the floor of the New York Stock Exchange. |
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Ian Wyatt
Editor, IPO Watch |
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