Anthropic, the AI lab known for its Claude model family, plans to go public with four distinct share classes. The seven co-founders will hold 50.1% of voting power through Class F shares, while the Long-Term Benefit Trust, which will hold Class T shares, will elect a majority of the board. The public, employees and other investors will hold Class A shares capped at 49.9% of voting power, while Class N shares will be reserved for strategic partners and Anthropic’s public benefit fund, with no voting rights. Markets currently assign a 94.5% probability to an IPO by December 31, 2026, with private-market valuation expectations ranging from $1.5 trillion to $2 trillion. The final share price, offering size, regulatory timeline and announcements from strategic partners such as Amazon and Google are the main factors to monitor.
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