Anthropic’s initial public offering filing shows each of the company’s seven co-founders owns roughly 1.4 per cent of the business, a stake that was worth more than $US13 billion each at the firm’s most recent private valuation of $US965 billion.
That paper wealth converts to about $18.5 billion in Australian dollar terms and places the co-founders, including siblings Dario and Daniela Amodei, among the top 300 on the Bloomberg Billionaires Index. If Anthropic were to hit a previously discussed IPO valuation of $US2 trillion, those individual holdings would be worth over $US27 billion before accounting for dilution from new shares.
The filing lays out a governance structure that concentrates voting power with the founders. The co-founders remain members of a Founder LLC that controls a Class F share carrying 50.1 per cent of shareholder voting rights, provided each founder keeps at least 2 per cent of their Class A shares from the IPO allocation.
Under that arrangement, a founder could give away or sell roughly 98 per cent of their original stake and still retain an equal say with the other founders about how the controlling share is voted. The filing says this control is balanced to some extent by a Long-Term Benefit Trust.
The Long-Term Benefit Trust has authority to elect and remove four members of a seven-person board and is structured to continue indefinitely. The trust is run by five trustees who largely choose their own successors, while the founders’ special voting share will lapse if fewer than three qualifying founders remain.
Anthropic reported sharply larger losses as it scales its AI work: a $US80.7 billion net loss on $US16.3 billion of revenue for the first six months of 2026, compared with a $US13 billion net loss on $US1.2 billion of revenue in the same period a year earlier.
The filing also discloses share sale activity by senior figures. Dario and Daniela Amodei sold some shares in a $US157 million tender in 2025 and in a $US4.7 billion tender this year; the company paid about $US5 million in regulatory filing fees on behalf of the Amodeis related to their ownership of Anthropic securities.
Employees and other option holders stand to gain heavily if the private valuation holds. Outstanding options represented roughly $US98 billion in potential gains as of June, with underlying shares estimated at more than $US103 billion. The average exercise price on those options was $US2.89 a share, meaning exercising them would cost about $US5.2 billion.
Anthropic runs a donation-matching program that lets staff pledge a portion of equity awards to eligible charities, with the company matching those donations in non-voting Class N stock. In August the company recognised a $US2 billion expense tied to employee donations and issued 28 million shares as matching. The seven co-founders have pledged to dedicate 80 per cent of their personal equity to philanthropic causes, but that pledge is not eligible for the matching program.
Anthropic was founded in 2021 by a group of former OpenAI employees who left amid disagreements over direction. Alongside Dario and Daniela Amodei, the filing names Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah as co-founders.
"AI and Anthropic represents one of the greatest economic opportunities in history."
The filing shows the scale of wealth being created inside the AI sector, while also setting out how control of the business will be maintained through a combination of founders’ voting shares and a long-lived trust structure.
