Event-Driven

Anthropic Pre-IPO: Analysis of Share Conversion, Dilution and Lock-up

28 Oct 2026 By Ke Yan, CFA, FRM
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Abstract: Anthropic is seeking a Nasdaq listing of its Class A shares. The co-founders' Founder LLC will have voting control on general matters, and the Long-Term Benefit Trust elects most directors. At listing, preferred stock and Amazon's notes are converted into Class A and non-voting Class N, of similar size in our base case. Class N shareholders are primarily strategic partners. The lock-up on employees and certain stockholders expires in full within about six months of listing, in several steps.

Amazon.Com (AMZN US) Advanced Micro Devices (AMD US) Alphabet Inc. Class A Common Stock (GOOGL US) Microsoft (MSFT US) Broadcom Inc. Common Stock (AVGO US)

Highlighted Stocks

Amazon.Com, Advanced Micro Devices, Alphabet Inc. Class A Common Stock, Microsoft, Broadcom Inc. Common Stock

Series: Lock-up Expiry: all issues →

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