Anthropic's amended S-1 shows current option and RSU holders would own about $216 billion of net value at the top of the $70 to $78 range. At $70 the figure falls to about $194 billion. The company plans to list as ANT, selling 825 million shares to raise $64.4 billion at the top end, with trading set for Thursday, Nov. 19.
Options account for roughly $133 billion of the total, after subtracting about $5.2 billion in exercise costs from a $138 billion gross value. The average strike is $2.91, so the options are largely in the money. Unvested RSUs make up about $84 billion. The company had about 5,300 employees at 30 September 2026, which works out to roughly $41 million each. That average is uneven: former employees still hold vested options, and headcount has grown from about 940 at the end of 2024, so most staff joined recently.
A further 2.05 billion shares are reserved for future grants, worth about $160 billion at $78. That is around 74% of what current holders own. The filing puts the revenue run rate at $81 billion as of Oct. 31, up $10 billion in a month, and says competition for staff has escalated, especially in the San Francisco Bay Area. It also discloses about $32.3 billion of unrecognized stock-based compensation expense tied to RSUs, and says RSU expense will rise in the quarter the offering closes.
The seven co-founders are each selling 3.38 million shares, about $264 million apiece at $78 and $1.85 billion in total. That secondary sale is 23.6 million shares, or 3% of the deal. Founder stock sits outside the $216 billion employee figure.
A $26 billion private placement from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC, plus the greenshoe, would take the total raise above $100 billion. Lockup terms were not detailed. RSUs and non-qualified option spreads are taxed as ordinary income, so employees' net proceeds would be well below the headline numbers.
