Anthropic filed its IPO prospectus on Monday with the share price left blank but a footnote reveals that its board of directors thought the stock was worth approximately $71.43 barely a month earlier.
Even though Anthropic wanted to keep its formal share price quiet as of the end of the third quarter, it’s not difficult to work out.
Anthropic recognized a $2 billion expense in the third quarter to match shares that employees donated to charity in August. In October, it then settled that obligation with approximately 28 million non-voting Class N shares.
Dividing $2 billion by 28 million shares produces $71.43 per share. Both inputs are rounded, so the range is technically $69.52 and $73.35, with a higher likelihood toward the midpoint.
Anthropic is a Delaware public benefit corporation and encourages philanthropy. Under its donation matching plan, when an employee donates vested shares to charity, the company may add a matching, corporate gift of non-voting stock.
For staff whose offer letters came on or after May 17, 2024, that plan states, “the company will donate one non-voting share for each donated share equivalent that the participant donates.”
The donation matching plan ratio provides the first figure to calculate Anthropic’s share price as of September 30.
Next, the dollar expense is whatever the company’s board determined for the value of those shares.
In this case, the board said 28 million Class N shares were worth $2 billion.
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