Three holders account for 41.1% of Anthropic’s shares after its IPO, by our arithmetic from the amended S-1 of 10 November: Amazon with 14.7%, Google with 13.7% and the seven co-founders with 12.8%. At the $74.00 midpoint of the price range, their 5,383,570,081 shares are worth $398.4 billion, by our arithmetic.
The vote splits differently. The co-founders will hold 61.3% of the voting power, the filing says, while Amazon and Google hold none: their shares are non-voting Class N. And Anthropic’s own Public Benefit Fund, with 6.5%, will hold more shares than the IPO buyers, who get 6.3%, by our arithmetic.
Business Pill · Concentration Explained
A short explainer on concentration. It teaches the general idea only and does not discuss Anthropic, Amazon or Google.
The key insight: Amazon, Google and the seven co-founders will own 41.1% of Anthropic’s 13,086,672,591 shares after the IPO, worth $398.4 billion at the $74.00 midpoint, by our arithmetic. The co-founders turn 12.8% of the shares into 61.3% of the vote, the filing says; Amazon and Google’s 28.4% carries no general vote.
More on this. Amazon, the largest holder above with 14.7% of the shares, has already booked much of its Anthropic stake into profit: about $62.8 billion of upward adjustments to its Anthropic preferred stock made up 42.6% of its pretax income in the first nine months of 2026, by our arithmetic from its 10-Q: Amazon’s Anthropic Stake Made 43% of Its 2026 Pretax Profit.
After the offering and the concurrent private placement, the filing lists 7,427,991,791 Class A shares and 5,658,680,800 Class N shares outstanding: 13,086,672,591 in total. All the percentages here use that count, by our arithmetic.
Amazon will hold 1,920,511,218 Class N shares and Google 1,789,598,269, the filing’s risk factors say, Google’s count at the $74.00 midpoint. That is 14.7% and 13.7%. Amazon’s count leaves out 1,563,617,444 more shares inside its rollover notes, which convert later; our Amazon piece values those too.
The seven co-founders will beneficially own 1,673,460,594 Class A shares after each sells 3,378,378 in the offering, by our arithmetic from the ownership table. That is 12.8%, or about 239 million shares each, worth about $17.7 billion apiece at $74.00, by our arithmetic.
Share of Anthropic’s 13,086,672,591 Class A and Class N shares after the IPO and placement, against the share of the general stockholder vote, by holder. Share counts and the co-founders’ 61.3% vote are from Anthropic’s S-1/A of 10 November 2026; the percentages, the 5.5% IPO vote and the other-holder lines are our arithmetic.Value of each holder’s shares at the $74.00 midpoint of the price range, by our arithmetic from the share counts in Anthropic’s S-1/A of 10 November 2026. Amazon’s figure excludes 1,563,617,444 shares inside its rollover notes. Not a trading price.
The Fund That Outranks the IPO
Anthropic “contributed 846,840,960 shares of our Class N common stock” to the Anthropic Public Benefit Fund, a wholly owned subsidiary, the filing says. Those shares are 6.5% of the total and are worth $62.7 billion at $74.00, by our arithmetic.
The 825,000,000 shares sold in the IPO are “approximately 6.3%” of the Class A and Class N stock, the filing says, and cost about $61.1 billion at $74.00, by our arithmetic. The fund holds 21,840,960 more shares than the IPO buyers.
The rest is spread wider. Other Class N holders have 1,101,730,353 shares, or 8.4%, and other Class A holders about 4.93 billion, or 37.7%, by our arithmetic. On 30 September the Class N stock had 81 holders of record and the Class A stock 4,786, the filing says.
Who Holds the Vote
The co-founders will collectively hold “61.3% of the total voting power” including their interests in the Founder LLC, and 11.2% without it, the filing says. The LLC’s single Class F share carries a fixed 50.1%, so all Class A shares together carry 49.9%.
Class N “is not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law”, the filing says. So Amazon, Google and the Public Benefit Fund hold 34.8% of the shares and 0% of the general vote, by our arithmetic.
The IPO buyers get about 5.5% of the vote, as we reported on 10 November, and other Class A holders about 33.2%, by our arithmetic. Per point of shares, the co-founders hold 4.8 points of vote.
The board is separate again. The Long-Term Benefit Trust’s one Class T share elects the Class T directors, who will be a majority of the board, the filing says; the ownership table lists the trust and the Founder LLC as its only “Greater than 5% Stockholders”.
The Structural Read
As we read the filing, Anthropic has split three things that usually travel together: Amazon and Google hold the largest blocks of shares, the co-founders hold the vote through one Class F share, and the trust’s Class T share elects a majority of the board.
As we read the counts, the Public Benefit Fund is a top-five holder in its own right: its 846,840,960 Class N shares, 6.5% by our arithmetic, are more than the 825,000,000 shares the IPO sells, though like Amazon’s and Google’s they carry no general vote.
Anthropic S-1/A, 10 Nov 2026
“The voting powers of the LTBT and the Founder LLC are not derived from or proportionate to economic interests in our”
Three Implications
FOR IPO BUYERS The 825,000,000 shares are about 6.3% of the stock, the filing says, and about 5.5% of the general vote, by our arithmetic.
FOR AMAZON AND GOOGLE Their Class N shares convert into Class A on a registered offering, an open market sale or a transfer to an unaffiliated third party that will not own more than 9.99% of any class, the filing says.
FOR THE CO-FOUNDERS Each sells 3,378,378 shares in the offering and keeps about 239 million, by our arithmetic; together they keep 61.3% of the vote, the filing says.
The framework reads: “It is becoming the first major AI lab actively attempting to define the governance layer of the AI stack”
As we read it, the ownership table is that governance layer written into the capital stack: 41.1% of the shares sit with Amazon, Google and the co-founders, by our arithmetic, while the vote and the board sit with the Founder LLC and the trust. The framework predates the filing and does not discuss it.
What Is Not Established
The ownership table covers holders of more than 5% of a voting class, so Class A investors below that line are not named in it. The co-founder counts include options and RSUs vesting within 60 days, so 12.8% is approximate. The $70.00 to $78.00 range is an estimate, not a trading price. For the classes, see who owns Anthropic; for Google’s cost, our piece on its stake.
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Amazon, Google and the seven co-founders will own 41.1% of Anthropic’s shares after the IPO, worth $398.4 billion at the $74.00 midpoint, by our arithmetic. The co-founders hold 12.8% of the shares and 61.3% of the vote; Amazon and Google hold 28.4% of the shares and no general vote.
A note on sourcing. Share counts, voting percentages and class terms are from Anthropic’s Form S-1/A (Amendment No. 2) filed with the SEC on 10 November 2026, read in its prospectus summary, The Offering, risk factors, Our Commitment to Public Benefit, Dilution, Principal and Selling Stockholders and Description of Capital Stock sections. Ownership percentages, values at $74.00, the co-founder sum and the IPO buyers’ vote are our arithmetic. We did not contact Anthropic, Amazon or Google for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
