Who Owns Anthropic? The Founders, the Trust, Amazon and Google in the S-1

Updated October 2026 · reviewed for today

In short

No single shareholder owns Anthropic. In the S-1 filed on 26 October 2026, the seven co-founders control the shareholder vote through a Founder LLC that holds one Class F share carrying 50.1% of the voting power, while the Long-Term Benefit Trust elects the Class T directors, a majority of the board. Public investors buy listed Class A shares whose combined vote is capped at 49.9%; Amazon and Google will each hold more than five percent of the capital stock in non-voting Class N.

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Who owns it

01

The founders hold the vote

Immediately before the offering Anthropic will issue a single Class F share to the Founder LLC, whose initial members are Dario Amodei, Daniela Amodei and five other co-founders. The share carries 50.1% of the total voting power on matters submitted to stockholders generally and has no economic rights; each continuing founder has one vote on how it is cast.

02

The Trust holds the board

Through Class T common stock, the Long-Term Benefit Trust generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized board. Class T has no economic rights.

03

Public investors hold Class A

Class A carries one vote per share and pro rata dividend and liquidation rights. Because Class F holds a fixed 50.1%, all Class A holders together are limited to 49.9% of the voting power.

04

Partners hold Class N, staff get Class E

Class N, held primarily by strategic business partners, has the same economics as Class A but no vote, and converts into Class A on a sale to an unaffiliated third party. Class E goes to employees other than the co-founders and votes only on limited matters, with no economic rights.

What changed in 2025-26

The S-1 (26 October 2026)

Anthropic, PBC filed to list Class A shares on the Nasdaq Global Select Market under the symbol ANT. It qualifies as a controlled company because the Trust can elect a board majority, and says it expects to rely on the exemption only for its nominating and corporate governance committee. The price range and share counts are left blank.

Series H (May to June 2026)

Anthropic sold 77,637,878 Series H-1 shares to 305 investors and 33,110,291 non-voting Series H-2 shares to 11 investors, both at $589.0095 per share, for aggregate gross proceeds of $65.2 billion. Amazon invested $5.0 billion and Google $10.0 billion.

New Amazon and Google agreements (March and April 2026)

The Google 2026 NPA allows up to $30.0 billion of notes or non-voting stock through 31 December 2030; the Amazon 2026 NPA allows up to $20.0 billion. After their Series H investments, $20.0 billion and $15.0 billion remained available.

Founders' pledge and a Public Benefit Fund

The co-founders have each pledged 80% of their personal equity to philanthropy, which the S-1 calls voluntary and revocable. Anthropic contributed 846,840,960 Class N shares, 5% of fully diluted shares as of 30 June 2026, to its wholly owned Anthropic Public Benefit Fund.

Anthropic's share classes, as filed

Class A

Who holds itListed shares; co-founders and other holders

Votes and economicsOne vote per share, capped at 49.9% in aggregate; pro rata dividends

Class N

Who holds itPrimarily strategic business partners, including Amazon and Google

Votes and economicsNo vote except as required by law; pro rata dividends

Class E

Who holds itEmployees, excluding the co-founders

Votes and economicsVotes only on limited matters; no economic rights

Class F

Who holds itOne share, held by the Founder LLC

Votes and economicsA fixed 50.1% of voting power; no economic rights

Class T

Who holds itOne share, held by the Long-Term Benefit Trust

Votes and economicsElects the Class T directors, a board majority; no economic rights

What it means for you

• Investors: buying Class A buys economics, not control; the founders' Class F share keeps 50.1% of the vote however many Class A shares are issued.
• Read Amazon's and Google's positions as economic stakes: Class N has no vote unless it is sold to an unaffiliated third party and converts into Class A.
• Check the final prospectus: the S-1 leaves the price range, the shares offered and the ownership percentages blank.
• Mark the lock-up dates: co-founders and certain holders of more than 0.5% are locked up until results for the quarter ending 30 September 2027 or 365 days, whichever is earlier; most others until results for the quarter ending 31 March 2027 or 180 days.
• Treat the 80% founder pledge as intent, not a contract: the S-1 says the pledges do not constitute legally binding obligations.

The Business Engineer lens

Anthropic separates who funds the company (Class A and Class N holders such as Amazon and Google) from who steers it (the founders’ vote and the Trust’s board seats), so it can raise compute-scale capital without handing control to its largest partners. The Business Engineer reads the structure as a control layer placed above the capital stack.

Read: Eric Ries on AI, Governance & The Architecture of Trust →Explore the platform →

Related: What is Anthropic? · Anthropic business model · Anthropic's Trust Network · Who is Dario Amodei · Who owns OpenAI · Public benefit corporation

Frequently asked questions

Who owns Anthropic?

No single shareholder. Per the S-1 filed on 26 October 2026, the co-founders control 50.1% of the vote through the Founder LLC's Class F share, the Long-Term Benefit Trust elects a board majority, and Amazon and Google will each hold more than five percent of the capital stock in non-voting Class N.

Does Amazon or Google control Anthropic?

No. Their shares will be non-voting Class N. The S-1 says their holdings represent a significant economic interest, and Class N converts into voting Class A only on a sale or transfer to an unaffiliated third party.

What percentage do the founders own?

The S-1 gives share counts but leaves the percentage columns blank. As of 30 September 2026, each co-founder beneficially owned between 231,809,780 and 245,259,100 Class A shares.

What is Anthropic's ticker?

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT.

Sources

• Anthropic, PBC (2026), Form S-1 registration statement, filed 26 October 2026, SEC EDGAR
• Anthropic, PBC (2026), Form S-1 filing index, SEC EDGAR

The full guide

The complete explainer, cleaned up and reformatted for mobile.

Who owns Anthropic? The short answer

No single shareholder owns Anthropic. The S-1 that Anthropic, PBC filed with the SEC on 26 October 2026 splits ownership of the economics from control of the vote, and it hands control to two bodies.

The co-founders control the shareholder vote. Immediately before the offering, Anthropic will issue a single share of Class F common stock to a Founder LLC whose initial members are Dario Amodei, Daniela Amodei and the five other co-founders. That one share carries 50.1% of the total voting power on matters submitted to stockholders generally, including the election of directors other than the Class T directors. Each continuing founder gets one vote on how the share is voted.

The Long-Term Benefit Trust controls the board majority. Through its Class T common stock, the Long-Term Benefit Trust (LTBT) generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of the board.

Public investors buy Class A. Class A carries one vote per share, but because Class F holds a fixed 50.1%, the voting power of all Class A holders together is limited to 49.9%. Class A will list on the Nasdaq Global Select Market under the symbol “ANT”. Because the LTBT can elect a board majority, Anthropic is a “controlled company” under Nasdaq rules; it says it expects to rely on that exemption only for its nominating and corporate governance committee.

The five share classes, as filed

The S-1 summarises the classes that will be authorized after the offering. The table below follows its “Our Capital Structure” summary and the Description of Capital Stock.

How many shares the co-founders hold

The principal stockholders table gives Class A share counts beneficially owned as of 30 September 2026. The percentage columns are blank in this filing, so we do not state ownership percentages. Counts include options exercisable and RSUs settling within 60 days of that date, and the S-1 adjusts share figures for the 10-for-one forward split of Class A and Class N effected on 17 September 2026.

The 4,621,120 proxy shares are Class A shares held by donor-advised funds that Dario Amodei can vote under irrevocable proxy agreements. Each co-founder can vote his or her own Class A shares freely, separately from how the Founder LLC votes the Class F share.

Amazon and Google: large owners without a vote

After the preferred stock and convertible notes convert, “Amazon and Google will each hold greater than five percent of our outstanding capital stock,” in non-voting Class N. Their exact share counts are blank in this filing.

• Amazon: notes outstanding at 30 June 2026 were approximately $2.2 billion of rollover notes under the Amazon 2023 NPA and $4.0 billion under the Amazon 2024 NPA. They convert into Class N subject to a 12% ownership cap that Amazon may waive; portions above the cap stay as rollover notes. The Amazon 2026 NPA (April 2026) allows up to $20.0 billion of non-voting stock or notes; Amazon’s $5.0 billion Series H investment cut the remainder to $15.0 billion.
• Google: the Google 2026 NPA (March 2026) allows up to $30.0 billion of notes or non-voting stock through 31 December 2030, with notes at 9.0% interest. Google’s $10.0 billion Series H investment cut the remainder to $20.0 billion. The agreement also included a commitment to sell 38.6 million Series G-2 shares at $259.1364 (19.3 million under the Amazon 2026 NPA).

The funding rounds behind the cap table

In the first quarter of 2026 Anthropic also sold 26.0 million Series G-2 shares; G-1 and G-2 sales in that quarter totalled $30.2 billion gross.

The 80% pledge and the Public Benefit Fund

The co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes. The S-1 calls these “voluntary, revocable expressions” of intent that “do not constitute legally binding obligations”. Separately, Anthropic contributed 846,840,960 Class N shares, 5% of fully diluted shares as of 30 June 2026, to the Anthropic Public Benefit Fund, a wholly owned subsidiary.

Lock-ups

The co-founders and certain holders of more than 0.5% of fully diluted shares are locked up until the earlier of the second full trading day after results for the quarter ending 30 September 2027 or 365 days after the prospectus date. Other holders are locked up until the earlier of results for the quarter ending 31 March 2027 or 180 days. Goldman Sachs and Morgan Stanley may release holders early.

The filing leaves the price range, the number of shares offered and the post-offering ownership percentages blank, so this page gives no valuation.

Sources: Anthropic, PBC Form S-1 (SEC, filed 26 October 2026); our newsroom: Anthropic raised $65.2B at 10.5x its early-2025 share price and Anthropic’s S-1 shows $16.3B half-year revenue, up 14x.