Anthropic has pledged 5% of its shares, a stake worth about $48 billion, to a new public benefit fund. That slice can grow as the company’s value rises.

The plan needs stockholder approval weeks before the artificial intelligence (AI) company’s expected November listing. Buyers still lack key details on how it works.

What Does the Fund Mean for Anthropic IPO Buyers?

Anthropic, maker of the Claude chatbot, announced the fund on Sunday.

The $48 billion figure uses the $965 billion valuation Anthropic reached when it raised $65 billion in May.

The board may add up to 2% more for every 50% rise in value above a set baseline. That baseline is undisclosed.

Anthropic also did not say whether the shares will be newly issued. New shares would shrink every existing holder’s slice.

Nor has it said how the fund will turn stock into cash.

That leaves initial public offering (IPO) buyers missing three details, the share source, the baseline and the payout plan.

Is the $48 Billion Figure Solid?

The number moves with the valuation. Some investors have discussed a valuation near $1.5 trillion for the IPO. At that price, the starting stake is worth about $75 billion.

Not everyone buys that pricing. Research firm New Constructs put Anthropic’s equity value as low as $144 billion in an October report. On that figure, 5% is worth about $7.2 billion.

Supply is another worry. Hedge fund manager Paul Tudor Jones has warned that new shares from AI companies, Anthropic among them, could weigh on stocks in 2027.

Who Could Receive the Money?

No recipient has been named. Options include large gifts to nonprofits or direct cash payments to specific groups.

Anthropic named workers hurt by AI as one example. In July, it committed $200 million to research on softening AI-driven job losses.

The fund is a limited liability company (LLC), not a tax-exempt charity. It will not pay for lobbying or political donations, Anthropic said.

The company said the equity goes to the fund instead of escalating executive pay awards.

Counting earlier pledges, Anthropic says roughly 20% of its shares are now committed to the public good. Rival OpenAI’s nonprofit foundation holds 26% of that company, OpenAI says.

Anthropic plans to publish the fund’s governance rules and valuation milestones in the coming months.

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