After SpaceX earlier this year, Anthropic might be the second massive IPO in History. This has been much awaited for. Obviously I had to try and build the cap. table of the company and this has been more difficult than I thought for one main reason : Google and Amazon have invested through convertible notes but the companies have capped ownerships, respectively at 14.99% and 12% (if I understood correctly). These onwnerships do not appear in my tables (except through some preferred shares but this is not precise enough). As a result, the founders’ ownership which in my table is 31% for the 7 co-founders seems to be 10% according to others so there is a big discrepancy.

Beyond the individual event, I wanted to show the impact of these two initial public offerings on the IPO statistics that I have been compiling for over 15 years.

The result is quite telling: with over 1,000 capitalization tables analyzed, we can see the impact of two major “outliers” on the averages for fundraising, sales, profits, and market capitalizations (though not on initial fundraising rounds, sales multiples, or the number of employees). Statistics like these highlight why median values ​​are more significant than averages!

I just want to finally add that among these 1000+ cap.tables only 49 had raised $1B+ and 4 had raised $10B+ at IPO. In addition only 40 had marlet cap. over $10B (the first being Google in 2004 and the 2nd came in 2011) and only 2 had market cap. over $1’000B (that is a trillion dollars). The world has definitemy changed in the last 15 years and even more this year…