Anthropic S-1 unlock schedule: founders' 46% stakes mostly unlock by Nov 2027
morqon · x · 2026-10-27
A chart derived from Anthropic's S-1 (filed Oct 26, 2026) maps the IPO lock-up release schedule, assuming a Dec 1, 2026 pricing date:
- Pool weights (estimated from the S-1 cap table): founders 46%, Track 2 (holders >0.5%: VCs and Class N strategics) 41%, Track 1 (180-day employees/small holders) 13%
- Track 1 unlocks after 180 days (late May 2027); with early-release provisions, 22% of all locked shares are free by end of wave 1
- Track 2 unlocks after 365 days, releasing in steps — about 39% of locked shares are free by November 2027
- Founder shares: 29% unlock after Q1'27, with the rest concentrated after the Q3'27 report and by day 365
- Assumptions include Class N share conversions (Google/Amazon notes) at 25% of fully diluted shares; details in the script header
Bottom line: unlock pressure is concentrated in H2 2027, with the largest release window around November 2027.
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