Gary Marcus warns Anthropic retail buyers face risk over $32bn deferred stock comp
GaryMarcus · x · 2026-11-05
Gary Marcus cites an analysis noting Anthropic has projected roughly $32bn in total unrecognized stock-based compensation expenses—an unprecedented figure. Deferring SBC expenses until after an IPO has historically been associated with a high risk of post-IPO stock price decline relative to the market.
He concludes that retail buyers of Anthropic shares "are probably going to get fleeced," calling this yet another subtle reason for caution.
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