Anthropic announced on Oct 18, 2026 that it plans to put 5% of its shares into a new Anthropic Public Benefit Fund, subject to stockholder approval, with the board able to add another 2% for every 50% rise in valuation above an undisclosed baseline (CNBC post, CNBC article). The fund is to be a wholly owned LLC, not a 501(c)(3), and its equity cannot be used for lobbying or political giving. Anthropic says total public benefit commitments are about 20% of equity when combined with founders pledging 80% of personal stakes and employee matching, plus $200M already committed to study employment impacts (summary). Commentator @MelvinInvests calculates that 5% equals about $48B at the recent $965B private valuation and $100B at a discussed $2T IPO valuation. Those valuation and IPO timing claims are attributed to posts and reported plans, not confirmed in the supplied company release text. CNBC also reports Q3 revenue at $16.8B ahead of a reported November IPO plan, and quotes IPO adviser Lise Buyer saying the timing is mandatory for an IPO and image helpful, while Elon Musk replied he recommends giving shares directly to the public.