Anthropic's proposed public listing could bring $26.8 billion in unrecognised stock-based compensation expense into its financial results over the coming years, adding to the costs investors will need to assess as they value the company.
The amount comprises $23.7 billion related to restricted stock units (RSUs) and approximately $3.1 billion linked to other outstanding equity awards, according to Anthropic's registration statement filed with the US Securities and Exchange Commission. The company expects to recognise the RSU-related expense over a weighted-average period of about 2.1 years and the expense associated with the other awards over about 1.3 years.
The expense is an accounting charge rather than an immediate cash payment. However, it will increase reported expenses and affect the company's profitability.
IPO Trigger
Anthropic grants RSUs to employees and other service providers. The awards are subject to both service-based and performance-based conditions. The service condition for most of these awards is satisfied over four years, while the performance condition is linked to the effectiveness of the registration statement for the offering.
As of June 30, 2026, Anthropic had not recognised stock-based compensation expense for these RSUs because the performance condition had not been considered probable of achievement.
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The company said it would begin recording the expense in the quarter in which the offering is completed.
“If this offering had been completed on June 30, 2026, we would have recorded $2.9 billion of cumulative stock-based compensation expense related to the RSUs on that date,” Anthropic said in the filing.
The $2.9 billion represents the cumulative expense that would have been recognised under that hypothetical scenario. The company separately expects to recognise the remaining $23.7 billion in unrecognised RSU expense over time.
Other Awards
Anthropic also identified approximately $3.1 billion in unrecognised compensation expense associated with other outstanding equity awards as of June 30, 2026.
The combined $26.8 billion figure refers to the expense expected to be recognised from these outstanding awards. It should not be interpreted as a cash liability payable immediately after the listing.
Anthropic's stock-based compensation expense rose to $2.2 billion in the six months ended June 30, 2026, compared with $286 million in the corresponding period a year earlier, according to the filing.
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The company reported $1.2 billion in stock-based compensation expense for the full year ended December 31, 2025.
The prospectus says the recognition of RSU expenses following the offering will increase costs in future periods, particularly in the quarter in which the offering is completed. The company has also approved additional RSU grants after June 30, 2026, although several related figures remain blank in the preliminary prospectus.
Anthropic has warned that it may continue to incur significant losses if it cannot generate sufficient revenue to offset higher operating expenses, improve operating efficiency or otherwise manage costs.
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