Anthropic’s S-1 filing contributed 846.84 million Class N shares to its Public Benefit Fund, representing 5% of the fully diluted share count as of June 30, and the board may issue an additional 2% of then-outstanding shares each time the stock price rises 50% above the prior milestone, starting from the IPO price. Amazon’s $6.2 billion in convertible notes may convert into up to 1.84 billion new shares post-IPO, split into about $2.19 billion convertible at roughly $2.09 a share and $4.017 billion convertible at roughly $5.05 per share, with conversion capped at 12% of Anthropic’s partially diluted share count, though Amazon may waive the cap and excess notes stay outstanding and convert in later periods. Amazon’s filings valued the notes at $97.9 billion as of June 30. The fund is a wholly owned LLC, its shares may not pay for lobbying or political donations in the United States or elsewhere, and CNBC’s Kate Rooney reported the initial 5% stake “could be worth at least $50 billion.” Seven co-founders hold approximately 1.685 billion shares, about 10% of the implied fully diluted base of roughly 16.94 billion shares as of June 30, with stakes ranging from 231.8 million to 244.2 million Class A shares and 50.1%