At the $74 midpoint of Anthropic’s IPO range, the 846,840,960 shares the company put in its Public Benefit Fund are worth $62.7 billion, by our arithmetic. That is 68% of the Gates Foundation Trust’s $92 billion endowment and 2.3 times the Howard Hughes Medical Institute’s $27.6 billion in net assets.

Across the whole $70 to $78 range, the fund’s $59.3 billion to $66.1 billion stays above the UK’s Wellcome, about $48.0 billion, and below the Lilly Endowment’s $105.9 billion, by our arithmetic. OpenAI says the stake held by its own foundation is worth over $180 billion.

Business Pill · Concentration https://www.youtube.com/watch?vzfRwMQ2RUIY A short explainer on concentration, when a few holders or customers account for most of a total. It teaches the general idea and does not discuss Anthropic, its fund or the foundations in this piece.

The key insight: As we read it, Anthropic’s fund would start life in the same size class as the largest American endowments: $62.7 billion at the $74 midpoint, 68% of the Gates Foundation Trust and 2.3 times HHMI, by our arithmetic, all of it in shares of one company.

The Fund Against Six Big Endowments The S-1/A Anthropic filed on 10 November says it contributed 846,840,960 shares of Class N common stock, “representing 5% of our fully diluted shares as of June 30, 2026”, to Anthropic Public Benefit Fund, LLC, a wholly owned subsidiary. Our first piece on the fund covered what Dario Amodei told Jamie Dimon about it.

The Gates Foundation’s fact sheet puts the Foundation Trust endowment at $92 billion as of 30 June 2026, unaudited, and $89 billion at the end of 2025. Against $89 billion the fund at $74 is 70%, by our arithmetic. The Lilly Endowment’s Form 990-PF for 2025 reports $105,904,049,946 as the fair market value of all its assets at 31 December 2025. The fund at $74 is 59% of that, by our arithmetic.

Wellcome said its total funds, the investment portfolio less all liabilities, rose to £35.7 billion in the year to 30 September 2025, with the portfolio at £39.9 billion. At European Central Bank reference rates for that date, £35.7 billion is about $48.0 billion, and the fund at $74 is 1.3 times that, by our arithmetic.

The Howard Hughes Medical Institute’s audited statements show net assets of $27.6 billion at 31 August 2025, and the Ford Foundation’s audited statements show $16.1 billion at 31 December 2025. The fund at $74 is 2.3 times and 3.9 times those, by our arithmetic.

Business Engineerthe Map of AI — 200+ companies across 9 layersRead → The value of Anthropic’s Public Benefit Fund at the $74 midpoint of its IPO range against the latest figure each organisation reports.

Measures and dates differ: endowment (Gates, unaudited), fair market value of assets (Lilly), total funds converted from sterling (Wellcome), net assets (HHMI, Ford) and OpenAI’s own valuation of its foundation’s stake. Fund values and the conversion are our arithmetic.

OpenAI’s Foundation, the Closest Peer OpenAI says on its structure page that “the OpenAI Foundation holds a 26% equity stake in OpenAI Group, worth approximately $130B based on OpenAI Group’s current valuation”, as of the closing of its recapitalization. The page says the updated structure was announced on 28 October 2025.

Announcing “$110B in new investment at a $730B pre-money valuation”, OpenAI said the round “increases the value of the OpenAI Foundation’s stake in OpenAI Group to over $180 billion”. Anthropic’s fund at $74 is about 35% of that figure, by our arithmetic. Both figures value one company’s shares at the price of a funding round or an IPO range, not a traded price.

The 26% OpenAI states for its foundation compares with the 5% of fully diluted shares Anthropic states for its fund. Two AI labs’ charitable stakes. OpenAI’s figures are its own: about $130 billion at its recapitalization and over $180 billion after its $110 billion round. Anthropic’s are our arithmetic at the $70 and $78 ends of the S-1/A range; the IPO has not priced.

What the Fund Can Do With Its Shares The shares contributed to the fund “may be transferred or donated to a third party, or otherwise sold in a registered public offering or private placement transaction in furtherance of our public benefit initiatives”, the S-1/A says.

Anthropic’s board decides allocations and distributions until it approves a governance structure for the fund; the initial managers are Dario Amodei, Daniela Amodei, Jack Clark and Dr. Neil “Buddy” Shah, the filing says. The board may also add up to 2% of then-outstanding shares each time the share price rises 50% above the prior milestone, at its discretion.

The Structural Read As we read the comparison, the closest peer is not a classic endowment but OpenAI’s foundation: both hold a stake in their own AI lab, valued at a funding-round or IPO-range price rather than a traded one. As we read the filing, the fund’s size can move with the stock in two ways: the value of its 846,840,960 shares, and the board’s discretionary top-ups of up to 2% of shares per 50% rise.

Anthropic S-1/A, 10 November 2026 “As the value we create grows, we intend for the public benefit to share meaningfully in that growth as well” Three Implications FOR THE COMPARISON Gates $92 billion (30 June 2026, unaudited), Lilly $105.9 billion (fair market value, end-2025), Wellcome about $48.0 billion (our conversion), HHMI $27.6 billion and Ford $16.1 billion (net assets).

FOR THE RANGE At $70 the fund is worth $59.3 billion and at $78 $66.1…