Anthropic’s IPO Could Make Thousands of Employees Rich. Wall Street is Already Fighting For Their Money.

Wall Street's biggest banks are competing to manage the potential fortunes of Anthropic employees as the artificial intelligence company's planned initial public offering could turn many of its workers into millionaires.

Goldman Sachs, Bank of America, JPMorgan Chase, Wells Fargo and Bank of New York Mellon's wealth-management unit have held discussions with the Claude developer about providing financial advice to employees, Bloomberg reported.

The company has been putting together a list of financial advisers for employees who may need help managing stock sales, taxes and investments. Interested firms were asked to provide details about their services and fees.

The competition has since developed further. Financial News reported Monday that Anthropic has created an internal directory of vetted wealth managers, with some major banks negotiating discounted fees for employees. Smaller advisory firms are also competing for clients, offering services ranging from tax planning to personalized investment strategies.

Anthropic filed for an initial public offering on Oct. 26 and plans to list its Class A shares on the Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are among the underwriters handling the proposed offering, although the company has not yet determined the number of shares it will sell or the expected price range.

The potential payouts come after years of rapid growth for Anthropic, which was founded in 2021 by former OpenAI employees and has become a major competitor in the market for AI models and coding tools.

Its workforce expanded from approximately 940 employees at the end of 2024 to 5,300 worldwide as of Sept. 30, 2026, according to the company's latest Securities and Exchange Commission filing.

The same filing disclosed approximately $32.3 billion in unrecognized stock-based compensation expense tied to restricted stock units, or RSUs. Of that amount, $8.2 billion related to awards for which employees had already fully or partially satisfied service requirements.

RSUs are company shares awarded to employees subject to conditions such as continued employment or vesting. The $32.3 billion represents an accounting measure of compensation costs yet to be recognized, rather than cash payouts or the current market value of employees' holdings.

Anthropic's valuation has climbed sharply as investors bet on growing demand for its AI technology. In May, the company raised $65 billion in a funding round that valued it at $965 billion. Its eventual IPO valuation could differ significantly, affecting how much employees' equity is worth.

Even after the company goes public, some shareholders may have to wait before selling their holdings. Anthropic's prospectus outlines lockup restrictions of up to 180 days for certain employees and shareholders, with longer restrictions of up to 365 days applying to some other holdings.

The company had already arranged an opportunity for eligible current and former employees to sell shares privately earlier this year. The transaction could have allowed up to $6 billion in stock sales at a valuation of approximately $350 billion, Bloomberg reported in February.

Some workers who benefited from earlier share sales have put their money into homes in the San Francisco Bay Area and index funds rather than expensive cars or other luxury purchases, Financial News reported, citing wealth advisers familiar with their financial decisions.

Charitable giving is another consideration for Anthropic employees. In an October announcement, Anthropic said its co-founders had pledged to donate 80% of their equity holdings when the company was established. It also runs a program that matches qualifying employee equity donations, with approximately half its workforce participating.

The company has proposed committing an initial 5% of its shares to an Anthropic Public Benefit Fund, subject to shareholder approval, with provisions to increase that stake as its valuation grows.

Anthropic's final IPO price and timing have not been announced, leaving the value of those potential fortunes unsettled.