Anthropic’s Big Charity Bill for Shareholders

When Anthropic shared financial figures recently with prospective investors in its planned initial public offering, it included a surprising glimpse of the enormous riches about to hit nonprofits and philanthropies—and the cost to shareholders. The company reported a non-cash expense of more than $660 million for stock used to match employees’ charitable contributions in the six months from October 2025 to March 2026, investors said. That expense, which is already unusually large,...