Anthropic pledged 5% of its shares, worth about $48 billion at its May valuation, to a new public benefit fund ahead of its expected November listing, subject to stockholder approval. The estimate uses a $965 billion valuation reached when it raised $65 billion in May, according to BeInCrypto; at a discussed $1.5 trillion IPO valuation, the stake would be about $75 billion, compared with $7.2 billion at New Constructs’ $144 billion estimate. The board may add up to 2% for each 50% rise above an undisclosed baseline. Buyers lack details on the share source and payout plan, and newly issued shares could dilute existing holders.