In December 2025, the Financial Times reported that Anthropic was laying the groundwork to go public (CNBC, Yahoo [Reuters]). Whether Anthropic goes public via an IPO, direct listing, or a merger with a special purpose acquisition company (SPAC) will be immaterial (Investopedia - IPO v Direct Listing, Investopedia - SPAC). Tokenized and derivative trading will not count (Morningstar). If Anthropic changes its corporate structure or is replaced by a successor in interest, further instructions will be provided.

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