Anthropic's Charity Stock-Match Costs Raise Dilution Questions Ahead of IPO

Anthropic's employee charity-match program has become a material IPO issue after financial figures shown to prospective investors indicated more than $660 million in non-cash expense over the six months from October 2025 through March 2026. The expense, mostly tied to company shares used to match employees' charitable stock gifts, is reportedly excluded from adjusted operating profit even though the stock issuance dilutes shareholders.