Anthropic is sprinting toward an IPO! Reports say it may force employees to sign “10b5-1 automated share-selling” plans to prevent a $10B valuation sell-off wave

As the steps toward an initial public offering (IPO) draw near, the well-known AI startup Anthropic is taking extremely rare compliance measures: to avoid potential insider trading risks and protect the company’s culture, Anthropic insiders are considering mandating that “all employees” adopt a 10b5-1 stock trading plan. This means that before selling company shares, all employees must have transaction times and quantities scheduled in advance, which is a fairly aggressive and forward-looking approach for a company that has not yet officially gone public.
（Background recap: Anthropic’s annual revenue breaks through $7.4 billion, far surpassing OpenAI! The latter has surged nearly 30% in two months in a frenzy to catch up）
（Background add-on: Anthropic opens the Claude Security plug-in beta, which can use AI Agents to scan codes and write update files）

Table of Contents

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• What is a 10b5-1 plan? Why has it become an employee share-selling talisman?
• Are engineers also “insiders”? To preserve the company’s open culture
• Prevent an “IPO sell-off wave” after valuation goes on a rampage

AI giant Anthropic, which developed the powerful Claude series models, is accelerating its push toward the public market. It is understood that the company confidentially filed a draft Form S-1 with the U.S. Securities and Exchange Commission (SEC) in early June 2026, with plans to formally list as early as this September. However, as its valuation surges and a major wealth realization is about to arrive, Anthropic management is considering a disruptive compliance policy: requiring all employees to participate in a mandatory 10b5-1 stock trading plan.

What is a 10b5-1 plan? Why has it become an employee share-selling talisman?

In the U.S. securities market, a 10b5-1 plan is like an “automated stock sale autopilot system” reserved for insiders. Under this plan, employees must, before the actual trades, decide in advance the time, price, and quantity of the future sale of shares, and submit it as an official written plan to be executed automatically by the system.

The core purpose of this mechanism is to avoid legal accusations of “insider trading.” In 2022, the SEC substantially updated the relevant rules, adding a mandatory cooling-off period, and requiring executives to truthfully certify that they are not in possession of any “material nonpublic information (MNPI).” For Anthropic, which is in the critical window for an IPO, financial advisers strongly recommend employees adopt this plan. Not only can it help employees obtain liquidity smoothly during the trading blackout periods before and after the IPO, but it also provides strong legal protection for both the company and individuals.

Are engineers also “insiders”? To preserve the company’s open culture

In traditional technology startups, typically only senior executives or employees who can access core financial data are viewed as “insiders.” However, Anthropic’s situation is quite different. Because the company is committed to developing the most cutting-edge AI models, even rank-and-file software engineers—given their understanding of the powerful capabilities and breakthroughs of the models that have not yet been made public—very likely also qualify as “material nonpublic information” under legal definitions.

Therefore, financial advisers believe that Anthropic’s “all employees” could be regarded as insiders subject to trading restrictions. Adopting a mandatory 10b5-1 plan may seem conservative and limits employees’ flexibility regarding when to sell shares, but it allows Anthropic to continue maintaining an internal culture of “broadly shared information” without facing insider trading risks, and avoids building information walls internally due to compliance issues.

Prevent an “IPO sell-off wave” after valuation goes on a rampage

Another important consideration behind this mandatory plan is to stabilize post-listing share price performance. Data shows that Anthropic’s valuation has skyrocketed over just three years—from roughly $4.0 billion all the way to $965.0 billion after the latest H-round financing (post-money). Its annualized revenue has also already surpassed $47.0 billion.

Given that employees’ equity could be worth “life-changing” amounts, if they sell at the same time after the traditional 180-day IPO lock-up ends, it would inevitably create devastating selling pressure on the market. With the pre-arranged structure of a 10b5-1 plan, employees’ share-selling actions will be forced to be carried out at different times, which not only helps smooth out supply shock in the market, but also helps Anthropic maintain long-term and stable price performance in capital markets. The company has not yet made a final decision on this policy, but it has already sparked heated discussion in Silicon Valley and on Wall Street.