The decisions that set your tax bill close before the IPO.

Model your Anthropic position once. See what you can still do before the listing, your concentration across a range of IPO valuations, and what selling, holding, or hedging looks like after lockup. About 90 seconds.

Illustrative estimates for education only. Not tax, legal, or investment advice. Uses public information only. Figures are simplified and assume RSU or option-style equity. Talk to an advisor before acting.

Your position

Vested shares / units

Unvested / unexercised options future

Strike or cost / share if options

Grant type

Assumed IPO valuation $1.5T

Anthropic has not priced. Its last private round was about $965B, and the IPO has been discussed as high as $2T. Drag to see your position across that range.

Total net worth

State of residence

Federal ordinary bracket

Hedge cost, per year 6.0%

Estimated yearly cost to protect the position against a large drop once it is public, as a share of position value. A fresh, volatile IPO is expensive to insure, so figure roughly 4% to 10%. At 6.0% that is about $0 a year. Not available during lockup.

Position value

Concentration

of your net worth in one stock

AMT exposure

—

on ISO exercise before IPO

What closes at the listing

You still have decisions with a deadline.

Whether and when to exercise, exposure to the alternative minimum tax, when your long-term holding clock starts, and gifting at today's private valuation are all live right now. Several of these close once the shares are public.

Across the IPO valuation range

What your position could be worth

At ~$965B (last private round)$0

At ~$1.5T$0

At ~$2T (high end discussed)$0

Three moves at lockup expiry

Sell, hold, or hedge

You cannot sell or hedge locked shares right away. The plan that decides what you do the day lockup lifts gets built now.

Sell & diversify

removes the single-stock risk once you are able to trade.

Hold the position

full upside, full downside.

Hedge & defer

~$0

illustrative cost to protect the downside while keeping upside. Not available during lockup.

Where you live changes the math

State tax on selling this position (CA vs no-tax state)$0

State tax on future vesting (CA vs no-tax state)$0

Total cross-state swing$0

Residency planning has to happen well before a liquidity event to hold up. The rules are strict, so this is a conversation, not a DIY move.

SteelPeak Wealth, LLC is a registered investment adviser. This tool provides general, illustrative estimates and does not constitute personalized tax, legal, or investment advice. It uses public information only. Calculations are simplified and exclude items such as the full AMT calculation, NIIT, the additional Medicare surtax, and your complete bracket structure. Anthropic has not priced its offering, and any valuation shown is a scenario, not a forecast. Your actual results will differ. Consult a qualified advisor.