This market will resolve to “Yes” if Anthropic (or its primary commercial entity or successor) completes an Initial Public Offering (IPO) and the company’s market capitalization at the official closing price on its first day of public trading is $1.25 trillion USD or higher, at any time after the creation of this market.

Otherwise, this market will resolve to “No.”

For the purposes of this market:

• Market capitalization is calculated as the official closing share price on the IPO listing day multiplied by the fully diluted shares outstanding (or equivalent total shares used for market cap reporting) as reported by the listing exchange or major financial data providers.

• The IPO must result in shares being listed and actively tradable on a major stock exchange (e.g., NYSE, NASDAQ).

• Only the closing market cap on the first trading day qualifies; pre-market, opening, intraday, or subsequent days do not.

• Secondary offerings, direct listings without a traditional IPO process, or private valuations do not qualify.

• If no qualifying IPO occurs by January 1, 2027 – 00:00 EST, this market will resolve to “No.”