When Anthropic shared financial figures recently with prospective investors in its planned initial public offering, it included a surprising glimpse of the enormous riches about to hit nonprofits and philanthropies—and the cost to shareholders.

The company reported a non-cash expense of more than $660 million for stock used to match employees’ charitable contributions in the six months from October 2025 to March 2026, investors said. That expense, which is already unusually large, will likely balloon into the billions of dollars in the coming quarters, after an IPO expected to create what could be an unprecedented wave of corporate donations.