Many investors stand to win big when Anthropic goes public. Stakes held by firms including Menlo Ventures, Sequoia, Sound Ventures, and Spark Capital are expected to return billions .

Yet according to Anthropic’s S-1 , none of those VC firms owns 5%, the threshold for being included in the principal stockholders’ table. That’s highly unusual. In a typical tech IPO, lead venture investors hold double-digit-percentage stakes in the startups they backed. The reason is Anthropic’s size. At its $965 billion private valuation, a 1% stake is worth nearly $10 billion, so, for example, Menlo’s roughly $14 billion position is only about 1.5% of the company, according to recently reported Bloomberg figures.

While the venture firms may lack sizable percentage stakes, Anthropic sold large stakes to strategic partners, companies that are also its business partners.…