For information purposes only.  Capital is at risk, and you may not get back the amount originally invested. Please read the Important Notice at the end of this news item.

In light of the widespread media coverage of the potential initial Public Offering (IPO) of Anthropic, this communication aims to provide shareholders with key information about RIT’s holding in the company.

• RIT first invested in Anthropic, an American AI safety and research company, in September 2025, through our long-standing partnership with ICONIQ, which led the company’s Series F round, at a valuation of $170bn. We increased our position in May 2026, participating in the company’s Series H round at a $965bn valuation.

• We hold Anthropic within our Private Investment pillar where it has become one of our largest private direct positions, representing 1.7% of RIT’s NAV as at 30 June 2026. In addition, we hold a meaningful indirect holding in Anthropic through fund partners.

Why we invest (do we need to say this in so may words?)

• Our investment in Anthropic reflects our belief that AI is moving from model training to real-world deployment, with long-term value creation extending well beyond the traditional technology sector.
• We view Anthropic as a category-leading business that illustrates the scale of innovation increasingly taking place outside public markets. As one of the world’s leading frontier AI labs, Anthropic is helping reshape how artificial intelligence is developed and adopted, with a particular emphasis on safety, governance and enterprise trust. The pace of its growth demonstrates both the scale of the opportunity in AI and the importance of looking beyond listed markets to identify the next generation of leading companies.
• RIT’s investment is aligned with our strategy of backing what we believe are category-leading businesses that are well-positioned for long-term growth.

How is Anthropic valued in RIT’s portfolio?

• As at 30 June 2026, we valued our investment in Anthropic at £71.6m, which is based on the company’s Series H fundraising which completed in May 2026, valuing Anthropic at $965bn.
• As such, we have not yet increased our valuation to reflect Anthropic’s reported target market value at listing (the post-money IPO valuation) of between $1.5 trillion and $2 trillion.
• A detailed overview of our valuation process in relation to Private Investments is outlined on page 75 of our 2025 Annual Report and Accounts, which can be viewed here.

What does the Anthropic IPO mean for RIT’s holding? (could we simplify a bit?)

• RIT’s holding in Anthropic will convert to the publicly listed shares at the time of the IPO, after which the shares can be traded, subject to customary restrictions on selling shares following an IPO, during what is known as a “lock-up period”.
• Provisional details of the lock-up period are set out in the Anthropic Preliminary Prospectus (S-1) which was officially filed with the SEC on 26^th October 2026.
• Once listed, our holding will convert from a private investment into a publicly traded security. At a portfolio level, this will mean the holding is transferred from Private Investments into our Quoted Equities pillar.
• Once trading commences, Anthropic will be marked to market daily, with a discount applied during the lock-up period to reflect the temporary illiquidity of the shares.
• We continuously assess the concentration of our portfolio to ensure that it remains well diversified. At the expiry of the Anthropic lock-up period, we will take a view on whether we want to own it as a direct quoted investment or sell all or part of our holding to realise the investment.

The Anthropic IPO prospectus is available here.  

RIT’s private holdings

Other examples of private companies we are invested in, both directly and alongside our fund partners, include Databricks, a data and AI platform, Cognition, which builds agentic AI for software engineers, and Stripe, an online payments platform of the defining application layer businesses of this decade. For more information about our private holdings, please read our latest Private Investments Overview here.