The difference between Microsoft and Anthropic is that Microsoft had IPO when it was much smaller and grown much as a publicly traded company.

" It is a well-documented fact that Bill Gates was initially reluctant to take Microsoft public. His primary concern was that the pressures of quarterly earnings reports and the scrutiny of public shareholders would distract the company from its core mission of writing great software. However, a specific regulatory requirement known as the 500-Shareholder Trigger eventually forced the company's hand.

Under Section 12(g) of the Securities Exchange Act of 1934, any private company with more than 500 shareholders and a certain level of assets was required to register with the SEC and begin filing public financial reports. By 1986, Microsoft had issued stock options to so many employees that it was rapidly approaching this limit. Gates realized that if the company had to disclose its financials anyway, it might as well reap the benefits of being public, such as increased liquidity for employees and a stronger currency for acquisitions. "

https://learn.oreateai.com/learn/when-did-microsoft-go-publi...