Investment in Anthropic, Stripe and Figure AI

Shaires Holdings Ltd, the publicly quoted London investment company focused on providing investors with exposure to leading private technology and AI businesses, announces that it has entered into an option agreement with Rizvi Traverse to purchase up to US$40 million of interests in special purpose vehicles (the "SPVs") managed by Rizvi Traverse, a related party to the Company, which holds both direct and indirect beneficial interests in three of the world's leading private technology companies - Anthropic, Stripe and Figure AI. Rizvi Traverse will receive no economic benefit from the transaction and has agreed to waive the customary carried interest and other fees usually payable in relation to these investments.

Highlights

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• Option to acquire up to US$40 million in SPVs managed by Rizvi Traverse, providing exposure to Anthropic (up to US$16.2 million), Figure AI (up to US$14.5 million) and Stripe (up to US$9.3 million).
• Three category-leading businesses. The SPVs hold direct or indirect beneficial interests in Anthropic, the frontier AI company behind the Claude family of models; Stripe, the leading financial-technology company building AI-driven financial infrastructure; and Figure AI, the first-of-its-kind AI robotics company developing general-purpose humanoids.
• Related party transaction. The SPVs are managed by Rizvi Traverse, a related party of the Company (Suhail Rizvi is Executive Chairman of the Company).
• Completion. The options are expected to be exercised on or before 31 August 2026, subject to customary conditions, and will be funded from the Company's existing cash resources and proceeds from the Company's capital raising initiatives.
• An overview video of the Company with CEO Vivek Seth is available on-demand at: https://shaires-holdings.com/?preview=cav81dllxremeq.

Structure of the transaction

The options give the Company the ability to acquire up to US$40.0 million across two special purpose vehicles managed by Rizvi Traverse - up to US$16.2 million for Anthropic, up to US$14.5 million for Figure AI and up to US$9.3 million for Stripe.

Figure AI

Upon exercise of the option the Figure AI interest will be acquired at its $39 billion Series C valuation. The Company has the right to acquire an indirect interest in Figure AI at an equivalent price of approximately US$194.93 per share. The investment would represent an indirect interest of up to 0.04% in the equity of Figure AI. The company will purchase Class A units in a Delaware special purpose vehicle managed by Rizvi Traverse, with independent custody and administration. It will pay no carried interest or other incentive allocation to related parties in the SPV in respect of its purchased interests. Mr Rizvi did not participate in the Board's consideration of the transaction. The sole asset of the SPV is its interest in Figure AI.

Anthropic and Stripe

Upon exercise of the option the Anthropic interest will be acquired at its US$965 billion Series H valuation. The indirect interest in Anthropic will be acquired at an equivalent price of approximately US$589.01 per share. The investment would represent an indirect interest of approximately 0.001% in the equity of Anthropic.

Upon exercise of the option the Stripe exposure acquired at its US$159 billion February 2026 tender valuation. The indirect interest in Stripe will be acquired at an equivalent price of approximately US$63 per share. The investment would represent an indirect interest of approximately 0.006% in the equity of Stripe.

The interest in Anthropic and Stripe will be made through a Delaware special purpose vehicle managed by Rizvi Traverse, a company controlled by Suhail Rizvi, Executive Chairman of the Company. The vehicle's sole asset is its holding in a further SPV registered in Delaware. The Company will pay certain up-front broking fees that will be passed through to placement agents and bridge-financing sources via Rizvi Traverse; it will pay no carried interest or other incentive allocation to related parties in the SPVs in respect of its purchased interests. Mr Rizvi did not participate in the Board's consideration of the transaction. The only assets of this SPV are its interest in Anthropic and Stripe.

The Company will hold interests in the SPVs and will not be a direct shareholder of, and will have no voting rights in, the underlying companies.

About Anthropic

Anthropic is a leading frontier AI company and the developer of the Claude family of models, focused on enterprise and coding. On a management-reported basis its annualised revenue run-rate was approximately US$47 billion as at May 2026, and its most recent primary financing (Series H) valued the company at approximately US$965 billion. Its investors include Amazon, Google and leading global institutions. Anthropic is private and does not publish audited financial statements; figures are unaudited and management-reported.

About Stripe

Stripe is the leading programmable financial-infrastructure platform, processing approximately US$1.9 trillion of total payment volume in 2025 for millions of businesses, and is profitable and cash-generative. Its most recent company tender offer (February 2026) valued the company at approximately US$159 billion. Stripe is private and does not publish audited financial statements; figures are unaudited estimates.

About Figure AI

Figure AI is a US-based developer of general-purpose humanoid robots, founded by Brett Adcock and headquartered in California, pairing a human-shaped hardware platform with its own AI system (Helix) and in-house manufacturing at its BotQ factory. Its most recent financing (Series C, September 2025) valued the company at approximately US$39 billion. Its investors are reported to include OpenAI, Microsoft, NVIDIA, Parkway Venture Capital, Brookfield and Intel Capital. Figure is private and does not publish audited financial statements; figures are unaudited and management-reported.

Related party transaction

The option to acquire the shares is with Rizvi Traverse, which is a related party of the Company by virtue of Suhail Rizvi being Executive Chairman of the Company, and the transaction is accordingly treated as a related party transaction for the purposes of AIM Rule 13. The directors independent of the transaction (being all directors other than Mr Rizvi), having consulted the Company's Nominated Adviser, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

It is not possible to provide the profit or loss figures for Figure AI, Anthropic or Stripe as they do not publish financial statements and accordingly, no profit or loss figure attributable to these companies is available for disclosure. These companies are privately-held companies and therefore have no legal requirement to issue financial statements.

Principal risks

Anthropic, Stripe and Figure AI are private and illiquid, with no announced IPO timelines; their valuations embed substantial future growth and are exposed to competition, pricing, technology and execution risk - in Anthropic's case heavy compute investment, and in Figure's case the capital-intensive scale-up of humanoid-robot manufacturing. The interests are held indirectly through special purpose vehicles, and realisation depends on the SPVs' ability to distribute or dispose of the underlying interests, which may be subject to lock-ups and other transfer restrictions. Financial information is estimated or management-reported and unaudited. The investments are denominated in US dollars and are subject to currency movements. The value of the investment may fall as well as rise and the Company may not recover the amounts invested.

Board and Management comments

Shervin Pishevar, Vice Chairman of Shaires, said:

"These agreements give our shareholders exposure, on attractive terms, to three of the most important private technology companies in the world - Anthropic, Stripe and Figure AI - through vehicles managed by a specialist manager. The independent directors are satisfied that the terms are fair and reasonable, and the investment is fully consistent with our strategy of assembling a concentrated portfolio of the highest-quality private technology and AI businesses."

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