SAN FRANCISCO: Anthropic plans to go public later this month while leaving 50.1% of shareholder voting power with its seven founders.
The Claude chatbot developer outlined the arrangement in its filing with the US Securities and Exchange Commission (SEC). Meanwhile, an independent trust can appoint four of the seven directors on the company’s board.
Anthropic’s founders, including Chief Executive Officer Dario Amodei, will retain majority voting rights on matters submitted to shareholders.
The company created its Long-Term Benefit Trust (LTBT) in 2023 to protect its safety mission. Trust members hold special non-financial shares rather than ordinary equity stakes.
Its members include former Federal Reserve chair Ben Bernanke. Neil Buddy Shah, chief executive of the Clinton Health Access Initiative, is another member.
One trust seat remains vacant. As a result, public investors will have little influence over most board appointments or the founders’ voting majority.
Anthropic operates as a public benefit corporation (PBC), which must consider its mission alongside shareholder financial interests. Unlike a conventional company, it can prioritise safety measures even when those decisions reduce potential profits.
Read: Dario Amodei Pay Totals $18 Million in 2025, Filing Shows
Amodei has warned about the harm advanced artificial intelligence (AI) could cause if misused. However, the upcoming IPO will expose those commitments to scrutiny from stock-market investors.
Gil Luria, head of technology research at D.A. Davidson, said Anthropic could pursue safety goals at the expense of growth. Such decisions could come “even at the expense of growth and profitability,” he said.
Read: Anthropic IPO: Investors Weigh $1.5 Trillion, Sources Say
University of Florida professor emeritus Jay Ritter said public shareholders would have little influence over either the founders or trustees.
Meanwhile, the SEC filing includes more than 90 pages of risk disclosures. These cover AI misuse and potential threats to humanity.
Seaport Research Partners analyst Jay Goldberg said the ownership structure could give founders and trustees lasting control.
Still, Anthropic warns investors that the trust could make decisions contrary to their financial interests. Luria said the arrangement could face a serious test if profits disappoint, safety issues arise or disagreements develop.
With additional input from CNN
