Artificial intelligence company Anthropic has revised its corporate governance structure to strengthen founder control ahead of a potential initial public offering, according to regulatory filings and people familiar with the matter.
The San Francisco-based startup plans to implement supervoting stock provisions that would grant its seven co-founders enhanced influence over corporate decisions. CEO Dario Amodei’s direct ownership has been reduced to approximately 2% through prior funding rounds, while the remaining founders hold roughly equal minority stakes in the company.
Anthropic intends to maintain its Long-Term Benefit Trust, a governance mechanism designed to prioritize long-term societal and ethical considerations over short-term shareholder returns. The trust, which holds a special class of non-economic shares, will retain exclusive authority to appoint a majority of the company’s seven-member board of directors. Former Federal Reserve Chair Ben Bernanke remains on the advisory panel, while the trust’s membership was recently narrowed to three active participants following the appointment of Mariano-Florentino Cuéllar as chief global affairs officer.
The restructuring coincides with Anthropic’s preparations for a public market debut that could occur as soon as late September. If completed as planned, the IPO would establish Anthropic as the most valuable public benefit corporation listed in the U.S., surpassing software provider Veeva Systems. The company’s valuation is expected to exceed $50 billion based on recent private market transactions, though final pricing will depend on investor demand and market conditions at the time of listing.
