Anthropic was created by a group of former OpenAI employees in 2021 who decided to found a new company focused on the safe development of artificial intelligence. The company was named Anthropic, meaning 'related to humanity.' Its debut on Wall Street is expected soon and could become one of the largest initial public offerings in history.
However, this move raises a fundamental question: is it possible for a company to put humanity first while meeting the demands of Wall Street? The IPO represents a significant event for the AI boom and will draw attention to how investors view the developer of the Claude chatbot. This entry into the stock market marks a new chapter for Anthropic, which will test the company's ability to balance its mission of safe AI development with the pressures associated with being a publicly traded company.
Anthropic uses a special ownership structure designed to help the company adhere to its original goals, balance profit growth with its mission, and prevent acquisition by investors. This structure includes a board of trustees that holds majority control of the board of directors, as well as a special class of shares guaranteeing that the seven founders hold the majority of votes among general shareholders.
Due to its mission of ensuring AI safety and its unconventional corporate structure, Anthropic's debut on Wall Street can be seen as a test for cutting-edge AI labs and how they are perceived by investors. Anthropic is registered as a Public Benefit Corporation (PBC). Such companies are legally obligated to balance shareholder interests with the stated company mission, distinguishing them from traditional companies primarily focused on maximizing shareholder value.
Gil Luria, Head of Technology Research at the financial firm D.A. Davidson, noted: 'Anthropic's governance structure is very unique. They write it down. They are very open about it.' In its S-1 filing, Anthropic described its 'three-part goals' as a PBC as follows: 'the financial interest of our shareholders, the best interest of those substantially affected by our activities, and the Company Goal.'
Only a small fraction of publicly traded companies are PBCs. Patagonia, which is private, and the optical retailer Warby Parker (WRBY) are also PBCs. PBCs can independently decide what to do with corporate profits and invest as much as they wish in safety measures, with little opportunity for investors to influence this.
Anthropic's competitor, OpenAI, became a PBC in 2025. Luria added: 'Anthropic explicitly states that they believe there will be times when they will choose not to maximize shareholder value based on judgments made by the board of directors and management team.' He continued: 'Company growth and profitability are part of the goal, so this does not contradict the goal. They just say there may be times when it is not the goal, or they pursue other goals, even at the expense of growth and profitability.'
The seven founders of Anthropic collectively own 50.1% of the company's votes, meaning ordinary shareholders will have no influence over its operations. This is a variation of the trend in large technology companies in recent years, where structures have provided for retaining control by the majority of founders, similar to Mark Zuckerberg at Meta and Elon Musk at SpaceX.
It is not only the founders who hold the majority of votes. In 2023, Anthropic established a Long-Term Benefit Trust (LTBT), composed of five experts in relevant fields who have no financial stake in the company's shares. However, they possess special non-financial shares with the authority to appoint four directors to the company's seven-member board.
Members of the LTBT include Neal Buddy Shah, CEO of the Clinton Health Access initiative, and Ben Bernanke, former Chairman of the Federal Reserve. There is one vacancy in the LTBT yet to be filled. Anthropic reports in its SEC filing to shareholders: 'The LTBT may have interests that differ from yours, and it may exercise its power in a way you do not agree with, or in a way that may be unfavorable to your interests.'
When the company goes public, there may be increased pressure to increase profits and achieve strong results for shareholders. However, Anthropic and CEO Dario Amodei have also discussed the risk that AI could cause immense harm to humanity if it falls into the wrong hands. Anthropic's IPO filing contains over 90 pages of risk disclosures, ranging from how AI could be misused by malicious actors to the possibility of existential risk to humanity.
Jay Ritter, Professor Emeritus at the University of Florida and an IPO expert, stated: 'Although the LTBT has a lot of power, the founders also have a lot of power. But, you know, in both cases, public shareholders have no power.'
If growing concerns about AI arise, the founders and the LTBT can make decisions for the company that affect stock value without regard for investor interests. Theoretically, this could help the company adhere to its mission—but it remains unknown how the structure will function until some event forces the company to act.
Anthropic's ownership structure will matter less if profits are high and the company adheres to its mission of developing safe AI. However, it will be tested if revenues fall below expectations, security issues arise, or disagreements emerge between the board of directors, founders, or trustees, as noted by Luria of D.A. Davidson.
Jay Goldberg, Senior Analyst at Seaport Research Partners, wrote in a note: 'The strangest aspect of Anthropic's filing is its corporate governance structure. We believe it is the largest PBC, and the full implications of this structure will take time to unfold.'
Goldberg added: 'We believe this structure gives the LTBT and the founders effective permanent control over the company.'
