Anthropic is planning an initial public offering (IPO) that could potentially value the company at up to $2 trillion. Consequently, the company's experimental governance structure is coming under scrutiny.
NewsAnthropicLong-Term Benefit Trust
Anthropic Plans $2 Trillion IPO, Highlighting External Trust's Role in Governance
This article is a translation. Read the Japanese original
The company is a Public Benefit Corporation, with governance controlled by the Long-Term Benefit Trust (LTBT). While this trust does not hold shares in Anthropic, it possesses the right to appoint or remove four of the seven members of the board of directors.
Board members include Netflix co-founder Reed Hastings and Novartis CEO Vas Narasimhan. Trust members include former Federal Reserve Chair Ben Bernanke.
The LTBT has the right to receive prior notification regarding major corporate actions, including the release of new AI models. It is also reported that trust members meet weekly and consult with the company's management every two weeks.
On the other hand, challenges regarding this structure have been pointed out. Jesse Fried, a professor at Harvard Law School, stated that a system where third parties decide to sacrifice profits for a non-profit mission, while raising funds from profit-seeking investors, has an inherent and difficult-to-manage tension.
Source: Anthropic’s $2 trillion IPO puts powerful external trustees in spotlight (Ars Technica AI, 2026-09-05)