Anthropic seeks 50.1% founder voting control ahead of IPO

Anthropic is seeking shareholder approval for a dual-class share structure that would give its seven co-founders majority voting control ahead of an initial public offering, according to a report by The Information. Under the proposed terms, CEO Dario Amodei and the co-founding team would secure a combined 50.1% voting share on most corporate matters.

The co-founders would hold their special voting shares through a separate limited liability company, provided that at least three of the seven maintain a minimum number of shares. The shares carry no additional economic interest, allowing the management team to maintain strategic oversight while fulfilling individual pledges to donate 80% of their personal wealth.

The structure preserves the role of the Anthropic Long-Term Benefit Trust, an independent body that includes former Federal Reserve Chair Ben Bernanke. The trust would retain the authority to appoint the majority of the seven-member board of directors, while the co-founders' board allocation would expand from two to three seats. Anthropic also plans to issue a separate share class to employees to act as tiebreakers on certain corporate matters.

The vote comes as the public benefit corporation prepares for a stock market debut expected in late October or November. Last valued at 965 billion dollars in a May funding round, Anthropic aims for a valuation of around 2 trillion dollars in its planned listing.