Anthropic's elaborate plan to keep Wall Street at the door

Anthropic plans to hold an IPO through a complex governance structure to enter the public market without abandoning its safety mission; University of Pennsylvania law professor Elizabeth Pollman says the structure has not been used before and was creatively designed for this founder-led, mission-driven company. The structure is based on public benefit corporation status, with a long-term benefit trust composed of five financially disinterested voting trustees that appoints or removes four of seven directors through Class T stock; the prospectus states that Founder LLC will control 50.1% of the voting power on shareholder matters, initially composed of seven co-founders including Dario Amodei and Daniela Amodei. Anthropic did not respond to The Verge's request for comment.