Anthropic commits to putting 5% of its shares into a new public benefit fund, which may be used to address AI's impact on employment

Anthropic said it plans to put 5% of its shares into a newly established public benefit fund, which may be used to support nonprofit donations, direct cash payments, or research on and responses to AI's impact on and displacement of employment; the commitment still requires shareholder approval. The board may also, at its discretion, add 2 percentage points for every 50% increase in the company's valuation after it exceeds an undisclosed baseline. The fund will be established as a wholly owned limited liability company rather than a 501(c)(3) tax-exempt nonprofit organization, so as to allow adjustment among different forms of donation, and the equity it holds will not be used for lobbying or political donations in the United States or internationally. Anthropic said it had previously invested $200 million to study AI's impact, but given the pace of AI progress, a bolder approach may be needed. The company told investors that third-quarter revenue was $16.8 billion, and an IPO is reportedly scheduled for November.