Anthropic plans to retain an unusual governance system after a potential initial public offering that could value the Claude developer at as much as $2 trillion. Its Long-Term Benefit Trust owns no equity, yet can appoint or dismiss a majority of the company’s board.
The trust has selected four of Anthropic’s seven directors. Its three current members are health-policy executive Neil Buddy Shah, former Federal Reserve chair Ben Bernanke and security-policy leader Richard Fontaine. Trustees receive advance notice of major actions, including model launches, meet weekly and hold regular discussions with company leadership.
People close to Anthropic describe the structure as a possible blueprint for AI governance. Trustees have weighed in on issues such as a limited release for the Mythos cybersecurity model and the company’s dispute with the US government over automated weapons.
The mechanism remains largely untested under direct commercial pressure. Sources said the trust has mostly acted as an adviser rather than forcing a major trade-off between profit and mission. Corporate-governance specialists also note an inherent tension: investors supply capital seeking returns while unelected trustees can prioritize a broader public purpose. A public listing would make that tension more visible and give shareholders their first sustained opportunity to judge whether the trust can constrain management when safety and growth point in different directions.