Anthropic’s initial public offering filing provides for five classes of shares, including one Class F share held by a limited liability company controlled by the seven co-founders, which retains 50.1% of the voting rights without economic rights. Public shareholders will receive Class A shares representing 49.9% of the votes in total, while a non-expiring Class T share allows the Long-Term Benefit Trust to elect a majority of the board. The co-founders, who each own about 240 million Class A shares, have pledged to give away 80% of their equity while retaining influence over shareholder votes as long as they remain in the company for 90 days. Anthropic cites AI safety and the protection of its mission, but the filing acknowledges that separating economic interests from voting control may misalign the founders’ interests with those of other shareholders.
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