Key Takeaways:
Anthropic is preparing to grant CEO Dario Amodei and co-founders shares with extra voting power, a governance shift to preserve founder control as the $965 billion-valued AI startup nears a fall IPO.
The proposed structure, first reported by The Information, would mark the first time Amodei and the company's other founders receive shares with additional voting power, according to people familiar with the matter.
Amodei's personal ownership has been diluted to roughly 2 percent following successive funding rounds, with the remaining six co-founders holding equal minority stakes. The arrangement mirrors dual-class structures at Meta Platforms Inc., where CEO Mark Zuckerberg controls about 60 percent of voting power, and Snap Inc., where Evan Spiegel holds super voting shares.
Anthropic's annualized revenue run rate surpassed $65 billion by the end of July, up from $47 billion in May and $9 billion at the end of 2025, according to reported figures. If the listing proceeds at valuations under discussion, the company could seek a public valuation of $2 trillion or more, ranking among the largest technology IPOs in history.
The exact voting arrangements have not been finalized and could still change, The Information reported. The plans are part of a broader effort to reinforce Anthropic's governance framework ahead of a possible Wall Street debut that could come as early as late September.
Anthropic also intends to preserve its Long-Term Benefit Trust, a body of non-investor advisors holding considerable oversight authority. Through a special class of non-economic stock, the trust currently holds the exclusive power to elect a majority of the company's seven-member board. The advisory panel, which includes former Federal Reserve Chair Ben Bernanke, narrowed to three active members after Mariano-Florentino Cuéllar, a former California Supreme Court justice, moved internally this month to become chief global affairs officer.
The company operates as a public benefit corporation, a legal framework that shields executives who prioritize societal outcomes alongside shareholder value. If the listing materializes as planned, Anthropic would surpass software provider Veeva Systems to become the most valuable public benefit corporation trading on U.S. markets.
Anthropic and rival OpenAI have both filed confidential paperwork related to potential public offerings. Anthropic's revenue growth has outpaced OpenAI, which doubled its annualized run rate to roughly $40 billion from about $20 billion at the end of 2025. Investors expect Anthropic could finish 2026 with a run rate between $100 billion and $120 billion if current momentum holds.
The governance mechanics will draw close scrutiny from market participants given the unprecedented scale of the projected offering. The distribution of voting leverage between the seven founders and the independent benefit trust remains fluid as the company finalizes its prospectus, with the balance of power likely to shape how public shareholders view the AI developer's long-term mission.
This article is for informational purposes only and does not constitute investment advice.
