Anthropic Commits At Least 5% of Shares to New Public Benefit Fund

Anthropic announced the creation of a new fund that will get at least 5% of its shares and support public-benefit causes such as addressing the employment impact of AI.

The Anthropic Public Benefit Fund could get an additional 2% of the company’s shares on top of the initial 5% commitment, at the discretion of the company’s board, for every 50% increase in the company’s value above a baseline, Anthropic said in a blog post Sunday. The post added that the allocation plan is subject to stockholder approval, and said Anthropic would disclose further details about the fund in the coming months.

The fund adds to the unusual elements of Anthropic’s structure as it plans an initial public offering that is expected to be one of the biggest ever. It is a public benefit corporation, meaning it can pursue societal goals as well as shareholders’ financial interests, and a majority of its board is appointed by its Long-Term Benefit Trust, a group of non-shareholders who advise the company on safety and social issues. Anthropic also has an unusually generous matching program for employee charitable donations.

And, ahead of its IPO, Anthropic developed a plan to grant its seven co-founders, including CEO Dario Amodei, a combined 50.1% of voting power even if they reduce some of their stakes, The Information has reported.

Sunday’s post said that about half of Anthropic’s employees participate in the matching program and that, including the initial stake for the new fund, roughly 20% of the company’s shares “will be dedicated to the public good.”

Anthropic said none of the new fund’s Anthropic equity will be used for lobbying or political giving.