Anthropic, an artificial intelligence company, has prepared an initial public offering (IPO) filing that establishes a new corporate structure designed to maintain founder control. The plan creates a "Founder LLC" composed of the company’s seven co-founders, who will hold a majority of the voting power. This arrangement is intended to prioritize the company's mission of responsible AI development over market forces, according to the filing.
The San Francisco-based company, which operates the Claude AI model, will continue to function as a Public Benefit Corporation (PBC) under Delaware law. This legal status allows executives to balance the interests of shareholders with broader societal goals. The filing indicates that the new structure will insulate leadership from certain investor pressures as they develop frontier AI technology.
Under the proposed structure, the seven co-founders—including CEO Dario Amodei and President Daniela Amodei—will direct a single share of Class F stock through the Founder LLC. This share carries 50.1% of the total voting power for significant corporate decisions, such as the election of some board directors. While Class A common stock for public investors will grant one vote per share, the multi-class arrangement effectively concentrates authority within the founding group. The filing notes that the Class F voting power will begin to sunset only when two or fewer co-founders remain.
The scale of the company's financial operations is significant, with Anthropic reporting a net loss of $41.97 billion in fiscal year 2025 on revenue of $4.59 billion. The company was valued at $965 billion during a May 2026 funding round and has guided for $518 billion in cloud and infrastructure spending through fiscal year 2027. Despite these high stakes, the founders have prioritized safety over immediate commercial gains, reporting that they have declined to develop products like image and video generation to focus on research priorities.
Furthermore, the Amodei siblings, who received compensation totaling nearly $34.4 million in 2025, have pledged to dedicate 80% of their personal equity to charitable causes. The governance also involves a Long-Term Benefit Trust, which elects four of the company's board directors and includes trustees such as former Federal Reserve Chair Ben Bernanke. The IPO is reportedly planned for 2026. Upon completion, the new board election rules will take effect, and the Class F voting structure will be formally established.