$ANT · Anthropic, PBC
Anthropic, PBC filed Amendment No. 1 to its S-1 registration for an IPO of Class A common stock on Nasdaq under ticker "ANT." The filing details a novel governance structure: the company is a Delaware public benefit corporation with a Long-Term Benefit Trust (LTBT) that controls a majority of board seats through Class T stock, while co-founders Dario and Daniela Amodei hold Class F stock with 50.1% of total voting power. The offering price range, share count, and proposed valuation are not yet disclosed in this amendment.
- Anthropic is a Delaware public benefit corporation with a stated purpose: responsible development of advanced AI for the long-term benefit of humanity.
- A Long-Term Benefit Trust (LTBT) with independent trustees will control a majority of board seats via Class T common stock.
- Co-founders Dario and Daniela Amodei, via Founder LLC, will hold Class F stock carrying 50.1% of total voting power.
- Class A common stock (ANT) carries one vote per share; Class N stock has no voting rights and is held primarily by strategic partners.
- The filing is an amendment (Amendment No. 1) — offering price range, number of shares, and proposed valuation remain blank.
Price data unavailable.
Anthropic's S-1 reveals the most governance-complex AI IPO ever: a public benefit corporation with a trust-controlled board and founder super-voting stock, testing whether public markets will accept dramatically constrained shareholder rights in exchange for AI-safety assurances.
Anthropic's IPO is the most structurally complex AI public offering to date, combining a public benefit corporation charter, a trust-controlled board majority, and founder super-voting stock — a governance model with no direct precedent among publicly traded AI companies.
The governance structure creates a "controlled company" where public Class A stockholders have limited influence: the LTBT controls a board majority and founders hold 50.1% voting power. Risks include potential conflicts between the public benefit mission and pecuniary interests, and the possibility that the LTBT's AI-safety focus could override shareholder value maximization.