Anthropic Founders Seek Majority Voting Control Ahead of IPO
AI firm Anthropic is asking shareholders to approve a new corporate structure that would grant its founders majority control over company decisions ahead of its anticipated stock market debut.
Artificial intelligence company Anthropic is reportedly seeking shareholder approval for a new corporate structure designed to give its seven co-founders, including CEO Dario Amodei, a combined 50.1% of the voting power on most corporate matters. This move comes as the company prepares for a potential initial public offering (IPO).
The proposed structure would ensure that the founders maintain control over key decisions, even after the company goes public. While each of the seven co-founders reportedly holds approximately 2% of the company's equity, this special share class aims to preserve their collective oversight. Similar dual-class share structures have been employed by other major tech companies to maintain founder control post-IPO.
The plan includes several provisions, such as the Anthropic Long-Term Benefit Trust retaining the ability to appoint most board members. The number of board seats allocated to the founders would increase from two to three. Additionally, employee stock allocations would be utilized to break ties on certain voting issues.
Anthropic, founded five years ago, was valued at approximately $965 billion in May. The company's upcoming IPO is expected to reflect a significantly higher valuation, a prospect the firm is actively planning for.