Anthropic said on October 18 that it will commit 5% of its shares to a new Anthropic Public Benefit Fund, a wholly owned LLC whose only asset is Anthropic stock, per Anthropic. The commitment needs stockholder approval. The fund can give to nonprofits or pay specific groups of people directly, with the labor market named as an example. Its equity cannot be used for lobbying or political giving.
The grant grows with the company. The board can add 2% at its discretion for every 50% increase in value above a baseline it has not disclosed, so a doubling would mean another 4%. Stockholders have to approve it because it changes the cap table, and if the shares are newly issued, every existing holder is diluted now and again with each top-up.
At the $965 billion valuation from May, the first 5% is worth about $48 billion, Business Insider calculated. Add the founders' pledge to give away 80% of their equity and an employee donation match, and Anthropic says roughly 20% of its shares are dedicated to the public good.
That is a lot of stock in one place ahead of a listing expected as early as November. Anthropic has not said who will run the fund.
Bottom Line
Anthropic says the fund's governance will come "in the coming months." Stockholders are being asked to vote 5% of the company into an LLC before they know who directs it. That is the question to ask before the vote.