Anthropic’s elaborate plan to keep Wall Street at bay

Anthropic's planned IPO relies on a proposed governance structure—public benefit corporation status, a long-term benefit trust that picks four of seven board seats, and a Founder LLC holding 50.1 percent of voting power—to shield its safety mission from shareholder pressure. Legal experts told The Verge the setup gives founders and trustees tremendous power, but warn that capital needs, competitive pressure, and founder departures could erode those protections over time.