Anthropic is seeking shareholder approval for a corporate structure that would give CEO Dario Amodei and his 6 co-founders a combined 50.1% of voting power, according to a report by The Information citing people familiar with the planning. The move comes as the Claude maker prepares for a potential initial public offering (IPO).
The proposed arrangement would create a special class of shares for the 7 co-founders. Collectively, those shares would give them control over most corporate matters, subject to a continuing ownership condition.
How the proposed control structure would work
The founder voting rights would remain in place as long as at least 3 of the 7 co-founders continued to hold a minimum number of shares in Anthropic, according to the report. The structure resembles a founder-control model associated with Palantir.
There would be a significant exception. The founders' special voting power would not cover the election of Anthropic's board members. The board has 7 seats, with one currently vacant, according to the report.
Anthropic is also planning a special class of stock for employees. Those shares would be used as tie-breaker votes on some corporate issues, although the report did not specify which matters would be covered.
IPO plans and company valuation
Anthropic has been viewed for months as a leader in enterprise artificial intelligence. The company is preparing for what could become one of the biggest IPOs on record, although the timing has not been fixed.
The company could delay the offering until after the US midterm elections in November. Reuters previously reported that the election was not expected to have a major impact on the IPO.
Anthropic raised $65 billion at a -money valuation of $965 billion in May. The fundraising and valuation have placed the company among the most closely watched private businesses in the AI sector as it considers entering public markets.
Anthropic did not immediately respond to a Reuters request for comment on the proposed structure.
Conclusion
Anthropic's plan would give its 7 co-founders majority voting power over most corporate matters while leaving board elections outside that control. The company is also considering employee tie-breaking rights as it moves toward a potential IPO.
Frequently Asked Questions
Q. Who would receive 50.1% voting control at Anthropic?
CEO Dario Amodei and his 6 co-founders would receive a combined 50.1% of voting power under the proposed structure.
Q. How long would the founder-control arrangement apply?
It would apply while at least 3 of the 7 co-founders retain a minimum number of Anthropic shares.
Q. Would the founders control board elections?
No. The proposed exception would leave the election of board members outside the founders' special voting control.
Q. What voting rights could Anthropic employees receive?
Employees could receive a special stock class that would provide tie-breaker votes on some corporate issues.
Q. How much was Anthropic valued at in May?
Anthropic raised $65 billion at a -money valuation of $965 billion in May.
