Anthropic has announced the creation of a public benefit fund, committing 5% of its shares to the entity. Based on the company's valuation of $965 billion from its May funding round, this stake is valued at approximately $48 billion. The company intends to increase this allocation by up to 2% for every 50% rise in valuation above an undisclosed baseline.
The establishment of the fund requires approval from current stockholders ahead of the company's anticipated IPO in November. Anthropic has not yet disclosed whether the shares will be newly issued, which could dilute existing holdings, nor has it provided details on how the fund will convert equity into cash or who the specific beneficiaries will be.
Market estimates for the company's valuation vary significantly. While some investors suggest a potential IPO valuation near $1.5 trillion, which would place the fund's stake at $75 billion, the research firm New Constructs has estimated the equity value as low as $144 billion. The fund is structured as a limited liability company rather than a tax-exempt charity.
Anthropic stated that the fund will not engage in lobbying or political donations. The company aims to use this structure to manage equity allocations instead of increasing executive compensation. Including previous commitments, approximately 20% of Anthropic's shares are now dedicated to public benefit initiatives, compared to 26% held by the nonprofit foundation of its rival, OpenAI.
