A new public benefit fund will hold 5% of Anthropic's shares, subject to shareholder approval, with the stake potentially increasing as the company's valuation grows.
The board retains discretion to add an additional 2% for every 50% increase in the company's value above a set baseline, though that baseline has yet to be disclosed. Anthropic stated the fund may be used to explore large donations, including contributions to traditional nonprofits or direct distributions for specific populations. It may also support bolder approaches to study and address the disruption and displacement of jobs by artificial intelligence. An August report from the Pew Research Center found that 71% of adults believe AI will lead to fewer jobs in the U.S. over the next two years.
Anthropic established the fund as a wholly owned limited liability company rather than a 501(c)(3) tax-exempt nonprofit or other format, allowing it to adjust between different forms of giving. The company specified that equity held by the LLC will not be used for lobbying or political giving in the U.S. or internationally.
CNBC reported that Anthropic told investors its third-quarter revenue stands at $16.8 billion ahead of its planned initial public offering, which is reportedly slated for November. Lise Buyer, a partner at IPO advisory firm Class V Group, told CNBC that the timing of the announcement is mandatory for IPO preparation and beneficial from an image perspective, particularly as AI reshapes the jobs market.
Buyer noted that Anthropic's move could be viewed favorably if the funds support retraining or help workers find alternative employment when technology disrupts their jobs. She added that the initiative also serves to burnish the company's reputation at a time when AI is under significant scrutiny.
Anthropic said it will share more about the fund's structure and governance in the coming months, including the valuation milestones that may increase the stake. The company also plans to share progress on the fund in an upcoming public benefit report. In response to the announcement, Tesla and SpaceX CEO Elon Musk said on X that he recommends giving the shares directly to the public.