Anthropic's Public Benefit Fund Could Hold Shares Valued at $48 Billion

A 5% share commitment from the artificial intelligence company Anthropic would be valued at approximately $48 billion.¹ This calculation is based on the firm's May valuation of $965 billion.¹ The company's board has the discretion to contribute additional shares to the fund as the company grows.¹ An extra 2% in shares can be added for each 50% rise in the firm's valuation above an undisclosed baseline.¹ Such an arrangement means that the overall volume of shares channeled into the fund is directly linked to future increases in the company's market worth.¹ Consequently, any substantial financial appreciation of the firm beyond the baseline would systematically enlarge the proportion of equity dedicated to the fund.¹

The public benefit fund has been established as a limited liability company that is wholly owned by Anthropic.³ This legal structure is distinct from a 501(c)(3) tax-exempt nonprofit organization.³ Anthropic has stated that none of the equity held within the fund will be used for political contributions or lobbying efforts.² This restriction applies to political activities both in the United States and in other countries.² Setting up the fund as an LLC fully owned by the business, instead of pursuing 501(c)(3) status as a tax-exempt charity, enables Anthropic to retain direct corporate possession of the structure.³ At the same time, the explicit bar against political donations and lobbying ensures that the fund's equity cannot be deployed to influence lawmakers or political campaigns domestically or internationally.²

The fund is permitted to explore various methods for its philanthropic activities.¹ Potential actions include making large donations to traditional nonprofit organizations.¹ Another possibility is the direct financial disbursement of money to particular groups.¹ These direct disbursements and charitable gifts allow the vehicle to distribute capital flexibly depending on which groups or nonprofit entities it chooses to assist.¹

Anthropic was created in 2021 by seven former employees of OpenAI.¹ It was established from the outset as a public benefit corporation.¹ The company's recent financial results show considerable growth, with $16.8 billion in revenue generated in the third quarter ending in September.² This revenue figure marks a 45% increase for the period.² That 45% increase underscores the rapid pace of the company's financial expansion leading up to the end of the September quarter.² Having been formed as a public benefit corporation by former OpenAI staff, the company was structured from its 2021 inception with a formal commitment to public benefit alongside its commercial activities.¹

The company is making preparations for an initial public offering of its stock.³ The IPO is reportedly scheduled to occur in November.³ Within its draft IPO filing, Anthropic included a significant warning about the technology it develops.² The document cautioned that advanced artificial intelligence could present catastrophic or existential dangers to humanity.² This solemn warning highlights that humanity itself could face severe or irreversible risks if advanced artificial intelligence is developed without adequate safeguards.² Prospective investors in the reported November offering are therefore directly confronted with the existential stakes surrounding the firm's core technology.²³

The planned IPO has drawn attention from public officials.⁶ New York City Comptroller Mark Levine sent a letter to Anthropic on October 14.⁶ In the letter, he formally requested that the company halt its initial public offering.⁶ Levine's October 14 intervention represents direct municipal scrutiny of the firm's plans to take its shares public.⁶ His formal request to halt the transaction affects Anthropic at a crucial moment as it prepares for the potential public market debut.³⁶

Elon Musk reacted to the news of the fund on social media.¹ He suggested that shares should instead be granted straight to the public.¹ Separately, Musk has announced his own plan to distribute stock from his company SpaceX.¹ He intends to give one share to every child in the United States next year.¹ Musk's suggestion contrasts Anthropic's fund structure with a model of direct equity ownership distributed openly to members of the public.¹ Under his proposed SpaceX distribution, every child across the United States would directly receive an individual share of the company next year.¹

Anthropic has provided an external nonprofit evaluator with a high level of internal access.⁶ Six personnel from the organization METR were given access to internal tools and systems that was nearly equivalent to that of an employee.⁶ The AI company is also expanding its physical infrastructure, signing its first data center contract in Canada.⁷ It secured a long-term lease with EverWind for the initial phase of its data center campus in Point Tupper.⁷ Granting six METR personnel near-employee access allows an outside evaluator to examine the company's internal tools and systems deeply.⁶ The Point Tupper agreement with EverWind marks the first time the company has established a data center footprint in Canada to support its physical operations.⁷

Anthropic's commitment of shares to its public benefit fund takes place against a backdrop of widespread public and institutional anxiety regarding AI-induced job losses.¹ A 2024 study by the International Monetary Fund indicated that artificial intelligence will have an impact on nearly 40% of jobs worldwide.² The same analysis concluded that for advanced economies, AI could affect up to 60% of total employment.² This comparison indicates that workers in advanced economies face substantially higher exposure to artificial intelligence disruption, with up to 60% of employment affected compared to nearly 40% globally.² These findings underscore why institutions and members of the public are increasingly anxious about the consequences of artificial intelligence for the global workforce.¹²

Public sentiment in the United States reflects these professional assessments.³ An August study from the Pew Research Center found that 71% of American adults believe AI will cause a decrease in jobs in the U.S.³ This expectation of job reduction applies to the coming two-year period.³ The fact that 71% of American adults foresee job reductions over the next two years demonstrates widespread public pessimism regarding the near-term economic fallout from artificial intelligence.³ This broad concern illustrates how acutely American workers fear artificial intelligence could displace jobs in the immediate future.³