Anthropic to commit 5% stake to new public benefit fund
Oct 18 (Reuters) - Anthropic said on Sunday it will commit 5% of its shares to a new public benefit fund, subject to stockholder approval, with the stake potentially increasing as the artificial intelligence giant's valuation grows.
The proposed fund would be established as a wholly owned limited liability company and would receive an additional 2% of Anthropic's shares, at the board's discretion, for every 50% increase in the company's value above a baseline that has yet to be disclosed.
The Anthropic Public Benefit Fund could support initiatives including nonprofit donations, direct distributions to specific populations and efforts to address AI's impact on workers.
The company said none of the equity held by the fund would be used for lobbying or political contributions in the US or abroad.
The maker of the Claude AI assistant is planning one of the biggest IPOs in history as a public benefit corporation, a legal structure that requires management to consider certain broader interests as well as turning a profit for investors.
The company, which has positioned itself as safety-first, has often highlighted risks associated with its AI models, most recently in its IPO prospectus, which it said could exhibit "self-preserving behaviors," Reuters reported exclusively in September.
Taken together with the new fund, roughly 20% of Anthropic's shares would be dedicated to public purposes, excluding any additional shares that could be allocated if it reaches future valuation milestones.
Anthropic said it would disclose further details in coming months on the fund's governance, structure and the valuation thresholds that could expand its ownership stake. It also plans to publish a public-benefit report detailing progress toward its mission.
(Reporting by Abu Sultan and Anusha Shah in Bengaluru; Editing by Edmund Klamann and Cynthia Osterman)