Anthropic is moving to lock in control ahead of what could be one of the largest IPOs on record. On September 24 (U.S. time), The Information reported, citing people familiar with the matter, that Anthropic has asked shareholders to approve a new corporate governance structure in the coming days: issuing a special class of shares to CEO Dario Amodei and his six co-founders that would give the seven a combined 50.1% of voting power on most corporate matters. Reuters and TechCrunch followed up on the story on September 25.
Three key details behind the 50.1%
The arrangement has three critical details, according to the reports. First, the special shares carry voting power only, with no extra economic rights — the founders would get a voice, not a bigger dividend. Second, the 50.1% control is not permanent: it lasts only as long as at least three of the seven co-founders retain a minimum number of shares, so the special voting rights lapse if the core group largely walks away. Third, board elections are the exception: of Anthropic's seven board seats (one currently vacant), most directors will still be chosen by the company's Long-Term Benefit Trust, with the founders' seats growing from two to three; employees would also receive a special class of stock serving as tie-breaker votes on certain corporate issues.
2% stakes and an 80% giving pledge
Why do this before going public? The answer lies in the cap table. The seven co-founders reportedly own only about 2% of the company each. Once listed, public-market fundraising would dilute those stakes further, potentially leaving the founding team without a meaningful voice at the company's most critical stage. Super-voting shares are nothing new in Silicon Valley — Mark Zuckerberg used them to keep control of Meta, Evan Spiegel to keep control of Snap — but Anthropic's twist is handing control to a collective of seven rather than a single founder. The Information says the design emulates Palantir's founder-control structure.
There is another intriguing layer to the story. In January, Amodei announced he would give away 80% of his wealth and warned that AI-driven wealth concentration could destabilize society. Pledging to disperse wealth while tightening control looks contradictory, but both point to the same logic: Anthropic wants its long-term direction set by the founding collective, not by short-term capital. In May, Anthropic closed a $65 billion funding round at a $965 billion post-money valuation; on the secondary market it has reportedly been valued at around $1.5 trillion, and the IPO could reflect that level.
For investors, this is a signal to weigh carefully. Founder-locked control means strategy is less likely to be hijacked by short-term shareholders — a plus for those betting on long-termism — but 50.1% of the vote also means public shareholders would have almost no say on most corporate matters after listing. The checks and balances remain notable: most board seats are still decided by the Long-Term Benefit Trust, and employees hold tie-breaker votes on some issues — a hybrid of founder leadership and multi-party restraint, not one-man rule. Anthropic did not immediately respond to Reuters' request for comment. The shareholder vote is expected in the coming days, and its outcome will directly decide the power map of this near-trillion-dollar AI company on the eve of its IPO.
