Anthropic's $1.5T IPO plan locks in AI mission control beyond founders

Anthropic filed for an IPO with a $1.5 trillion valuation, establishing a governance structure to ensure its AI mission outlasts its founders. Seven co-founders hold supervoting power over critical decisions, insulating the company from external investor pressure. The filing shows co-founders control 50.1% voting power on certain matters, while an independent trust elects most board seats. A staggered board structure, with directors serving three-year terms, will take effect once supervoting stock expires, a design aimed at preventing hostile takeovers. Anthropic's long-term benefit trust, holding Class T stock, can elect a board majority and makes it a controlled company under Nasdaq rules. The structure exempts it from some governance requirements, with safety and risk committees led by external figures like Novartis CEO Vas Narasimhan.