#AnthropicFilesForIPO Anthropic Is Asking You to Buy Stock in a Company That Legally Doesn't Have to Put You First. That's not a criticism. It's what the S-1 will say, in careful legal language, buried in the governance section. Anthropic is a Public Benefit Corporation, incorporated in Delaware with a stated mission: responsible development of AI for the long-term benefit of humanity. Under PBC law, the board has a fiduciary duty to balance shareholder returns against that mission. Not maximize returns. Balance them. If those two things conflict, safety wins. Legally. It goes deeper. Anthropic operates a Long-Term Benefit Trust holding Class T shares, which carry the right to elect a portion of the board. After 2027, safety-focused trustees gain the power to seat directors without shareholder approval. Public investors buying ANTH at $965B will own a company where a private trust, not the shareholder base, holds structural board control over the safety agenda. No PBC of this scale has ever gone public. Patagonia stayed private. The structure has never been stress-tested by activist investors, short sellers, or a down quarter where the safety roadmap is the easiest cost to cut. The bet Anthropic is asking you to make is that the mission and the money never seriously conflict. The $47B revenue run rate and 80% enterprise concentration suggest that's been true so far. But enterprise customers scale their usage up and down. A single bad quarter creates pressure. Pressure tests governance structures. Public markets have priced plenty of dual-class share structures. They've never priced a trust that answers to humanity before shareholders. Is the PBC structure a feature or a risk at $965B? Share your thoughts in the comments 👇 $ANTHROPIC $OPENAI $SPCX