Anthropic plans to give CEO Dario Amodei and its co-founders supervoting shares ahead of the company's IPO, a move that would let leadership fend off public market pressure for the first time. The Information reported the plan, citing two people familiar with the matter. Anthropic filed a confidential S-1 with the SEC in June, and its latest funding round valued the firm at $965 billion. Its revenue run rate hit $65 billion in late July, about $25 billion ahead of OpenAI.
A Familiar Playbook
The idea isn't new. Google introduced supervoting shares in 2004, giving founders 10 votes per share. Meta copied the model, and Mark Zuckerberg still controls his company through it. For Anthropic, the structure would be a first: its leaders have never held stock with extra voting power. The plan would spread those votes across several co-founders rather than concentrate them in one person.
SpaceX's Blueprint
SpaceX's June 12 listing on Nasdaq under the ticker SPCX offers a recent example. Public Class A shares carry one vote each, while insider Class B shares get ten. Elon Musk holds a 48.4% stake but commands more than 82% of shareholder votes. Class B holders also elect the majority of the board. The filing contains no sunset clause, so the extra votes never expire. Because SpaceX counts as a controlled company under Nasdaq rules, it skips the independent board requirement.
Anthropic's Twist
Anthropic would spread the extra votes across several co-founders rather than rely on a single controlling figure. The company also runs as a Public Benefit Corporation, legally bound to a public mission alongside profit. Its governance includes the Long-Term Benefit Trust, an independent body whose trustees include former Federal Reserve Chair Ben Bernanke. The trust helps pick board members to protect Anthropic's AI safety mission, regardless of who holds the biggest votes.
The Fine Print
The public S-1 will reveal the details that matter: the vote ratios and any expiry terms. A potential September IPO has been indicated, but Anthropic hasn't confirmed a date. The filing will show how much control the co-founders actually get and whether the extra voting power ever lapses. If the September timeline holds, that document could land within weeks.
