SAN FRANCISCO — The LTBT has the right to appoint or dismiss the majority of Anthropic’s board. This independent body holds no equity in Anthropic, separating financial interest from governance control. The trust currently has selected four of Anthropic’s seven directors.

Anthropic plans to release its IPO prospectus after Labor Day and target a public listing in late September or early October. The company filed initially for public listing with a confidential report. Reports suggest Anthropic could be trying to raise at least $130 billion as part of this process.

The LTBT operates as an independent body of five financially disinterested members with an authority to select and remove a portion of the board that will grow over time. Neil Buddy Shah chairs the LTBT. Ben Bernanke is a member of the LTBT, having been appointed in July. Richard Fontaine is also a member of the trust.

Mariano-Florentino “Tino” Cuéllar left the LTBT to work as Anthropic’s chief global affairs officer. The LTBT currently has three members out of a potential maximum of five. Trustees are required to receive advance notice of major company actions, including the launch of new AI models.

LTBT trustees meet weekly among themselves. They also meet with Anthropic’s leadership as frequently as every other week.

Reed Hastings serves as a director on Anthropic’s board. Vas Narasimhan serves as a director on Anthropic’s board. Anthropic may allow existing shareholders to sell shares as part of the IPO.

The company is weighing lockup periods longer than the standard 180 days. Anthropic may require rank-and-file employees to sell shares through preset 10b5-1 plans instead of during post-earnings windows.

Timeline

Anthropic's annual run rate was about $9 billion at the end of 2025. Anthropic reportedly had $4.8 billion in revenue in the first quarter of 2026. Analysts estimate that Anthropic posted an operating profit of about $559 million in the second quarter of 2026. Anthropic reportedly had $10.9 billion in revenue in the second quarter of 2026.

What's New

Reports suggest Anthropic could be trying to raise at least $130 billion.

Anthropic's annual run rate topped $65 billion at the end of July 2026.

Why It Matters

The Long-Term Benefit Trust maintains structural control over Anthropic’s board and major corporate decisions, even as the company prepares for a public listing. The trust holds no equity in the company, creating a governance structure where financially disinterested members hold appointment and dismissal rights over the majority of the board. This arrangement persists as Anthropic targets a valuation of up to $2 trillion.

Anthropic, PBC is an American artificial intelligence public benefit corporation headquartered in San Francisco, California. The company was founded in 2021 with the goal of promoting AI safety by former members of OpenAI, including siblings Daniela Amodei and Dario Amodei, who are president and CEO, respectively. Anthropic was valued at US$965 billion in a May 2026 funding round, according to reports. The interaction between the LTBT's authority and public shareholder rights remains an open question following the planned listing.