Anthropic's $2 trillion IPO has brought attention to its unconventional governance structure, which features powerful external trustees. This setup is part of a broader trend in Silicon Valley, where tech companies are diverging from traditional governance norms, making it harder for shareholders and the public to hold them accountable.
Anthropic and OpenAI, the two major AI labs, have both designed unusual company structures. OpenAI, which was founded as a nonprofit, became a cautionary tale in November 2023, when its board tried to fire its chief executive Sam Altman but lost the confidence of the company's investors and employees. The incident led to most of the board members being replaced and a broader restructuring of the startup.
Anthropic's trust is seen as less risky than OpenAI's governance because it has a built-in 'kill switch' that allows the trustees to be fired with the support of 85 percent of the shareholders' voting power. However, this supermajority could change when the company goes public. A person close to Anthropic said private investors who have backed the company across multiple rounds did so with full understanding of its governance structure, and several specifically cited its emphasis on safety as part of their investment thesis.
Early investors assumed the company would have to become a commercial juggernaut to fulfill its core mission, said one venture capitalist who has backed Anthropic. 'There was a judgment made by investors that capitalism would win in the end. Whatever you say, if you need a lot of money for compute and to compete [for the best model], investors assume there will be a business,' they said. The move into public markets will expose Anthropic's structure to a broader and potentially less-forgiving investor base as it faces mounting pressure to earn a profit.
Harvard's Fried wrote in his July paper, 'Under the firms' current structures, these directors … may have little skin in the game and can or must ignore profit in decision-making. OpenAI has already had a … debacle. Anthropic, with a less risky structure, hasn't.' He added, 'Investors should scrutinize both companies' arrangements, which may still change before their IPOs, and price shares accordingly.' As Anthropic prepares to go public, its unconventional governance structure will be under intense scrutiny, with many wondering how it will impact the company's ability to balance its mission with the demands of public markets.
Cet article a été rédigé avec l'assistance de l'IA.
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