Anthropic’s structure gives investors a role in governance while assigning the Long-Term Benefit Trust (LTBT) authority to elect and remove a growing share of the board. As a Public Benefit Corporation (PBC), Anthropic also says its directors may weigh the company’s public-benefit purpose alongside stockholders’ financial interests. The company has announced large funding rounds under this arrangement, but those rounds do not prove that its governance structure caused its fundraising success.
What “ownership structure” means at Anthropic
Ownership and control are related, but they are not the same. Ownership concerns who holds shares and the financial interests attached to them; control also depends on voting rights and who has authority to elect or remove directors. Anthropic’s public descriptions explain some of those governance mechanisms, but do not provide a complete current capitalization table or map every investor’s present voting rights.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
|
Visa Physical Gift Card $100 (plus $5.95 Purchase Fee) | $105.95 | Buy on Amazon |
| 2 |
|
Visa Physical Gift Card $100 (plus $5.95 Purchase Fee) | $105.95 | Buy on Amazon |
| 3 |
|
TJX Multibrand Physical Gift Card | $50.00 | Buy on Amazon |
| 4 |
|
SEPHORA Physical Gift Card | $25.00 | Buy on Amazon |
| 5 |
|
SEPHORA Physical Gift Card | $50.00 | Buy on Amazon |
The disclosed arrangement combines three elements: PBC status and a stated public-benefit purpose, Class T stock held by the LTBT, and a board seat elected by Series C and later investors. Together, these describe a framework for balancing investor participation with Trust oversight—not a basis for asserting that investors have no governance role or that the Trust controls every company decision.
How the main governance mechanisms work
| Mechanism | What Anthropic says it does | What it does not establish |
|---|---|---|
| Public Benefit Corporation | Anthropic states its corporate purpose as “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.” It says directors have latitude to consider that purpose and the long- and short-term externalities of decisions alongside stockholders’ financial interests. | PBC status alone does not make directors directly accountable to other stakeholders, according to Anthropic’s explanation. |
| Long-Term Benefit Trust and Class T stock | Anthropic says it created Class T stock, held exclusively by the independent, financially disinterested LTBT. The Trust’s authority to elect and remove directors phases in according to time- and funding-based milestones. Its 2023 announcement set out that the Trust would elect a board majority within four years. | The phase-in does not by itself disclose the Trust’s exact current board authority at any particular date. The public materials described here do not provide a complete current voting-rights map. |
| Investor-elected board seat | Anthropic says it created a director seat elected by Series C and later investors, so investors have direct board representation. | This does not reveal the full distribution of investor votes or the position of every investor. |
| Protective provisions and amendment rules | Anthropic describes safeguards under which sufficiently large stockholder supermajorities can amend Trust powers without trustee consent; the required supermajorities rise as the Trust’s authority phases in. | The available descriptions do not establish that investors can unilaterally change the arrangement or provide every current threshold. |
How the structure may affect company decisions
Directors have room to weigh public benefit
Anthropic says its PBC purpose permits directors to consider public benefit and the long- and short-term effects of decisions alongside stockholder financial interests. That creates formal room for directors to weigh issues such as safety and societal effects; it does not establish how directors will decide a particular matter or guarantee a specific outcome.
Free tools Windows power users keep installed
One-click scans. No signup required.
#1 Best Overall
- Gift Cards are shipped active and ready for use.
- This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
The Trust’s role is designed to grow over time
The Trust’s election and removal authority is tied to time- and funding-based milestones. Anthropic’s 2023 announcement described a path to Trust election of a board majority within four years, rather than an immediate transfer of all board control. The company called the arrangement “an experiment” and described it as a hypothesis to observe and adjust, so the intended effect should not be mistaken for proven performance.
Investors still have a disclosed governance channel
The investor-elected seat gives Series C and later investors direct board representation alongside the Trust’s role. The disclosed safeguards also permit certain amendments through sufficiently large stockholder supermajorities, with thresholds that rise as Trust authority phases in. Because the full current cap table, voting arrangements, and applicable thresholds are not set out in the public descriptions summarized here, those mechanisms do not settle every question about who could prevail on a specific decision.
Rank #2
- Gift Cards are shipped active and ready for use.
- This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
What the funding rounds show—and what they do not
Anthropic has reported substantial financing while this governance structure has been in place. The figures below are company-reported amounts raised and post-money valuations, not interchangeable measures: a post-money valuation is not cash raised.
| Round | Company-reported funding | Company-reported post-money valuation | Announcement date |
|---|---|---|---|
| Series F | $13 billion | $183 billion | September 2, 2025 |
| Series H | $65 billion | $965 billion | May 28, 2026 |
These announcements show that Anthropic raised capital at the reported scale under its structure. They do not reveal the complete distribution of ownership, each investor’s current voting position, or what fundraising would have looked like under a different governance model. The figures therefore demonstrate coexistence, not that the PBC or Trust arrangement caused financing success.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Rank #3
- One gift card, five incredible brands. A TJX gift card is perfect for celebrating birthdays, holidays, a new home or just because.
- Score amazing savings on designer fashions for you, top-brand finds for your home, and everything you need for your outdoor adventures.
- With thousands of new arrivals across all five brands every week, the selection is ever-changing.
- The TJX gift card is redeemable at all HomeGoods, TJ Maxx, Marshalls, Sierra, and Homesense stores (in the U.S. and Puerto Rico) and online at TJ Maxx, Marshalls, and Sierra.
- Physical gift cards are delivered active via mail.
Who is listed in Anthropic’s current governance roster?
Anthropic’s company page lists Dario Amodei, Daniela Amodei, Yasmin Razavi, Reed Hastings, Chris Liddell, and Vas Narasimhan as board members. It lists Neil Buddy Shah, Richard Fontaine, and Dr. Ben Bernanke as LTBT trustees. This is the company’s published roster as of October 2026; membership can change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What cannot be concluded from the public disclosures
- A complete current cap table, including who owns what percentage of Anthropic.
- Every share class’s current voting rights or each investor’s present voting position.
- Whether investors can overrule the Trust in a particular matter; the disclosed mechanisms do not provide enough information to answer that generally.
- That the governance structure itself caused the company’s reported funding rounds or valuations.
For a practical way to assess any company’s governance, separate five questions: who elects and removes directors; which investors have board representation; whether directors may consider a stated public-benefit purpose; how mission protections can be amended; and whether financing figures show only that capital was raised or establish a causal connection to the governance model.
Quick Recap
Best Value
- Sephora is a leader in prestige omni-retail, with the mission of creating an inviting, personalized, and inclusive beauty shopping experience for clients.
- Sephora offers a diverse assortment of products across make-up, skincare, hair, and fragrance categories from more than 360 curated brands
- Brands include Charlotte Tilbury, Sol de Janeiro, Nars, Dior, in addition to must-have brands like Rare Beauty, Glow Recipe, and Summer Fridays. You have access to over 25,000 products.
- Sephora gift cards can be redeemed for merchandise in Sephora stores, on Sephora.com, on Sephora’s U.S. mobile app, and Sephora at Kohl's stores.
- Please see Legal Disclaimer below for terms and conditions applicable to Sephora gift cards.
Rank #4
- Sephora is a leader in prestige omni-retail, with the mission of creating an inviting, personalized, and inclusive beauty shopping experience for clients.
- Sephora offers a diverse assortment of products across make-up, skincare, hair, and fragrance categories from more than 360 curated brands
- Brands include Charlotte Tilbury, Sol de Janeiro, Nars, Dior, in addition to must-have brands like Rare Beauty, Glow Recipe, and Summer Fridays. You have access to over 25,000 products.
- Sephora gift cards can be redeemed for merchandise in Sephora stores, on Sephora.com, on Sephora’s U.S. mobile app, and Sephora at Kohl's stores.
- Please see Legal Disclaimer below for terms and conditions applicable to Sephora gift cards.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
