Anthropic to commit 5% of its shares to a fund for the 'public good'
Anthropic said it will commit 5% of its shares - worth about $48bn (£36bn) at its May valuation - to a fund for the 'public good', with the pledge subject to shareholder approval.
Anthropic to commit 5% of its shares to a fund for the 'public good'
How the commitment works
The Anthropic 5% shares fund is the company's latest move in AI philanthropy: the firm said it will place 5% of its stock into a fund dedicated to the 'public good', though the plan still needs shareholder approval. At Anthropic's most recent valuation in May, that stake was worth around $48bn (£36bn).
- The company will add a further 2% of its stock for every 50% increase in its value above an undisclosed baseline.
What the fund could do
According to Anthropic, the fund could be used to explore large donations to traditional nonprofits or direct distributions to specific populations. In a blogpost, the company warned: "AI may generate enormous economic value, but it could also cause instability for many workers".
Anthropic said it had already committed $200m to addressing AI's impact on labour, but that given the pace of AI progress, bolder approaches may be needed.
Valuation and float plans
Anthropic was valued at $965bn in May, when it raised $65bn in a funding round. It is reportedly now considering a $1.5tn valuation when it floats on the stock market, with an IPO planned for November.
Reaction and company background
Elon Musk, Tesla's chief executive and SpaceX founder, responded on social media by pledging to give away some of his own shares. "Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many," he later announced.
Meanwhile, OpenAI has reportedly engaged in early talks to give a 5% stake in its organisation to the US government.
Anthropic was founded in 2021 by seven former OpenAI employees and established as a public benefit corporation, requiring its directors to balance financial returns with the company's public interest mission.
The share pledge remains conditional on shareholder approval, as Anthropic reportedly weighs a $1.5tn valuation for a stock market float planned for November.
