Anthropic's planned IPO, potentially valuing the company at $2 trillion, is drawing scrutiny to its unusual governance structure centred on the Long-Term Benefit Trust (LTBT) — a small external body with no equity stake but the power to appoint or remove the majority of Anthropic's board. The LTBT is designed to ensure AI development serves humanity's long-term interests, but critics note it has so far operated largely in an advisory role and has never been forced to choose between commercial and societal goals. As Anthropic moves toward public markets and a broader, profit-focused investor base, experts warn that its unproven governance model faces a real test of whether it can withstand the tension between mission and financial pressures.
