Anthropic is preparing a governance overhaul ahead of a potential initial public offering that would give CEO Dario Amodei and other co-founders super-voting stock to help shield them from outside shareholder pressure, while a separate share class would preserve non-shareholder trustees' power to elect a majority of the board. The move would mark the first time Anthropic's leaders hold extra voting power and is notable because the co-founders own relatively small stakes in the company, with reporting indicating Amodei holds about 2%. The Claude developer has confidentially filed draft registration documents with the U.S. Securities and Exchange Commission and held preliminary investor meetings, with a listing reported as possible as soon as late September. Anthropic's structure is unusually complex because it would combine founder super-voting shares with its Long-Term Benefit Trust, which currently elects a majority of the seven-member board, and with its status as a public benefit corporation. The trust includes former Federal Reserve Chair Ben Bernanke and recently narrowed to three active members after Mariano-Florentino Cuéllar left to become Anthropic's chief global affairs officer. If Anthropic were to list near valuation levels floated in private markets, it could become the largest public benefit corporation on a U.S. exchange, surpassing Veeva Systems.