Anthropic is preparing for a potential initial public offering that could value the company at as much as $2 trillion while retaining its unusual governance structure. The Long-Term Benefit Trust, an independent body created to protect Anthropic’s mission of developing artificial intelligence for the benefit of humanity, holds no equity but can appoint or remove a majority of the board. TradingBeats separately monitored an on-chain valuation of $2.27 trillion, above SpaceX’s approximately $1.77 trillion valuation when SpaceX listed, according to BlockBeats on September 9. Anthropic is lossmaking, and Harvard Law School professor Jesse Fried said the trust’s ability to prioritize the company’s mission over profits could create tension with shareholders after an IPO.