Anthropic is preparing for an 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 the company’s founding mission of developing AI for the benefit of humanity, can appoint or remove a majority of Anthropic’s board despite holding no equity. The trust can have as many as five members and currently includes former Federal Reserve Chair Ben Bernanke, Clinton Health Access Initiative Chief Executive Officer Neil Buddy Shah, and Center for a New American Security Chief Executive Officer Richard Fontaine. Four of Anthropic’s seven directors, including Netflix co-founder Reed Hastings and Novartis Chief Executive Officer Vas Narasimhan, were nominated by the trust. It also receives advance notice of major management decisions, including new AI model launches, and reportedly recommended a limited release for Mythos. Anthropic plans to retain the arrangement after going public and aims to establish the trust as a governance standard for the AI industry. Harvard Law School professor Jesse Fried said the structure could create friction with shareholders because the trust could prioritize the company’s mission over profits. Anthropic is lossmaking, and pressure to deliver financial returns could intensify after an IPO as its investor base broadens beyond private-market backers familiar with its mission and governance. Fried said the structure could change before the IPO and that investors should incorporate it into a fair valuation.