Anthropic has committed 5% of its shares to a fund for the public good, representing around $48bn at the company's latest valuation in May, subject to shareholder approval. The AI developer behind the Claude chatbot will also add a further 2% of its stock to the fund for every 50% increase in its value above an undisclosed baseline. The company said the fund will allow it to explore large donations to traditional nonprofits or direct distributions to specific populations.
The pledge comes as Anthropic prepares for a stock market listing and amid growing public concern about artificial intelligence. The company acknowledged that AI could generate enormous economic value but may also cause instability for many workers. Anthropic noted it had already committed $200m to addressing such issues but said that given the rapid pace of AI development, bolder approaches may be needed. The company has previously called for a slowdown in AI development, a warning later echoed by rivals including OpenAI.
Anthropic was valued at $965bn in May when it raised $65bn in a funding round. The company is reportedly considering a $1.5tn valuation when it floats on the stock market, with an IPO planned for November. Last week, Anthropic said some of its AI models could soon become self-replicating and find ways to infiltrate internet-connected devices such as smart fridges and automatic vacuum cleaners, potentially powering themselves without the need for datacentres.
The announcement prompted a response from Elon Musk, chief executive of Tesla and founder of SpaceX, who pledged on social media to give shares directly to the public. He announced he would give one of his SpaceX shares to every child in America next year, describing it as the first of many such giveaways. Shares in SpaceX, which is listed on the Nasdaq in the US, rose by 1% in pre-market trading on Monday, though the company has lost about 9% of its value since it joined the stock market in June.
OpenAI, the developer behind ChatGPT, also reportedly engaged in early talks to give a 5% stake in its organisation to the US government. Anthropic, founded in 2021 by seven former OpenAI employees, was established as a public benefit corporation, meaning all of its directors must balance financial returns with its public interest mission.
For investors considering Anthropic's impending stock market listing, the commitment of significant shares to a public benefit fund will reduce the percentage of equity available to shareholders, though it demonstrates the company's stated commitment to addressing societal concerns around AI.