Anthropic said Sunday it plans to commit 5% of its shares to a new public benefit fund, with the stake potentially increasing as the company's valuation grows.
Subject to shareholder approval, the fund would immediately commit 5% of Anthropic's shares, with the board adding, at its discretion, an additional 2% for every 50% increase in the company's value above a set baseline that has yet to be disclosed.
Anthropic said that while it has already committed $200 million to study the AI's effects, "given the pace of AI progress, bolder approaches may be needed."
The fund may be used to "explore large donations" — including to traditional nonprofits or as direct distributions for specific populations — or for "bolder approaches" to study and address AI's disruption and displacement of jobs, the company said.
An August Pew Research Center report found that 71% of adults think AI will lead to fewer jobs in the U.S. over the next two years.
The fund will be established as a wholly owned limited liability company rather than a 501(c)(3) tax-exempt nonprofit or other format to adjust between different forms of giving, the release said. Equity held by the LLC will not be used for lobbying or political giving in the U.S. or internationally, Anthropic said.
Anthropic told investors its third-quarter revenue stands at $16.8 billion ahead of its planned initial public offering reportedly slated for November, CNBC reported.
The timing of Anthropic's public fund announcement is both mandatory to prepare for an initial public offering, and "beneficial from an image perspective," especially as AI reshapes the jobs market, Lise Buyer, partner at IPO advisory firm Class V Group, told CNBC.
Buyer said Anthropic's move could be seen favorably if the funds support retraining or help workers find alternative employment when the technology disrupts their jobs.
"Of course, it is also to burnish their reputation at a time when AI is coming under significant scrutiny," she added.
Anthropic said it will share more about the fund structure and governance in the coming months, including valuation milestones that may increase the stake. It said it will also share progress on the fund in an upcoming public benefit report.
In response to Anthropic's announcement, Tesla and SpaceX CEO Elon Musk said on X that he "recommend[s] giving the shares directly to the public."