Anthropic’s $2 trillion IPO puts powerful external trustees in spotlight

Anthropic’s planned IPO could value the Claude creator at up to $2 trillion, but the company’s governance is dominated by the Long-Term Benefit Trust (LTBT), a small advisory group that controls most of the board. The LTBT holds no equity yet retains significant influence, and Anthropic intends to keep the trust’s role after the stock market debut.