Anthropic is preparing to grant CEO Dario Amodei and other co-founders a special class of stock with enhanced voting rights ahead of the AI company’s potential initial public offering. The arrangement would allow the leadership team to retain significant control over corporate decisions even as their economic ownership stakes remain relatively small.

According to reports from Reuters via The Information, the specific voting arrangements have not been disclosed and plans could still change. Anthropic did not immediately respond to requests for comment.

Dual-Class Structure Mirrors Tech Giants

Dual-class share structures are common among founder-led technology companies, allowing executives to maintain voting power disproportionate to their equity holdings. At Meta Platforms Inc. (NASDAQ: META), CEO Mark Zuckerberg holds about 60% of the company’s voting control through super-voting shares. Similarly, Space Exploration Technologies Corp (NASDAQ: SPCX) CEO Elon Musk retains significant voting power through a dual-class structure.

For Anthropic, this structure could protect Amodei and other founders from short-term shareholder demands. The move comes as the Claude maker prepares for what could rank among the largest market debuts ever.

Governance and Board Control

Anthropic is also reportedly planning to maintain its existing group of non-shareholder trustees through a special class of stock that would allow them to elect a majority of the company’s board. This reflects the company’s unusual governance structure as a public benefit corporation, which is legally required to balance commercial interests with social and public benefits.

Amodei reportedly owns only about 2% of Anthropic, making the proposed dual-class structure particularly significant for retaining influence. The company filed a confidential draft Form S-1 with the U.S. Securities and Exchange Commission on June 1, preceding Sam Altman’s OpenAI, which submitted its own S-1 filing a week later.

What the Numbers Show

The divergence between Amodei’s reported 2% economic ownership and the proposed super-voting rights highlights a concentration of control typical in founder-led tech IPOs. This structure ensures that despite dilution from public listing, the founding team retains decisive authority over strategic direction and board composition, insulating long-term AI safety goals from immediate market pressures.

Anthropic is set to expand its pre-IPO revolving credit facility to a value exceeding $10 billion. The artificial intelligence developer is laying the groundwork for its highly anticipated initial public offering, with the potential expansion signaling substantial capital structure adjustments. While the final size of the facility has yet to be confirmed, sources indicate plans could change, with the possibility of keeping the revolver at its original target or scaling it back below $10 billion.

The increase in the credit facility size reflects the company's strategic positioning in the lead-up to going public. By securing a larger line of credit, Anthropic aims to manage liquidity and operational needs during this critical transition phase. A revolving credit facility provides financial flexibility, allowing companies to borrow, repay, and borrow again as needed without requiring immediate use of the full amount.

Bank Involvement and IPO Strategy

The potential expansion has attracted significant interest from major financial institutions. Banks are looking to secure a role in the credit facility to strengthen their chances of winning an underwriting mandate for the Claude chatbot maker’s IPO. Morgan Stanley, Goldman Sachs, and JPMorgan are reportedly working on Anthropic’s IPO, with the company holding discussions with investors in recent weeks.

Earlier this month, it was reported that Anthropic was seeking new financing to increase its existing $2.5 billion five-year revolving credit facility obtained from lenders last year. The previous facility included participation from Morgan Stanley, Barclays Plc, Citigroup, Goldman Sachs, JPMorgan, Royal Bank of Canada, and Mitsubishi UFJ Financial Group.

Expanding credit facilities before an IPO is a common move for companies preparing to enter public markets. The same banks that extend these credit lines often serve as underwriters for the share sale. Space Exploration Technologies Corp (NASDAQ: SPCX) followed a similar approach, increasing its credit facility with several of its IPO bankers roughly a month before its June public offering.

What the Numbers Show

The scaling of the credit facility to over $10 billion indicates a high level of institutional confidence and capital availability for Anthropic. This figure serves as a key indicator of the financial scale at which the company is operating prior to its public debut. The move aligns with broader trends in AI-related debt financing, which JPMorgan projects will reach $4.1 trillion through 2030, up from previous estimates. AI-related debt issuance has already surpassed $300 billion in 2026, driven by hyperscalers, data center developers, and chip buyers funding unprecedented capital spending.