Anthropic says it will commit 5% of its shares to 'public benefit fund'

Anthropic says it will dedicate 5% of its shares to a 'public benefit fund'

Artificial intelligence (AI) giant Anthropic says it will dedicate 5% of its shares to a fund that will make donations for the "public good".

The announcement comes as Anthropic prepares for a potential blockbuster stock market listing that could value the company at more than $1tn (£750bn).

The AI industry has faced intense scrutiny recently over safety concerns and worries about its effect on society and the economy. Anthropic reportedly said in its initial public offering (IPO) filing that AI could pose "catastrophic or existential risks to humanity".

Anthropic said its planned fund could back nonprofit organisations and efforts to deal with AI's impact on the jobs market.

It added that none of the shares held by the fund would be used for lobbying or political donations in the US or overseas.

In a statement released on Sunday, the Claude developer said Anthropic's Public Benefit Fund could also be given another 2% of the firm's shares at the board's discretion.

Technology billionaire Elon Musk reacted to the announcement on social media, saying: "I recommend giving the shares directly to the public." He added: "This is what I will be doing."

Anthropic told prospective investors that its revenue jumped 45% to $16.8bn (£12.6bn) in the three months to the end of September.

Like other AI firms, it is trying to present itself as capable of producing huge profits even while spending billions on developing the technology and building the infrastructure needed to run its models.

Companies worldwide, mainly technology firms, have cut thousands of jobs after investing in AI, with many citing greater efficiency from its use.

Research published in 2024 by the International Monetary Fund (IMF) suggested that almost 40% of jobs around the world will be affected by AI, rising to as much as 60% in advanced economies.