Anthropic, a San Francisco-based artificial intelligence company known for its Claude chatbot, is preparing for a public offering that could value the company at up to $2 trillion. As it moves toward this major financial milestone, potential investors are paying close attention to a unique governance structure that sets Anthropic apart from most tech firms. At the heart of this structure is the Long-Term Benefit Trust (LTBT), a small group of advisors tasked with ensuring the company remains focused on its mission of developing AI for the long-term benefit of humanity, even as it faces increasing commercial pressures. The LTBT does not hold any equity in Anthropic but holds significant influence over the company’s direction. As a public benefit corporation, Anthropic is legally required to prioritize public good over profit, and the LTBT serves as its main governing body. Currently, the trust controls the appointment of four out of seven board members, including high-profile individuals like Reed Hastings, co-founder of Netflix, and Vas Narasimhan, CEO of Novartis. The trust is chaired by Neil Buddy Shah, CEO of the Clinton Health Access Initiative, and includes former Federal Reserve Chair Ben Bernanke and Richard Fontaine, CEO of the Center for a New American Security. Mariano-Florentino “Tino” Cuéllar, a former California Supreme Court justice, previously served on the trust before moving to a leadership role at Anthropic. Anthropic aims to use the LTBT as a model for how AI companies can be governed in the future. According to people familiar with the company's plans, the trust is intended to serve as an industry blueprint, much like the GAAP accounting standards, which began as voluntary guidelines from private companies before becoming widely adopted. The appointment of Ben Bernanke in July was seen as a step toward making the LTBT a more institutionalized and respected body within the tech and policy communities. The trustees are required to be informed in advance of major company decisions, such as the launch of new AI models. They meet weekly among themselves and have frequent discussions with Anthropic’s leadership, sometimes as often as every other week. This close coordination reflects the company's effort to balance innovation with ethical considerations, as it seeks to navigate the complexities of public governance in the rapidly evolving AI sector.