Anthropic to allocate about 20% of equity to public benefit

The structure is the story: a fixed initial endowment plus a valuation-linked ratchet that only converts into public benefit if the company keeps compounding in value, with board approval as the gate at each step. That ties the fund's size to private-market marks rather than a one-time pledge, and concentrates discretion in the board. The co-founder and employee pledges add a second layer of alignment that is unusual for a lab of this scale. What's worth watching is how the ratchet is valued and approved in practice, and whether the fund's governance keeps it at arm's length from the company.