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Comment by sevengraff | Hacker News Reader

The article is mostly about how this trust is powerful and there are very few details of how it operates or under what circumstances it would take an action. When Anthropic goes public, is that the kind of thing that would need to be disclosed? Would we expect to know all the details of the trust?

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No.

Eh, not sure I agree here.

> It can seat four members of Anthropic’s seven-member board, and dismiss them without cause.

Good luck without a risk factor and description of that thing in the prospectus the first time that authority is invoked on a public company.

Similar language is in spacex's IPO but with musk setting the agenda and not shareholders and it flew just fine.

Market seems to tolerate bullshit better than I expected

Yeah, over time owning stocks in public companies seems to have meant less and less in concrete terms while the prices have kept going higher.

Cannot just transplant one company's situation to another. Market tolerated Musk because its Musk. Musk has several unique qualities:

- He has track record of making bets in the past and payoff.

- He is way better at working in hardware space than software. His ai data center built out is very fast.

- He is similar to Zuck that he would pivot fast towards whatever is making money. The llm bet might not pan out as good as he thought, but he quickly transitioned into a compute seller

- He is very good at financial engineering. This is an often overlooked quality of musk. His spacex ipoed at the best time and beat both anthropic/openai to the market. Now the other 2 are trapped in the current financial situation.

One more: he is literally the richest man in the world

Sorry, when you say similar language, do you mean it's disclosed? That's all I was responding to. This isn't my area, but I practiced securities law for 10 years and to me an arrangement affecting governance like this would need to be disclosed under 10(b)-5.

If not now for the IPO, why would they be compelled by investors to do it later as you imply?

Trusts are not a new mechanism.

Oh, no i'm just saying that's the trigger when you get sued

Well let’s see if that happens before IPO. I don’t think it will.

What? No. i'm saying if they IPO without disclosing this, they are going to be sued when/if that authority is invoked by people who bought it at the IPO without know about this.

The governing trust is already public, how else would the journalists know about it? It is disclosed in their IPO docs for investors:

https://247wallst.com/investing/2026/10/19/can-anthropics-sh...

So no, investors cannot sue after the IPO claiming they didn't know about it.

The thing that isn't disclosed is the exact rules of the trust etc, but why are they obliged to disclose that?

Personally I think this is a big distraction from the actual risks they face - their models will soon be commoditised by other big players who are not selling a model and their scaffold around that is vibe-code crap with a leaked codebase that changes 30k times a day because they have no idea what they're doing.

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