Upcoming mega-IPOs from companies like OpenAI and SpaceX will likely feature dual-class share structures. This mechanism grants certain insiders, typically founders, shares with outsized voting power (e.g., 10 votes per share). This allows them to retain control over the company's strategic direction even after diluting their economic ownership by going public.

Reflecting on his public company experience, Zayo's CEO advises creating super-voting shares for insiders during an IPO. This concentrates control and makes the company a much less appealing target for activist investors who can't easily gain influence.

F1 Group utilizes a dual-class share structure where insiders, particularly Chairman John Malone, hold special "B" shares with 10 times the voting rights. This structure concentrates his voting power at 49%, effectively blocking activist investors.

Following the two-tiered model of companies like Novo Nordisk, AI safety startup Anthropic established a 'Long-Term Benefit Trust.' This perpetual purpose trust has outside trustees who can appoint directors to the main board, ensuring the company remains aligned with its core mission.

Anthropic is granting founders super-voting shares to retain control post-IPO, a common tech practice. However, for a company building potentially society-altering AI, this move sparks concern as it concentrates power and reduces shareholder oversight over a technology with immense public implications.

Implementing an incorruptible structure doesn't have to happen on day one. Founders can start with a simpler foundation, like a Public Benefit Corp, and then add more complex elements like a Mission Lock Vehicle (as Anthropic did in its Series C) as the company matures and the stakes get higher.

To protect its 'safety first' mission from investor pressure, AI company Anthropic created a 'Long-Term Benefit Trust.' This separate body, staffed by mission-aligned trustees, has the legal power to appoint board members to the for-profit entity, creating a structural guardrail against mission drift.

Angel Studios' founders frame their SPAC not as a capital raise but as a mission-preservation vehicle. They used a "SPAC in name only" to go public while installing a favorable board and super-voting shares, insulating their unique, guild-driven model from typical market pressures.

Anthropic is a massive anomaly, set to be the first Public Benefit Corporation (PBC) valued at over a trillion dollars, dwarfing the current largest, Veeva Systems ($40B). Its unique structure, which includes a trust that appoints board members, creates an untested governance model for balancing shareholder value with a public mission at this scale.