Anthropic ✓

A Public Benefit Corporation (PBC) is a Delaware for-profit corporation whose directors are statutorily required under 8 Del. C. § 362 to balance three interests: the pecuniary interests of shareholders, the best interests of those materially affected by the corporation's conduct, and a specific public benefit purpose stated in the certificate of incorporation. Unlike a standard C-Corp, whose directors owe duties only to shareholders, a PBC director has explicit legal authorization to prioritize mission over profit when the two conflict.

Non-profits cannot issue equity and therefore cannot raise venture capital on standard VC terms. Anthropic needed multi-billion-dollar investment from Amazon, Google, and others, which required a for-profit vehicle with real equity. The PBC form solves this: directors can prioritize AI safety without breaching fiduciary duty, and investors can still buy equity and receive returns. The Long-Term Benefit Trust sits on top to provide additional mission protection.

A Delaware PBC is a legal entity type under Delaware General Corporation Law — it's real, enforceable corporate law. A B-Corp is a third-party certification from B Lab, the non-profit that administers the B Impact Assessment. A company can be a PBC without being B-Corp certified, or B-Corp certified without being a PBC (though many states now require PBC status for certification). Anthropic is a PBC but is not currently B-Corp certified.

Yes, under 8 Del. C. § 363. A standard Delaware C-Corp can convert to a PBC with a 2/3 supermajority shareholder vote and a certificate amendment specifying the public benefit purpose. Several well-known companies have converted — Kickstarter in 2015, Patagonia in 2012 (under California's benefit corporation law, later reconfirmed), and a growing list of startups. Dissenting shareholders have appraisal rights and can demand fair-value cash-out under § 363(b).