{
  "schema": "aic.research-horizon-evidence/1",
  "checked_on": "2026-10-04",
  "status": "free_public_research_annotation",
  "published_on": "2026-10-04",
  "scope": "Dated company governance descriptions, selected statutory provisions and a hypothetical capital-allocation experiment.",
  "sources": [
    {
      "id": "ltbt_design",
      "url": "https://www.anthropic.com/news/the-long-term-benefit-trust",
      "publication_date": "2023-09-19",
      "evidence_class": "company_governance_description",
      "selected_sections": ["Basic Structure and Features", "A Corporate Governance Experiment"],
      "observation": "Class T appointment powers phase in; specified actions require notice; sufficiently large shareholder majorities can amend powers through failsafe provisions.",
      "limit": "Not the complete current charter. Notice is not automatically a veto; historical initial membership is not a current roster."
    },
    {
      "id": "trust_board_majority_announcement",
      "url": "https://www.anthropic.com/news/narasimhan-board",
      "publication_date": "2026-04-14",
      "evidence_class": "company_announcement",
      "observation": "The company states that Trust-appointed directors form a board majority following the appointment.",
      "limit": "A dated statement about board composition, not a complete post-IPO control or financing-rights map."
    },
    {
      "id": "bernanke_trust_appointment",
      "url": "https://www.anthropic.com/news/ben-bernanke",
      "publication_date": "2026-07-09",
      "evidence_class": "company_announcement",
      "observation": "Bernanke joins the Trust; the company describes Trustees as independent of management and investors without economic participation in Anthropic.",
      "limit": "A stated institutional design, not proof of decision quality, available funding or a monetary public-benefit value."
    },
    {
      "id": "delaware_pbc_statute",
      "url": "https://delcode.delaware.gov/title8/c001/sc15/",
      "evidence_class": "official_statutory_text",
      "selected_sections": ["362(a)", "365(a)", "366(b)-(c)"],
      "observation": "PBC management balances stockholder financial interests, affected interests and specified public benefits. The default benefit statement is to stockholders at least biennially; governing documents can add public or more frequent reporting.",
      "limit": "Selected statutory description, not advice on litigation, enforceability or Anthropic's complete governance documents."
    }
  ],
  "issuer_unknowns": {
    "complete_post_ipo_class_voting_terms": null,
    "full_reserved_matters_and_amendment_thresholds": null,
    "research_cash_reserve_usd": null,
    "enforceable_future_capital_calls": null,
    "issuer_research_success_probability": null,
    "issuer_signal_accuracy": null,
    "issuer_cost_of_equity": null
  },
  "proposals_not_existing_terms": [
    "Separate a committed capital envelope from conditional authority to spend it.",
    "Budget termination and transition obligations before celebrating a stop option.",
    "Use informative research milestones and disclose revisions without equating milestone passage with success.",
    "Review financing availability by state rather than only its unconditional average.",
    "Supply a voluntary capital-allocation account in addition to the applicable benefit-reporting requirements."
  ],
  "model_scope": {
    "issuer_calibrated": false,
    "probabilities_rates_fees_costs_and_payoffs": "hypothetical",
    "time_value_rate": 0.04,
    "rate_interpretation": "Common cash-planning benchmark, not a market quote or the required return on risky AI equity; no estimated risk premium is included.",
    "latent_types": "Potential terminal cash payoff if the project completes; not labels for scientific or social worth. The decision-maker does not observe the latent type.",
    "stopping_cost": "Prefunded even when later continuation funding fails; unknown costs remain unknown.",
    "capital_calls": "Contributions to the modeled project, not a priced security, bank loan or proof of legal enforceability.",
    "reserve": "Cash asset available at review; unspent principal is returned in the model rather than counted as consumed twice.",
    "authorization": "An independent prerequisite; a positive dollar score does not override a closed gate.",
    "limitations": "No per-share value, global optimal-policy claim, firm-wide cash forecast, social-welfare estimate or guarantee of usable capital."
  },
  "verification": {
    "scenarios": 19,
    "grouped_checks": 27,
    "independent_method": "Ten key planning values and financing thresholds recomputed with PowerShell decimal closed forms.",
    "limits": "Arithmetic and declared decision-policy checks do not validate assumed probabilities or institutional performance."
  }
}