The IPO wave will enshrine the AI gods’ control over the future
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By Invitation | Power to the founder<br>The IPO wave will enshrine the AI gods’ control over the future<br>Looming offerings by SpaceX, OpenAI and Anthropic are potentially perilous experiments in corporate governance, writes Gill Whitehead<br>Share
Illustration: Dan Williams
May 21st 2026|4 min read
After weeks of waiting with bated breath, investors finally have sight of the prospectus for the initial public offering of SpaceX. OpenAI and Anthropic could join Elon Musk’s firm in floating shares later this year. These IPOs will reveal that the race to control frontier AI is defined not only by their epochal vision and scale, but by the concentration of corporate control. All three firms have sought to govern cutting-edge technologies with custom-made rules, departing from contemporary corporate governance and its well-worn systems designed to thwart unfettered control by an individual through effective board oversight, risk-based incentive structures and robust succession plans.
This article appeared in the By Invitation section of the print edition under the headline “Gill Whitehead”
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