Well before he became CEO of one of the most valuable startups of all time, Dario Amodei was a 26-year-old PhD student studying biophysics at Princeton, obsessing over how his money would leave its mark on the world.

On what one might assume was likely a fairly modest academic stipend and with no discernible inheritance from his parents, an Italian-American leatherworker and a project manager for libraries, Amodei gave $10,000 in 2009 to a relatively new charity evaluator called GiveWell. Founded by two ex-hedge funders before effective altruism was even a phrase, GiveWell ranked charities primarily by a single dispassionate metric: dollars per lives saved.

It was the kind of approach that clearly appealed to Amodei — though it may not have gone far enough for him. In 2010, he wrote a guest blog post for GiveWell dissecting the effectiveness of two of the group’s top global health charities: VillageReach and StopTB. Both charities could save a life at roughly comparable costs — around $545 — but while StopTB treated or prevented tuberculosis in adults, VillageReach’s interventions mostly saved babies and children. Most people would probably feel that saving a child trumps saving an adult; indeed, even effective altruists often agree on the grounds that children have more life to live left.

Amodei, though, viewed that as a liability for VillageReach. An adult death, he wrote, is “perhaps 2 or 3 times worse than an infant’s death,” because adults “are capable of deeper and more meaningful experiences.” As uncomfortable as such a calculus may be, he wrote, “on a practical level one is forced to make difficult decisions with limited funds.”

Though he declared StopTB to have “superiority on cost-effectiveness,” Amodei ultimately gave VillageReach higher marks for their tightly controlled “chain of execution” — the full sequence of steps between a dollar of donation and a vaccine reaching a child. That was important enough to Amodei that, despite his initial reservations, he ultimately gave VillageReach his entire $10,000 donation in 2009 — enough to save, he estimated, the lives of 20 babies across rural Africa.

But Amodei hoped the ultimate impact would be even greater. “The money I give out is not just a one-shot intervention,” he concluded, “but also a vote on what I want the philanthropic sector to look like in the future.”

The future, it seems, has arrived. Amodei is now a multibillionaire, his fortune poised to skyrocket further if and when Anthropic goes public, as many expect it to do later this year. He is one of dozens of new billionaires and millions of new millionaires minted virtually overnight by the AI boom.

There have already been plenty of aftershocks to this emerging AI megawealth, like the stratospheric San Francisco housing market, the nerdmaxxing of sex work, and the proliferation of all-you-can-biohack peptide raves.

But the most consequential, and perhaps weirdest, way this burgeoning AI-ristocracy plans to burn through its cash is by giving a huge chunk of it away. Amodei is one of several AI multibillionaires — alongside his co-founders at Anthropic and OpenAI’s Sam Altman — who have pledged to donate most of their wealth in their lifetime. But even their obscene degree of collective wealth — they are worth $111.8 billion as of this writing — is only one slice of an AI bonanza that seems poised to balloon into one of the most consequential waves of American philanthropy of all time, one deeply shaped by the same utilitarian impulse that guided one of young Amodei’s first big donations.

”I am having thousands of conversations with people who are perplexed by their own fortune and determined to give with thoughtfulness and urgency in a way that I haven’t, frankly, experienced before,” said Nick Allardice, CEO of the effective-altruism-aligned anti-poverty group GiveDirectly, whose work is grounded in research on the efficacy of unconditional cash transfers. “It’s just really important that people get started, that they don’t let perfect be the enemy of the good.”

This is neither your father’s, your grandfather’s, nor your great-great-grandfather’s philanthropy. If Gilded Age industrialists like John D. Rockefeller, a devout baptist, gave in service of their religiosity or, as was the case for Andrew Carnegie, their reverence for civic duty, then most of today’s AI barons carry forth their own spiritual tradition, one at the very least informed by the vigorously optimized commandments of the effective altruism movement. They appear far less likely to fund Carnegie-style works like opera houses or libraries than they are to put their faith — and their billions — in what they believe they can measure, calculated on the cost benefit analysis of a life saved or an apocalypse averted.

In some cases, as Amodei did as a grad student, they’ve already begun the process. “These are people who have committed themselves to giving back even before they were very wealthy,” said Sjir Hoeijmakers, CEO of Giving What We Can, an organization that developed a campaign popular with effective altruists to give away at least 10 percent of their yearly income, “people who have been building the habit of giving for a very long time.”

And it is, to be clear, a very particular kind of giving. Amodei was the 43rd person to sign the 10 percent pledge the year after it launched in 2009, and its roster has since swelled to over 11,000 people, including more than a dozen current or former Anthropic employees. Donations made through Giving What We Can’s platform are on track to grow by 40 percent this year, Hoeijmakers told me, and support for animal welfare charities — a cause particularly and unusually popular with effective altruists — has already exceeded its 2025 total.

“We have the resources available to tackle things that we should have tackled a long time ago,” like eradicating malaria or putting an end to factory farming, Hoeijmakers said. “I hope this funding wave, if it comes, will show that we can actually solve global problems at scale if we put our mind to it and our resources.”

Devoutness has long been a virtue in philanthropy, which largely originated in religious tithing, and there are plenty of worse things to have faith in than numbers. Having a communal guiding philosophy will undoubtedly help effective altruism’s newly flush disciples follow through on their promises far more prolifically and consistently than they would without it. And despite its high profile, less than 1 percent of total philanthropy came from effective altruism last year, according to Hoeijmakers. Most rich people prefer to give to the normie causes, like their alma maters, not to the sort of chronically underfunded global problems — like protecting animals or fighting lead poisoning — that effective altruists justifiably care most about.

Now, quite suddenly, there’s about to be much more money to go around for these causes, which as Hoeijmakers hopes, could help finally address some of the enormous, entrenched global problems that more traditional philanthropists have all but ignored.

But such piety also carries its own risks. In a viral Substack post from May, Stripe executive Nan Ransohoff argued — rather dismissively, but not incorrectly — that “traditional philanthropic orgs and people won’t cut it” in this new wave of AI-funded effective philanthropy, that these donors “will have an affinity” for “tech-caliber talent and execution” and will be “by default wary of folks who come from traditional philanthropy.” Ransohoff called instead for Silicon Valley to build its own new ecosystem of funds and “philanthropic startups” to cater to this new wave of wealth, emboldened with the “speed, intensity, and execution of a top technology startup.” Many of those old-school philanthropic people wrote indignant rebuttals to Ransohoff’s piece, arguing against their own obsolescence at a time when a number of the organizations they support are increasingly starved for funding.

Those responses are, in aggregate, also correct, after their fashion. The new AI philanthropists will likely aspire to new models and approaches, as Ransohoff rightly argues. But they reinvent the wheel at our collective peril, not least of all because ignoring past efforts and steamrolling over existing infrastructure might make even the most optimized giving less efficient, and certainly less informed, than it would be otherwise.

“Acknowledge what’s here and what’s working — don’t just ignore it,” said Nicole Taylor, president and CEO of the Silicon Valley Community Foundation. “These folks are transforming our daily lives with their technology, and they have the opportunity to be as transformational with their philanthropy. My fear is that they think that they can do it alone.”

How much money are we actually talking about?

As Ransohoff pointed out in her piece, a lot of money is on the line here — and, along with it, a lot of cautious hope about how it might get spent.

Ransohoff posits that if you add up the promises of Amodei and his fellow co-founders, the worth of the OpenAI Foundation — the nonprofit that owns a big chunk of OpenAI’s profits — and rumored contributions from Anthropic employees, then the AI wealth boom could, in theory, lead to at least $37 billion and as much as $100 billion in total annual giving, a sizable boost to the roughly $617 billion that was given in the US in total last year.

This projection should be treated with cautious skepticism. For one thing, hundreds of billions in cash are not just sitting around in some Bay Area money vault; much of today’s AI wealth is wrapped up in potentially volatile equity, and many lofty philanthropic pledges ultimately fail to reach their full potential.

“What people say before they become extremely wealthy, and then how they behave after they become extremely wealthy, sometimes diverge,” said David Goldberg, founder and CEO of Founders Pledge, which recruits tech leaders to donate a portion of their future earnings. It doesn’t help either, he said, that some tech luminaries — namely, Elon Musk and Peter Thiel – have come to treat most philanthropy with disdain in recent years, an ethos that has permeated some parts of the sector. Musk, it’s worth noting, actually pledged to give most of his wealth away himself back in 2012, though, like many other ultra-wealthy signatories of the Giving Pledge, he seems quite unlikely to keep that promise.

That’s not to say AI money isn’t already flowing. Coefficient Giving, a grantmaker that evolved out of GiveWell, is poised to steward a large portion of the coming philanthropic bonanza. For most of its history, the group operated essentially as the private grantmaking operation for Facebook co-founder Dustin Moskovitz and his wife Cari Tuna. But it recently made a significant pivot towards operating pooled, multidonor funds for anyone interested in causes like lead exposure, farm animal welfare, or questions of AI safety. Just last month, Coefficient Giving announced it would donate $1 billion to GiveWell alone this year, more than five times the $175 million the group initially pledged seven months ago. They chose to do so explicitly, because Coefficient Giving expects to receive much more funding very soon.

There’s also the OpenAI Foundation, which has already begun pumping $100 million into Alzheimer’s research, and Anthropic, which recently announced a partnership with the Gates Foundation to invest $200 million worth of grants, API credits, and technical support into global health work. And plenty of Silicon Valley elites have begun making promises of their own. Earlier this summer, David Silver pledged to donate 100 percent of his equity proceeds from his UK-based $1.1 billion startup Ineffable Intelligence — the largest commitment in Founders Pledge history — and many signers of the Founders Pledge will see their portfolios skyrocket in response to the coming wave of AI IPOs.

But Goldberg does believe there’s a risk that as people get rich fast, they will donate money “much, much slower” than they intended, simply because they get “too busy, they don’t have the right support, or there’s some form of analysis paralysis.”

All of this is to say that the biggest beneficiaries of the AI boom are not going to function as some sort of charitable monolith. Some, like Musk, probably won’t give much or anything to charity at all. Others may park their money in donor-advised funds — a kind of secretive charitable investment fund — or, eventually, a private foundation, both of which tend to dole out their money gingerly, meaning donors can enjoy the tax benefits of charity many years before they actually opt to help anyone with their money.

Effective altruism is about to have its big break

While its name recognition may be relatively high these days, the effective-giving movement is still on the margins of American philanthropy. But if this new wave is anywhere near as big as everyone says it will be, then that won’t be the case for long.

For the uninitiated, my ex-colleague Dylan Matthews has written plenty on what effective altruism is, but, in sum, it is a movement that believes in goodmaxxing, in the idea of using rigorous research to save the greatest number of lives possible, including future human lives and farm animal lives. Once an EA poster boy, Sam Bankman-Fried sullied the movement in 2022, which may help explain why some prominent adherents — like Amodei and his sister and co-founder Daniela, whose husband Holden Karnofsky co-founded GiveWell — have distanced themselves somewhat from the movement in recent years.

But even when donors shy away from the term, the causes and principles of utilitarian evaluation that have defined effective altruism from its early days still permeate the new moneyed corners of Silicon Valley, particularly among those most poised to give a lot — and to give a lot quickly.

Ask any animal welfare or global health nonprofit — or, better yet, an expert-led pooled fund with a reputation for rigorous charity evaluations — and they will tell you that they are preparing for, and possibly even beginning to see glimmers of, a windfall.

“We are very much anticipating a significant influx of funding,” said Dan Shannon, CEO of the Humane League, which fights to end factory farming. “I am cautiously optimistic that this could be a real sea change for us,” because “even if it’s a fraction of the big numbers being bandied about,” it could do a lot for a movement that operates on less than $300 million per year.

He said he’s been speaking with other leaders about the possibility of creating a pooled fund to absorb more cash, which has become an increasingly popular solution for donors who want the rigor of a 2010 Dario Amodei-style deep dive on a charity’s methodology and effectiveness without having to do the math or thinking themselves.

Among the more idiosyncratic elements of their ethos is their fixation with existential risk, as in, how likely is this thing — this mirror bacteria; this nuclear war; this asteroid; or, of course, this artificial intelligence — to destroy humanity? Amodei left OpenAI to start Anthropic in the first place because he believed OpenAI had failed to take the safety risks of AI seriously enough.

Much of the new EA wealth will likely go toward efforts to make life on Earth better now or in the near future through donations to causes like medical research, animal advocacy, or anti-poverty interventions. But another, more controversial chunk of it will go toward mitigating existential risks, especially that of Silicon Valley’s own Frankensteinian creation: AI itself.

It’s that last cause that has proven most controversial. If these billionaires are so afraid that AI will break the world, then why, you might ask, would they not just stop building it in the first place? Is there not an inherent contradiction, a conflict of interest perchance, in the sense that those tasked with making sure AI does not, let’s say, build a bioweapon, take your kid’s job, or make everyone dumb, are doing so with money made from the very thing they’re trying to regulate?

In other words, “If you’re breaking the world and making money by breaking it, should you just not break it?” asked Goldberg of Founders Pledge. “I wrestle with the question myself.” In the end, “this is a technology that’s coming, regardless of who’s building it,” he reasoned, and it is better that the presumably good guys — the ones bothering to think about the consequences at all — build it first.

If you broke the world, can you fix it?

Even if the AI bubble pops, and if the much-discussed giving boom ends up smaller than many anticipate, it could still lead to significant changes for some of the world’s most neglected problems. And if it is close to as big as it’s expected to be, then what happens next could be gravitationally transformative, reshaping how the world lives, considers animals, and adapts to its most disruptive technological breakthrough in a century.

“I don’t think most people think about factory farming as something that could actually be eradicated. Full stop,” Shannon said, but “my grandparents lived in a time without factory farming, and I think my grandchildren could live without factory farming,” and “that could ultimately be the legacy of this wave of philanthropy.”

Ending the pervasive use of cages — “probably the cruelest way that animals are treated on industrialized factory farms,” says Shannon — could cost as little as $500 million over 25 years, or less than 1 percent of the $60 billion that Ransohoff estimates Anthropic employees may have sitting in donor-advised funds, thanks to Anthropic’s generous early gift-matching policy, which could quickly turn into real cash once the company goes public.

Developing a new vaccine costs an average of $886.8 million, which may sound like a lot, but it is equivalent to less than 6 percent of Amodei’s newfound fortune. It is less than what the OpenAI Foundation has pledged to invest in disease research and other causes next year alone.

Then, there’s, perhaps, the biggest target of all. Ending extreme poverty everywhere would cost just over $300 billion annually, according to one analysis — which is a hefty price tag, but less than one-fifth of what the wealthy spend on luxury goods each year. “There’s so much needless stupid, preventable suffering in the world,” said Allardice of GiveDirectly. “We live in this time of so much abundance, so much wealth, so much technological development, and yet, there are so many people who have been left behind.” If this new wave of giving is wielded well, he said, then “we have the potential to collectively raise the floor of human experience.”

That’s a lot of responsibility to place on the shoulders of a bunch of bustling young tech workers still processing what it means to be quite suddenly, dazzlingly wealthy. It is also a lot of faith to place in an industry that has left more Americans feeling scared than hopeful about what a future flush with AI portends.

If you aim to fix global poverty, but the technology that made you rich also threatens to make everyone else poor, then whose side are you really on? To be clear, many of the AI-ristocracy have fretted, often apocalyptically, over the implications of their creation long before most of us knew we had anything to worry about. But that doesn’t mean they know how to fix this, and, at the very least, they will not do so alone.

The last time the ground shook from such a supermassive earthquake of wealth was arguably during the Gilded Age, when robber barons and industrial tycoons turned American charity — until then, mostly almsgiving and poorhouses — into big business. They seeded enormous philanthropic empires like the Rockefeller Foundation and beloved institutions like Carnegie Hall. But, even as their exorbitant fortunes made life indisputably better — birthing the modern library, the yellow fever vaccine, and many social services — they were often built atop systems of vicious exploitation. When those systems changed, as they did eventually, it did not come from the benevolence of industrial barons, but from sustained public pressure for better labor protections.

Effective giving was born out of the conviction that many of the world’s most important causes go vastly underfunded, which, in turn, demand relentless prioritization of the limited funds that exist. If those causes are no longer underfunded — a plausible scenario if AI wealth continues to grow at the pace many expect it to — then that might change the calculus of how effective altruists decide what’s worth funding. It might even open up some wiggle room for new causes, including somewhat less measurable — but not necessarily less impactful — approaches. “Now we’ll be thinking more about what we can do with a lot of resources; which larger problems can we solve?” said Hoeijmakers. “You’ll put slightly less relatively into evaluating every small dollar on the margin.”

This already seems to be happening, to some extent, at places like Coefficient Giving, which, in recent years, has begun adding new funds for causes like housing policy reform that fall out of effective altruism’s traditional purview. “We don’t want to be only appealing to the subset of people who happen to be interested in effective altruism,” CEO Alexander Berger told my colleague Bryan Walsh last year. “Our aim — and so far we’ve seen some success — is being a resource to people who have never heard of effective altruism or are not interested in it or don’t find it very motivating or welcoming. And I think that’s good.”

The optimal outcome here is not that Silicon Valley wealth edges out everything else, but that the siloes begin to break down altogether and that there is enough money to go around that the sector no longer needs to make overly intellectualized trade-offs, like young Amodei sitting in his dorm room, ascribing a number on the relative worth of a parent versus a child.

“It’s tough to find the right balance between caring and hard-nosed realism,” he wrote at the time, “but it is possible, and it is, as far as I know, the only way to truly change the world.” He’s about to search for that balance on a much bigger scale.