Big Tech IPOs Arrive as Board Diversity Pressure Fades
Big tech IPOs are making headlines, with SpaceX leading the charge and companies like Anthropic and OpenAI expected to follow. These firms share more than massive valuations—they also have very few women on their boards. As pressure to diversify fades, having just one or two women directors may soon be seen as enough. This shift raises important questions about leadership and representation in the companies shaping our future.
When Going Public Meant Greater Scrutiny
Private startups can keep conversations about gender representation behind closed doors. But going public opens them up to a much wider audience—and more scrutiny. In the past, that scrutiny often targeted all-male boards.
For example, when Twitter filed for its IPO in 2013, it faced criticism for having zero women directors. WeWork saw similar backlash in 2019. Both companies added women after public pressure. That push worked, and all-male boards became less common. A decade ago, many believed board diversity would keep growing. But it hasn’t.
Today, the next wave of tech giants is entering public markets during a backlash against diversity initiatives. SpaceX has just one woman—president and COO Gwynne Shotwell—on its nine-member board. Anthropic has two: cofounder Daniela Amodei and investor Yasmin Razavi. OpenAI’s eight-person board includes Sue Desmond-Hellmann and Nicole Seligman. These women are influential, but without external pressure, one or two seats could become the norm—not a stepping stone.
When Progress Stops at Two
Researchers have studied this exact pattern. They looked at women on S&P 500 boards and compared the numbers to random assignments. The results were striking:
- 45% fewer boards had zero women than expected by chance—showing real effort to avoid all-male boards.
- But 45% more boards had exactly two women than expected. Researchers call this “twokenism.”
As they wrote in The Washington Post, “Boards worked hard to recruit two women, then efforts appear to have declined, presumably because they had hit the level of diversity they deemed satisfactory.” This effect was strongest at companies with the most media coverage. The researchers predicted a shift to “threekenism” as pressure grew. But with DEI efforts now fading, that next step seems far less likely.
The Retreat from Board Diversity Pressure
Just a few years ago, board diversity was a top priority. In 2020, Goldman Sachs CEO David Solomon announced the bank would not take a company public without at least one diverse board member—focusing on women. By 2021, Goldman required two diverse members, including at least one woman. Solomon cited research showing IPOs with women directors performed better.
But in 2025, Goldman dropped the policy. According to the New York Times, Solomon feared the rule could make the bank a target for President Trump and activists. In 2026, Goldman also stopped considering race, gender, or sexual orientation when evaluating board members at its own firm.
Other efforts have also rolled back:
- A California law requiring women on boards was ruled unconstitutional in 2022.
- Nasdaq’s “comply or explain” diversity rule was struck down by a federal appeals court in 2024.
Inside companies, the shift is clear. According to the Wall Street Journal, the share of S&P 500 companies considering diversity when adding directors dropped from about half to just 14% this year.
Why One or Two Seats Is Not Enough
Companies like SpaceX, OpenAI, and Anthropic are building technologies that will reshape how we live and work. Diverse perspectives in leadership are more important than ever. Research shows that women can have greater influence once they reach a “critical mass”—typically three or more directors. At that point, boards interact and make decisions differently. But without external pressure, one or two seats at the table may increasingly be seen as enough. That’s a risk we can’t afford to ignore.
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