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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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We  incorporate  open-source  software  in  our  models,  platform,  and  applications,  which  may 
subject  us  to  litigation  or  other  requirements,  each  of  which  may  adversely  affect  our 
business, financial condition, and results of operations.

A  portion  of  the  technologies  we  use  in  our  models,  platform,  and  applications  incorporates  open-source 
software, and we may incorporate open-source software in our models, platform, and applications in the future. 
From time to time, companies that use third-party open-source software have faced claims challenging the use 
of  such  open-source  software  and  their  compliance  with  the  terms  of  the  applicable  open-source  license.  We 
may be subject to suits by parties claiming ownership of what we believe to be open-source software or claiming 
non-compliance with the applicable open-source licensing terms. Some open-source licenses require end-users 
who  distribute  or  make  available  across  a  network  software  that  includes  open-source  software  to  make 
available all or part of such software (which may include valuable proprietary code), at no cost, or license such 
software  under  the  terms  of  the  particular  open-source  license.  While  we  employ  practices  designed  to  help 
ensure  our  compliance  with  the  licenses  of  third-party  open-source  software  and  protect  our  valuable 
proprietary source code, we may inadvertently use third-party open-source software in a manner that exposes 
us to claims of non-compliance with the applicable terms of such license, including claims for infringement of 
intellectual property rights or for breach of contract. These risks may be heightened by our use of our own AI 
tools, including Claude Code, in our software development processes, as AI-generated code could incorporate or 
reproduce open-source software such that the associated license obligations, including copyleft requirements to 
disclose or license proprietary source code, apply to us without our knowledge. Similar concerns regarding AI-
generated  code  could  also  lead  enterprise  customers  to  limit  their  use  of  our  products.  Further,  there  is  an 
increasing number of open-source software license types, almost none of which have been tested in a court of 
law, resulting in a dearth of judicial guidance regarding the proper legal interpretation of such license types. If a 
third party makes a claim against us alleging that we have not complied with the conditions of the applicable 
open-source  license,  we  could  incur  significant  legal  expenses  defending  against  such  allegations,  expend 
substantial  time  and  resources  to  re-engineer  some  or  all  of  our  software,  and  could  be  subject  to  significant 
damages,  enjoined  from  the  sale  of  our  models,  platform,  and  applications  that  contained  the  open-source 
software, and required to comply with the conditions of the open-source license, which may include the public 
release  of  certain  portions  of  our  proprietary  source  code,  each  of  which  may  have  an  adverse  impact  on  our 
business, financial condition, and results of operations.

In addition to risks related to license requirements, use of open-source software can lead to greater risks than 
use  of  third-party  commercial  software  because  open-source  licensors  generally  do  not  provide  warranties  or 
other contractual protections regarding misappropriation, misuse, infringement, ownership, misattribution, or 
other violations, the quality of the code, or the origin of the open-source software. Many of the risks associated 
with  the  use  of  open-source  software  cannot  be  eliminated  and  may  adversely  affect  our  business,  financial 
condition, and results of operations. For instance, open-source software is developed by programmers beyond 
our control and may have security vulnerabilities, defects, or errors of which we may not be aware. Even if we 
become aware of any such vulnerabilities, defects, or errors, it may take a significant amount of time for either 
us or the relevant programmers to address such vulnerabilities, defects, or errors. Such a delay may negatively 
impact our models, platform, and applications, including by adversely affecting the market’s perception of our 
models,  platform,  and  applications,  impairing  the  functionality  of  our  models,  platform,  and  applications,  or 
delaying  the  launch  of  new  features  or  functionality  on  our  models,  platform,  and  applications,  any  of  which 
may adversely affect our business, financial condition, and results of operations.

We  currently,  and  may  in  the  future,  license  technology  from  third  parties  for  use  in  our 
models,  platform,  and  applications,  and  our  inability  to  maintain  those  licenses  could 
adversely  affect  our  business,  financial  condition,  and  results  of  operations,  and  our  use  of 
such third-party technology could subject us to litigation. 

We currently incorporate, and may in the future incorporate, technology that we license from third parties into 
our  models,  platform,  and  applications.  If  we  are  unable  to  obtain  or  continue  to  use  or  license  these 
technologies  on  reasonable  terms,  or  if  these  technologies  become  unreliable,  unavailable,  or  fail  to  operate 
properly, we may not be able to secure adequate alternatives in a timely manner or at all, and our ability to offer 
our  models,  platform,  and  applications  and  remain  competitive  in  our  market  would  be  harmed.  Further, 
licensing  technologies  from  third  parties  exposes  us  to  increased  risk  of  being  the  subject  of  intellectual 
property  infringement  claims  and  vulnerabilities  due  to,  among  other  things,  our  lower  level  of  visibility  into 

95

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  1. Founders’ letterp. 3SEC
  2. Defined termsp. 12SEC
  3. Prospectus summaryp. 16SEC
  4. Risk factorsp. 38SEC
  5. Management’s discussion & analysisp. 144SEC
  6. Businessp. 190SEC
  7. Governancep. 254SEC
  8. Executive compensationp. 275SEC
  9. Related-person transactionsp. 293SEC
  10. Principal & selling stockholdersp. 299SEC
  11. Capital-stock rightsp. 303SEC
  12. Shares eligible for future salep. 318SEC
  13. Underwritingp. 327SEC
  14. Auditor change & expertsp. 345SEC
  15. Financial statements & notesp. 347SEC
  16. Part II & exhibit indexp. 413SEC

How this was made

Read in full.
Kept in context.

A snapshot of the filing dated , rather than a live record of later events.

3primary reviewers
421pages reviewed
43image instances checked

The review

Three primary reviewers read non-overlapping ranges of the complete main filing. All 43 embedded image instances were transcribed and visually reviewed, including the founders’ letter, charts, and customer case studies. Financial tables were also checked visually for dates, units, and column alignment.

A separate reviewer checked the draft’s calculations, accounting interpretations, and customer qualifications. An additional check covered the later merged findings. The result is 62 findings and 21 customer examples.

The boundary

Companion contracts and other exhibits named in the filing’s index are separate documents and were not independently reviewed. Customer outcomes, technical benchmarks, forecasts, and scientific priority claims remain attributed company or customer disclosures.

The numbers

Dollar figures are U.S. dollars. H1 means the six months ended June 30; Q2 means the three months ended June 30. The 2026 interim financial statements are unaudited. Our calculations show their inputs and are labeled separately from reported values.

Blank fields stay undisclosed. Figures with different periods, conditions, or potentially overlapping scopes are kept separate. An earlier tender price is not an IPO price.

What the evidence labels mean
Reported in filing
A company disclosure, with the period and accounting basis retained.
Company estimate / company claim
An estimate or assertion attributed to the company, with its uncertainty preserved.
Our calculation
A derived figure using cited inputs. It is not a separately reported company metric.
Customer example
A selected case study, with its measurement limits. It is not representative ROI.
Proposed / conditional
A status qualifier for an arrangement that is not yet effective or depends on stated conditions.

About updates. This edition is tied to the October 26, 2026 filing. Any later revision should identify its new source date and preserve the basis of earlier claims.

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A closer look at the filing

Anthropic · Form S-1PDF 1

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Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.