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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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Table of Contents

Table of Contents

SELECT DEFINED TERMS
PROSPECTUS SUMMARY

RISK FACTORS

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS 

INDUSTRY, MARKET, AND OTHER DATA

USE OF PROCEEDS

DIVIDEND POLICY

CAPITALIZATION

DILUTION

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS

BUSINESS

OUR GOVERNANCE STRUCTURE AND ITS GOALS

MANAGEMENT

EXECUTIVE COMPENSATION

CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS 

PRINCIPAL AND SELLING STOCKHOLDERS

DESCRIPTION OF CAPITAL STOCK

SHARES ELIGIBLE FOR FUTURE SALE

MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR CLASS A 
COMMON STOCK

UNDERWRITING

LEGAL MATTERS

CHANGE IN INDEPENDENT ACCOUNTANT

EXPERTS

WHERE YOU CAN FIND ADDITIONAL INFORMATION

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 

1
4

26

120

123

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125

126

129

132

178

242

254

264

282

288

292

307

311

316

334

334

334

335

F-1

Through and including            (the 25th day after the date of this prospectus), all dealers effecting 
transactions in these securities, whether or not participating in this offering, may be required 
to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when 
acting as an underwriter and with respect to an unsold allotment or subscription. 

Neither  we  nor  the  selling  stockholders,  nor  any  of  the  underwriters,  have  authorized  anyone  to  provide  any 
information or to make any representations other than those contained in this prospectus or in any free writing 
prospectuses prepared by or on behalf of us to which we may have referred you in connection with this offering. 
Neither we nor the selling stockholders, nor any of the underwriters, take responsibility for, or can provide any 
assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to 
sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. 
The information contained in this prospectus is current only as of its date, regardless of the time of delivery of 
this  prospectus  or  of  any  sale  of  our  Class  A  common  stock.  Our  business,  financial  condition,  results  of 
operations, and prospects may have changed since such date.

For  investors  outside  the  United  States:  This  offering  includes  public  offerings  in  Australia,  Canada,  certain 
member  states  of  the  European  Economic  Area,  Japan,  Switzerland,  and  the  United  Kingdom.  We  do  not 
currently  intend  to  list  our  Class  A  common  stock  on  any  exchange  in  such  jurisdictions.  Neither  we  nor  the 
selling  stockholders,  nor  any  of  the  underwriters,  have  done  anything  that  would  permit  this  offering  or 
possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other 
than in the United States and the jurisdictions listed above. Persons outside the United States who come into 
possession  of  this prospectus  must  inform  themselves  about,  and  observe  any  restrictions  relating  to,  the 
offering of the shares of our Class A common stock and the distribution of this prospectus outside the United 
States. 

i

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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.