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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
01The original SEC filingThe authoritative source, in your browser.SEC · HTML 02Download the saved filingThe complete 421-page document, optimized for downloading.PDF · 46 MB 03Download the full researchFindings, customer examples, calculations, and source references.Markdown

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Printed filing page 119 · Extracted page text

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contains, and any future credit facility or financing we obtain may contain, terms limiting the amount of cash 
dividends  that  may  be  declared  or  paid  on  our  capital  stock.  Any  future  determination  to  pay  cash  dividends 
will be at the discretion of our board of directors and will be dependent upon our financial condition, results of 
operations, capital requirements, and applicable contractual restrictions. As a result, stockholders should rely 
on sales of their Class A common stock or Class N common stock after price appreciation, if any, as the only way 
to realize any future gains on their investment.

If securities or industry analysts do not publish research or publish inaccurate or unfavorable 
research  about  us,  our  business  or  our  market,  or  if  they  change  their  recommendation 
regarding  our  Class  A  common  stock  adversely,  the  market  price  and  trading  volume  of  our 
Class A common stock could decline.

The  market  price  and  trading  volume  for  our  Class  A  common  stock  will  depend  in  part  on  the  research  and 
reports that securities or industry analysts publish about us, our business, our market, or our competitors. The 
analysts’  estimates  are  based  upon  their  own  opinions  and  are  often  different  from  our  estimates  or 
expectations. If any of the analysts who cover us change their recommendation regarding our Class A common 
stock adversely, provide more favorable relative recommendations about our competitors or publish inaccurate 
or  unfavorable  research  about  our  business,  the  price  of  our  securities  would  likely  decline.  If  few  securities 
analysts  commence  coverage  of  us,  or  if  one  or  more  of  these  analysts  cease  coverage  of  us  or  fail  to  publish 
reports  on  us  regularly,  we  could  lose  visibility  in  the  financial  markets  and  demand  for  our  securities  could 
decrease, which could cause the price and trading volume of our Class A common stock to decline.

119

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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.