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

Industry, Market, and Other Data 

Unless otherwise indicated, data, estimates, and other information contained in this prospectus concerning our 
industry  and  the  market  in  which  we  operate,  including  our  general  expectations,  market  position,  market 
opportunity,  and  market  size,  are  based  on  industry  publications  and  reports  generated  by  third-party 
providers, other publicly available studies, and our internal sources and estimates. This information involves a 
number  of  assumptions  and  limitations,  and  you  are  cautioned  not  to  give  undue  weight  to  such  estimates. 
Although  we  are  responsible  for  all  of  the  disclosure  contained  in  this  prospectus  and  we  believe  the 
information from the industry publications and other third-party sources included in this prospectus is reliable, 
we  have  not  independently  verified  the  accuracy  or  completeness  of  the  data  contained  in  such  sources. 
Forecasts and other forward-looking information with respect to market and industry data and other data are 
subject to the same qualifications and additional uncertainties regarding the other forward-looking statements 
in  this  prospectus.  See  the  section  titled  “Special  Note  Regarding  Forward-looking  Statements”  for  more 
information.  The  content  of,  or  accessibility  through,  the  below  sources,  except  to  the  extent  specifically  set 
forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein and any 
websites are inactive textual references only. 

The  sources  of  the  statistical  data,  estimates,  and  market  and  industry  data  contained  in  this  prospectus  are 
identified by superscript notations and are provided below: 

•

•

•

•

IDC, The Economic Impact of AI: 2026 Edition, doc # US54452226, April 2026.

IDC, Worldwide Black Book: Live Edition V2 2026 Forecast, July 2026.

IDC, Worldwide Developer Population Growth Forecast, 2025–2029, doc # US53789825, September 
2025.

IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026.

• U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025.

• World Bank Group, GDP (current US$), 2025.

The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, 
including those described in the section titled “Risk Factors” and elsewhere in this prospectus. These and other 
factors could cause results to differ materially from those expressed in the reports and estimates made by the 
aforementioned third parties and by us.

Certain  estimates  in  this  prospectus  regarding  global  knowledge  workers’  wages,  which  we  refer  to  as  the 
annual economic value represented by global knowledge workers, are our own, derived from third-party data. 
Based  on  wage  data  for  U.S.  workers  by  occupation  classification  from  the  U.S.  Bureau  of  Labor  Statistics  in 
2025,  we  calculate  the  total  salary  for  the  subset  of  workers  that  we  believe  to  represent  knowledge  workers. 
Based  on  International  Labor  Organization  data  for  global  labor  income  as  a  percentage  of  global  GDP,  and 
based on 2025 global GDP, we estimate a 2025 global wages figure. We calculate the ratio of total U.S. wages in 
2025 to the 2025 global wages figure, and apply that ratio to the total U.S. knowledge workers’ wages figure to 
arrive at an estimate of global knowledge workers’ wages. 

123

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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.