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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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If the underwriters’ option to purchase additional shares of our Class A common stock from us were exercised 
in  full,  pro  forma  as  adjusted  cash,  cash  equivalents,  and  short-term  investments;  additional  paid-in  capital; 
total stockholders’ equity (deficit); total capitalization; and shares of Class A common stock outstanding as of 
September 30, 2026 would be $          , $          , $          , $           and            shares of Class A common stock, 
respectively. 

The pro forma and pro forma as adjusted columns in the table above are based on            shares of our Class A 
common  stock,            shares of our Class N common stock, one share of our Class T common stock, and one 
share of our Class F common stock outstanding as of September 30, 2026 (after giving effect to the Preferred 
Stock  Conversion,  Convertible  Notes  Conversion,  Class  F  Stock  Issuance,  Initial  Public  Benefit  Issuance,  and 
RSU Settlement), and exclude the following: 

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           shares of our Class A common stock issuable upon the exercise of options to purchase shares of 
our  Class  A  common  stock  outstanding  as  of  September  30,  2026,  with  a  weighted-average  exercise 
price of $           per share; 

                     shares  of  our  Class  A  common  stock  issuable  upon  the  vesting  and  settlement  of  RSUs 
outstanding as of the date of this prospectus, but for which (i) the service-based vesting condition was 
not  satisfied  as  of  such  date  and  (ii)  the  performance-based  vesting  condition,  if  applicable,  will  be 
satisfied upon the effectiveness of the registration statement of which this prospectus forms a part; 

           shares of our Class A common stock issued after September 30, 2026 in connection with our 
acquisitions of  privately-held companies; and

           shares of our Class A common stock reserved for future issuance under our equity compensation 
plans, consisting of: 

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           shares of our Class A common stock reserved for future issuance upon conversion of Class N 
common stock issuable under our Donation Matching Plan;

           shares of our Class A common stock to be reserved for future issuance under our 2026 Plan, 
which will become effective prior to the completion of this offering; 

           shares of our Class A common stock reserved for future issuance under our 2021 Plan, which 
number of shares will be added to the shares of our Class A common stock to be reserved for future 
issuance under our 2026 Plan upon its effectiveness, at which time we will cease granting awards 
under our 2021 Plan; and

                     shares  of  our  Class  A  common  stock  to  be  reserved  for  future  issuance  under  our  ESPP, 
which will become effective prior to the completion of this offering.

Our 2026 Plan and ESPP each provide for an annual automatic increase in the number of shares of our Class A 
common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may 
be  granted  thereunder  based  on  awards  under  our  2021  Plan  that  expire  or  are  cancelled  or  forfeited,  and 
shares  under  our  2021  Plan  that  are  tendered  to  or  withheld  by  us  for  payment  of  an  exercise  price  or  for 
satisfying tax withholding obligations, or are forfeited or otherwise repurchased by us, as more fully described 
in the section titled “Executive Compensation—Equity Plans.”

128

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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.