Small print.
Wide open.

Table of Contents

Prospectus Summary

This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. 
This  summary  does  not  contain  all  of  the  information  you  should  consider  before  investing  in  our  Class  A 
common stock. You should read this entire prospectus carefully, including the sections titled “Risk Factors,” 
“Special Note Regarding Forward-looking Statements,” “Management’s Discussion and Analysis of Financial 
Condition and Results of Operations,” “Business,” and “Our Governance Structure and Its Goals,” as well as 
our  consolidated  financial  statements  and  the  related  notes  included  elsewhere  in  this  prospectus,  before 
making an investment decision. Unless the context otherwise requires, the terms “Anthropic,” “the company,” 
“we,”  “us,”  and  “our”  in  this  prospectus  refer  to  Anthropic,  PBC  and  its  consolidated  subsidiaries,  and 
references  to  our  “common  stock”  refer  to  our  Class  A  common  stock,  Class  N  common  stock,  and  Class  F 
common stock (and, where the context requires, our Class T common stock and our Class E common stock).

Overview

For  the  first  time  in  history,  intelligence  is  something  humans  can  build.  The  cognitive  capability  to  reason, 
analyze,  synthesize,  decide,  and  create  is  producible  at  scale  and  accessible  on  demand.  We  believe  this 
abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of 
industrialization, electricity, semiconductors, and the internet. AI that truly delivers on its potential—with the 
risks  well  managed—could  significantly  accelerate  global  growth  and  dramatically  improve  quality  of  life  for 
people around the world.

Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define 
AI. We are first and foremost a research lab—our mission is the responsible development and maintenance of 
advanced AI for the long-term benefit of humanity. This mission directs our focus—along with our talent and 
culture, our frontier and safety research, our approach to compute, and our enterprise strategy, it is one of the 
core  advantages that set us apart. These advantages enable us to continuously advance frontier AI and shape 
the  standards  for  its  safe  and  responsible  development.  Our  frontier  AI,  Claude,  is  delivered  to  customers 
through our models, platform, and applications. Claude has experienced the fastest enterprise adoption of any 
technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 
2023 to $           for the three months ended September 30, 2026. This rapid and growing adoption generates 
two self-reinforcing dynamics—an improvement loop that advances Claude and an investment loop that helps 
fund our continued research in frontier AI.

Our Core Advantages

Mission  &  Focus.  All  of  our  efforts  are  guided  by  a  singular  focus  on  our  mission.  This  focus  enables  us  to 
concentrate  talent,  research,  and  compute  investment  on  the  highest-value  work  for  humanity  and  to  avoid 
conflicting priorities. Achieving our mission means the world gains the enormous benefits of frontier AI while 
mitigating the most significant risks, and we believe this requires safety and capability to advance together.

Talent  &  Culture.  Our  mission  and  focus  enable  us  to  attract  and  retain  world-class  talent,  including 
researchers and engineers who want their work to shape a better future. We also have a culture that promotes a 
low-ego,  truth-seeking  environment,  where  frontier  AI  capability  and  safety  are  mutually  reinforcing.  We 
believe our culture has driven our talent density as we have scaled.

Frontier  &  Safety  Research.  We  believe  that  sustained,  focused  research  at  the  frontier  of  intelligence  is 
required  to  build  the  most  capable  and  safest  AI  systems.  Our  frontier  capabilities  and  safety  research  are 
deeply integrated and directly shape model design, training, and deployment, helping us produce systems that 
are  more  reliable,  steerable,  and  well-suited  for  real-world  deployment,  particularly  in  demanding  enterprise 
environments.  We  translate  our  research  leadership  into  innovation  velocity,  and  have  consistently  released 
better  models,  platform  capabilities,  and  applications.  Each  version  of  a  Claude  model  assists  in  building  the 
next,  helping  to  compress  development  timelines  and  produce  compounding  improvements  in  the  speed  at 
which we innovate. We refer to this recursive dynamic as “closing the loop,” and we believe it is one of the most 
significant structural advantages in frontier AI.

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