The paper trail

Small print.
Wide open.

A clear path from a claim to the page it came from. Here’s the filing, the research, and how we read it.

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

Page by page

Go straight to the source.

Page references count physical pages in the saved PDF, starting at 1. The printed filing number is shown separately when available.

Enter a page from 1 to 421. No PDF download needed.

From the filing

PDF page 241

Printed filing page 230 · Extracted page text

View on the SEC
Read the page text
Table of Contents

Every  research  project  must  ultimately  advance  our  mission.  This  focus  also  guides  what  we  choose  not  to 
pursue. For example, we do not currently focus on developing video and image generation models, despite their 
commercial  appeal.  That  compute  instead  goes  to  coding,  agentic  skills,  and  safety  research—a  research 
decision that has also aided the capital efficiency of our models.

Our research culture is highly collaborative and transparent. When multiple teams pursue parallel approaches, 
the norm is to consolidate behind the approach with the best empirical results rather than the loudest voice or 
most senior person in the room. This requires institutional trust we have built since our earliest days, and we 
believe it is a primary reason our research velocity has scaled significantly faster than headcount.

How Research Becomes Product

Anthropic was founded on the empirical conviction that Scaling Laws are the primary engine of AI progress. We 
operate  with  a  sustained  rigor  in  how  we  allocate  research  resources,  including  talent  and  compute,  and 
measure  whether  each  investment  translates  into  scaled  model  performance.  We  believe  that  sustained  and 
focused research can allow us to advance at an accelerated rate beyond what Scaling Laws alone predict through 
our compute multiplier advancements that have allowed us to push the frontier of model capability with better 
compute efficiency.

Pre-training.  Our  pre-training  process  operates  as  a  disciplined  pipeline.  Researchers  propose  potential 
improvements  to  model  architecture,  training  methodology,  or  data  composition,  and  each  candidate  is  then 
validated  at  a  smaller  scale  before  we  permit  it  to  consume  large  amounts  of  compute.  We  set  a  high  bar  for 
inclusion  in  a  frontier  training  run;  we  require  evidence  that  demonstrates  a  given  improvement  holds  as 
models increase in size. Frontier training runs are themselves planned capital deployments with defined inputs 
and strict inclusion criteria. Although not every run performs as our researchers expect, the process is designed 
to turn research investment into predictable capability gains with greater consistency over time.

Post-training. Pre-training produces raw model capability. During post-training, that capability is refined into 
practical utility—the ability to write production-quality code, operate software tools, follow complex multi-step 
instructions,  and  act  autonomously  on  a  user’s  behalf.  This  phase  has  evolved  from  a  minor  adjustment  step 
into  one  of  the  largest  areas  of  our  research  investment,  reflecting  evolution  in  model  capability  from 
conversational  assistants  to  autonomous  agents  that  perform  tasks  independently.  Post-training  centers  on 
training  models  against  complete,  realistic  tasks  whose  complexity  reflects  the  demands  of  real  professional 
environments.  We  have  made  substantial  proprietary  investments  in  developing  this  task  portfolio,  and  its 
breadth  and  realism  constitute  one  of  our  most  durable  scientific  advantages,  which  we  believe  is  difficult  to 
observe from outside the organization and correspondingly difficult to replicate.

Inference.  Our  model  architecture  and  inference  infrastructure  are  co-designed.  AI  researchers  and  inference 
infrastructure  engineers  share  planning  cycles,  reporting  lines,  and  performance  targets.  Model  architecture 
decisions are made with inference economics as a priority, which is why successive versions of Claude models 
can deliver both higher capability and greater efficiency than their predecessors.

Safety Research is Core to Our Business

Any  technology  that  is  powerful  enough  to  produce  the  enormous  benefits  that  we  believe  AI  will  bring  also 
poses risks. Responding to these risks requires a portfolio of safety research that spans how we train, evaluate, 
interpret, secure, and monitor our models. 

Anthropic’s Responsible Scaling Policy

Our  Responsible  Scaling  Policy  describes  how  we  approach  the  catastrophic  risks  posed  by  AI.  The  policy 
requires  us  to  regularly  publish  detailed  risk  reports  that  reflect  our  perspectives  on  the  overall  level  of  risk 
posed  by  our  models  and  how  we  are  mitigating  such  risks.  Our  teams  test  each  model  extensively  before 
release, assessing its capabilities in the domains most relevant to catastrophic risk and evaluating the extent to 
which  the  model  can  be  misused.  Our  risk  report  describes  an  overall  assessment  of  the  results  of  these 
evaluations,  the  mitigations  we  have  implemented  to  address  these  risks,  and  whether,  and  if  so,  why,  we 
believe  the  identified  risks  are  justified  by  corresponding  benefits.  As  part  of  the  current  version  of  our 
Responsible Scaling Policy, we publish a Frontier Safety Roadmap, detailing our plans for measurable advances 

230

Text is provided for reference. Check the original for tables, images, and exact formatting.

Find a section 16 starting points

Section links may begin before the exact paragraph cited in a finding. PDF numbers below use physical pages.

  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.

The footnotes are only the beginning.Explore the findings Read the story
The original, in context

Open the footnote.

A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.