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Executive Compensation 

Compensation Discussion and Analysis

The  purpose  of  this  Compensation  Discussion  and  Analysis  (“CD&A”)  section  is  to  discuss  our  compensation 
philosophy,  our  executive  compensation  program,  and  the  compensation  for  our  named  executive  officers 
(“NEOs”).

Our NEOs for the year ended December 31, 2025 were: 

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Dario Amodei, our Chief Executive Officer, Co-Founder, and Director; 

Daniela Amodei, our President, Co-Founder, and Director; and

Krishna Rao, our Chief Financial Officer.

This  discussion  contains  forward-looking  statements  that  are  based  on  our  current  plans,  considerations, 
expectations, and determinations regarding future compensation programs. See also the section titled “Special 
Note Regarding Forward-looking Statements.” Actual compensation programs that we adopt in the future may 
differ  materially  from  the  currently  planned  programs  summarized  in  this  discussion.  For  additional 
information  regarding  the  compensation  programs  for,  and  compensation  provided  to,  our  NEOs,  see  the 
section titled “—Post-Fiscal Year End Compensation Changes and Equity Awards.”

Executive Summary

At  Anthropic,  we  strive  to  build  a  team  that  is  aligned  with  our  mission  and  values.  Executive  compensation 
reflects our overall compensation philosophy, which prioritizes competitive pay that targets the 90th percentile 
of  the  AI  development  market,  consistent  pay  for  the  same  role,  level,  and  location,  and  simplicity  of  plan 
design. In 2025, we offered a competitive mix of base salary, long-term equity incentive awards (including stock 
options and RSUs), and other benefits to attract and retain top talent in a competitive market environment. 

Compensation Philosophy and Objectives 

Our  executive  compensation  philosophy  is  to  provide  our  executive  officers  with  consistent  cash  and  equity 
compensation for the same role, level, and location. When determining executive compensation, we review each 
executive’s current compensation against role- and level-specific market data. We do this bi-annually as part of 
our performance and compensation cycle where we review proposed market-based and promotion-based cash 
and  equity  increases  for  executives.  We  plan  to  continue  to  regularly  review,  and  potentially  adjust,  our 
executive compensation programs to ensure they are consistent with our compensation philosophy as a public 
company.

In  determining  compensation  for  our  senior  leaders,  we  distinguish  between  our  seven  co-founders  (among 
whom  only  Dr.  Amodei  and  Ms.  Amodei  are  executive  officers)  and  our  other  senior  leaders  who  are  not  co-
founders (among whom only Mr. Rao is an executive officer). Each co-founder is paid equal compensation. As a 
non-co-founder senior leader, Mr. Rao received base salary and equity compensation based on market data for 
his role and level. 

Our  executive  compensation  program  is  structured  to  achieve  the  objectives  described  below.  We  regularly 
review our executive compensation program to assess whether it meets these objectives and adapts to evolving 
economic conditions.

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Competitive Pay to Attract and Retain Top Talent. We provide our executives with competitive cash 
and equity pay for each role, location, and level to attract mission-aligned, top executive talent.

Internal  Parity.  We  take  internal  parity  into  account  when  determining  executive  compensation.  As 
co-founders, Dr. Amodei and Ms. Amodei are awarded equal compensation, including any annual cash 
or equity increases. As a non-co-founder senior leader, Mr. Rao is compensated based on the market 

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