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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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addition, any shares which are retained by us to satisfy exercise or purchase price or any withholding taxes shall 
be treated as not issued and shall continue to be available under our 2026 Plan for issuance pursuant to future 
awards. Shares issued under our 2026 Plan and later forfeited to us due to the failure to vest or repurchased by 
us  at  a  price  no  greater  than  the  original  purchase  price  paid  to  us  for  the  shares  shall  again  be  available  for 
future grant under our 2026 Plan. To the extent an award under our 2026 Plan is paid out in cash rather than 
shares, such cash payment will not reduce the number of shares available for issuance under our 2026 Plan.

Plan  Administration. Our  board  of  directors  has  delegated  its  authority  to  administer  our  2026  Plan  to  our 
compensation  committee.  Subject  to  the  provisions  of  our  2026  Plan,  the  administrator  has  the  power  to 
determine the terms of awards, including the recipients, the exercise price, if any, the number of shares subject 
to each award, the fair market value of a share of our Class A common stock, the vesting schedule applicable to 
the awards, together with any vesting acceleration, the form of consideration, if any, payable upon exercise of 
the award and the terms of the award agreement for use under our 2026 Plan. The administrator also has the 
authority, subject to the terms of our 2026 Plan, to amend existing awards, to prescribe rules and to construe 
and  interpret  our  2026  Plan  and  awards  granted  thereunder  and  to  institute  an  exchange  program  by  which 
outstanding awards are amended to provide for a lower exercise price or surrendered or cancelled in exchange 
for  awards  with  a  lower  exercise  price,  a  different  type  of  award  under  our  2026  Plan  or  a  different  equity 
incentive plan, cash, or a combination thereof. 

Eligibility. Employees, members of our board of directors who are not employees, and consultants (including, 
without limitation, employees of a staffing agency, professional employer organization, employer of record, and 
similar workers) are eligible to participate in our 2026 Plan.

Types  of  Awards. Our 2026 Plan provides for the grant of stock options, stock appreciation rights, restricted 
stock,  restricted  stock  units,  and  stock  bonus  awards  to  our  employees,  directors,  and  consultants  and  the 
employees and consultants of our subsidiaries.

Stock  Options. The administrator may grant incentive stock options (within the meaning of Section 422 of the 
Code) and/or nonstatutory stock options under our 2026 Plan, provided that incentive stock options may only 
be  granted  to  our  employees  and  the  employees  of  our  subsidiaries.  The  exercise  price  applicable  to  such 
options must generally be equal to at least the fair market value of our Class A common stock on the date of 
grant.  The  term  of  an  incentive  stock  option  may  not  exceed  10  years;  provided,  however,  that  an  incentive 
stock option held by a participant who owns more than 10% of the total combined voting power of all classes of 
our  stock,  or  of  certain  of  our  subsidiary  corporations,  may  not  have  a  term  in  excess  of  five  years  and  must 
have an exercise price equal to at least 110% of the fair market value of our Class A common stock on the grant 
date.  

The administrator will determine the methods of payment of the exercise price applicable to an option, which 
may  include  cash,  shares,  or  other  property  acceptable  to  the  administrator.  Subject  to  the  provisions  of  our 
2026 Plan, the administrator determines the remaining terms of the options. Such terms may include, among 
other things, vesting upon the achievement of specific performance goals determined by the administrator and/
or continued service. After the termination of service, the participant may exercise their option, to the extent 
vested, for the period of time stated in their option agreement. Except in the event of a termination for cause, 
options generally remain outstanding to the extent exercisable for the full term of the options. In no event may 
an  option  be  exercised  later  than  the  expiration  of  its  term.  The  specific  terms  will  be  set  forth  in  an  award 
agreement.

Stock Appreciation Rights. Stock appreciation rights may be granted under our 2026 Plan. Stock appreciation 
rights  allow  the  recipient  to  receive  the  appreciation  in  the  fair  market  value  of  our  Class  A  common  stock 
between the date of grant and the exercise date. Subject to the provisions of our 2026 Plan, the administrator 
determines the terms of stock appreciation rights, including when such rights vest and become exercisable and 
whether to settle such awards in cash or with shares of our Class A common stock, or a combination thereof, 
except  that  the  per  share  exercise  price  for  the  shares  to  be  issued  pursuant  to  the  exercise  of  a  stock 
appreciation right will be no less than 100% of the fair market value per share on the date of grant. The specific 
terms will be set forth in an award agreement. 

Restricted Stock. Restricted stock may be granted under our 2026 Plan. RSAs are grants of shares of our Class 
A common stock that are subject to various restrictions, including restrictions on transferability and forfeiture 

276

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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.