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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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provisions. Shares of restricted stock will vest and the restrictions on such shares will lapse, in accordance with 
terms  and  conditions  established  by  the  administrator.  Such  terms  may  include,  among  other  things,  vesting 
upon the achievement of specific performance goals determined by the administrator and/or continued service. 
The  administrator,  in  its  sole  discretion,  may  accelerate  the  time  at  which  any  restrictions  will  lapse  or  be 
removed.  Recipients  of  RSAs  generally  will  have  voting  and  dividend  rights  with  respect  to  such  shares  upon 
grant without regard to vesting, unless the administrator provides otherwise. Shares of restricted stock that do 
not vest for any reason will be subject to our right of repurchase or forfeited by the recipient. The specific terms 
will be set forth in an award agreement. 

Restricted  Stock  Units. RSUs  may  be  granted  under  our  2026  Plan  and  may  include  the  right  to  dividend 
equivalents,  as  determined  in  the  discretion  of  the  administrator.  Each  RSU  granted  is  a  bookkeeping  entry 
representing  an  amount  equal  to  the  fair  market  value  of  one  share  of  our  Class  A  common  stock.  The 
administrator determines the terms and conditions of RSUs, including the vesting criteria, which may include 
achievement  of  specified  performance  criteria  and/or  continued  service.  The  administrator,  in  its  sole 
discretion,  may  accelerate  the  time  at  which  any  restrictions  will  lapse  or  be  removed.  The  administrator 
determines, in its sole discretion, the timing of payment and whether an award will be settled in stock, cash, or 
a combination thereof. The specific terms will be set forth in an award agreement. 

Stock  Bonus Awards. Stock bonus awards may be granted under our 2026 Plan. The administrator may grant 
stock bonus awards in such amounts, and subject to such terms, as the administrator, in its sole discretion, will 
determine. A stock bonus award is an award of shares of our Class A common stock without a purchase price. 
All  stock  bonus  awards  may  be  made,  but  are  not  required  to  be  made,  pursuant  to  an  award  agreement. 
Payment of a stock bonus award may be made in the form of cash, shares, or a combination thereof, based on 
the fair market value of the shares subject to the stock bonus award on the date of payment, as determined in 
the sole discretion of the administrator. 

Outside  Director  Limitations. Stock  awards  granted  during  a  single  fiscal  year  under  our  2026  Plan  or 
otherwise, taken together with any cash fees paid during such fiscal year for services on our board of directors, 
shall not exceed $1,000,000 in total value for any non-employee director, except with respect to the first year of 
service  in  which  case  any  stock  awards  granted  and  cash  fees  paid  will  not  exceed  $2,000,000  in  total  value 
(calculating the value of any such stock awards, in each case, based on the grant date fair value of such stock 
awards for financial reporting purposes). Such applicable limit includes the value of any stock awards that are 
granted in lieu of all or a portion of any annual committee cash retainers or other similar cash-based payments. 
Stock awards granted to an individual while they were serving in the capacity as an employee or while they were 
an  independent  contractor  but  not  a  non-employee  director  will  not  count  for  purposes  of  the  limitations 
described above.

Non-Transferability of Awards. Unless the administrator provides otherwise, our 2026 Plan generally does not 
allow for the transfer of awards other than by will or the laws of descent and distribution and only the recipient 
of an option or stock appreciation right may exercise such an award during their lifetime.

Certain  Adjustments. In  the  event  of  a  stock  split,  reverse  stock  split,  stock  dividend,  combination, 
consolidation,  recapitalization  (including  a  recapitalization  through  a  large  nonrecurring  cash  dividend  or 
distribution  of  property,  including  shares  of  a  subsidiary)  or  reclassification  of  the  shares,  subdivision  of  the 
shares, a rights offering, a reorganization, merger, spin-off, split-up, repurchase, or exchange of common stock 
or  other  securities  of  the  company  or  other  significant  corporate  transaction,  or  other  change  affecting  the 
common  stock  occurs,  the  administrator,  in  order  to  prevent  dilution,  diminution,  or  enlargement  of  the 
benefits or potential benefits intended to be made available under our 2026 Plan, will, in such manner as it may 
deem  equitable,  adjust  the  number,  kind,  and  class  of  securities  that  may  be  delivered  under  our  2026  Plan 
and/or the number, class, kind, and price of securities covered by each outstanding award, and the terms and 
conditions  of  any  outstanding  award  (including,  without  limitation,  any  applicable  performance  targets  or 
criteria with respect thereto).

Dissolution or Liquidation. In the event of a proposed winding up, dissolution, or liquidation of the company, 
the  administrator  will  notify  participants  as  soon  as  practicable  prior  to  the  effective  date  of  such  proposed 
transaction and all awards will terminate immediately prior to the consummation of such proposed transaction, 
to the extent not previously exercised or settled.

277

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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.