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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

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Table of Contents

The Offering 

Class A common stock offered by us

           shares 

Class A common stock offered by the selling 
stockholders

Underwriters’ option to purchase additional 
shares of Class A common stock from us

           shares 

           shares 

Class A common stock to be outstanding after 
this offering

           shares (or            shares if the underwriters exercise 
their  option  to  purchase  additional  shares  of  our  Class  A 
common stock in full)

Class N common stock to be outstanding after 
this offering

           shares 

Class T common stock to be outstanding after 
this offering

Class E common stock to be outstanding after 
this offering

Class F common stock to be outstanding after 
this offering

Class A, Class N, Class T, Class E, and Class F 
common stock to be outstanding after this 
offering

Use of proceeds

1 share

0 shares

1 share

           shares (or            shares if the underwriters exercise 
their  option  to  purchase  additional  shares  of  our  Class  A 
common stock in full)

We estimate that the net proceeds from the sale of shares of 
our  Class  A  common  stock  by  us  in  this  offering  will  be 
approximately  $                     (or  approximately  $                     if  the 
underwriters’  option  to  purchase  additional  shares  of  our 
Class A common stock is exercised in full), based upon the 
assumed initial public offering price of $           per share, 
which is the midpoint of the estimated offering price range 
set  forth  on  the  cover  page  of  this  prospectus,  and  after 
deducting 
and 
commissions  and  estimated  offering  expenses  payable  by 
us. We will not receive any proceeds from the sale of shares 
of Class A common stock by the selling stockholders.

underwriting 

estimated 

discounts 

The  principal  purposes  of  this  offering  are  to  increase  our 
capitalization  and  financial  flexibility,  create  a  public 
market for our Class A common stock, facilitate an orderly 
distribution  of  shares  for  the  selling  stockholders,  and 
enable  access  to  the  public  equity  markets  for  us  and  our 
stockholders.  We  intend  to  use  the  net  proceeds  from  this 
offering for general corporate purposes, including working 
capital,  operating  expenses,  and  capital  expenditures, 
including  investments  in  compute  and  infrastructure,  as 
well  as  hiring  and  retention  of  highly  skilled  personnel. 
Additionally,  we  may  use  a  portion  of  the  net  proceeds  to 
acquire  or  invest  in  businesses,  products,  services,  or 
technologies.  However,  we  do  not  have  agreements  or 
commitments  for  any  material  acquisitions  or  investments 
at  this  time.  We  also  intend  to  use  a  portion  of  the  net 
proceeds  to  satisfy  our  anticipated  tax  withholding  and 
remittance  obligations  related  to  the  settlement  of  certain 
of our outstanding restricted stock units (“RSUs”). See the 
section titled “Use of Proceeds” for more information. 

18

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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.