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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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Table of Contents

Series F Redeemable Convertible Preferred Stock Financing

From August 2025 to September 2025, we sold an aggregate of 92,219,720 shares of our Series F-1 redeemable 
convertible  preferred  stock  at  a  purchase  price  of  $140.9676  per  share,  for  an  aggregate  purchase  price  of 
$12,999,992,602. The following table summarizes purchases of our Series F-1 redeemable convertible preferred 
stock by related persons:

Stockholder
Spark Capital (1)

Shares of
Series F-1
Redeemable
Convertible
Preferred
Stock

Total
Purchase
Price

439,817 $ 61,999,947

______________
(1) Shares  purchased  by  the  Spark  V  entities,  which  are  affiliates  of  Spark  Capital.  Yasmin  Razavi,  a  member  of  our  board  of 

directors, is a managing member of the General Partner of each Spark V entity.

Series E Redeemable Convertible Preferred Stock Financing

From  January  2025  to  March  2025,  we  sold  an  aggregate  of  63,610,106  shares  of  our  Series  E-1  redeemable 
convertible  preferred  stock  at  a  purchase  price  of  $56.0865  per  share,  for  an  aggregate  purchase  price  of 
$3,567,668,210. The following table summarizes purchases of our Series E-1 redeemable convertible preferred 
stock by related persons:

Stockholder
Spark Capital (1)

Shares of
Series E-1
Redeemable
Convertible
Preferred
Stock
1,782,959 $ 99,999,930

Total
Purchase
Price

______________
(1)

  Shares  purchased  by  the  Spark  V  entities,  which  are  affiliates  of  Spark  Capital.  Yasmin  Razavi,  a  member  of  our  board  of 
directors, is a managing member of the General Partner of each Spark V entity.

Series D Redeemable Convertible Preferred Stock Financing

From  January  2024  to  May  2024,  we  sold  an  aggregate  of  39,978,675  shares  of  our  Series  D-1  and  D-3 
redeemable  convertible  preferred  stock  at  a  purchase  price  of  $30.0045  per  share,  for  an  aggregate  purchase 
price  of  $1,199,540,154.  In  January  2024,  we  issued  33,328  shares  of  our  Series  D-1  redeemable  convertible 
preferred  stock  upon  conversion  of  a  SAFE  with  a  principal  amount  of  $1,000,000  at  a  purchase  price  of 
$30.0045  per  share.  The  following  table  summarizes  purchases  of  our  Series  D-1  redeemable  convertible 
preferred stock by related persons:

Stockholder
Spark Capital (1)

Shares of
Series D-1
Redeemable
Convertible
Preferred
Stock
2,499,624 $ 74,999,968

Total
Purchase
Price

______________
(1) Shares purchased by Spark Capital Growth Founders’ Fund IV, L.P. and Spark Capital Growth Fund IV, L.P. (each, a “Spark IV 
entity,”  and  collectively,  “Spark  IV  entities”),  which  are  affiliates  of  Spark  Capital.  Yasmin  Razavi,  a  member  of  our  board  of 
directors, is a managing member of the General Partner of each Spark IV entity.

Series C Redeemable Convertible Preferred Stock Financing

From  March  2023  to  June  2023,  we  sold  an  aggregate  of  39,669,823  shares  of  our  Series  C-1  and  C-2 
redeemable  convertible  preferred  stock  at  a  purchase  price  of  $11.2261  per  share,  for  an  aggregate  purchase 
price  of  $445,337,400.  In  March  2023,  we  issued  89,078  shares  of  our  Series  C-1  redeemable  convertible 
preferred  stock  upon  conversion  of  a  SAFE  with  a  principal  amount  of  $1,000,000  at  a  purchase  price  of 

283

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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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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.