The paper trail

Small print.
Wide open.

A clear path from a claim to the page it came from. Here’s the filing, the research, and how we read it.

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

Page by page

Go straight to the source.

Page references count physical pages in the saved PDF, starting at 1. The printed filing number is shown separately when available.

Enter a page from 1 to 421. No PDF download needed.

From the filing

PDF page 299

Printed filing page 288 · Extracted page text

View on the SEC
Read the page text
Table of Contents

Principal and Selling Stockholders 

The following table sets forth certain information with respect to the beneficial ownership of our capital stock as 
of September 30, 2026 and as adjusted to reflect the sale of our Class A common stock offered by us and the 
selling  stockholders  in  this  offering  assuming  no  exercise  of  the  underwriters’  option  to  purchase  additional 
shares of our Class A common stock, for: 

•

•

•

•

•

each of our NEOs; 

each of our directors; 

all of our current directors and executive officers as a group;  

each  person,  or  group  of  persons,  known  by  us  to  be  the  beneficial  owner  of  more  than  5%  of  the 
outstanding shares of any class of our voting securities; and

each selling stockholder. 

We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or 
shared  voting  or  investment  power  with  respect  to  our  securities.  Unless  otherwise  indicated  below,  to  our 
knowledge, the persons and entities named in the table have sole voting and sole investment power with respect 
to  all  shares  that  they  beneficially  owned,  subject  to  community  property  laws  where  applicable.  The 
information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of 
Sections 13(d) and 13(g) of the Exchange Act. 

We have based our calculation of the percentage of beneficial ownership prior to this offering on            shares of 
our Class A common stock,            shares of our Class N common stock, and one share of our Class T common 
stock outstanding as of September 30, 2026 (after giving effect to the Preferred Stock Conversion, Convertible 
Notes Conversion, and the RSU Settlement). 

We have based our calculation of the percentage of beneficial ownership after this offering on            shares of 
our Class A common stock issued by us in such offering and one share of our Class F common stock issued to 
the Founder LLC in connection with this offering, and            shares of our Class A common stock,            shares 
of our Class N common stock, and one share of our Class T common stock, outstanding immediately after the 
completion  of  this  offering,  assuming  no  exercise  of  the  underwriters’  option  to  purchase  up  to  an  additional 
                     shares  of  our  Class  A  common  stock  from  us.  We  have  deemed  shares  of  our  Class  A  common  stock 
subject to stock options that are currently exercisable or exercisable within 60 days of September 30, 2026 or 
issuable  pursuant  to  RSUs  which  are  subject  to  vesting  and  settlement  conditions  expected  to  occur  within 
60 days of September 30, 2026 (assuming the satisfaction of the performance-based and service-based vesting 
conditions) to be outstanding and to be beneficially owned by the person holding such stock option or RSU, as 
applicable,  for  the  purpose  of  computing  the  percentage  ownership  of  that  person.  We  did  not  deem  these 
shares outstanding, however, for the purpose of computing the percentage ownership of any other person. 

288

Text is provided for reference. Check the original for tables, images, and exact formatting.

Find a section 16 starting points

Section links may begin before the exact paragraph cited in a finding. PDF numbers below use physical pages.

  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.

The footnotes are only the beginning.Explore the findings Read the story
The original, in context

Open the footnote.

A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.