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

Unless  otherwise  indicated,  the  address  of  each  beneficial  owner  listed  in  the  table  below  is  c/o  Anthropic,  PBC,  548  Market  Street,  PMB  90375,  San 
Francisco, California 94104.

Shares Beneficially Owned Before the Offering

Shares Beneficially Owned After the Offering

Name of Beneficial Owner

#

%

#

%

#

%

Class A

Class F

Class T

% of 
Total 
Voting 
Power 
Before 
the 
Offeri
ng†

Shares 
of Class 
A Being 
Offered

Class A

Class F

Class T

#

%

#

%

#

%

% of 
Total 
Voting 
Power 
After 
the 
Offering
†

Named Executive Officers and 
Directors:

Dario Amodei(1) ††

Shares subject to voting proxies(2)

Total 

Daniela Amodei(3) ††

Krishna Rao(4)

Reed Hastings(5)

Christopher Liddell(6)

Vas Narasimhan(7)

Yasmin Razavi(8)

240,637,980

4,621,120

245,259,100

241,408,940

9,497,900

9,410

9,410

176,050

—

All executive officers and directors as a group 
(7 persons)(9)

496,360,810

Greater than 5% Stockholders:

Long-Term Benefit Trust(10)

Founder LLC(11)††

Other Selling Stockholders:

Tom Brown(12)††

Jack Clark(13)††

Jared Kaplan(14)††

Sam McCandlish(15)††

Christopher Olah(16)††

—

—

—

—

244,173,040

242,271,840

242,351,170

231,809,780

242,882,420

______________
*

Represents beneficial ownership of less than 1%.

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50.1 %

†

Represents  the  percentage  of  the  total  votes  attributable  to  all  outstanding  shares  of  our  Class  A  common  stock  and  Class  F  common  stock.  Does  not  include  (i)  our  Class  T 
common  stock,  which  is  held  by  the  LTBT,  and  which  generally  has  the  authority  to  elect  and  remove  the  Class  T  directors,  who  together  will  constitute  a  majority  of  the 
authorized members of our board of directors, and is generally not entitled to vote with respect to matters submitted to a vote of stockholders, (ii) our Class N common stock, 
which is not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law, or (iii) our Class E common stock, which is not entitled 
to vote for the election of directors. 

Holders of our Class A common stock are entitled to one vote per share on all matters submitted to stockholders generally. Our Class F common stock is entitled to a fixed 50.1% of 
the voting power of our outstanding capital stock as of the applicable record date on matters submitted to stockholders generally. As a result, the voting power of the holders of 
Class A common stock is limited to an aggregate of 49.9% of the total outstanding voting power as of the applicable record date. Accordingly, the voting power of each holder of 
Class  A  common  stock  has  been  reduced  to  49.9%  of  the  percentage  shown  before  the  offering  (taking  into  account  the  reduction  of  voting  power  due  to  shares  sold  in  the 
offering).

289

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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.