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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

Shares Eligible for Future Sale 

As  a  result  of  the  lock-up  and  market  standoff  agreements  described  below,  as  well  as  undertakings  in  the 
underwriting agreement to be executed in connection with this offering, and subject to such agreements and the 
provisions  of  Rules  144  and  701  under  the  Securities  Act  (including,  with  respect  to  shares  held  by  affiliates, 
Rule 144 volume limitations), based on information available to us, these restricted securities will be available 
for  sale  in  the  public  market  as  follows (assuming  no  exercise  of  outstanding  stock  options  subsequent  to 
September 30, 2026 and no settlement of RSUs, and assuming that, where a date below is a specified number of 
days  after  another  date  and  such  day  is  not  a  trading  day,  such  shares  become  available  for  sale  on  the  next 
trading day): 

Earliest Date Available for Sale in the Public 
Market
The first trading day following the date of this prospectus   

Approximate Number of Shares of Class A 
Common Stock

  ................... Up to           shares of Class A common stock held by our non-founder 

directors and officers and certain of our current and former 
employees and consultants, representing          % of the shares 
subject to the 180-day lock-up and market standoff period, as to 
which the restrictions under the lock-up and market standoff 
agreements expire on such date. 

27th day after the date of this prospectus  

   ................................................. Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period. 

48th day after the date of this prospectus   .................................................. Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period. 

62nd day after the date of this prospectus  .................................................. Up to          shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period. 

76th day after the date of this prospectus      .................................................. Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period. 

The second full trading day on Nasdaq immediately
following the public release of our annual financial
results for the fiscal year ending December 31, 2026 (the date of 
such public release, the “FY26 Earnings Release Date”)  

 ........................

Up to            shares of Class A common stock, representing           % of 
the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period.

13th day after the FY26 Earnings Release Date  ......................................... Up to            shares of Class A common stock,

representing           % of the shares subject to the 180-day lock-up 
and market standoff period and           % of the shares subject to the 
extended 365-day lock-up period.

27th day after the FY26 Earnings Release Date   ........................................ Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period.

41st day after the FY26 Earnings Release Date     ......................................... Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period.

55th day after the FY26 Earnings Release Date    ........................................ Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period.

69th day after the FY26 Earnings Release Date 

  ........................................ Up to            shares of Class A common stock, representing           % of 

the shares subject to the 180-day lock-up and market standoff 
period and           % of the shares subject to the extended 365-day 
lock-up period.

The earlier of (x) the second full trading day on Nasdaq immediately 
following the public release of our quarterly financial results for the 
fiscal quarter ending March 31, 2027 (the date of such public release, 
the “Q1 Earnings Release Date”) and (y) immediately after the close 
of trading on the 180th day after the date of this prospectus   ..................
34th day after the Q1 Earnings Release Date    ............................................. Up to            shares of Class A common stock, representing           % of 

Up to            shares of Class A common stock, representing            all 
remaining shares subject to the 180-day lock-up and market 
standoff period and           % of the shares subject to the extended 
365-day lock-up period.

the shares subject to the extended 365-day lock-up period.

48th day after the Q1 Earnings Release Date ............................................. Up to            shares of Class A common stock, representing           % of 

the shares subject to the extended 365-day lock-up period.

307

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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.