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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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Printed filing page 308 · Extracted page text

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62nd 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.

76th 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.

The second full trading day on Nasdaq immediately
following the public release of our quarterly financial
results for the fiscal quarter ending June 30, 2027 (the date of such 
public release, the “Q2 Earnings Release Date”)   .....................................

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

27th day after the Q2 Earnings Release Date   ............................................ Up to            shares of Class A common stock, representing           % of 

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

41st day after the Q2 Earnings Release Date      ............................................. Up to            shares of Class A common stock, representing           % of 

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

55th day after the Q2 Earnings Release Date    ............................................ Up to           shares of Class A common stock, representing           % of 

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

69th day after the Q2 Earnings Release Date   

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

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

83rd day after the Q2 Earnings Release Date     ............................................ Up to            shares of Class A common stock, representing           % 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 September 30, 2027 (the date of such public 
release, the “Q3 Earnings Release Date”) and (y) immediately after 
the close of trading on the 365th day after the date of this prospectus  

 .

Up to            shares of Class A common stock, representing the 
remaining shares subject to the extended 365-day lock-up period.

Lock-Up and Market Standoff Agreements 

All of our directors and officers and substantially all of our stockholders are subject to lock-up agreements with 
the underwriters or market standoff agreements with us that restrict their ability to transfer shares of our Class 
A common stock and Class N common stock and securities convertible into or exercisable or exchangeable for 
such shares for:

(1) Our non-founder directors, officers, and certain of our current and former employees and consultants, 
during  the  period  ending  upon  the  earlier  to  occur  of  (x)  6:00  AM  Eastern  Time  on  the  second  full 
trading day immediately following the Q1 Earnings Release Date or (y) immediately after the close of 
the trading day on the 180th day after the date of this prospectus or, if the 180th day is not a trading 
day, immediately after the close of the last trading day immediately preceding the 180th day;

(2) For certain stockholders holding approximately           % of our fully diluted shares immediately prior to 
this offering, during the period ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the 
second full trading day immediately following the Q1 Earnings Release Date or (y) immediately after 
the close of the trading day on the 180th day after the date of this prospectus or, if the 180th day is not 
a trading day, immediately after the close of the last trading day immediately preceding the 180th day;

(3) For certain stockholders holding approximately           % of our fully diluted shares immediately prior to 
this offering, during the period ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the 
second full trading day immediately following the Q3 Earnings Release Date or (y) immediately after 
the close of the trading day on the 365th day after the date of this prospectus or, if the 365th day is not 
a trading day, immediately after the close of the last trading day immediately preceding the 365th day; 
and

(4) Our  seven  co-founders,  during  the  period  ending  upon  the  earlier  to  occur  of  (x)  6:00  AM  Eastern 
Time  on  the  second  full  trading  day  immediately  following  the  Q3  Earnings  Release  Date  or  (y) 
immediately after the close of the trading day on the 365th day after the date of this prospectus or, if 
the  365th  day  is  not  a  trading  day,  immediately  after  the  close  of  the  last  trading  day  immediately 
preceding the 365th day,

subject  to  timed  automatic  expirations  described  in  the  “Underwriting—Lock-up  and  Market  Standoff 
Agreements” section of this prospectus.

The  lock-up  agreements  and  market  standoff  agreements  described  above  are  subject  to  a  number  of 
exceptions.

308

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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.