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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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described above, within any three-month period, a number of shares of our Class A common stock that does not 
exceed the greater of: 

•

•

1%  of  the  number  of  shares  of  our  capital  stock  then  outstanding,  which  will  equal                      shares 
immediately after the completion of this offering; or 

the  average  weekly  trading  volume  of  our  Class  A  common  stock  during  the  four  calendar  weeks 
preceding the filing of a notice on Form 144 with respect to that sale. 

Sales of our Class A common stock made in reliance upon Rule 144 by our affiliates or persons selling shares of 
our Class A common stock on behalf of our affiliates are also subject to certain manner of sale provisions and 
notice requirements and to the availability of current public information about us. 

Rule 701 

Rule  701  generally  allows  a  stockholder  who  purchased  shares  of  our  capital  stock  pursuant  to  a  written 
compensatory  plan  or  contract  and  who  is  not  deemed  to  have  been  an  affiliate  of  our  company  during  the 
immediately  preceding  90  days  to  sell  these  shares  in  reliance  upon  Rule  144,  but  without  being  required  to 
comply  with  the  public  information,  holding  period,  volume  limitation,  or  notice  provisions  of  Rule  144. 
Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying 
with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait 
until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701. 

Registration Rights 

Pursuant to our IRA and the Google RRA, after the completion of this offering, the holders of up to            shares 
of  our  Class  A  common  stock,  or  certain  transferees,  will  be  entitled  to  certain  rights  with  respect  to  the 
registration of the offer and sale of those shares under the Securities Act. See the section titled “Description of 
Capital Stock—Registration Rights” for a description of these registration rights. If the offer and sale of these 
shares of our Class A common stock are registered, the shares will be freely tradable without restriction under 
the Securities Act, subject to the Rule 144 limitations applicable to affiliates, and a large number of shares may 
be sold into the public market. 

Registration Statements on Form S-8

We intend to file one or more registration statements on Form S-8 under the Securities Act promptly after the 
effectiveness  of  this  offering  to  register  shares  of  our  Class  A  common  stock  subject  to  RSUs  and  options 
outstanding, as well as reserved for future issuance, under our 2021 Plan, 2026 Plan, and ESPP, as well as the 
resale of certain shares of our Class A common stock previously issued under our 2021 Plan. Such registration 
statements  on  Form  S-8  are  expected  to  become  effective  immediately  upon  filing,  and  shares  of  our  Class  A 
common stock covered by such registration statements will then become eligible for sale in the public market, 
subject  to  applicable  limitations  under  Rule  144,  vesting  restrictions,  and  any  applicable  market  standoff 
agreements  and  lock-up  agreements.  See  the  section  titled  “Executive  Compensation—Equity  Plans”  for  a 
description of our equity compensation plans.

310

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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.