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

Underwriting

We, the selling stockholders, and the underwriters named below will enter into an underwriting agreement with 
respect  to  the  shares  of  Class  A  common  stock  being  offered.  Subject  to  certain  conditions,  each  underwriter 
will severally agree to purchase the number of shares of Class A common stock indicated in the following table. 
Goldman  Sachs  &  Co.  LLC  and  Morgan  Stanley  &  Co.  LLC  are  the  representatives  of  the  underwriters 
(“representatives”).

Number of Shares 
of Class A Common 
Stock

Underwriters

Goldman Sachs & Co. LLC

Morgan Stanley & Co. LLC

J.P. Morgan Securities LLC

Citigroup Global Markets Inc.

Barclays Capital Inc. and Barclays Bank PLC

Wells Fargo Securities, LLC

BofA Securities, Inc.

Deutsche Bank Securities Inc.

RBC Capital Markets, LLC

UBS Securities LLC

BMO Capital Markets Corp.

BNP Paribas Securities Corp.

Credit Agricole Securities (USA) Inc.

Jefferies LLC

Mizuho Securities USA LLC

MUFG Securities Americas Inc.

SG Americas Securities, LLC

TD Securities (USA) LLC

BTIG, LLC

Cantor Fitzgerald & Co.

Capital One Securities, Inc.

Macquarie Capital (USA) Inc.

Total 

The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than 
the shares covered by the option described below unless and until this option is exercised.

We  will  grant  to  the  underwriters  an  option,  exercisable  for  30  days  from  the  date  of  this  prospectus,  to 
purchase up to an additional            shares of Class A common stock at the public offering price listed on the 
cover  page  of  this  prospectus,  less  underwriting  discounts  and  commissions.  The  underwriters  may  exercise 
this option solely for the purpose of covering over-allotments, if any, made in connection with the offering of 
the shares of common stock offered by this prospectus. If any shares are purchased pursuant to this option, the 
underwriters  will  severally  purchase  shares  in  approximately  the  same  proportion  as  set  forth  in  the  table 
above. The underwriters do not expect sales to discretionary accounts to exceed five percent of the total number 
of shares of Class A common stock offered. 

The  following  table  shows  the  per  share  and  total  underwriting  discounts  and  commissions  to  be  paid  to  the 
underwriters by us and the selling stockholders. Such amounts are shown assuming both no exercise and full 
exercise of the underwriters’ option to purchase            additional shares of Class A common stock.

Paid by us

Per Share

Total 

No Exercise

Full Exercise

$                     

$                     

$                     

$                     

316

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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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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.