The paper trail

Small print.
Wide open.

A clear path from a claim to the page it came from. Here’s the filing, the research, and how we read it.

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

Page by page

Go straight to the source.

Page references count physical pages in the saved PDF, starting at 1. The printed filing number is shown separately when available.

Enter a page from 1 to 421. No PDF download needed.

From the filing

PDF page 328

Printed filing page 317 · Extracted page text

View on the SEC
Read the page text
Table of Contents

Paid by the selling stockholders

Per Share

Total 

No Exercise

Full Exercise

$                     

$                     

$                     

$                     

Shares  of  Class  A  common  stock  sold  by  the  underwriters  to  the  public  will  initially  be  offered  at  the  initial 
public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities 
dealers may be sold at a discount of up to $           per share from the initial public offering price. After the initial 
offering  of  the  shares,  the  representatives  may  change  the  offering  price  and  the  other  selling  terms.  The 
offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters’ 
right to reject any order in whole or in part. 

Lock-Up and Market Standoff Agreements

Our directors, officers, and the holders of substantially all of our capital stock and securities convertible into or 
exercisable or exchangeable for our capital stock have entered into market standoff agreements with us under 
which  they  have  agreed  that,  subject  to  certain  exceptions,  for  a  period  of  180  days  after  the  date  of  this 
prospectus, they will not, without our prior written consent, sell, make any short sale of, loan, grant any option 
for the purchase of, or otherwise dispose of any of our securities, including securities issued or issuable upon 
the  conversion,  exercise,  exchange,  reclassification,  or  replacement  of  such  securities.  The  underwriters  have 
requested that these market standoff provisions apply in connection with this offering, and we have agreed in 
the  underwriting  agreement  with  the  underwriters  to  enforce  these  market  standoff  provisions  and  similar 
restrictions during the period of up to 180 days after the date of this prospectus and not amend or waive any 
such restrictions without the prior written consent of the representatives, except any amendment or waiver of 
such restrictions to permit a Transfer (as defined below) of securities that would be permissible under the terms 
of  a  lock-up  agreement  as  described  below.  This  agreement  to  enforce  these  market  standoff  provisions  does 
not apply to shares that would be subject to a lock-up period extending beyond 180 days after the date of this 
prospectus.

We have agreed with the underwriters that during the period beginning the date of this prospectus and ending 
upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the 
public  release  of  our  quarterly  financial  results  (which  for  this  purpose  does  not  include  “flash”  numbers  or 
preliminary, partial earnings) for the fiscal quarter ending March 31, 2027 (the date of such public release, 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  (the  “180th  Day”)  (such  period,  the  “company  lock-up  period”),  without  the  prior  written 
consent of the representatives, on behalf of the underwriters, subject to certain exceptions, we will not (a) offer, 
sell, contract to sell, pledge, grant any option to purchase, make any short sale, or otherwise transfer or dispose 
of,  directly  or  indirectly,  or  file  with  or  confidentially  submit  to  the  SEC  a  registration  statement  under  the 
Securities Act relating to, any shares of our Class A common stock or other securities substantially similar to 
our Class A common stock, including but not limited to any options or warrants to purchase shares of our Class 
A common stock or any securities that are convertible into or exchangeable for, or that represent the right to 
receive,  shares  of  Class  A  common  stock  (including  our  Class  N  common  stock)  or  any  such  substantially 
similar securities, and any shares of Class A common stock issuable upon exercise, conversion, or exchange of 
any of the foregoing, or publicly disclose the intention to make any offer, sale, pledge, disposition, or filing, or 
(b)  enter  into  any  swap  or  other  agreement  that  transfers,  in  whole  or  in  part,  any  of  the  economic 
consequences of ownership of any of our Class A common stock or any such other securities, whether any such 
transaction described in (a) or (b) above is to be settled by delivery of shares of our Class A common stock or 
such other securities, in cash, or otherwise, or publicly disclose the intention to enter into any such equity swap 
or transfer arrangement.

These  restrictions  do  not  apply  to:  (a)  the  shares  sold  in  this  offering,  (b)  the  issuance  by  us  of  our  common 
stock  upon  the  exercise  (including  any  net  exercise)  of  an  option  or  warrant,  the  vesting  and  settlement 
(including  any  net  settlement)  of  restricted  stock  units  or  similar  equity  awards,  or  the  reclassification, 
exchange,  or  conversion  of  a  security,  in  each  case  outstanding  on  the  date  of  this  prospectus  and  identified 
herein,  (c)  the  grant  or  issuance  by  us,  or  exercise  or  settlement  (in  cash,  shares  of  our  common  stock,  or 
otherwise),  of  options,  stock  appreciation  rights,  restricted  stock  awards,  restricted  stock  units,  performance 

317

Text is provided for reference. Check the original for tables, images, and exact formatting.

Find a section 16 starting points

Section links may begin before the exact paragraph cited in a finding. PDF numbers below use physical pages.

  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.

The footnotes are only the beginning.Explore the findings Read the story
The original, in context

Open the footnote.

A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.