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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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reasonably could be expected to lead to or result in a sale, loan, pledge, or other disposition (whether by such 
lock-up  party  or  someone  other  than  such  lock-up  party)  or  transfer  of  any  of  the  economic  consequences  of 
ownership, in whole or in part, directly or indirectly, of any lock-up securities, whether any such transaction or 
arrangement (or instrument provided for thereunder) would be settled by delivery of our common stock or such 
other  securities,  in  cash,  or  otherwise  (for  purposes  of  this  section,  any  such  sale,  loan,  pledge,  or  other 
disposition or transfer of economic consequences, a “Transfer”), (c) make any demand for or exercise any right 
with  respect  to  the  registration  of  any  lock-up  securities,  or  (d)  otherwise  publicly  announce  any  intention  to 
engage in or cause any action, activity, transaction, or arrangement described in clauses (a), (b), or (c) above; 
provided,  however,  in  the  case  where  the  lock-up  party  is  a  founder,  if  such  action,  activity,  transaction,  or 
arrangement  is  otherwise  permitted  under  the  lock-up  agreement,  such  founder  may  publicly  announce  such 
action,  activity,  transaction,  or  arrangement  upon  three  business  days  prior  written  notice  to  the 
representatives and us. The restrictions on Transfer of the lock-up securities do not apply to the:

a. Transfer by the lock-up party of the lock-up securities: (i) upon death by will, testamentary document, 
or  intestate  succession,  (ii)  if  the  lock-up  party  is  a  natural  person,  to  any  member  of  the  lock-up 
party’s  immediate  family,  to  other  dependents,  or  to  any  trust,  corporation,  partnership,  limited 
liability company, or other entity for the direct or indirect benefit of the lock-up party or the immediate 
family  or  other  dependents  of  the  lock-up  party,  or,  in  the  case  of  our  founders,  any  philanthropic 
organization, or, if the lock-up party is a trust, to a trustor, trustee, or beneficiary of the trust, or the 
estate  of  a  trustor,  trustee,  or  beneficiary  of  such  trust,  (iii)  to  a  corporation,  partnership,  limited 
liability company, or other entity of which the lock-up party and the immediate family of the lock-up 
party are the legal and beneficial owner of all of the outstanding equity securities or similar interests, 
(iv)  to  a  nominee  or  custodian  of  a  person  or  entity  to  whom  a  disposition  or  transfer  would  be 
permissible  under  clauses  (a)(i)  through  (iii)  above,  (v)  if  the  lock-up  party  is  a  corporation, 
partnership,  limited  liability  company,  trust,  or  other  business  entity,  (A)  to  another  corporation, 
partnership, limited liability company, trust, or other business entity that is an affiliate of the lock-up 
party,  or  to  any  investment  fund  or  other  entity,  which  fund  or  entity  controls,  is  controlled  by, 
manages, or is managed by, advises or is advised by, sub-advises or is sub-advised by, or is otherwise 
under  common  control  with  the  lock-up  party  or  affiliates  of  the  lock-up  party,  or  (B)  as  part  of  a 
distribution, transfer, or other disposition by the lock-up party to its stockholders, current or former 
partners, members, managers, beneficiaries, or other equityholders of the lock-up party or its affiliates, 
or  to  the  estate  of  any  such  stockholders,  partners,  members,  managers,  beneficiaries,  or  other 
equityholders,  (vi)  by  operation  of  law,  such  as  pursuant  to  a  qualified  domestic  order,  divorce 
settlement, divorce decree, separation agreement, or other order of a court or regulatory agency, (vii) 
to us from any employee or service provider of ours or any of our direct or indirect subsidiaries upon 
death, disability, or termination of employment (including voluntary resignation), in each case, of such 
employee or service provider, (viii) if the lock-up party is not our officer or director, in connection with 
a  Transfer  of  the  lock-up  party’s  shares  of  common  stock  acquired  (A)  from  the  underwriters  in  this 
offering,  or  (B)  in  open  market  transactions  after  the  closing  date  of  this  offering,  (ix)  in  connection 
with any sales of shares of Class A common stock by the lock-up party to the underwriters pursuant to 
the underwriting agreement to be entered into in connection with this offering, (x) to us in connection 
with  the  vesting,  settlement,  or  exercise  of  restricted  stock  units,  options,  warrants,  exchange, 
conversion,  or  other  rights  to  purchase  or  otherwise  acquire  shares  of  common  stock  (including,  in 
each case, by way of “net” or “cashless” exercise, settlement, or similar procedure) that are vested, vest, 
or  are  scheduled  to  expire  or  automatically  vest  during  the  applicable  lock-up  period,  including  any 
transfer to us for the purpose of satisfying any tax obligations (including withholdings and estimated 
tax obligations) or remittance payments due as a result of the grant, vesting, settlement, or exercise of 
such restricted stock units, options, warrants, exchange, conversion, or other rights, or in connection 
with  the  conversion  of  convertible  securities,  in  all  such  cases  of  this  clause  (x)  pursuant  to  equity 
awards granted under a stock incentive plan, long-term incentive plan, or other equity award plan or 
arrangement, or pursuant to the terms of convertible or exchangeable securities, as applicable, each as 
described  herein,  provided  that  any  securities  received  by  the  lock-up  party  upon  such  vesting, 
settlement, exercise, or conversion must be subject to the terms of a lock-up agreement, (xi) in the case 
where the lock-up party is a founder, director, officer, or a current or former employee or consultant, in 
“sell  to  cover”  or  similar  open  market  transactions  to  generate  such  amount  of  cash  to  satisfy  any 
exercise  price  or  tax  obligations  (including  withholdings  and  estimated  tax  obligations)  or  payments 
(including  estimated  payments)  due  as  a  result  of  the  grant,  vesting,  settlement,  or  exercise  of 

319

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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.