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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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c.

on  or  after  6:00  AM  Eastern  Time  on  the  second  full  trading  day  immediately  following  the  FY26 
Earnings Release Date, up to an additional 12.5% of the aggregate number of lock-up securities held by 
such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this  prospectus  may  be 
Transferred; and

d. on or after 6:00 AM Eastern Time on each of the dates that are 13, 27, 41, 55, and 69 days, respectively, 
after  the  FY26  Earnings  Release  Date,  up  to  an  additional  9.5%  of  the  aggregate  number  of  lock-up 
securities  held  by  such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this 
prospectus may be Transferred.

Certain of our stockholders holding more than 0.5% of our fully diluted shares prior to this offering have agreed 
with the underwriters that the lock-up securities owned by them are subject to the restrictions described above 
until 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 September 30, 2027 (the date of such public release, 
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, subject to specified early expiration provisions as follows:

a.

on or after 6:00 AM Eastern Time on each of the dates that are 27 and 48 days, respectively, after the 
date of this prospectus, up to 1.8% of the aggregate number of lock-up securities held by such lock-up 
parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

b. on or after 6:00 AM Eastern Time on each of the dates that are 62 and 76 days, respectively, after the 
date of this prospectus, up to an additional 2.1% of the aggregate number of lock-up securities held by 
such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this  prospectus  may  be 
Transferred;

c.

on  or  after  6:00  AM  Eastern  Time  on  the  second  full  trading  day  immediately  following  the  FY26 
Earnings Release Date, up to an additional 3.75% of the aggregate number of lock-up securities held by 
such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this  prospectus  may  be 
Transferred;

d. on or after 6:00 AM Eastern Time on each of the dates that are 13, 27, 41, 55, and 69 days, respectively, 
after the FY26 Earnings Release Date, up to an additional 2.85% of the aggregate number of lock-up 
securities  held  by  such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this 
prospectus may be Transferred;

e.

f.

g.

on or after the earlier to occur of (i) 6:00 AM Eastern Time on the second full trading day immediately 
following the Q1 Earnings Release Date, and (ii) immediately after the close of the trading day on the 
180th Day, up to an additional 4.2% of the aggregate number of lock-up securities held by such lock-up 
parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

on or after 6:00 AM Eastern Time on each of the dates that are 34, 48, 62, and 76 days, respectively, 
after  the  Q1  Earnings  Release  Date,  up  to  an  additional  5.6%  of  the  aggregate  number  of  lock-up 
securities  held  by  such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this 
prospectus may be Transferred;

on  or  after  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  June  30,  2027  (the  date  of  such  public 
release, the “Q2 Earnings Release Date”), up to an additional 7.0% of the aggregate number of lock-up 
securities  held  by  such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this 
prospectus may be Transferred; and

h. on or after 6:00 AM Eastern Time on each of the dates that are 27, 41, 55, 69, and 83 days, respectively, 
after  the  Q2  Earnings  Release  Date,  up  to  an  additional  6.3%  of  the  aggregate  number  of  lock-up 
securities  held  by  such  lock-up  parties  as  of  the  date  that  is  seven  days  prior  to  the  date  of  this 
prospectus may be Transferred.

322

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Find a section 16 starting points

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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.