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

recommend  to  clients  that  they  should  acquire,  long  and/or  short  positions  in  such  assets,  securities,  and 
instruments.

Offerings Outside the United States

This offering includes public offerings in Australia, Canada, certain member states of the European Economic 
Area,  Japan,  Switzerland,  and  the  United  Kingdom.  We  do  not  currently  intend  to  list  our  Class  A  common 
stock  on  any  exchange  in  such  jurisdictions.  If  we  choose  to  terminate  a  public  offering  in  any  international 
jurisdiction prior to the completion of this offering, the shares that would otherwise have been allocated for sale 
in such international jurisdiction are expected to be reallocated to the offerings in the remaining jurisdictions, 
including the United States, and thus the total size of this offering is not expected to change in the event of such 
termination.

Subject to applicable law, the underwriters may offer shares of our Class A common stock outside of the United 
States,  Australia,  Canada,  the  European  Economic  Area,  Japan,  Switzerland,  and  the  United  Kingdom.  The 
underwriters may use one or more affiliates in order to offer and sell shares outside of the United States. No 
shares of our Class A common stock will be offered or sold in any jurisdiction except by or through brokers or 
dealers duly registered under the applicable securities laws of that jurisdiction, or in circumstances where any 
exemption from such registration requirements is available.

Persons  into  whose  possession  this  prospectus  comes  are  advised  to  inform  themselves  about  and  to  observe 
any  restrictions  relating  to  the  offering  and  the  distribution  of  this  prospectus.  This  prospectus  does  not 
constitute an offer to sell or a solicitation of an offer to buy any shares of our Class A common stock offered by 
this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Selling Restrictions

Barclays Bank PLC is not a broker-dealer registered with the SEC. Therefore, to the extent that Barclays Bank 
PLC intends to effect any sales of any shares of Class A common stock in the United States, it will do so through 
its  SEC-registered  broker-dealer  affiliate  in  the  United  States,  Barclays  Capital  Inc.,  in  compliance  with 
applicable U.S. laws and regulations and as permitted by FINRA regulations.

Argentina

The  shares  of  Class  A  common  stock  are  not  authorized  for  public  offering  in  Argentina  by  the  Comisión 
Nacional de Valores pursuant to Argentine Public Offering Law No. 17,811, as amended, and they shall not be 
sold publicly. Therefore, any transaction carried out in Argentina must be made privately.

Australia

This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document 
under Chapter 6D.2 of the Corporations Act 2001 (the “Corporations Act”), and does not purport to include the 
information  required  for  a  prospectus,  product  disclosure  statement  or  other  disclosure  document  under  the 
Corporations Act.

Any  offer  in  Australia  of  the  shares  of  Class  A  common  stock  made  pursuant  to  this  prospectus  may  only  be 
made  to  persons  (the  “Exempt  Investors”)  who  are  “sophisticated  investors”  (within  the  meaning  of  section 
708(8)  of  the  Corporations  Act),  “professional  investors”  (within  the  meaning  of  section  708(11)  of  the 
Corporations  Act)  or  otherwise  pursuant  to  one  or  more  exemptions  contained  in  section  708  of  the 
Corporations Act so that it is lawful to offer the shares of Class A common stock without disclosure to investors 
under Chapter 6D of the Corporations Act.

The shares of Class A common stock applied for by Exempt Investors in Australia pursuant to this prospectus 
must  not  be  offered  for  sale  in  Australia  in  the  period  of  12  months  after  the  date  of  allotment  under  the 
offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would 
not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise, or where the 
offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person 

325

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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.