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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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public or any member of the public in India. This prospectus is strictly personal to the recipient and neither this 
prospectus nor the offering of the shares of Class A common stock is calculated to result, directly or indirectly, 
in the shares of Class A common stock becoming available for subscription or purchase by persons other than 
those receiving the invitation or offer. Each investor is deemed to have acknowledged, represented and agreed 
that it is eligible to invest in the shares of Class A common stock under applicable laws, rules and regulations in 
India, without the requirement to obtain any prior approval, and that it is not prohibited or prevented under 
any law, rule or regulation in India from acquiring, owning or selling the shares of Class A common stock.

Indonesia

This prospectus does not, and is not intended to, constitute a public offering in Indonesia under Law Number 8 
of 1995 regarding Capital Market. This prospectus may not be distributed in the Republic of Indonesia and the 
shares  of  Class  A  common  stock  may  not  be  offered  or  sold  in  the  Republic  of  Indonesia  or  to  Indonesian 
citizens  wherever  they  are  domiciled,  or  to  Indonesian  residents,  in  a  manner  which  constitutes  a  public 
offering under the laws of the Republic of Indonesia.

Israel

In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of Class A 
common  stock  under  the  Israeli  Securities  Law,  5728-1968,  which  requires  a  prospectus  to  be  published  and 
authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli 
Securities Law, 5728-1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 
35 investors, subject to certain conditions (the “Addressed Investors”), or (ii) the offer is made, distributed or 
directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728-1968, 
subject to certain conditions (the “Qualified Investors”). The Qualified Investors shall not be taken into account 
in  the  count  of  the  Addressed  Investors  and  may  be  offered  to  purchase  securities  in  addition  to  the  35 
Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in 
accordance with and subject to the Israeli Securities Law, 5728-1968. We have not and will not distribute this 
prospectus  or  make,  distribute  or  direct  an  offer  to  subscribe  for  our  Class  A  common  stock  to  any  person 
within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified  Investors  may  have  to  submit  written  evidence  that  they  meet  the  definitions  set  out  in  the  First 
Addendum to the Israeli Securities Law, 5728-1968. In particular, we may request, as a condition to be offered 
shares of Class A common stock, that Qualified Investors will each represent, warrant and certify to us and/or 
to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First 
Addendum to the Israeli Securities Law, 5728-1968; (ii) which of the categories listed in the First Addendum to 
the Israeli Securities Law, 5728-1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by 
all provisions set forth in the Israeli Securities Law, 5728-1968 and the regulations promulgated thereunder in 
connection with the offer to be issued shares of Class A common stock; (iv) that the shares of Class A common 
stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728-1968: (a) 
for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of 
Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728-1968; and (v) that it is 
willing  to  provide  further  evidence  of  its  Qualified  Investor  status.  Addressed  Investors  may  have  to  submit 
written  evidence  in  respect  of  their  identity  and  may  have  to  sign  and  submit  a  declaration  containing,  inter 
alia, the Addressed Investor’s name, address and passport number or Israeli identification number.

Malaysia

No prospectus or other offering material or document in connection with the offer and sale of shares of Class A 
common  stock  offered  by  this  prospectus  has  been  or  will  be  registered  with  the  Securities  Commission  of 
Malaysia  (the  “Malaysian  Commission”)  for  the  Malaysian  Commission’s  approval  pursuant  to  the  Capital 
Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection 
with the offer or sale, or invitation for subscription or purchase, of the shares of Class A common stock may not 
be  circulated  or  distributed,  nor  may  the  shares  of  Class  A  common  stock  be  offered  or  sold,  or  be  made  the 
subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other 
than (i) a closed-end fund approved by the Malaysian Commission; (ii) a holder of a Capital Markets Services 
License; (iii) a person who acquires shares of Class A common stock, as principal, if the offer is on terms that 
the shares of Class A common stock may only be acquired at a consideration of not less than RM250,000 (or its 

328

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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.