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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total 
net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding 
the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding 
RM300,000  (or  its  equivalent  in  foreign  currencies)  per  annum  in  the  preceding  twelve  months;  (vi)  an 
individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in 
foreign  currencies),  per  annum  in  the  preceding  twelve  months;  (vii)  a  corporation  with  total  net  assets 
exceeding  RM10  million  (or  its  equivalent  in  foreign  currencies)  based  on  the  last  audited  accounts;  (viii)  a 
partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank 
licensee  or  insurance  licensee  as  defined  in  the  Labuan  Financial  Services  and  Securities  Act  2010;  (x)  an 
Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; 
and  (xi)  any  other  person  as  may  be  specified  by  the  Malaysian  Commission;  provided  that,  in  each  of  the 
preceding categories (i) to (xi), the distribution of the shares of Class A common stock is made by a holder of a 
Capital  Markets  Services  License  who  carries  on  the  business  of  dealing  in  securities.  The  distribution  in 
Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be 
used  for  the  purpose  of  a  public  offering  or  an  issue,  offer  for  subscription  or  purchase,  or  invitation  to 
subscribe  for  or  purchase  any  securities  requiring  the  registration  of  a  prospectus  with  the  Malaysian 
Commission under the Capital Markets and Services Act 2007.

Mexico

The  shares  of  Class  A  common  stock  have  not  been  and  will  not  be  registered  with  the  Mexican  National 
Securities Registry (Registro Nacional de Valores or the “RNV”) maintained by the Mexican National Banking 
and Securities Commission (Comisión Nacional Bancaria y de Valores, or the “CNBV”), and therefore, may not 
be offered or sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico. However, 
the  shares  of  Class  A  common  stock  may  only  be  offered  and  sold  in  Mexico  on  a  private  placement  basis  to 
investors  that  qualify  as  institutional  or  qualified  investors  pursuant  to  the  private  placement  exemption  set 
forth  in  Article  8  of  the  Mexican  Securities  Market  Law  (Ley  del  Mercado  de  Valores)  and  regulations 
thereunder. The information contained in this prospectus is solely our responsibility and has not been reviewed 
or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, 
all investors, including any Mexican investor, who may acquire the shares of Class A common stock from time 
to  time,  must  rely  on  their  own  examination  of  us  and  the  terms  of  this  offering  and  the  shares  of  Class  A 
common stock, including the merits and risks involved.

New Zealand

This document has not been registered, filed with or approved by any New Zealand regulatory authority under 
the  Financial  Markets  Conduct  Act  2013  (the  “FMC  Act”).  The  shares  of  Class  A  common  stock  may  only  be 
offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person 
who:

•

is an investment business within the meaning of clause 37 of Schedule I of the FMC Act;

• meets the investment activity criteria in clause 38 of Schedule I of the FMC Act;

•

•

•

is large within the meaning of clause 39 of Schedule I of the FMC Act;

is a government agency within the meaning of clause 40 of Schedule I of the FMC Act; or

is an eligible investor within the meaning of clause 41 of Schedule I of the FMC Act.

329

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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.

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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.