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

Peru

The shares of Class A common stock and the information contained herein are not being publicly marketed or 
offered in Peru and will not be distributed or caused to be distributed to the general public in Peru. Peruvian 
securities  laws  and  regulations  on  public  offerings  will  not  be  applicable  to  this  offering  and  therefore,  the 
disclosure obligations set forth therein will not be applicable to the company or the sellers of the shares of Class 
A common stock before or after their acquisition by prospective investors. The shares of Class A common stock 
and the information contained herein have not been and will not be reviewed, confirmed, approved or in any 
way  submitted  to  the  Superintendencia  del  Mercado  de  Valores  (Peruvian  capital  market  regulator)  (the 
“SMV”), nor have they been registered with the SMV’s Securities Market Public Registry (Registro Público del 
Mercado  de  Valores).  Accordingly,  the  shares  of  Class  A  common  stock  cannot  be  offered  or  sold  within 
Peruvian territory except to the extent any such offering or sale qualifies as a private offering under Peruvian 
law and regulations and complies with the provisions on private offerings set forth therein.

Philippines

The  shares  of  Class  A  common  stock  being  offered  or  sold  have  not  been  and  will  not  be  registered  with  the 
Philippine Securities and Exchange Commission under the Securities Regulation Code of the Philippines (the 
“SRC”). Any future offer or sale of the shares of Class A common stock within the Philippines is subject to the 
registration  requirements  under  the  SRC  unless  such  offer  or  sale  qualifies  as  a  transaction  exempt  from  the 
registration under the SRC.

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 in the Philippines, and the shares of Class A common stock may not be offered or sold, or be made 
the subject of an invitation for subscription or purchase, to persons in the Philippines, other than (i) to qualified 
investors  in  transactions  that  are  exempt  from  the  registration  requirements  of  the  SRC;  and  (ii)  by  persons 
licensed to make such offers or sales in the Philippines.

Qatar

In  the  State  of  Qatar,  the  offer  contained  in  this  prospectus  is  made  on  an  exclusive  basis  to  the  specifically 
intended recipient thereof, upon that person’s request and initiative, for personal use only and shall in no way 
be construed as a general offer for the sale of the shares of Class A common stock to the public or an attempt to 
do  business  as  a  bank,  an  investment  company  or  otherwise  in  the  State  of  Qatar.  This  prospectus  and  the 
underlying  securities  have  not  been  approved  or  licensed  by  the  Qatar  Central  Bank  or  the  Qatar  Financial 
Center  Regulatory  Authority  or  any  other  regulator  in  the  State  of  Qatar.  The  information  contained  in  this 
prospectus  shall  only  be  shared  with  any  third  parties  in  the  State  of  Qatar  on  a  need  to  know  basis  for  the 
purpose  of  evaluating  the  offering.  Any  distribution  of  this  prospectus  by  the  recipient  to  third  parties  in  the 
State of Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

Saudi Arabia

This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted 
under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the 
Saudi  Arabian  Capital  Market  Authority  (the  “CMA”)  pursuant  to  resolution  number  3-123-2017  dated  27 
December 2017, as amended. The CMA does not make any representation as to the accuracy or completeness of 
this  prospectus  and  expressly  disclaims  any  liability  whatsoever  for  any  loss  arising  from,  or  incurred  in 
reliance  upon,  any  part  of  this  prospectus.  Prospective  purchasers  of  the  shares  of  Class  A  common  stock 
offered hereby should conduct their own due diligence on the accuracy of the information relating to the shares 
of  Class  A  common  stock.  If  you  do  not  understand  the  contents  of  this  prospectus,  you  should  consult  an 
authorized financial adviser.

Singapore

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, 
the  shares  of  Class  A  common  stock  may  not  be  offered  or  sold,  or  made  the  subject  of  an  invitation  for 
subscription  or  purchase,  nor  may  this  prospectus  or  any  other  document  or  material  in  connection  with  the 

330

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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.