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

offer  or  sale,  or  invitation  for  subscription  or  purchase  of  the  shares  of  Class  A  common  stock  be  circulated, 
whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined 
in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time 
(the “SFA”)) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the 
SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

South Africa

Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in 
the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the “South African Companies 
Act”))  is  being  made  in  connection  with  the  issue  of  the  shares  of  Class  A  common  stock  in  South  Africa. 
Accordingly, this document does not, nor is it intended to, constitute a “registered prospectus” (as that term is 
defined in the South African Companies Act) prepared and registered under the South African Companies Act 
and  has  not  been  approved  by,  and/or  filed  with,  the  South  African  Companies  and  Intellectual  Property 
Commission  or  any  other  regulatory  authority  in  South  Africa.  The  shares  of  Class  A  common  stock  are  not 
offered,  and  the  offer  should  not  be  transferred,  sold,  renounced,  or  delivered  in  South  Africa  or  to  a  person 
with  an  address  in  South  Africa,  unless  one  or  other  of  the  following  exemptions  stipulated  in  section  96(1) 
applies:

Section 96(1)(a) the offer, transfer, sale, renunciation or delivery is to:

i.

persons  whose  ordinary  business,  or  part  of  whose  ordinary  business,  is  to  deal  in  securities,  as 
principal or agent;

ii.

the South African Public Investment Corporation;

iii. persons or entities regulated by the Reserve Bank of South Africa;

iv. authorized financial service providers under South African law;

v.

financial institutions recognized as such under South African law;

vi. a wholly owned subsidiary of any person or entity contemplated in (iii), (iv) or (v), acting as agent in 
the  capacity  of  an  authorized  portfolio  manager  for  a  pension  fund,  or  as  manager  for  a  collective 
investment scheme (in each case duly registered as such under South African law); or

vii. any combination of the persons in (i) to (vi);

Section 96(1)(b) the total contemplated acquisition cost of the shares of Class A common stock, for any single 
addressee  acting  as  a  principal  is  equal  to  or  greater  than  ZAR  1,000,000  or  such  higher  amount  as  may  be 
promulgated  by  notice  in  the  Government  Gazette  of  South  Africa  pursuant  to  section  96(2)(a)  of  the  South 
African Companies Act.

Information  made  available  in  this  prospectus  should  not  be  considered  as  “advice”  as  defined  in  the  South 
African Financial Advisory and Intermediary Services Act 2002.

South Korea

The shares of Class A common stock offered by this prospectus have not been and will not be registered under 
the  Financial  Investments  Services  and  Capital  Markets  Act  of  Korea  and  the  decrees  and  regulations 
thereunder (the “FSCMA”), and the shares of Class A common stock have been and will be offered in Korea as a 
private  placement  under  the  FSCMA.  Except  in  connection  with  the  aforementioned  private  placement  and 
except as otherwise permitted under the applicable laws and regulations of Korea, including the FSCMA and the 
Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the “FETL”), none of 
the shares of Class A common stock may be offered, sold or delivered, directly or indirectly, or offered or sold to 
any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea. The shares of 
Class  A  common  stock  have  not  been  listed  on  any  of  securities  exchanges  in  the  world  including,  without 
limitation,  the  Korea  Exchange  in  Korea.  Furthermore,  the  purchaser  of  the  shares  of  Class  A  common  stock 
will  comply  with  all  applicable  regulatory  requirements  (including  but  not  limited  to  requirements  under  the 

331

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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.