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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
01The original SEC filingThe authoritative source, in your browser.SEC · HTML 02Download the saved filingThe complete 421-page document, optimized for downloading.PDF · 46 MB 03Download the full researchFindings, customer examples, calculations, and source references.Markdown

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From the filing

PDF page 346

Printed filing page 335 · Extracted page text

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Table of Contents

The consolidated financial statements of Anthropic, PBC at December 31, 2025, and for the year then ended, 
appearing  in  this  Prospectus  and  Registration  Statement  have  been  audited  by  Ernst  &  Young  LLP, 
independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, 
and are included in reliance upon such report given on the authority of such firm as experts in accounting and 
auditing.

Where You Can Find Additional Information 

We have submitted with the SEC a registration statement on Form S-1 under the Securities Act with respect to 
the shares of our Class A common stock offered by this prospectus. This prospectus, which constitutes a part of 
the registration statement, does not contain all of the information set forth in the registration statement, some 
of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the 
SEC. For further information with respect to us and our Class A common stock, we refer you to the registration 
statement,  including  the  exhibits  filed  as  a  part  of  the  registration  statement.  Statements  contained  in  this 
prospectus  concerning  the  contents  of  any  contract  or  any  other  document  are  not  necessarily  complete.  If  a 
contract  or  document  has  been  filed  as  an  exhibit  to  the  registration  statement,  please  see  the  copy  of  the 
contract or document that has been filed. Each statement in this prospectus relating to a contract or document 
filed  as  an  exhibit  is  qualified  in  all  respects  by  the  filed  exhibit.  The  SEC  maintains  a  website  that  contains 
reports, proxy and information statements, and other information about issuers, like us, that file electronically 
with the SEC. The address of that website is www.sec.gov.

As  a  result  of  this  offering,  we  will  become  subject  to  the  information  and  reporting  requirements  of  the 
Exchange Act and, in accordance therewith, will file periodic reports, proxy statements, and other information 
with  the  SEC.  We  also  maintain  a  website  at  www.anthropic.com.  Upon  completion  of  this  offering,  you  may 
access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or 
furnished to, the SEC. Information contained on our website is not a part of this prospectus and the inclusion of 
our website address in this prospectus is an inactive textual reference only.

335

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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.