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

Report Of Independent Registered Public 
Accounting Firm

Board of Directors and Stockholders
Anthropic, PBC

Opinion on the financial statements 

We  have  audited  the  accompanying  consolidated  balance  sheet  of  Anthropic,  PBC  (a  Delaware  public  benefit 
corporation) and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of 
operations,  comprehensive  loss,  redeemable  convertible  preferred  stock  and  stockholders’  deficit,  and  cash 
flows for each of the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as 
the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in 
all  material  respects,  the  financial  position  of  the  Company  as  of  December  31,  2024,  and  the  results  of  its 
operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting 
principles generally accepted in the United States of America. 

Basis for opinion 

These  consolidated  financial  statements  are  the  responsibility  of  the  Company’s  management.  Our 
responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. 
We  are  a  public  accounting  firm  registered  with  the  Public  Company  Accounting  Oversight  Board  (United 
States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. 
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and 
the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 
and  perform  the  audit  to  obtain  reasonable  assurance  about  whether  the  financial  statements  are  free  of 
material  misstatement,  whether  due  to  error  or  fraud.  The  Company  is  not  required  to  have,  nor  were  we 
engaged  to  perform,  an  audit  of  its  internal  control  over  financial  reporting.  As  part  of  our  audits  we  are 
required  to  obtain  an  understanding  of  internal  control  over  financial  reporting  but  not  for  the  purpose  of 
expressing  an  opinion  on  the  effectiveness  of  the  Company’s  internal control  over  financial  reporting. 
Accordingly, we express no such opinion. 

Our  audits  included  performing  procedures  to  assess  the  risks  of  material  misstatement  of  the  financial 
statements,  whether  due  to  error  or  fraud,  and  performing  procedures  that  respond  to  those  risks.  Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial 
statements. Our audits also included evaluating the accounting principles used and significant estimates made 
by management, as well as evaluating the overall presentation of the financial statements. We believe that our 
audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Company’s auditor from 2023 to 2025.

San Francisco, California
June 1, 2026 (except for the effects of the stock split described in Note 1, as to which the date is September 30, 
2026)

F-4

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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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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.