Small print.
Wide open.

Table of Contents

Anthropic, PBC
Consolidated Statements of Operations
(In millions, except share amounts which are in thousands, and per share data)

Revenue

Operating expenses:

Compute and infrastructure

Personnel

Bartz settlement

Sales, marketing, and 
partnerships

Other operating and 
administrative

Total operating expenses

Operating loss

Interest income

Change in fair value of 
convertible notes, derivative 
liabilities, and SAFEs

Other income (expense), net

Total other income 
(expense), net

Loss before provision for income 
taxes

Provision for income taxes

Net loss

Net loss per share attributable to 
common stockholders, basic and 
diluted

Weighted-average shares 
outstanding, basic and diluted

Year Ended December 31,
2024

2023

2025

Six Months Ended June 30,

2025

2026

(unaudited)

$

41 $

386 $

4,585 $

1,163 $

16,286

433

95

—

2

62

592
(551)

69

2,522

454

—

43

347

3,366
(2,980)

106

7,326

1,839

1,500

568

1,412

12,645
(8,060)

431

2,334

538

—

120

306

3,298
(2,135)

115

8,945

3,152

—

3,168

1,714

16,979
(693)

1,111

(1,045)

(5,434)

(34,308)

(10,942)

(2)

—

(8)

—

(72,388)

(8,757)

(978)

(5,328)

(33,885)

(10,827)

(80,034)

(1,529)

(8,308)

(41,945)

(12,962)

2
(1,531) $

1
(8,309) $

20
(41,965) $

7

(12,969) $

(80,727)

21
(80,748)

(1.42) $

(5.43) $

(23.04) $

(7.25) $

(39.88)

1,076,881

1,528,995

1,821,085

1,788,731

2,024,973

$

$

The accompanying notes are an integral part of these consolidated financial statements.

F-7