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Anthropic, PBC
Consolidated Statements of Cash Flows
(In millions)

Year Ended December 31,
2024

2025

2023

Six Months Ended June 
30,

2025

2026

(unaudited)

Cash flows from operating activities:

Net loss

$

(1,531) $

(8,309) $

(41,965) $

(12,969) $ (80,748)

Accounts receivable, net

Prepaid expenses and other assets

(10)

(1,253)

(90)

(3,190)

Adjustments to reconcile net loss to net cash 
provided by (used in) operating activities:

Stock-based compensation expense

Depreciation and amortization

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

Donation matching program liability

Recognition and change in fair value of 
other financial instruments

Other

Changes in operating assets and liabilities:

Accounts payable, accrued expenses, and 
other liabilities

Lease liabilities

Deferred revenue

Net cash provided by (used in) 
operating activities

Cash flows from investing activities:

Purchases of property and equipment

Purchases of short-term investments

Sales and maturities of short-term 
investments

Other investing activities

Net cash used in investing activities

Cash flows from financing activities:

Proceeds from issuance of redeemable 
convertible preferred stock, net of issuance 
costs

Principal payments for finance leases

Issuance of convertible notes for cash

Proceeds from issuance of common stock

Repurchase of common stock

Issuance of SAFEs for cash

Payment of deferred offering costs

Net cash provided by financing 
activities

Effect of exchange rate changes on cash, cash 
equivalents, and restricted cash

Net increase in cash, cash equivalents, and 
restricted cash

29

3

192

21

1,158

40

279

14

2,185

97

1,045

5,434

34,308

10,942

72,388

—

—

—

—

—

7

84
(1)

7

222

—

21

541

—

11

(834)

1,771

2,079

13

241

—

—

5

(384)

212

257

7

124

(1,627)

(5,692)

(2,637)

(1,513)

(2)

—

—

—
(2)

445

—

1,750

3

—

122

—

(15)

—

—
(7)

(22)

1,188

—

6,050

10

—

—

—

(131)

(3,082)

213
(77)

(3,077)

16,548

—

3,450

111
(149)

—

—

(18)

—

—
(31)

(49)

3,549

—

1,300

49
(149)

—

—

126

8,720
(7)

(4,982)

2,094

2,679
(3)

1,380

3,929

(482)

(18,972)

2,610
(337)

(17,181)

110,432
(4)

—

355

—

—
(9)

2,320

7,248

19,960

4,749

110,774

—

1

1

(5)

1,534

14,247

3,188

97,517

—

691

F-12