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Anthropic, PBC
Notes to Consolidated Financial Statements
(Continued)

3. Investments

Cash Equivalents and Short-Term Investments

The  amortized  cost,  gross  unrealized  gains  and  losses,  and  fair  value  of  the  Company’s  cash  equivalents  and 
short-term  investments  by  major  security  type  as  of December  31,  2024  and  2025  and  June  30,  2026 
(unaudited) consisted of the following (in millions):

Cash equivalents:

Money market funds

Total cash equivalents

Cash equivalents:

Money market funds

Corporate debt securities

Total cash equivalents

Short-term investments:

Commercial paper

U.S. Treasury and agency securities

Corporate debt securities

Total short-term investments

Cash equivalents:

Money market funds

Commercial paper

U.S. Treasury and agency securities

Corporate debt securities

Municipal securities

Total cash equivalents

Short-term investments:

Commercial paper

U.S. Treasury and agency securities

Corporate debt securities

Total short-term investments

Amortized 
Cost

As of December 31, 2024

Gross 
Unrealized 
Gains

Gross 
Unrealized 
Losses

Fair Value

3,029 $

3,029 $

— $

— $

— $

— $

3,029

3,029

Amortized 
Cost

As of December 31, 2025

Gross 
Unrealized 
Gains

Gross 
Unrealized 
Losses

Fair Value

16,455 $

4

16,459 $

— $

—

— $

— $

16,455

—

4

— $

16,459

123 $

— $

— $

2,111

651

3

1

—

—

2,885 $

4 $

— $

123

2,114

652

2,889

$

$

$

$

$

$

Amortized 
Cost

As of June 30, 2026

Gross 
Unrealized 
Gains

Gross 
Unrealized 
Losses

(unaudited)

Fair Value

$

108,603 $

— $

— $

108,603

18

264

4

8

—

—

—

—

—

—

—

—

18

264

4

8

108,897 $

— $

— $

108,897

1,592 $

— $

14,818

2,896

—

—

19,306 $

— $

(3) $

(33)

(8)
(44) $

1,589

14,785

2,888

19,262

$

$

$

Amortized cost and fair value balances exclude accrued interest receivable of $16 million and $123 million as of 
December 31, 2025 and June 30, 2026 (unaudited), respectively, which was included in prepaid expenses and 
other  current  assets  on  the  consolidated  balance  sheets.  The  Company  did  not  have  an  accrued  interest 

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