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Table of Contents Anthropic, PBC Notes to Consolidated Financial Statements (Continued) receivable as of December 31, 2024. The Company does not measure an allowance for credit losses on accrued interest receivable, as any uncollectible accrued interest is written off in a timely manner. The contractual maturities of cash equivalents and short-term investments are as follows (in millions): As of December 31, 2025 As of June 30, 2026 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Due within one year Due after one year through five years Total $ $ 18,632 $ 18,634 $ 120,668 $ 120,654 712 714 7,535 7,505 19,344 $ 19,348 $ 128,203 $ 128,159 Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. As of December 31, 2025 and June 30, 2026 (unaudited), the Company did not recognize any allowance for credit losses or impairment charges on its investments. The following table summarizes the fair value and gross unrealized losses of short-term investments that are in an unrealized loss position aggregated by major security type (in millions): Commercial paper U.S. Treasury and agency securities Corporate debt securities Total As of June 30, 2026 Fair Value Unrealized Loss(1) (unaudited) 1,444 $ 14,237 2,478 18,159 $ (3) (33) (8) (44) $ $ ______________ (1) All of the Company’s short-term investments have been in a continuous unrealized loss position for less than 12 months. The Company does not intend to sell, nor is it more-likely-than-not that the Company will be required to sell, short-term investments with unrealized losses prior to the recovery of its amortized cost bases, which may be at maturity. As of December 31, 2025, the Company did not have short-term investments in an unrealized loss position. For the year ended December 31, 2025 and the six months ended June 30, 2025 and 2026 (unaudited), there were no material realized gains or losses from cash equivalents and short-term investments that were reclassified out of accumulated other comprehensive income (loss). Equity Method Investments The Company holds investments accounted for under the equity method of accounting where the Company can exercise significant influence, but not control, over an investee. Equity method investments are included within other assets, noncurrent, on the Company’s consolidated balance sheets, and the Company’s share of the income or losses of the equity method investees are recognized in other income (expense), net, in the Company’s consolidated statements of operations. As of June 30, 2026 (unaudited), the Company’s carrying value of such investments was not material. The Company has made funding commitments of up to $325 million, of which $265 million remained unfunded as of June 30, 2026 (unaudited). F-28
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