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Table of Contents

Anthropic, PBC
Notes to Consolidated Financial Statements
(Continued)

4. Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities measured at fair 
value on a recurring basis based on the fair value hierarchy as follows (in millions):

Assets:

Cash equivalents:

Money market funds

Total fair value assets

Liabilities:

Convertible notes(1)
Other noncurrent liabilities:

Derivative liability

Total fair value liabilities

Level 1

As of December 31, 2024
Level 3
Level 2

Total

$

$

$

$

3,029 $

3,029 $

— $

— $

— $

— $

3,029

3,029

— $

— $

14,116 $

14,116

—

— $

—

150

150

— $

14,266 $

14,266

Level 1

As of December 31, 2025
Level 3
Level 2

Total

Assets:

Cash equivalents:

Money market funds

Corporate debt securities

Short-term investments:

Commercial paper

U.S. Treasury and agency securities

Corporate debt securities

Other assets:

Warrant rights

$

16,455 $

—

—

—

—

—

— $

16,455

— $

4

123

2,114

652

—

—

—

—

—

345

4

123

2,114

652

345

Total fair value assets

$

16,455 $

2,893 $

345 $

19,693

Liabilities:

Accounts payable, accrued expenses, and 
other current liabilities:

Donation matching program liability(2) $

— $

— $

541 $

Convertible notes(1)
Other noncurrent liabilities:

Holdback liability(3)

—

—

—

—

41,677

541

41,677

28

28

Total fair value liabilities

$

— $

— $

42,246 $

42,246

F-29