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Table of Contents

Anthropic, PBC
Notes to Consolidated Financial Statements
(Continued)

The  following  table  presents  a  summary  of  the  changes  in  the  fair  value  of  the  Company’s  Level  3  financial 
instruments (in millions):

Warrant 
Rights

Note 
Purchase 
Agreements

Donation 
Matching 
Program 
Liability

Holdback 
Liability

SAFEs

Convertible 
Notes 
Payable

Derivative 
Liability

$

— $

— $

— $

— $

128 $

1,678 $

1,110

Balance as of 
December 31, 2023

Additions

Conversion

Change in fair value 
and settlement of 
derivative liability

Balance as of 
December 31, 2024

Additions

Conversion

Change in fair value 
and settlement of 
derivative liability

Balance as of 
December 31, 2025

Additions 
(unaudited)

Conversion 
(unaudited)

Change in fair value 
(unaudited)

Settlement 
(unaudited)

Balance as of June 30, 
2026 (unaudited)

—

—

—

—

345

—

—

345

—

—

—

—

—

—

—

—

—

—

2,348

—

—

—

—

—

541

—

—

541

—

—

724

(11,753)

—

11,810

126

(667)

—

—

—

—

25

—

3

28

—

—

30

—

—
(134)

5,900

—

150

—

6

—

—

—

—

—

—

—

—

—

6,538

(1,110)

14,116

3,450
(10,347)

150

—

—

34,458

(150)

41,677

—

(5,499)

72,388

—

—

—

—

—

—

—

$

1,069 $

2,405 $

— $

58 $

— $ 108,566 $

Fair  value  measurements  categorized  within  Level  3  are  sensitive  to  changes  in  the  assumptions  or 
methodology used to determine fair value and such changes could result in a significant increase or decrease in 
the fair value.

5. Goodwill and Intangible Assets

Goodwill

The following table presents goodwill activity (in millions):

Balance, as of December 31, 2024

Acquisition

Balance, as of December 31, 2025

Acquisitions and other (unaudited)

Balance, as of June 30, 2026 (unaudited)

F-32

Total

—

154

154

422

576

$

$