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Table of Contents Anthropic, PBC Notes to Consolidated Financial Statements (Continued) 6. Property and Equipment, Net Property and equipment, net consisted of the following (in millions): As of December 31, 2024 2025 As of June 30, 2026 (unaudited) Leasehold improvements $ 16 $ 51 $ Servers, networking, and infrastructure equipment Construction in progress Other assets Total property and equipment, gross Less: Accumulated depreciation Total property and equipment, net — 4 3 23 (4) 34 63 10 158 (12) $ 19 $ 146 $ 58 618 536 22 1,234 (47) 1,187 Depreciation expense was $1 million, $3 million, and $10 million for the years ended December 31, 2023, 2024, and 2025, and $4 million and $35 million for the six months ended June 30, 2025 and 2026 (unaudited), respectively. 7. Leases The Company has operating and finance leases for corporate offices and infrastructure equipment with various expiration dates. The leases have non-cancelable remaining terms of less than one year to 20 years, some of which include options to extend for up to 14 years. The components of the Company’s lease expense were as follows (in millions): Year Ended December 31, 2024 2025 2023 Six Months Ended June 30, 2025 2026 (unaudited) Operating lease cost Finance lease cost: Amortization of lease assets Interest on lease liabilities Finance lease cost Short-term lease cost Variable lease cost Total lease cost $ 3 $ 17 $ 22 $ 8 $ — — — — — — — — — — — — — — — — — — — — $ 3 $ 17 $ 22 $ 8 $ 56 13 5 18 7 8 89 Weighted-average remaining lease term and discount rate for the Company’s leases were as follows: As of December 31, 2024 2025 As of June 30, 2026 (unaudited) Weighted-average remaining lease term - operating leases 3.3 years 7.7 years 10.8 years Weighted-average remaining lease term - finance leases Weighted-average discount rate - operating leases Weighted-average discount rate - finance leases * 10.4 % * * 8.1 % * 4.9 years 7.5 % 7.1 % ______________ * The Company did not have finance leases as of December 31, 2024 and 2025. F-34
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