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Anthropic, PBC
Notes to Consolidated Financial Statements
(Continued)

Agreement.  Borrowings  under  the  Credit  Agreement  bear  interest  at  rates  based  on  either  the  Alternate  Base 
Rate, Term SOFR or other applicable benchmarks, plus an applicable margin.

The  Company  is  required  to  pay  commitment  fees  on  the  unused  portion  of  the  credit facility  and  fees  in 
connection  with  letters  of  credit.  The  obligations  under  the  Credit  Agreement  are  guaranteed  by  certain 
subsidiaries  of  the  Company  and  are  secured  by  substantially  all  of  the  assets  of  the  Company  and  the 
subsidiary  guarantors,  subject  to  certain  exceptions  and  exclusions  set  forth  in  the  Credit  Agreement.  The 
Credit  Agreement  contains  customary  affirmative  and  negative  covenants,  including,  but  not  limited  to, 
restrictions on additional indebtedness, liens, asset sales, investments, mergers, and restricted payments. The 
Company  is  also  subject  to  a  financial  covenant  which  requires  the  Company  to  maintain  liquidity  of  at  least 
$500 million as of the last day of each fiscal quarter. The agreement also includes customary events of default, 
which, if triggered, could result in the acceleration of amounts due under the credit facility.

In  September  2025,  the  Company  executed  an  amendment  to  the  Credit  Agreement  increasing  the  aggregate 
principal amount of revolving credit commitments by $250 million to $2.8 billion.

In  November  2025,  the  Company  executed  a  second  amendment  to  the  Credit  Agreement,  providing 
incremental  revolving  commitments  in  an  aggregate  principal  amount  of $500  million.  Following  the  second 
amendment, the aggregate principal amount of revolving commitments totals $3.3 billion.

In February 2026 (unaudited), the Company executed a third amendment to the Credit Agreement, increasing 
the letter of credit sublimit by $600 million to $1.0 billion. 

As  of December  31,  2025,  the  Company  had no  borrowings  drawn  under  the  revolving  credit  facility,  and $4 
million of standby letters of credit outstanding under the credit facility. The Company was in compliance with 
all  covenants  under  the  Credit  Agreement  as  of December  31,  2025.  The  Company  recognized $5  million  in 
access fees during the year ended December 31, 2025, which are amortized as interest expense over the term of 
the credit facility. As of June 30, 2026 (unaudited), the Company had no borrowings drawn under the revolving 
credit  facility  and $78  million  of  standby  letters  of  credit  were  outstanding  under  the  credit  facility.  The 
Company was in compliance with all covenants under the Credit Agreement as of June 30, 2026 (unaudited).

10. Redeemable Convertible Preferred Stock, Common Stock and 
Stockholders’ Deficit

Redeemable Convertible Preferred Stock

Redeemable  convertible  preferred  stock  is  carried  at  its  issuance  price,  net  of  issuance  costs,  and  comprises 
Series  A redeemable  convertible  preferred  stock,  Series  B  redeemable  convertible  preferred  stock,  Series  C-1 
redeemable  convertible  preferred  stock,  Series  C-2 redeemable  convertible  preferred  stock,  Series  D-1 
redeemable  convertible  preferred  stock,  Series  D-2 redeemable  convertible  preferred  stock,  Series  D-3 
redeemable  convertible  preferred  stock,  Series  E-1 redeemable  convertible  preferred  stock,  Series  E-2 
redeemable  convertible  preferred  stock,  Series  E-3 redeemable  convertible  preferred  stock,  Series  E-4 
redeemable  convertible  preferred  stock,  Series  E-5 redeemable  convertible  preferred  stock,  Series  F-1 
redeemable  convertible  preferred  stock,  Series  F-2 redeemable  convertible  preferred  stock,  Series  F-3 
redeemable  convertible  preferred  stock,  Series  F-4 redeemable  convertible  preferred  stock,  Series  G-1 
redeemable  convertible  preferred  stock,  Series  G-2  redeemable  convertible  preferred  stock,  Series  G-3 
redeemable  convertible  preferred  stock,  Series  G-4  redeemable  convertible  preferred  stock,  Series  H-1 
redeemable  convertible  preferred  stock,  Series  H-2  redeemable  convertible  preferred  stock,  Series  H-3 
redeemable convertible preferred stock, and Series H-4 redeemable convertible preferred stock.

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