The paper trail

Small print.
Wide open.

A clear path from a claim to the page it came from. Here’s the filing, the research, and how we read it.

The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
01The original SEC filingThe authoritative source, in your browser.SEC · HTML 02Download the saved filingThe complete 421-page document, optimized for downloading.PDF · 46 MB 03Download the full researchFindings, customer examples, calculations, and source references.Markdown

Page by page

Go straight to the source.

Page references count physical pages in the saved PDF, starting at 1. The printed filing number is shown separately when available.

Enter a page from 1 to 421. No PDF download needed.

From the filing

PDF page 392

Printed filing page F-46 · Extracted page text

View on the SEC
Read the page text
Table of Contents

Anthropic, PBC
Notes to Consolidated Financial Statements
(Continued)

As  of  June  30,  2026  (unaudited),  the  Company’s redeemable  convertible  preferred  stock  consisted  of  the 
following (in millions, except share amounts which are reflected in thousands, and per share data):

Series

Series A

Series B

Series C-1

Series C-2

Series D-1

Series D-2

Series D-3

Series E-1

Series E-2

Series E-3

Series E-4

Series E-5

Series F-1

Series F-2

Series G-1

Series G-2

Series G-3

Series G-4

Series H-1

Series H-2

Series H-3

Series H-4

Total

Shares 
Authorized

Shares Issued 
and 
Outstanding

Original Issue 
Price per 
Share
(unaudited)

Net 
Carrying 
Value

Liquidation 
Preference

48,574

87,430

26,397

13,362

35,013

4,444

4,999

63,610

95,282

12,664

15,343

24,244

92,220

20,740

90,510

83,929

20,563

3,322

78,942

34,808

104,472

79,573

48,574 $
87,430 $
26,397 $
13,362 $
35,013 $
4,444 $
4,999 $
63,610 $
95,282 $
12,664 $
15,343 $
24,244 $
92,220 $
20,740 $
90,510 $
83,929 $
20,563 $
3,322 $
77,638 $
33,110 $
— $

— $

2.57 $

125 $

11.23

11.23

11.23

30.00

27.00

30.00

56.09

20.93

56.09

50.48

53.28

140.97

20.93

259.14

259.14

20.93

233.22

589.01

589.01

20.93

50.48

982

296

150

1,042

133

146

3,549

4,728

856

986

1,598

12,999

2,179

23,454

33,558

4,571

928

45,728

19,502

—

—

125

982

296

150

1,051

120

150

3,568

1,994

710

774

1,292

13,000

434

23,455

21,749

430

775

45,729

19,502

—

—

1,040,441

853,394

$

157,510 $

136,286

Series G and Series H Financings (Unaudited)

In the first quarter of 2026, the Company completed the sale of an aggregate of 90.5 million shares of Series G-1 
redeemable  convertible  preferred  stock  and  an  aggregate of  26.0  million  shares  of  Series  G-2  non-voting 
redeemable convertible preferred stock at a price of $259.1364 per share, for aggregate gross proceeds of $30.2 
billion.

In the second quarter of 2026, the Company completed the sale of an aggregate of 57.9 million shares of Series 
G-2  non-voting  redeemable  convertible  preferred  stock  at  a  price  of $259.1364  per  share,  for  aggregate 
proceeds of $15.0 billion. Refer to Note 4 for further information.

In the second quarter of 2026, the Company also completed the sale of an aggregate of 77.6 million shares of 
Series  H-1  redeemable  convertible  preferred  stock  and  an  aggregate  of 33.1 million shares of Series H-2 non-
voting redeemable convertible preferred stock at a price of $589.0095 per share, for aggregate gross proceeds of 
$65.2 billion.

Dividend Rights

The  holders  of  the  outstanding  shares  of redeemable convertible preferred stock are entitled to receive, when 
and  if  declared  by  the Board,  and  prior  and  in  preference  to  dividends  on  the  Company’s  common  stock, 
dividends at the per annum rate of 6% of the applicable original issue price per share (“OIP”). Such dividends 

F-46

Text is provided for reference. Check the original for tables, images, and exact formatting.

Find a section 16 starting points

Section links may begin before the exact paragraph cited in a finding. PDF numbers below use physical pages.

  1. Founders’ letterp. 3SEC
  2. Defined termsp. 12SEC
  3. Prospectus summaryp. 16SEC
  4. Risk factorsp. 38SEC
  5. Management’s discussion & analysisp. 144SEC
  6. Businessp. 190SEC
  7. Governancep. 254SEC
  8. Executive compensationp. 275SEC
  9. Related-person transactionsp. 293SEC
  10. Principal & selling stockholdersp. 299SEC
  11. Capital-stock rightsp. 303SEC
  12. Shares eligible for future salep. 318SEC
  13. Underwritingp. 327SEC
  14. Auditor change & expertsp. 345SEC
  15. Financial statements & notesp. 347SEC
  16. Part II & exhibit indexp. 413SEC

How this was made

Read in full.
Kept in context.

A snapshot of the filing dated , rather than a live record of later events.

3primary reviewers
421pages reviewed
43image instances checked

The review

Three primary reviewers read non-overlapping ranges of the complete main filing. All 43 embedded image instances were transcribed and visually reviewed, including the founders’ letter, charts, and customer case studies. Financial tables were also checked visually for dates, units, and column alignment.

A separate reviewer checked the draft’s calculations, accounting interpretations, and customer qualifications. An additional check covered the later merged findings. The result is 62 findings and 21 customer examples.

The boundary

Companion contracts and other exhibits named in the filing’s index are separate documents and were not independently reviewed. Customer outcomes, technical benchmarks, forecasts, and scientific priority claims remain attributed company or customer disclosures.

The numbers

Dollar figures are U.S. dollars. H1 means the six months ended June 30; Q2 means the three months ended June 30. The 2026 interim financial statements are unaudited. Our calculations show their inputs and are labeled separately from reported values.

Blank fields stay undisclosed. Figures with different periods, conditions, or potentially overlapping scopes are kept separate. An earlier tender price is not an IPO price.

What the evidence labels mean
Reported in filing
A company disclosure, with the period and accounting basis retained.
Company estimate / company claim
An estimate or assertion attributed to the company, with its uncertainty preserved.
Our calculation
A derived figure using cited inputs. It is not a separately reported company metric.
Customer example
A selected case study, with its measurement limits. It is not representative ROI.
Proposed / conditional
A status qualifier for an arrangement that is not yet effective or depends on stated conditions.

About updates. This edition is tied to the October 26, 2026 filing. Any later revision should identify its new source date and preserve the basis of earlier claims.

The footnotes are only the beginning.Explore the findings Read the story
The original, in context

Open the footnote.

A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.