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Table of Contents Stock Options Anthropic, PBC Notes to Consolidated Financial Statements (Continued) A summary of stock option activity and related information was as follows: Number of Shares (in thousands) Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in millions) Balance as of December 31, 2023 532,827 $ Granted Exercised Cancelled and forfeited Balance as of December 31, 2024 Granted Exercised Cancelled and forfeited Balance as of December 31, 2025 Granted (unaudited) Exercised (unaudited) Cancelled and forfeited (unaudited) Balance as of June 30, 2026 (unaudited) Vested and exercisable as of December 31, 2025 Vested and exercisable as of June 30, 2026 (unaudited) 1,279,562 (24,907) (50,702) 1,736,780 550,591 (141,478) (163,150) 1,982,743 90,419 (227,942) (48,154) 1,797,066 $ 662,636 $ 902,727 $ 0.52 1.30 0.40 0.98 1.08 3.72 0.79 1.33 1.81 22.14 1.38 1.87 2.89 1.12 2.06 9.3 $ 416 9.2 $ 2,248 8.6 $ 31,415 8.2 $ 8.1 $ 98,205 10,961 8.1 $ 50,077 The intrinsic value of a stock option is calculated as the difference between the per-share exercise price of the stock option and the estimated per-share fair value of the Company’s common stock at the measurement date. The total intrinsic value of stock options exercised during the years ended December 31, 2023, 2024, and 2025 and during the six months ended June 30, 2026 (unaudited) was $7 million, $31 million, $1.1 billion, and $6.8 billion, respectively. The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2023, 2024, and 2025 and during the six months ended June 30, 2026 (unaudited) was $0.51 per share, $1.07 per share, $5.76 per share, and $19.90 per share, respectively. The total grant-date fair value of options vested during the years ended December 31, 2023, 2024, and 2025 and during the six months ended June 30, 2026 (unaudited) was $12 million, $83 million, $733 million, and $2.0 billion, respectively. As of December 31, 2025 and June 30, 2026 (unaudited), there was approximately $3.2 billion and $2.8 billion, respectively, of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.5 years and 1.2 years, respectively. The following weighted-average assumptions were used to calculate the fair value of option grants: 2023 Year Ended December 31, 2024 2025 Fair value of common stock Expected volatility Risk-free interest rate Dividend yield Expected term (in years) $0.51 - $1.08 71.6 % 4.3 % — % 6.0 $1.30 - $2.23 67.6 % 4.1 % — % 6.1 $3.45 - $16.69 66.4 % 3.9 % — % 5.6 Six Months Ended June 30, 2026 (unaudited) $21.56 - $57.14 65.7 % 3.8 % — % 5.3 F-51
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