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Table of Contents Anthropic, PBC Notes to Consolidated Financial Statements (Continued) there was approximately $325 million of total unrecognized compensation cost related to unvested RSAs, which is expected to be recognized over a weighted-average period of 2.7 years. Share Repurchases During the year ended December 31, 2025, the Company repurchased and immediately retired 27.9 million shares of common stock from certain former and current service providers at a purchase price of $5.61 per share, which was in excess of the then-current fair market value at the time of repurchase. The aggregate fair value of the shares repurchased was $149 million, which was recorded as an increase in accumulated deficit. The excess of the repurchase price over the fair market value of the shares at the date of repurchase was recognized as stock-based compensation expense of $7 million in the consolidated statement of operations. The Company did not repurchase any shares during the six months ended June 30, 2026 (unaudited). In February 2026 (unaudited), the Company’s Board of Directors approved an offer by a group of third-party buyers to purchase shares of the Company’s Class A common stock at a price of $25.9136 per share from sellers that included current and former employees, non-employee service providers, and donor advised funds. The tender offer closed in April 2026, and an aggregate of 179.9 million shares were sold. Shares sold in the tender offer were sold at fair value, and accordingly, no stock-based compensation expense was recognized in connection with the transaction. Donation Matching Plan In November 2021, the Company adopted its donation matching plan (“Donation Matching Plan”) whereby eligible employees of the Company can pledge to donate to eligible nonprofit organizations, including 501(c)(3) tax exempt organizations, and have the Company match such donation on the terms set forth in the Donation Matching Plan. The Company may elect, at its sole discretion and per the terms of the Donation Matching Plan, to match the donation in shares of Class N common stock or in cash in an equivalent value. As of December 31, 2024 and 2025, 964.3 million shares of common stock were reserved for issuance under the Donation Matching Plan, and no shares are issued or outstanding. As of June 30, 2026 (unaudited), 933.7 million shares of common stock were reserved for issuance under the Donation Matching Plan. During the six months ended June 30, 2026 (unaudited), the Company recognized a change in fair value of $126 million of the donation matching program liability within other operating and administrative expense in the consolidated statements of operations and issued 30.6 million shares of Class N common stock upon settlement of its donation matching obligation in the first quarter of 2026 (unaudited). As of December 31, 2024 and 2025 and June 30, 2026 (unaudited), the Company accrued zero, $541 million, and zero, respectively, within accounts payable, accrued expenses, and other current liabilities on the consolidated balance sheets, representing the estimated fair value of the current obligations to match employee donations under the donation matching program based on observable and unobservable inputs, specifically considering the price of the Company’s common stock. Donation matching expense is included within other operating and administrative expenses in the consolidated statements of operations. 11. Income Taxes The Company is subject to taxation in the United States and various other state and foreign jurisdictions. The domestic and foreign components of pre-tax loss were as follows (in millions): Domestic Foreign Loss before provision for income taxes Year Ended December 31, 2024 2025 2023 $ $ (1,529) $ — (1,529) $ (8,302) $ (6) (8,308) $ (41,881) (64) (41,945) F-53
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