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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

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Itis Anthropic’s thesis that the exponential in
cognition is likely to continue, eventually reaching the
level of what we have called “a country of geniuses in
a data center”—millions of virtual agents with the
ability to revolutionize every area of human endeavor:
software, physics, math, biology, medicine, finance,
economics, commerce, robotics, military and
intelligence capabilities, and much more. Anthropic
has always focused first and foremost on working
with other businesses, because we understand that
the extraordinary benefits of AI will mostly derive
from the way our models are deployed by enterprises
and other organizations across the world.

Itis worth highlighting a few applications with
particularly great potential to improve the quality of
human life:

e First, we believe that AI will profoundly accelerate
the rate of progress in biology and medicine,
potentially curing diseases that have plagued
humanity for millennia, including cancer,
Alzheimer’s disease, heart disease, rare genetic
diseases, and the major infectious diseases. AI
enables entirely new ways of doing scientific
research and drug development, and we hope to
play a leading role in developing tools to benefit
the broader scientific community. Anthropic
already works with many biotechnology and
pharmaceutical companies to improve both basic
discovery and clinical trials, from helping
pharmaceutical company scientists tackle drug

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discovery challenges to cutting the time it takes to
write clinical trial reports from months to minutes.
To build the best tools for science, our teams need
first-hand experience doing scientific research and
drug discovery. We have started to directly make
biological discoveries with Claude: among them is
the discovery of a molecular machine that might
have the potential to be developed into a novel
biotechnology tool, perhaps for gene editing. We
expect Claude to enable many more novel
biological discoveries in the near future, and we
will work with our partners to validate them,
working together to raise the rate of discovery
across the entire field.

Second, AI can be a powerful lever for economic
growth. As a general purpose technology, it has the
potential to raise productivity across every sector of
the economy. Productivity growth in advanced
economies has stagnated in recent decades, partly
for structural reasons and partly because new ideas
seem to be harder to find. AI could reverse this
trend. AI can directly make workers and firms more
productive in tasks that were previously hard to
automate (some analyses suggest this alone could
undo the recent productivity slowdown). But Al is
also an “innovation in the method of innovation”’—it
can improve the very process by which businesses
come up with new products and new ways of
working. That could bring about a sustained
acceleration in economic growth, with all the
benefits for human wellbeing that growth can bring.

Third, AI can diffuse these benefits throughout the
world, helping to raise global economic growth
rates. Today, even when medicines for terrible
diseases are developed, they do not always reach
everyone who needs them, due to failures of
logistics, staffing, or access in poorer parts of the
world. An estimated 4.6 billion people, more than
half the world’s population, still lack access to
essential health services, according to the World
Health Organization (“WHO”) and the World
Bank. We believe Al can help here as well, by
extending scarce expertise, strengthening the data
that health systems run on, and helping get
treatments to where they are most needed.

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  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

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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.

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A closer look at the filing

Anthropic · Form S-1PDF 1

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