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Anthropic, PBC
Notes to Consolidated Financial Statements
(Continued)

beginning  after  December  31,  2024,  and  provided  transition  relief  permitting  acceleration  of  previously 
capitalized domestic R&D costs from 2022 to 2024. While these provisions resulted in a significant favorable 
temporary difference in the Company’s 2025 tax provision, they did not have a material effect on the Company’s 
consolidated  financial  statements  for  the  year  ended December 31, 2025, due to the Company’s full valuation 
allowance  position  on  deferred  tax  assets.  The  Company  will  continue  to  monitor  future  developments, 
including  regulatory  guidance  and  interpretations,  which  could  have  a  material  impact  as  the  Company’s  tax 
position evolves.

For the Six Months Ended June 30, 2025 and 2026 (Unaudited)

A summary of the Company’s provision for income taxes, loss before provision for income taxes, and effective 
tax rates is as follows (in millions, except percentages):

Provision for income taxes

Loss before provision for income taxes

Effective tax rate

Six Months Ended June 30,

2025

2026

$

$

7

(12,962)

(0.1)%

$

$

21

(80,727)

— %

The  Company’s  provision  for  income  taxes  consists  primarily  of  state  taxes  in  the  United  States  and  foreign 
taxes in jurisdictions in which the Company conducts business. The Company recorded income tax expense of 
$7  million  and $21  million  for  the  six  months  ended  June  30, 2025  and 2026,  respectively.  The  Company 
maintains a full valuation allowance against its net deferred tax assets as it is more likely than not that these 
assets will not be realized.

12. Net Loss per Share

The Company computes net loss per share utilizing the two-class method required for participating securities. 
The  rights,  including  the  liquidation  and  dividend  rights,  of  the  holders  of  the  Company’s  Class  A  common 
stock and Class N common stock are identical, except with respect to voting. As a result, the basic and diluted 
net loss per share of Class A common stock and Class N common stock are the same and therefore presented on 
a combined basis.

The following table sets forth the computation of basic and diluted net loss per share, net of tax attributable to 
the Company’s common stockholders (in millions, except share amounts which are reflected in thousands, and 
per-share data):

Numerator:

Net loss

Denominator:

Weighted-average shares 
of common stock 
outstanding, basic and 
diluted

Net loss per share 
attributable to common 
stockholders, basic and 
diluted

Year Ended December 31,
2024

2025

2023

Six Months Ended June 30,

2025

2026

(unaudited)

$

(1,531) $

(8,309) $

(41,965) $

(12,969) $

(80,748)

1,076,881

1,528,995

1,821,085

1,788,731

2,024,973

$

(1.42) $

(5.43) $

(23.04) $

(7.25) $

(39.88)

For  the  years  ended December 31, 2023, 2024,  and 2025 and the six months ended June 30, 2025 and 2026 
(unaudited),  basic  net  loss  per  share  is  the same as diluted net loss per share as the inclusion of all potential 
shares of common stock outstanding would have been anti-dilutive. 

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