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Table of Contents Anthropic, PBC Notes to Consolidated Financial Statements (Continued) Potentially dilutive securities that were not included in the diluted per-share calculations because they would have been anti-dilutive were as follows (in thousands): Redeemable convertible preferred stock Convertible notes Derivative liabilities RSAs Stock options Holdback liability Donation matching program liability Total Year Ended December 31, 2024 2025 2023 Six Months Ended June 30, 2025 2026 (unaudited) 1,757,637 1,137,923 3,062,061 468,904 532,827 — — 2,202,194 1,893,289 450,000 36,070 5,465,695 2,046,074 4,333,169 2,253,472 — 27 — — 8,558,869 1,840,445 — 13,529 1,736,780 1,982,743 1,835,665 1,797,066 — — 1,596 30,643 — — 1,590 — 6,959,352 6,318,333 9,526,778 8,422,306 12,211,499 The SAFEs and certain convertible notes were excluded from the anti-dilutive securities as the potential common stock are contingently issuable and the number of shares issuable is contingent on the price at which future financing transactions occur. The table above does not include 621.0 million, 173.7 million, and 1,049.6 million RSUs outstanding as these awards are subject to a performance condition that was not considered probable for the year ended December 31, 2025 and six months ended June 30, 2025 and 2026 (unaudited), respectively. 13. Commitments and Contingencies Purchase Commitments The Company routinely enters into non-cancelable agreements with third parties that contractually obligate the Company to purchase services. These contractual commitments primarily relate to CSP hosting and other third- party infrastructure services agreements. Future minimum payments under the Company’s non-cancelable purchase commitments with a remaining term in excess of one year as of December 31, 2025 were as follows (in millions): Year Ended December 31, 2026 2027 2028 2029 2030 Thereafter Total non-cancelable contractual commitments Amount 7,059 11,128 10,832 8,304 5,428 11,808 54,559 $ $ As of June 30, 2026 (unaudited), expected future fixed or minimum guaranteed commitments under these agreements were approximately $265.6 billion with terms ranging from one to 20 years. The Company has also entered into compute and infrastructure agreements that do not specify a fixed or minimum dollar commitment. Payments under these agreements will depend on the capacity made available and deployed, delivery timing, and pricing, and are not yet determinable. The Company does not include any estimated obligation for these agreements in the amount above; however, such payments are expected to be significant. F-58
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