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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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It starts with Anthropic’s culture, which is built
around public benefit, honesty and trust, low-ego
collaboration, and relentless focus on doing the
simple thing that works. Everyone who interviews at
Anthropic goes through an interview process
designed to assess these attributes, and we are willing
to turn down candidates who don’t demonstrate
them, even if they are extremely strong technically.

Anthropic remains small for its reach. Each Anthropic
employee supports over $6.6 million in trailing 12-
month revenue as of September 30, 2026, which is
meaningfully higher than the average for the largest
public U.S. companies. We believe a close-knit team of
people who share a mission can accomplish far more
than its size would suggest, and we intend to keep
that character as we grow.

Upon joining, all employees are offered a donation
match: for each share of equity that they pledge to
give away to philanthropic causes, Anthropic creates
an additional share to match it, which is also pledged
in the same manner. At the time of writing, just over
half of all our employees have pledged at least some of
their equity.” All seven of us have also pledged to
donate 80% of our personal equity in Anthropic to
charitable causes.

As co-founders and leaders, we aim for radical
internal honesty, and we have a culture of lively and
open debate between people of all levels of seniority.
Every two weeks Dario, our CEO, typically gets up in
front of the company and openly describes the
decisions that are on his mind and the state of the
industry; other co-founders and leaders frequently do
the same in their respective areas. Employees debate
the tradeoffs necessitated by the complexity of our
mission in discussion forums that are open to the
whole company. This open culture is one reason our
talent density is high and our talent retention remains
among the best in the industry. All seven of us still
work at the company, which makes Anthropic the
only major AI company to have retained its entire
founding team. Over three quarters of our first 100
employees still work here; even those who do leave
often go on to recommend Anthropic to others, or to
return. Our statistics show that of the employees who
left whom we would have preferred to retain, 19%
subsequently returned to work at Anthropic.

But culture is not enough: formal governance
commitments matter as well. We have designed our
governance structure to balance commercial success
and the public good. Anthropic is a public benefit
corporation, which means our board of directors is
tasked with weighing the financial interests of our
stockholders against our public benefit mission and
the interests of those materially affected by our
conduct. In addition, our governance structure shares
power among three groups: our co-founders, our
employees, and the Long-Term Benefit Trust
(“LTBT”). The LTBT, an independent body with no
financial stake in Anthropic, is charged with holding
the company to its long-term public benefit mission.
Its members bring expertise in fields where the
positive and negative externalities of AI are most
likely to arise, including national security, economics,
global health, and science.

? For employees who joined before May 2024, we offered a donation match of
up to 50% of their shares. Over 70% made a pledge, with over 25% pledging
the full 50%. For post-May 2024 employees, we offered a donation match of
up to 25% of their shares; nearly 50% have participated, with nearly 30%
pledging the full 25%.

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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

Read in full.
Kept in context.

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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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.