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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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Printed filing page 66 · Extracted page text

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Table of Contents

Our results of operations may also fluctuate due to a variety of additional factors, many of which are outside of 
our control and difficult to predict, including, but not limited to:

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the  level  of  demand  for  our  models,  platform,  and  applications,  and  our  ability  to  forecast  such 
demand;

our ability to forecast required compute and to obtain additional compute as needed, and any increase 
in costs thereof;

our ability to expand usage within organizations;

our ability to attract and retain customers and increase sales of our models, platform, and applications 
to existing customers;

our  ability  to  effectively  manage  our  relationships  with  our  third-party  service  providers  and  our 
reliance on such providers for critical infrastructure and services;

the  timing  and  success  of  new  features,  integrations,  capabilities,  and  enhancements  by  us  to  our 
models, platform, and applications, or by our competitors to their products; 

the  safety  and  risk  mitigation  measures  we  implement  in  developing  and  releasing  our  models, 
including any resulting delays in model development or release, or the adoption of laws, regulations, or 
standards that affect how and when frontier AI models may be developed or released;

our ability to achieve widespread acceptance and use of our models, platform, and applications;

changes in the competitive landscape and introduction of competitive companies, models, platforms, 
and applications;

security breaches, technical difficulties, or interruptions to our models, platform, or application;

real or perceived improper or unauthorized use of, disclosure of, or access to confidential, proprietary, 
personal, or sensitive data;

pricing pressure as a result of competition or otherwise;

adverse  litigation  judgments,  other  dispute-related  settlement  payments,  or  other  litigation-related 
costs;

the number of employees hired;

the timing of the grant or vesting of equity awards to employees, directors, or consultants;

the  vesting  and  settlement  of  equity  awards,  including  any  cash  used  to  remit  taxes  on  behalf  of 
employees in connection with the settlement of RSUs and the recognition of stock-based compensation 
expense;

our ability to maintain, protect, and enhance our brand;

declines in the values of foreign currencies relative to the U.S. dollar;

changes  in,  and  continuing  uncertainty  in  relation  to,  the  legislative  or  regulatory  environment  with 
respect to our industry;

enforcement  by  government  regulators, 
designations, or consent decrees;

including 

investigations,  proceedings,  fines,  orders, 

increased legal and regulatory compliance costs in new and existing markets;

costs and timing of expenses related to the potential acquisition of businesses, talent, technologies, or 
intellectual property, including potentially significant amortization costs and possible write-downs;

66

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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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A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

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