Small print.
Wide open.

[Embedded graphic 1 — OCR text]
The LTBT elects four of our seven directors, with one
of those seats subject to safeguards on nomination
and removal (including an employee vote if the
company and the LTBT disagree). We, the co-
founders, have the power to elect the other three
directors. Our increased voting power is not
permanent and voting power passes to our common
stockholders once fewer than three of us remain in
the voting entity. This prospectus describes the
structure in greater detail.

In addition to individual philanthropy, we are
earmarking a measurable fraction of our resources for
advancing AI’s non-market benefits and reducing its
risks, beyond what is incentivized by the logic of the
market. Prior to our initial public offering, we are
setting aside 5% of the company’s equity for a fund
devoted to the public good. We will set aside an
additional 2% for every sustained 50% increase in
share price from the prior contribution (starting with
our initial public offering price), at our board’s
discretion. This 5% (or larger) commitment could be
devoted to a wide range of initiatives, from science
and medicine, to biosecurity, to global health, to
economic research programs, to distributing the
economic value from Anthropic’s equity widely
within the United States or throughout the world.?

For investors concerned about dilution, we note that
the size and structure of this plan are not outside the
range of what has been offered as executive
compensation packages at some public companies in
the past. We expect Anthropic’s leadership team and
employees to be as motivated by this structure as
leaders of other companies are motivated by
executive compensation.

With all of that said, Anthropic’s employees and
leaders understand that our public benefit goals are
fueled by commercial success, and by the success of
our customers. Achieving both business growth and
public impact has been the balance that we have
navigated since the founding of the company, and we
have a strong track record of showing that it is
possible to do both. Our ability to have a positive
impact on the world scales in relation to our reach and
stature as a successful company.

Our theory of change has always been what we calla
race to the top: by showing that it is possible to
succeed commercially while acting in the public
interest, we hope to persuade other companies to do
the same. We will make mistakes, and we expect to
learn from others as much as they learn from us. If our
competitors adopt our practices and improve on
them, we consider that a success.

On investor expectations

Before starting the IPO process, we spoke to many
business leaders who had gone through a similar
process in the past. One piece of advice, which we
heard in slightly different forms from multiple people,
stuck with us: never let your company be worth a dollar
more than it is actually worth. What they meant is that
it is very dangerous when people buy your company’s
stock based on expectations you cannot fulfill or on
incorrect predictions about how you will behave. This
is in fact very similar to one of Anthropic’s guiding
principles: underpromise and overdeliver. It is also
similar to something we do when recruiting: we give
candidates an anti-sell, a pitch deliberately designed
to be unappealing to those who are a poor fit for
Anthropic while being appealing to the type of person
we want to hire.

In this spirit, although we believe that Alas a field
(and Anthropic in particular) represents one of the
greatest economic opportunities in history, we also
believe that it is important to state clearly the ways in
which our decision making may run counter to
investors’ expectations. These fall into two categories:
business bets that derive from AI’s wild exponential
trajectory but seem strange or unorthodox in isolation,
and decisions that depart from profit maximization in
order to appropriately balance the public good.

3 This pledge is in addition to the aforementioned pledges of all of
Anthropic’s co-founders to give away 80% of our personal equity and the
pledges of employees who took up our offer of donation matching, which
amount to 9% and 8% of fully diluted shares as of June 30, 2026,
respectively.