{
  "site": "Agentic Weekly",
  "topic": "Anthropic, PBC initial public offering (Form S-1)",
  "url": "https://theagenticweekly.com/anthropic-ipo",
  "published": "2026-10-26T16:34:21Z",
  "updated": "2026-10-26T16:34:21Z",
  "license": {
    "name": "CC BY 4.0",
    "url": "https://creativecommons.org/licenses/by/4.0/"
  },
  "attribution": "Data: Agentic Weekly (https://theagenticweekly.com), CC BY 4.0",
  "evidence": "Reported: read from the cited filing or report; nothing here is Tested.",
  "disclaimer": "Not investment advice. This site summarizes public filings and cited reporting; everything is labelled Reported and nothing here is Tested.",
  "how_to_cite": "Cite Agentic Weekly, \"Anthropic IPO: what the S-1 says (proposed Nasdaq ticker ANT)\", 2026-10-26, https://theagenticweekly.com/anthropic-ipo, and prefer the S-1 link on each fact.",
  "filing": {
    "form": "S-1",
    "filedDate": "2026-10-26",
    "acceptedUtc": "2026-10-26T13:00:11Z",
    "accession": "0001628280-26-067168",
    "cik": "2130357",
    "issuer": "Anthropic, PBC",
    "ticker": "ANT",
    "exchange": "Nasdaq Global Select Market",
    "securityOffered": "Class A common stock",
    "status": "Initial S-1; not yet effective; no amendment (S-1/A) seen"
  },
  "amendments_seen": [],
  "pages": [
    {
      "title": "Anthropic IPO: what the S-1 says (proposed Nasdaq ticker ANT)",
      "url": "https://theagenticweekly.com/anthropic-ipo",
      "markdown": "https://theagenticweekly.com/anthropic-ipo.md"
    },
    {
      "title": "What Anthropic's S-1 says, in plain English",
      "url": "https://theagenticweekly.com/anthropic-ipo/s1-explained",
      "markdown": "https://theagenticweekly.com/anthropic-ipo/s1-explained.md"
    },
    {
      "title": "Anthropic S-1 key numbers",
      "url": "https://theagenticweekly.com/anthropic-ipo/key-numbers",
      "markdown": "https://theagenticweekly.com/anthropic-ipo/key-numbers.md"
    },
    {
      "title": "Anthropic S-1 risk factors that matter",
      "url": "https://theagenticweekly.com/anthropic-ipo/risk-factors",
      "markdown": "https://theagenticweekly.com/anthropic-ipo/risk-factors.md"
    },
    {
      "title": "Anthropic IPO FAQ",
      "url": "https://theagenticweekly.com/anthropic-ipo/faq",
      "markdown": "https://theagenticweekly.com/anthropic-ipo/faq.md"
    },
    {
      "title": "Anthropic IPO timeline",
      "url": "https://theagenticweekly.com/anthropic-ipo/timeline",
      "markdown": "https://theagenticweekly.com/anthropic-ipo/timeline.md"
    }
  ],
  "sources": [
    {
      "id": "s1",
      "label": "Anthropic, PBC Form S-1 (SEC EDGAR)",
      "short": "S-1",
      "url": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "primary": true
    },
    {
      "id": "edgar",
      "label": "SEC EDGAR filing list for Anthropic, PBC (CIK 2130357)",
      "short": "EDGAR filing list",
      "url": "https://data.sec.gov/submissions/CIK0002130357.json",
      "primary": true
    },
    {
      "id": "anthropic",
      "label": "Anthropic: files S-1 with the SEC for proposed initial public offering",
      "short": "Anthropic announcement",
      "url": "https://www.anthropic.com/news/s1-sec",
      "primary": true
    },
    {
      "id": "cnbc",
      "label": "CNBC live updates: Anthropic IPO and S-1 filing",
      "short": "CNBC",
      "url": "https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html",
      "primary": false
    },
    {
      "id": "reuters",
      "label": "Reuters via Investing.com: Anthropic's IPO, a close look at AI frontrunner's rapid growth, spiraling costs",
      "short": "Reuters",
      "url": "https://www.investing.com/news/stock-market-news/anthropics-ipo-a-close-look-at-ai-frontrunners-rapid-growth-spiraling-costs-4972917",
      "primary": false
    }
  ],
  "facts": [
    {
      "id": "rev-h1-2026",
      "group": "revenue",
      "label": "Revenue",
      "value": "$16,286 million (about $16.3 billion)",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "rev-h1-2025",
      "group": "revenue",
      "label": "Revenue",
      "value": "$1,163 million",
      "period": "Six months ended June 30, 2025",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "rev-2025",
      "group": "revenue",
      "label": "Revenue",
      "value": "$4,585 million",
      "period": "Year ended December 31, 2025",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "rev-2024",
      "group": "revenue",
      "label": "Revenue",
      "value": "$386 million",
      "period": "Year ended December 31, 2024",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "rev-2023",
      "group": "revenue",
      "label": "Revenue",
      "value": "$41 million",
      "period": "Year ended December 31, 2023",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "rev-growth-q2",
      "group": "revenue",
      "label": "Revenue growth, year over year",
      "value": "1,368%",
      "period": "Three months ended June 30, 2026 vs the same quarter of 2025",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis; Prospectus Summary",
      "note": null
    },
    {
      "id": "rev-mix",
      "group": "revenue",
      "label": "Consumption-based revenue",
      "value": "$13.1 billion, or 80% of total revenue",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis",
      "note": null
    },
    {
      "id": "rev-csp",
      "group": "revenue",
      "label": "Share of revenue through cloud service provider marketplaces",
      "value": "11% (2023), 32% (2024), 47% (2025), 48% (six months to June 30, 2026)",
      "period": "2023 to H1 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Risk Factors (customer and channel concentration)",
      "note": null
    },
    {
      "id": "rev-top5",
      "group": "revenue",
      "label": "Top five customers' share of revenue",
      "value": "About 25%; no single customer above 10%",
      "period": "Nine months ended September 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Risk Factors (customer concentration)",
      "note": null
    },
    {
      "id": "rev-nrr",
      "group": "revenue",
      "label": "Net Revenue Retention (company-defined)",
      "value": "Approximately 900%",
      "period": "As of September 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary (Key Business Metrics)",
      "note": "Anthropic's own metric; it excludes Claude Pro and Max subscribers. Definition is in the S-1."
    },
    {
      "id": "rev-q3",
      "group": "revenue",
      "label": "Revenue, three months ended September 30, 2026",
      "value": "Blank in this filing",
      "period": "Three months ended September 30, 2026",
      "status": "blank_in_filing",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary",
      "note": null
    },
    {
      "id": "rev-runrate",
      "group": "revenue",
      "label": "Run-Rate Revenue as of October 31, 2026",
      "value": "Blank in this filing",
      "period": "As of October 31, 2026",
      "status": "blank_in_filing",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Business (Significant Customer Expansion)",
      "note": null
    },
    {
      "id": "op-loss-h1",
      "group": "losses",
      "label": "Operating loss",
      "value": "$(693) million",
      "period": "Six months ended June 30, 2026 (vs $(2,135) million in H1 2025)",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "op-loss-fy",
      "group": "losses",
      "label": "Operating loss",
      "value": "$(551) million (2023), $(2,980) million (2024), $(8,060) million (2025)",
      "period": "Years ended December 31",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "net-loss-h1",
      "group": "losses",
      "label": "Net loss",
      "value": "$(80,748) million (about $80.7 billion)",
      "period": "Six months ended June 30, 2026 (vs $(12,969) million in H1 2025)",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "net-loss-fy",
      "group": "losses",
      "label": "Net loss",
      "value": "$(1,531) million (2023), $(8,309) million (2024), $(41,965) million (2025)",
      "period": "Years ended December 31",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "fv-change",
      "group": "losses",
      "label": "Change in fair value of convertible notes, derivative liabilities and SAFEs",
      "value": "$(72,388) million in H1 2026; $(34,308) million in 2025",
      "period": "Six months ended June 30, 2026; year 2025",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": "A line below operating loss. It is the main reason net loss is far larger than operating loss."
    },
    {
      "id": "adj-op",
      "group": "losses",
      "label": "Adjusted Operating Income (non-GAAP, company-defined)",
      "value": "$1,618 million; Adjusted Operating Margin 10%",
      "period": "Six months ended June 30, 2026 (vs $(1,849) million, margin (159)%, in H1 2025)",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Summary Consolidated Financial Data (non-GAAP)",
      "note": "Non-GAAP: Anthropic defines the adjustments; read the reconciliation in the S-1."
    },
    {
      "id": "adj-ni",
      "group": "losses",
      "label": "Adjusted Net Income (non-GAAP, company-defined)",
      "value": "$2,671 million",
      "period": "Six months ended June 30, 2026 (vs $(1,741) million in H1 2025)",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Summary Consolidated Financial Data (non-GAAP)",
      "note": null
    },
    {
      "id": "exp-compute",
      "group": "losses",
      "label": "Compute and infrastructure expense",
      "value": "$8,945 million in H1 2026 (vs $2,334 million in H1 2025); $7,326 million in 2025",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis",
      "note": null
    },
    {
      "id": "exp-cost",
      "group": "losses",
      "label": "Cost of revenue",
      "value": "$2,380 million in H1 2026 (vs $1,019 million in H1 2025)",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (expenses by function)",
      "note": null
    },
    {
      "id": "exp-sm",
      "group": "losses",
      "label": "Sales, marketing and partnerships expense",
      "value": "$3,168 million in H1 2026 (vs $120 million in H1 2025)",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis",
      "note": null
    },
    {
      "id": "bartz",
      "group": "losses",
      "label": "Bartz copyright settlement charge",
      "value": "$1,500 million in 2025",
      "period": "Year 2025",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis; Risk Factors (legal proceedings)",
      "note": null
    },
    {
      "id": "eps",
      "group": "losses",
      "label": "Net loss per share, basic and diluted",
      "value": "$(39.88)",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary, Summary Consolidated Financial Data",
      "note": null
    },
    {
      "id": "cash",
      "group": "cash",
      "label": "Cash, cash equivalents and short-term investments",
      "value": "$131,651 million ($112.4 billion cash and equivalents plus $19.3 billion short-term investments)",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary; Management's Discussion and Analysis (Liquidity)",
      "note": null
    },
    {
      "id": "raised",
      "group": "cash",
      "label": "Total capital raised to date",
      "value": "$141.1 billion",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (Liquidity)",
      "note": null
    },
    {
      "id": "ocf",
      "group": "cash",
      "label": "Net cash provided by operating activities",
      "value": "$3,929 million (vs $(1,513) million used in H1 2025)",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (cash flows)",
      "note": null
    },
    {
      "id": "icf-fcf",
      "group": "cash",
      "label": "Net cash used in investing; provided by financing",
      "value": "$(17,181) million used in investing; $110,774 million provided by financing",
      "period": "Six months ended June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (cash flows)",
      "note": null
    },
    {
      "id": "bs",
      "group": "cash",
      "label": "Balance sheet",
      "value": "Total assets $147,358 million; total liabilities $117,467 million; redeemable convertible preferred stock $157,510 million; accumulated deficit $(132,902) million; stockholders' deficit $(127,619) million",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Summary Consolidated Financial Data; Capitalization",
      "note": null
    },
    {
      "id": "notes",
      "group": "cash",
      "label": "Convertible notes payable (balance sheet)",
      "value": "$108,566 million",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Consolidated balance sheet",
      "note": null
    },
    {
      "id": "debt",
      "group": "cash",
      "label": "Total indebtedness",
      "value": "$6.2 billion, the principal outstanding on convertible notes issued to Amazon",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Risk Factors (indebtedness)",
      "note": null
    },
    {
      "id": "cust-100k",
      "group": "customers",
      "label": "Customers with $100,000+ revenue on a trailing-twelve-month basis",
      "value": "More than 11,900 (up from more than 950 a year earlier)",
      "period": "As of September 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Business (Significant Customer Expansion)",
      "note": null
    },
    {
      "id": "cust-1m",
      "group": "customers",
      "label": "Customers with $1 million+ and $10 million+ revenue (trailing twelve months)",
      "value": "More than 1,900 at $1M+; approximately 250 at $10M+",
      "period": "As of September 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Business (Significant Customer Expansion)",
      "note": null
    },
    {
      "id": "employees",
      "group": "customers",
      "label": "Employees",
      "value": "Approximately 5,300 (from approximately 940 at December 31, 2024)",
      "period": "As of September 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Business; Risk Factors",
      "note": null
    },
    {
      "id": "code",
      "group": "customers",
      "label": "Share of Anthropic's own codebase contributions written by Claude",
      "value": "Over 90%",
      "period": "September 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Business",
      "note": null
    },
    {
      "id": "commit-total",
      "group": "compute",
      "label": "Expected future fixed or minimum guaranteed compute and infrastructure commitments",
      "value": "Approximately $265.6 billion, with terms from one to 20 years",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Notes to consolidated financial statements (commitments)",
      "note": "Some agreements do not specify a fixed or minimum dollar amount, so this is not a total of every compute arrangement."
    },
    {
      "id": "commit-msft",
      "group": "compute",
      "label": "Microsoft agreement",
      "value": "At least $44.9 billion between November 2026 and May 2033, regardless of usage",
      "period": "Agreement of November 2025, amended February and October 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (contractual obligations)",
      "note": null
    },
    {
      "id": "commit-google",
      "group": "compute",
      "label": "Google agreement",
      "value": "At least approximately $114.5 billion between April 2026 and July 2033, regardless of usage",
      "period": "Agreement of March 2026, amended May to August 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (contractual obligations)",
      "note": null
    },
    {
      "id": "commit-amazon",
      "group": "compute",
      "label": "Amazon agreement",
      "value": "At least $110.0 billion between May 2026 and April 2036, regardless of usage",
      "period": "Agreement of April 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (contractual obligations)",
      "note": null
    },
    {
      "id": "commit-spacexai",
      "group": "compute",
      "label": "SpaceXAI arrangements (NVIDIA GPU capacity)",
      "value": "Up to $120.5 billion over terms into 2029, about $3.1 billion a month once all capacity is delivered (expected December 2026)",
      "period": "Arrangements between May and October 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis (contractual obligations)",
      "note": null
    },
    {
      "id": "commit-reuters",
      "group": "compute",
      "label": "Total spending commitments with six partners over a decade (press figure)",
      "value": "More than $500 billion, as reported by Reuters; the S-1's own headline total is blank",
      "period": "Reuters, October 26, 2026",
      "status": "reported",
      "source": "https://www.investing.com/news/stock-market-news/anthropics-ipo-a-close-look-at-ai-frontrunners-rapid-growth-spiraling-costs-4972917",
      "source_name": "Reuters",
      "section": "Reuters (not stated as a total in the S-1)",
      "note": null
    },
    {
      "id": "commit-total-blank",
      "group": "compute",
      "label": "Aggregate compute commitment headline total",
      "value": "Blank in this filing",
      "period": "n/a",
      "status": "blank_in_filing",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary",
      "note": null
    },
    {
      "id": "cls-a",
      "group": "governance",
      "label": "Class A common stock",
      "value": "One vote per share; to be listed; not convertible",
      "period": "Offering terms",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "The Offering; Description of Capital Stock",
      "note": null
    },
    {
      "id": "cls-n",
      "group": "governance",
      "label": "Class N common stock",
      "value": "No voting rights except as required by law; held primarily by strategic business partners; generally converts to Class A on sale or transfer to an unaffiliated third party",
      "period": "Offering terms",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary; Description of Capital Stock",
      "note": null
    },
    {
      "id": "cls-t",
      "group": "governance",
      "label": "Class T common stock",
      "value": "One share, held by the Long-Term Benefit Trust, entitling it to elect and remove directors who make up a majority of the board",
      "period": "Offering terms",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Our Governance Structure and Its Goals",
      "note": null
    },
    {
      "id": "cls-f",
      "group": "governance",
      "label": "Class F common stock",
      "value": "One share, held by the co-founders' Founder LLC; carries 50.1% of the total voting power on matters put to stockholders generally; no economic rights",
      "period": "Offering terms",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary; Description of Capital Stock",
      "note": null
    },
    {
      "id": "cls-e",
      "group": "governance",
      "label": "Class E common stock",
      "value": "Votes only on certain limited matters; no economic rights",
      "period": "Offering terms",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary",
      "note": null
    },
    {
      "id": "ltbt",
      "group": "governance",
      "label": "Long-Term Benefit Trust (LTBT)",
      "value": "Delaware noncharitable purpose trust governed by five Trustees",
      "period": "Governance structure",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Our Governance Structure and Its Goals",
      "note": null
    },
    {
      "id": "controlled",
      "group": "governance",
      "label": "Controlled company",
      "value": "Anthropic says it is a controlled company under Nasdaq Global Select Market rules because the LTBT elects a majority of the board",
      "period": "Governance structure",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary",
      "note": null
    },
    {
      "id": "pbc",
      "group": "governance",
      "label": "Corporate form",
      "value": "Delaware public benefit corporation (PBC)",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary",
      "note": null
    },
    {
      "id": "pbf",
      "group": "governance",
      "label": "Public benefit share contribution",
      "value": "846,840,960 Class N shares (5% of fully diluted shares at June 30, 2026) contributed to Anthropic Public Benefit Fund, LLC",
      "period": "As of June 30, 2026",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary",
      "note": null
    },
    {
      "id": "pledge",
      "group": "governance",
      "label": "Co-founder pledges",
      "value": "Each co-founder has pledged to dedicate 80% of their personal equity to philanthropic causes; the S-1 calls this voluntary, revocable and not legally binding",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Prospectus Summary; Shares Eligible for Future Sale",
      "note": null
    },
    {
      "id": "google-cap",
      "group": "governance",
      "label": "Google ownership cap and option",
      "value": "Google's ownership is capped at 14.99% of outstanding capitalization (as converted) under its agreement, unless Google waives it; Google also holds an option to buy up to $10.0 billion of Class N in a private placement concurrent with the IPO at the public offering price",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Management's Discussion and Analysis; Description of Capital Stock",
      "note": null
    },
    {
      "id": "ticker",
      "group": "offering",
      "label": "Exchange and ticker",
      "value": "Nasdaq Global Select Market, symbol ANT (applied for)",
      "period": "Proposed",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Cover page",
      "note": null
    },
    {
      "id": "no-market",
      "group": "offering",
      "label": "Public market today",
      "value": "None: there has been no public market for Class A common stock before this offering",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Cover page",
      "note": null
    },
    {
      "id": "price",
      "group": "offering",
      "label": "Price range",
      "value": "Blank in this filing",
      "period": "n/a",
      "status": "blank_in_filing",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Cover page",
      "note": null
    },
    {
      "id": "shares",
      "group": "offering",
      "label": "Number of shares offered (by Anthropic and by selling stockholders)",
      "value": "Blank in this filing",
      "period": "n/a",
      "status": "blank_in_filing",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Cover page; The Offering",
      "note": null
    },
    {
      "id": "proceeds",
      "group": "offering",
      "label": "Use of proceeds",
      "value": "General corporate purposes, including working capital, operating expenses and capital expenditures such as compute and infrastructure, and hiring and retention; part to cover tax withholding on settlement of certain RSUs. No agreements for material acquisitions at this time.",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Use of Proceeds (p. 124)",
      "note": null
    },
    {
      "id": "uw",
      "group": "offering",
      "label": "Underwriters",
      "value": "22 firms listed on the cover, with Goldman Sachs & Co. LLC and Morgan Stanley first (the two named for lock-up releases and prospectus copies)",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Cover page; Underwriting",
      "note": null
    },
    {
      "id": "lockup",
      "group": "offering",
      "label": "Lock-up",
      "value": "Co-founders and certain holders of more than 0.5% of fully diluted shares: earlier of the second full trading day after Q3 2027 results and the 365th day after the prospectus date. Other holders: earlier of the second full trading day after Q1 2027 results and the 180th day. Share counts and percentages per release date are blank.",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Risk Factors; Shares Eligible for Future Sale",
      "note": null
    },
    {
      "id": "dividends",
      "group": "offering",
      "label": "Dividends",
      "value": "Never declared or paid; none expected in the foreseeable future",
      "period": "n/a",
      "status": "reported",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Dividend Policy (p. 125)",
      "note": null
    },
    {
      "id": "pricing-date",
      "group": "offering",
      "label": "Prospectus date and expected delivery date",
      "value": "Blank in this filing",
      "period": "n/a",
      "status": "blank_in_filing",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "source_name": "S-1",
      "section": "Cover page",
      "note": null
    }
  ],
  "still_blank": [
    "Revenue, three months ended September 30, 2026",
    "Run-Rate Revenue as of October 31, 2026",
    "Aggregate compute commitment headline total",
    "Price range",
    "Number of shares offered (by Anthropic and by selling stockholders)",
    "Prospectus date and expected delivery date"
  ],
  "pending": [
    {
      "id": "price-range",
      "label": "Price range per share",
      "why": "Blank on the cover page. Anthropic's announcement says the price range has not yet been determined.",
      "where": "Expected in a later amendment to the S-1 (an S-1/A) or the final prospectus."
    },
    {
      "id": "share-count",
      "label": "Number of shares offered by Anthropic and by selling stockholders, and the over-allotment option",
      "why": "Blank on the cover page and in The Offering. The announcement says the number of shares has not yet been determined.",
      "where": "Later amendment."
    },
    {
      "id": "net-proceeds",
      "label": "Net proceeds and pro forma figures",
      "why": "Capitalization and Use of Proceeds leave the dollar amounts and the pro forma columns blank.",
      "where": "Later amendment, once price and share count are set."
    },
    {
      "id": "dates",
      "label": "Prospectus date, effectiveness, pricing and first trading day",
      "why": "The cover says the registration statement has been filed but is not yet effective; securities may not be sold until it is. No dates are given.",
      "where": "Later amendment and the SEC's declaration of effectiveness."
    },
    {
      "id": "q3-revenue",
      "label": "Third-quarter 2026 revenue and Run-Rate Revenue as of October 31, 2026",
      "why": "Both are blank. The S-1 already reports customer metrics as of September 30, 2026 but not the quarter's revenue figure.",
      "where": "Later amendment."
    },
    {
      "id": "compute-total",
      "label": "Headline total of compute commitments",
      "why": "The summary figure is blank (the notes give approximately $265.6 billion of fixed or minimum commitments as of June 30, 2026).",
      "where": "Later amendment."
    },
    {
      "id": "lockup-counts",
      "label": "Lock-up release share counts and percentages",
      "why": "The release schedule exists but its share counts and percentages are blank.",
      "where": "Later amendment."
    },
    {
      "id": "dc-circuit",
      "label": "Rehearing en banc in the D.C. Circuit",
      "why": "The S-1 says Anthropic has asked the full court to review the September 25 panel decision and that it cannot predict the outcome.",
      "where": "Court docket; reflected in any amendment."
    }
  ],
  "timeline": [
    {
      "date": "2021-01",
      "kind": "disclosed",
      "title": "Anthropic is incorporated as a Delaware public benefit corporation",
      "detail": "The S-1 says Anthropic was incorporated as a Delaware PBC in January 2021.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Prospectus Summary (Corporate Information)"
    },
    {
      "date": "2023-Q1",
      "kind": "disclosed",
      "title": "Commercial launch",
      "detail": "The S-1 measures revenue growth from the first quarter of 2023, when it says Claude launched commercially.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Prospectus Summary"
    },
    {
      "date": "2025-09",
      "kind": "disclosed",
      "title": "Bartz copyright settlement agreed",
      "detail": "The S-1 records a $1.5 billion settlement charge in 2025; it says the district court approved the settlement in July 2026.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Risk Factors (legal proceedings)"
    },
    {
      "date": "2025-11",
      "kind": "disclosed",
      "title": "Microsoft compute agreement",
      "detail": "Commitment of at least $44.9 billion between November 2026 and May 2033, later amended in February and October 2026.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Management's Discussion and Analysis (contractual obligations)"
    },
    {
      "date": "2026-03-04",
      "kind": "disclosed",
      "title": "U.S. Department of War sends two supply-chain-risk letters",
      "detail": "The S-1 says the Department of War sent two letters on March 4, 2026, one under 10 U.S.C. § 3252 and one under Section 4713 of FASCSA, asserting that Anthropic's models, platform and applications present a supply-chain risk. Anthropic challenged them in court.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Risk Factors (government dispute)"
    },
    {
      "date": "2026-03",
      "kind": "disclosed",
      "title": "Google compute agreement",
      "detail": "Commitment of at least approximately $114.5 billion between April 2026 and July 2033, amended May to August 2026.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Management's Discussion and Analysis (contractual obligations)"
    },
    {
      "date": "2026-04",
      "kind": "disclosed",
      "title": "Amazon compute agreement",
      "detail": "Commitment of at least $110.0 billion between May 2026 and April 2036.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Management's Discussion and Analysis (contractual obligations)"
    },
    {
      "date": "2026-06-01",
      "kind": "filing",
      "title": "Draft registration statement (form DRS) filed confidentially with the SEC",
      "detail": "EDGAR lists a form DRS (draft registration statement) accepted at 13:11 UTC on June 1, 2026. The public S-1 followed on October 26. Reuters also reported a confidential filing in June.",
      "source": "https://data.sec.gov/submissions/CIK0002130357.json",
      "section": "Filing list for CIK 2130357"
    },
    {
      "date": "2026-06",
      "kind": "disclosed",
      "title": "U.S. Commerce Department imposes worldwide export restrictions on two models",
      "detail": "The S-1 says that in June 2026 the Department of Commerce imposed worldwide export restrictions on the Fable 5 and Mythos 5 models, which Anthropic disabled for all customers until the restrictions were lifted.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Risk Factors (government dispute; trade controls)"
    },
    {
      "date": "2026-07-13",
      "kind": "filing",
      "title": "Draft registration statement amendment (DRS/A) filed",
      "detail": "EDGAR lists the first DRS/A with a filing date of July 13, 2026.",
      "source": "https://data.sec.gov/submissions/CIK0002130357.json",
      "section": "Filing list for CIK 2130357"
    },
    {
      "date": "2026-08-10",
      "kind": "filing",
      "title": "Second DRS/A filed",
      "detail": "EDGAR lists a DRS/A with a filing date of August 10, 2026.",
      "source": "https://data.sec.gov/submissions/CIK0002130357.json",
      "section": "Filing list for CIK 2130357"
    },
    {
      "date": "2026-08-27",
      "kind": "disclosed",
      "title": "N.D. Cal. largely grants summary judgment to Anthropic",
      "detail": "The S-1 says the court ruled the challenged government actions were retaliatory acts that violated Anthropic's First Amendment and Fifth Amendment due process rights.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Risk Factors (government dispute)"
    },
    {
      "date": "2026-09-04",
      "kind": "filing",
      "title": "Third DRS/A filed",
      "detail": "EDGAR lists a DRS/A with a filing date of September 4, 2026.",
      "source": "https://data.sec.gov/submissions/CIK0002130357.json",
      "section": "Filing list for CIK 2130357"
    },
    {
      "date": "2026-09-25",
      "kind": "disclosed",
      "title": "D.C. Circuit denies Anthropic's petition for review, 2-1",
      "detail": "The S-1 says the panel ruled the Department of War's Section 4713 supply-chain risk designation was proper. Anthropic filed a petition for rehearing en banc.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Risk Factors (government dispute)"
    },
    {
      "date": "2026-10-01",
      "kind": "filing",
      "title": "Fourth DRS/A filed",
      "detail": "EDGAR lists a DRS/A with a filing date of October 1, 2026.",
      "source": "https://data.sec.gov/submissions/CIK0002130357.json",
      "section": "Filing list for CIK 2130357"
    },
    {
      "date": "2026-10-09",
      "kind": "filing",
      "title": "Fifth DRS/A filed",
      "detail": "EDGAR lists a DRS/A with a filing date of October 9, 2026.",
      "source": "https://data.sec.gov/submissions/CIK0002130357.json",
      "section": "Filing list for CIK 2130357"
    },
    {
      "date": "2026-10-26",
      "kind": "filing",
      "title": "Public Form S-1 filed; Anthropic announces proposed IPO",
      "detail": "EDGAR shows the S-1 accepted at 13:00:11 UTC (8:00 a.m. U.S. Central) on October 26, 2026, accession 0001628280-26-067168. Anthropic's announcement the same day says it intends to list Class A common stock on the Nasdaq Global Select Market as ANT.",
      "source": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
      "section": "Cover page; EDGAR filing list"
    }
  ],
  "risks": [
    {
      "id": "growth",
      "title": "Growth may not last",
      "summary": "Anthropic says it is at an early stage of revenue growth and that past growth rates are not a guide to the future. Revenue went from $41 million in 2023 to $4,585 million in 2025 and $16,286 million in the first half of 2026.",
      "section": "Risk Factors Summary"
    },
    {
      "id": "compute",
      "title": "Compute: it must secure it and pay for it",
      "summary": "Anthropic says failure to secure or direct enough compute could leave it unable to train competitive models or serve customers. About $265.6 billion of fixed or minimum compute commitments stood at June 30, 2026, and some agreements are non-cancelable regardless of usage.",
      "section": "Risk Factors Summary; contractual obligations"
    },
    {
      "id": "cloud-conflicts",
      "title": "Cloud partners are also investors and customers",
      "summary": "A small number of cloud providers and suppliers supply compute, some invest in Anthropic and some are customers. The S-1 says this creates complex dynamics that could give rise to conflicts of interest.",
      "section": "Risk Factors Summary"
    },
    {
      "id": "concentration",
      "title": "A few customers and channels carry a lot of revenue",
      "summary": "The top five customers were about 25% of revenue for the nine months to September 30, 2026, with none above 10%. Cloud marketplaces carried 48% of revenue in the first half of 2026.",
      "section": "Risk Factors (customer concentration)"
    },
    {
      "id": "government",
      "title": "A live dispute with the U.S. government",
      "summary": "The S-1 describes litigation over a supply-chain-risk designation by the Department of War. A district court largely sided with Anthropic on August 27, 2026; the D.C. Circuit ruled against it 2-1 on September 25, 2026. Anthropic has asked for rehearing en banc and says it cannot predict the outcome. The S-1 also says Commerce imposed worldwide export restrictions on two models in June 2026.",
      "section": "Risk Factors (government dispute)"
    },
    {
      "id": "misuse",
      "title": "Misuse and misaligned behavior of its models",
      "summary": "Anthropic says its safeguards are incomplete and have been circumvented, and that its models may behave in unintended, misaligned or autonomous ways. It lists chemical, biological and other weapons misuse among the risks.",
      "section": "Risk Factors Summary; Risk Factors (misuse)"
    },
    {
      "id": "legal",
      "title": "Copyright and other legal exposure",
      "summary": "The S-1 records a $1.5 billion Bartz settlement charge in 2025 and warns of liability, litigation and regulatory action tied to harms from its models, with contractual protections and insurance that may be insufficient.",
      "section": "Risk Factors Summary"
    },
    {
      "id": "competition",
      "title": "Intense competition",
      "summary": "The S-1 names Alphabet (Google) and OpenAI as primary competitors in frontier models for developers and enterprises, and says they compete for customers, talent, compute and partnerships.",
      "section": "Risk Factors Summary; Business (competition)"
    },
    {
      "id": "governance",
      "title": "Novel governance: little say for Class A holders",
      "summary": "Class A holders get one vote a share, but the Long-Term Benefit Trust elects a majority of the board and the Founder LLC holds 50.1% of voting power on matters put to stockholders generally. The S-1 says this may effectively eliminate Class A holders' ability to influence important decisions, including a change in control.",
      "section": "Risk Factors Summary; Risk Factors (governance structure)"
    },
    {
      "id": "pbc",
      "title": "Public benefit duties can conflict with shareholder returns",
      "summary": "As a public benefit corporation, directors must balance stockholders' financial interests, the interests of those affected by Anthropic's conduct and the Company Purpose. The S-1 says this may conflict with financial interests.",
      "section": "Risk Factors Summary"
    },
    {
      "id": "people",
      "title": "Dependence on co-founders and key staff",
      "summary": "The S-1 says Anthropic is highly dependent on its co-founders, senior management and key technical employees.",
      "section": "Risk Factors Summary"
    },
    {
      "id": "datacenters",
      "title": "Data center build-outs could be slowed",
      "summary": "The S-1 says some U.S. jurisdictions are considering or have approved moratoriums on new data center construction, which could delay or prevent facilities Anthropic depends on for compute.",
      "section": "Risk Factors (data center constraints)"
    }
  ],
  "faq": [
    {
      "question": "What is ANT?",
      "answer": "ANT is the ticker Anthropic says it has applied to use for its Class A common stock on the Nasdaq Global Select Market. Anthropic filed a Form S-1 on October 26, 2026 for a proposed initial public offering. The stock is not trading: the S-1 says there has been no public market for it, and the registration statement is not yet effective.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
        "https://www.anthropic.com/news/s1-sec"
      ]
    },
    {
      "question": "When can I buy Anthropic stock?",
      "answer": "Not yet. Anthropic's announcement says the securities may not be sold, and offers to buy may not be accepted, before the registration statement becomes effective, and that the share count and price range have not been determined. The S-1 gives no date for pricing or the first trading day. Those details are expected in a later amendment. Whether a particular broker will offer access is not stated in the S-1. This is not investment advice.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
        "https://www.anthropic.com/news/s1-sec"
      ]
    },
    {
      "question": "How fast is Anthropic growing, according to the S-1?",
      "answer": "Revenue was $41 million in 2023, $386 million in 2024 and $4,585 million in 2025. In the six months ended June 30, 2026 it was $16,286 million, against $1,163 million in the same period of 2025. For the three months ended June 30, 2026 the S-1 says revenue grew 1,368% year over year. The S-1 also warns that past growth is not indicative of future performance.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "Is Anthropic profitable?",
      "answer": "On the S-1's GAAP numbers, no. The operating loss was $693 million in the six months ended June 30, 2026, and the net loss was $80,748 million, driven largely by a $72,388 million change in fair value of convertible notes, derivative liabilities and SAFEs. Anthropic's own non-GAAP Adjusted Operating Income was $1,618 million for the period, and net cash from operating activities was $3,929 million. Non-GAAP measures are defined by the company.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "How much cash does Anthropic have?",
      "answer": "The S-1 reports $131,651 million of cash, cash equivalents and short-term investments as of June 30, 2026 ($112.4 billion of cash and equivalents and $19.3 billion of short-term investments), after raising $141.1 billion in total to that date. Total indebtedness was $6.2 billion, the principal on convertible notes issued to Amazon.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "What is the Long-Term Benefit Trust?",
      "answer": "The Long-Term Benefit Trust (LTBT) is a Delaware noncharitable purpose trust governed by five Trustees. It will hold the single share of Class T common stock, which entitles it to elect and remove the directors who make up a majority of Anthropic's board. The S-1 says Class T has no economic rights and does not otherwise vote on matters put to stockholders generally.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "Who controls Anthropic after the IPO?",
      "answer": "Two structures carry control. The LTBT, through Class T, elects a majority of the board. The Founder LLC, held by the seven co-founders, will hold the single Class F share, which carries 50.1% of the total voting power on matters put to stockholders generally. Neither has economic rights through those shares. Anthropic says it will be a controlled company under Nasdaq rules.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "What do the share classes mean?",
      "answer": "Class A is the stock being offered: one vote a share and not convertible. Class N has no voting rights except as required by law and is held primarily by strategic business partners. Class T (one share, the LTBT) elects a majority of the board. Class F (one share, the Founder LLC) carries 50.1% of general voting power. Class E votes only on limited matters. T, F and E carry no economic rights.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "Who are the underwriters?",
      "answer": "The S-1 cover lists 22 underwriters. Goldman Sachs & Co. LLC and Morgan Stanley are listed first, and Anthropic's announcement names them as the sources of preliminary prospectus copies. The others are J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP PARIBAS, Credit Agricole CIB, Jefferies, Mizuho, MUFG, Societe Generale, TD Securities, BTIG, Cantor, Capital One Securities and Macquarie Capital.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
        "https://www.anthropic.com/news/s1-sec"
      ]
    },
    {
      "question": "How will Anthropic use the money from the IPO?",
      "answer": "For general corporate purposes, including working capital, operating expenses and capital expenditures such as compute and infrastructure, and hiring and retention. A portion will cover tax withholding obligations when certain restricted stock units settle. The S-1 says Anthropic has no agreements or commitments for any material acquisitions or investments at this time. The amount of proceeds is blank.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "Will Anthropic pay dividends?",
      "answer": "The S-1 says it has never declared or paid cash dividends on its capital stock and does not expect to in the foreseeable future.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "How does Anthropic compare with OpenAI?",
      "answer": "The S-1 names Alphabet (Google) and OpenAI as its primary competitors in frontier models for developers and enterprises. We have not verified any OpenAI registration statement, so there is no like-for-like filing to compare numbers against, and this page does not rank them. Reuters reported that Ramp data, which captures a slice of AI spending by business customers, showed Anthropic accounted for 60.1% of AI token spending in the week ended October 11. That is Reuters' report of third-party data, not something the S-1 states.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
        "https://www.investing.com/news/stock-market-news/anthropics-ipo-a-close-look-at-ai-frontrunners-rapid-growth-spiraling-costs-4972917"
      ]
    },
    {
      "question": "What is still blank in the S-1?",
      "answer": "The price range, the number of shares, net proceeds, pro forma financial columns, the prospectus date, third-quarter 2026 revenue, Run-Rate Revenue as of October 31, 2026, the headline compute commitment total and the lock-up release counts. See the key numbers page for the full list.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    },
    {
      "question": "Is any of this investment advice?",
      "answer": "No. Agentic Weekly is a news and reference site. We summarize what Anthropic's filing and other cited sources say, label every fact Reported, and have not tested anything here. Read the S-1 itself and talk to a qualified adviser before making any investment decision.",
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm"
      ]
    }
  ]
}