Overview: The Filing at a Glance🔗
What was filed, what the numbers say, what the governance does, and what is still blank — before the deep tables.
A half year larger than the whole year before it🔗
The summary consolidated financial data, in the filing's own order:
- Revenue: $41M (2023) → $386M (2024) → $4,585M (2025) → $16,286M in H1 2026 alone
- Operating loss narrowed to $(693)M in H1 2026, on $16,979M of operating expenses
- GAAP net loss of $(80,748)M in H1 2026 is dominated by a $(72,388)M non-cash fair-value charge on convertible notes, derivatives and SAFEs
- Adjusted operating income turned positive: +$1,618M in H1 2026, a 10% adjusted operating margin
- Governance is the other headline: a Delaware PBC whose board majority is elected by the Long-Term Benefit Trust, with the Founder LLC holding 50.1% of general voting power
“We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements.”The filing, verbatim — modelled as a quotation entity in the companion Turtle
From a $(693)M operating loss to an $(80,748)M net loss🔗
The distance between those two H1 2026 numbers is the single most important reading skill this filing demands. Below the operating line sit $1,111 million of interest income, a $(72,388) million change in fair value of convertible notes, derivative liabilities and SAFEs, and $(8,757) million of other expense — total other expense of $(80,034) million — then a $21 million tax provision. The filing states the fair-value changes were primarily driven by an increase in the fair value of the outstanding convertible notes resulting from an increase in enterprise valuation: the charge grows because the company became worth more, and it largely converts away at the IPO.
GAAP says net loss $(80,748)M. The filing's own non-GAAP view says adjusted operating income +$1,618M and adjusted net income +$2,671M for the same six months. Neither is the filing "lying": they answer different questions, and this collection keeps them as separate entities so no query can ever blend them.
The adoption evidence, as of September 30, 2026🔗
Claude is the product; these are the filing's measures of its enterprise adoption and efficiency — including net revenue retention of approximately 900% and TTM revenue per employee above $6.6 million.
Customers with $100,000+ TTM revenue
Customers contributing $100,000 or more of revenue on a trailing-twelve-month basis, the filing's measure of enterprise adoption.
Customers with $1 million+ TTM revenue
Customers contributing $1 million or more of revenue on a trailing-twelve-month basis.
Customers with $10 million+ TTM revenue
Customers contributing $10 million or more of revenue on a trailing-twelve-month basis.
Net Revenue Retention
Expansion net of contraction and churn among Qualified Customers, as the filing defines the measure in its Selected Defined Terms.
TTM revenue per employee
Compared with $1.4 million as of September 30, 2025 — the filing's operating-efficiency evidence.
Revenue growth, three months ended June 30, 2026
Against compute and infrastructure expense growth of 300% over the same period — the filing's compute-efficiency evidence.
Aggregate capital raised
Capital raised as of June 30, 2026, with cash and cash equivalents of $112.4 billion and short-term investments of $19.3 billion at the same date.
Initial Public Benefit Issuance
Class N common stock contributed to Anthropic Public Benefit Fund, LLC, the registrant's wholly owned subsidiary dedicated to the Company Purpose.
What this filing deliberately does not yet say🔗
A preliminary prospectus is a document with holes punched in it on purpose. These fields are empty in the filing as filed — they are modelled in the companion graph as disclosed-blank entities, so they can be queried, watched, and filled only by the amendment that completes them.
Registration number (333-…)
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Estimated IPO price range per share
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Shares of Class A common stock offered by the company
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Shares offered by the selling stockholders
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Pro-forma balance-sheet and per-share columns
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Aggregate committed compute and infrastructure spend
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Revenue for the three months ended September 30, 2026
Left blank in the preliminary prospectus as filed. It will be completed by amendment (Form S-1/A) before pricing; no value from any other source is asserted in this collection.
Statement Architecture🔗
The prospectus as a machine: its parts, its five periods, its balance sheet, its non-GAAP reconciliation — and the capital structure that sits on top of all of it.
A Form S-1 is a standard chassis with a company bolted into it. The chassis matters because the next filings — the S-1/A, then the 10-Q and 10-K — reuse it. This build's template pair (S-1 here, 10-Q as the companion bundle) is cut to that chassis.
The prospectus, part by part🔗
- Prospectus Summary — p. 4
- Risk Factors — p. 26
- Use of Proceeds — p. 124
- Capitalization — p. 126
- Dilution — p. 129
- Management's Discussion and Analysis — p. 132
- Business — p. 178
- Our Governance Structure and Its Goals — p. 242
- Management — p. 254
- Executive Compensation — p. 264
- Certain Relationships and Related Person Transactions — p. 282
- Principal and Selling Stockholders — p. 288
- Description of Capital Stock — p. 292
- Shares Eligible for Future Sale — p. 307
- Underwriting — p. 316
- Index to Consolidated Financial Statements — p. F-1
Five periods, one statement🔗
Summary consolidated statements of operations data. The FY2023–2025 columns are derived from audited statements; the H1 columns from unaudited interim statements. Note what is absent: there is no cost-of-revenue line — compute and infrastructure is presented as an operating expense, and the $1,500M Bartz settlement appears only in 2025.
| (in millions, except share and per share amounts) | Year Ended December 31, 2023audited | Year Ended December 31, 2024audited | Year Ended December 31, 2025audited | Six Months Ended June 30, 2025unaudited | Six Months Ended June 30, 2026unaudited |
|---|---|---|---|---|---|
| Revenue | $41 | $386 | $4,585 | $1,163 | $16,286 |
| Compute and infrastructure | $433 | $2,522 | $7,326 | $2,334 | $8,945 |
| Personnel | $95 | $454 | $1,839 | $538 | $3,152 |
| Bartz settlement | — | — | $1,500 | — | — |
| Sales, marketing, and partnerships | $2 | $43 | $568 | $120 | $3,168 |
| Other operating and administrative | $62 | $347 | $1,412 | $306 | $1,714 |
| Total operating expenses | $592 | $3,366 | $12,645 | $3,298 | $16,979 |
| Operating loss | $(551) | $(2,980) | $(8,060) | $(2,135) | $(693) |
| Interest income | $69 | $106 | $431 | $115 | $1,111 |
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | $(1,045) | $(5,434) | $(34,308) | $(10,942) | $(72,388) |
| Other income (expense), net | $(2) | — | $(8) | — | $(8,757) |
| Total other income (expense), net | $(978) | $(5,328) | $(33,885) | $(10,827) | $(80,034) |
| Loss before provision for income taxes | $(1,529) | $(8,308) | $(41,945) | $(12,962) | $(80,727) |
| Provision for income taxes | $2 | $1 | $20 | $7 | $21 |
| Net loss | $(1,531) | $(8,309) | $(41,965) | $(12,969) | $(80,748) |
| Net loss per share attributable to common stockholders, basic and diluted | $(1.42) | $(5.43) | $(23.04) | $(7.25) | $(39.88) |
| Weighted-average number of shares outstanding, basic and diluted | 1,076,880,510 | 1,528,994,540 | 1,821,084,860 | 1,788,730,900 | 2,024,972,990 |
Personnel includes stock-based compensation of $29M, $192M and $1.2B for FY2023–2025, and $286M and $2.2B for H1 2025 and H1 2026. Every row and cell above is a queryable observation in the companion graph.
| (in millions) | Actual | Pro forma | Pro forma as adjusted |
|---|---|---|---|
| Cash, cash equivalents, and short-term investments | $131,651 | blank | blank |
| Working capital | $130,760 | blank | blank |
| Total assets | $147,358 | blank | blank |
| Total liabilities | $117,467 | blank | blank |
| Redeemable convertible preferred stock | $157,510 | blank | blank |
| Additional paid-in capital | $5,336 | blank | blank |
| Accumulated deficit | $(132,902) | blank | blank |
| Total stockholders' deficit | $(127,619) | blank | blank |
The pro-forma columns give effect to the preferred-stock and convertible-note conversions, the Class F issuance and the offering itself. They are blank in this preliminary filing and are shown as blank — not estimated.
| Measure | FY2023 | FY2024 | FY2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|---|
| Adjusted Operating Income (Loss) | $(522) | $(2,788) | $(4,854) | $(1,849) | $1,618 |
| Adjusted Net Income (Loss) | $(457) | $(2,683) | $(4,448) | $(1,741) | $2,671 |
| Operating margin | (1,344%) | (772%) | (176%) | (184%) | (4%) |
| Adjusted Operating Margin | (1,273%) | (722%) | (106%) | (159%) | 10% |
Five classes of common stock, three kinds of right🔗
Following the offering, five classes are authorized. Only Class A carries both a general vote and full economics; the structure deliberately separates voting, board control and economics into different instruments.
Class A common stock
Votes on: All matters submitted to stockholders generally; election of non-Class T directors. Conversion: None. Economics: Full economic rights: dividends and liquidation distributions pro rata. The class offered in this IPO.
Class N common stock
Votes on: None generally. Conversion: Converts into Class A upon sale or transfer to an unaffiliated third party. Economics: Full economic rights, identical to Class A except voting and conversion. Holders are primarily strategic business partners; the Public Benefit Fund also holds Class N.
Class T common stock
Votes on: Election and removal of the Class T directors, who constitute a majority of the board. Conversion: None. Economics: No economic rights. One share, held by the Long-Term Benefit Trust.
Class F common stock
Votes on: All matters submitted to stockholders generally, including election of non-Class T directors. Conversion: None. Economics: No economic rights. One share, issued to the Founder LLC immediately prior to the offering.
Class E common stock
Votes on: Certain limited matters, including specified Class T director nomination questions. Conversion: None. Economics: No economic rights. Issued to employees excluding the co-founders; zero shares outstanding after this offering.
The two control structures🔗
The LTBT — five financially disinterested trustees with expertise in AI safety, national security, public policy and social enterprise — elects and removes the Class T directors, a majority of the board, through its single Class T share. It does not manage the company. The Founder LLC, whose initial members are the seven co-founders led by chief executive Dario Amodei, holds the single Class F share: 50.1% of the voting power on everything else. Both structures hold power that the filing itself describes as not derived from, or proportionate to, economic interests — and both are named in its risk factors.
The charter purpose both structures exist to protect is the Company Purpose: “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.” Co-founders have additionally pledged 80% of their personal equity to philanthropy, and the company has contributed 846,840,960 Class N shares — 5% of the fully diluted capitalization — to the Anthropic Public Benefit Fund.
- The seven co-founders — Dario Amodei (CEO), Daniela Amodei (President and Chair), Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, Christopher Olah
- Agent for service — Dario Amodei and Daniela Amodei, at the principal executive offices, 548 Market Street, PMB 90375, San Francisco, CA 94104
- Underwriters — Goldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan head a syndicate of more than twenty firms named on the cover
Ninety-four pages of risk, in four groups🔗
The Risk Factors section (pp. 26–120) is the longest in the prospectus. The collection groups its summary's factors for navigation — the grouping is ours; the factors are the filing's.
Frontier capability and compute🔗
Frontier leadership is existential
The company's success depends in large part on its ability to continue to develop the most advanced and capable AI models; any failure to do so could adversely affect the business.
Securing and directing compute
If the company is unable to secure adequate compute, or fails to direct its compute effectively across workloads, it may be unable to train models that remain competitive or adequately serve its customers.
Constraints on compute inputs
Constraints on the critical inputs supporting compute could limit the company's ability to secure adequate compute.
Market, customers and conduct🔗
Unintended, misaligned or autonomous model behavior
AI models may behave in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed, which could adversely affect reputation, brand, business and results of operations.
Misuse and safeguard failure
If the use of the company's AI models results in harm — through use by malicious actors or misuse by other third parties — or if model guardrails or safeguards fail to prevent such misuse, reputation, brand, business and results could be adversely affected.
Liability, litigation and regulatory action
The company may be exposed to liability, litigation, and regulatory action arising from harms associated with its AI models, and its contractual protections and insurance may be insufficient.
Customer and channel concentration
A substantial portion of revenue and accounts receivable is driven by a limited number of customers and distribution channels; the loss of, or a significant reduction in spend from, one or more top customers could adversely affect prospects, business and financial condition.
Governance and capital structure🔗
A novel capital structure
The capital stock structure features provisions that are novel or otherwise not common among other corporations with multiple-class structures, and may effectively eliminate the ability of Class A holders to influence important decisions, including a change in control.
Voting power divorced from economic interest
The capital structure concentrates voting power with the LTBT and the Founder LLC for the foreseeable future, in voting power that is not derived from or proportionate to economic interests in the company.
Public-benefit purpose vs financial return
The focus on the long-term best interests of the company as a PBC — and the directors' duty to balance stockholders' pecuniary interests, the interests of those materially affected, and the Company Purpose — may conflict with short-, medium-, or long-term financial interests and business performance.
History, regulation and reliance🔗
Limited history, extreme growth
The company has a limited operating history in an evolving and nascent industry, is at an early stage of revenue growth, and has experienced rapid growth in recent periods; historical growth rates are not indicative of future performance or of the ability to sustain or forecast growth.
Dependence on founders and key technical staff
The company is highly dependent on the continued service of its co-founders, senior management team, and key technical employees; the loss of any of these individuals may adversely affect the business.
An evolving regulatory and political environment
The business is subject to an evolving and uncertain regulatory and political environment, which could increase costs, restrict operations, or adversely affect demand.
Reliance on a limited number of CSPs and suppliers
Reliance on a limited number of cloud service providers and suppliers — some of which have strategic and investment relationships with the company and are its customers — creates complex dynamics that could give rise to conflicts of interest and adversely affect access to compute.
FY2025 vs H1 2026: A Year Against a Half Year🔗
The comparison this filing forces on every reader: the last audited year set against the six months that followed it.
Ordinarily a half year is half a year. Here H1 2026 revenue is 3.6 times the whole of FY2025, the fair-value charge doubled, and the operating loss shrank by an order of magnitude — while the GAAP bottom line got worse. All six dimensions below are stated from the filing's own summary data.
| Dimension | Year ended Dec 31, 2025 (audited) | Six months ended Jun 30, 2026 (unaudited) |
|---|---|---|
| Revenue scalethe top line | $4,585 million for the full year 2025. | $16,286 million in six months — 3.6 times the entire prior year. |
| Operating resultloss at the operating line | Operating loss of $(8,060) million on $12,645 million of operating expenses, including the $1,500 million Bartz settlement. | Operating loss of $(693) million on $16,979 million of operating expenses — the loss narrowed even as spend grew. |
| The fair-value chargewhat sits below the operating line | $(34,308) million of fair-value change on convertible notes, derivative liabilities and SAFEs, driven by the rise in enterprise valuation. | $(72,388) million in six months — more than double the full prior year, and the single largest number in the statements. |
| Net result (GAAP)the bottom line | Net loss of $(41,965) million; net loss per share of $(23.04). | Net loss of $(80,748) million; net loss per share of $(39.88) — a larger GAAP loss on a far stronger operating performance. |
| Adjusted operating resultthe non-GAAP view | Adjusted operating loss of $(4,854) million; adjusted operating margin of (106)%. | Adjusted operating income of +$1,618 million; adjusted operating margin of +10% — the first positive adjusted operating result in the periods presented. |
| Liquiditycash and capital | Capital raised cumulatively reached $141.1 billion by June 30, 2026 (the filing's H1 2026 disclosure). | Cash, cash equivalents and short-term investments of $131,651 million at June 30, 2026, against total liabilities of $117,467 million. |
Year ended Dec 31, 2025 (audited)
Six months ended Jun 30, 2026 (unaudited)
HowTo: Reading a Form S-1🔗
Seven moves, in order — the method this template applies to any registration statement, demonstrated on this one.
Start at the cover and the offering table
Fix the security first: issuer, form, exchange and symbol (Anthropic, PBC; Form S-1; Nasdaq Global Select Market; ANT), the underwriters, and — in a preliminary filing — precisely which fields are blank. Every blank is information about where the process stands.
Read the summary financial data with period discipline
Keep the five periods separate: three audited years (2023-2025) and two unaudited half years (H1 2025, H1 2026). Compare like with like — H1 against H1, year against year — and note that a half year here exceeds the whole prior year, which is the exception that proves why the discipline matters.
Cross-foot the operating statement
Add the expense lines yourself: compute, personnel, any settlement, sales and marketing, other. They must equal total operating expenses, and revenue minus that total must equal the operating loss — in this filing, for all five periods, they do. A statement you cannot cross-foot is a statement you have not read.
Follow the fair-value charge
Trace the bridge from operating loss to net loss: interest income, the fair-value change on convertible notes, derivatives and SAFEs, other expense, then tax. Here the fair-value line is 100 times the operating loss, and the filing tells you it rises with enterprise valuation — the worse the GAAP loss looks, the more valuable the company became.
Separate GAAP from non-GAAP — deliberately
Read the non-GAAP reconciliation as its own statement: adjusted operating income, adjusted margin, adjusted net income. Note what is excluded (stock-based compensation, the Bartz settlement) and form your own view, but never quote an adjusted figure as if it were GAAP, or vice versa.
Read governance before valuation
Map the share classes and the two control structures (LTBT/Class T, Founder LLC/Class F at 50.1%) before forming any view of what a Class A share is worth. In this capital structure, economics and control are deliberately separated, and the prospectus says so in its own risk factors.
Work the risks, then watch for the amendment
Group the risk factors (frontier and compute; market and conduct; governance; execution) and test the investment case against each group. Then watch EDGAR for the S-1/A: the blanks you catalogued in step 1 are the checklist for what the amendment must fill.
FAQ🔗
Twelve questions about the offering, the loss that isn't a cash loss, the governance, and what happens next — answered from the filing.
A preliminary registration statement on Form S-1, filed by Anthropic, PBC with the U.S. Securities and Exchange Commission on October 26, 2026 (accession 0001628280-26-067168), for an initial public offering of Class A common stock. It is marked Subject To Completion: the registration statement is not yet effective, and the securities may not be sold until it is.
Class A common stock, to be listed on the Nasdaq Global Select Market under the symbol ANT, sold by the company and by selling stockholders, with Goldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan among the underwriters. The price is not yet disclosed: the estimated price range, the share counts and the proceeds figures are blank in this preliminary filing and are modelled here as disclosed-blank fields, not filled from press reports.
Revenue was $41 million in 2023, $386 million in 2024, $4,585 million in 2025, and $16,286 million in the six months ended June 30, 2026 — the half year alone is 3.6 times the whole of 2025. For the three months ended June 30, 2026, revenue grew 1,368% year over year while compute and infrastructure expenses grew 300%.
The difference sits below the operating line. In H1 2026 the company recorded a $(72,388) million change in fair value of convertible notes, derivative liabilities and SAFEs, and $(8,757) million of other expense, against $1,111 million of interest income. The filing states these fair-value changes were primarily driven by an increase in the fair value of the outstanding convertible notes resulting from an increase in enterprise valuation — a non-cash accounting charge that grows as the company becomes more valuable, and that largely disappears on conversion at the IPO.
Adjusted Operating Income (Loss) and Adjusted Net Income (Loss) strip out, among other items, stock-based compensation and the Bartz settlement. On that basis H1 2026 shows adjusted operating income of +$1,618 million (a 10% adjusted operating margin) and adjusted net income of +$2,671 million — against a GAAP operating loss of $(693) million and a GAAP net loss of $(80,748) million. Both views are in the filing; this collection keeps them as separate measure entities and never blends them.
The years ended December 31, 2023, 2024 and 2025 are derived from audited consolidated financial statements. The six-month periods ended June 30, 2025 and 2026, and the June 30, 2026 balance sheet, are derived from unaudited interim consolidated financial statements. Every observation in the companion graph carries that distinction.
Anthropic is incorporated as a public benefit corporation under Delaware law. Its directors must balance three things: the pecuniary interests of stockholders, the best interests of those materially affected by the company's conduct, and the specific public benefit purpose in its charter — the responsible development and maintenance of advanced AI for the long-term benefit of humanity (the Company Purpose). The filing itself flags that this balancing duty may conflict with financial returns.
The LTBT is an independent body of five financially disinterested voting trustees with expertise in AI safety, national security, public policy and social enterprise. Through the single share of Class T common stock it generally has the authority to elect and remove the Class T directors, who constitute a majority of the board. It has no economic rights and no day-to-day management authority — its role is choosing directors equipped to strike the PBC balance.
Two non-economic control structures sit above the economic shares. The LTBT elects the board majority through Class T. On matters submitted to stockholders generally, a single share of Class F, held by an LLC whose initial members are the seven co-founders, carries 50.1% of the total voting power. Class A holders — the public — hold one vote per share and full economic rights, and the company is a Nasdaq controlled company. Class N (strategic partners, and the Public Benefit Fund) holds full economics with no general vote.
General corporate purposes: working capital, operating expenses and capital expenditures, including investments in compute and infrastructure, and hiring and retention of highly skilled personnel — plus satisfying tax withholding and remittance obligations on the RSU settlement. The company may also acquire or invest in businesses, products, services or technologies, though it has no agreements for material acquisitions at filing. The company receives nothing from the selling stockholders' shares.
The Risk Factors section runs from page 26 to page 120 — the largest in the prospectus. Its summary names, among others: losing frontier leadership; securing and directing compute; models behaving in unintended, misaligned or autonomous ways; misuse and safeguard failure; liability and litigation; customer concentration; a limited history at extreme growth rates; an evolving regulatory environment; reliance on a few CSPs that are also investors and customers; and the novel governance structure itself.
The filing is preliminary. Expect one or more S-1/A amendments that fill the blanks — price range, share counts, pro-forma columns, the committed-spend figures — before the registration statement is declared effective and the offering is priced. Anthropic's later periodic reporting then follows the 10-Q / 10-K cadence, which is why this build also ships the full 10-Q template alongside the S-1 template.
Glossary: The Filing's Own Defined Terms🔗
Unusually for a prospectus, this filing opens by defining the vocabulary of its industry — agentic AI, the agent loop, tokens — alongside its own governance terms. Definitions condensed from the filing's Select Defined Terms and governance sections.
The vocabulary layer of the S-1 template: a filing's own definitions, modelled as a DefinedTermSet aligned to the template ontology and, for the line items, to US-GAAP taxonomy concepts and FIBO alignment.
agentic AI
The filing's definition: AI systems that, with varying degrees of autonomy, can plan, determine, and sequence actions and execute them to accomplish defined objectives, including through interaction with external tools, services, datasets, and environments on behalf of a user.
agent loop
The iterative cycle in which an AI agent receives a task, takes an action — such as planning a project, running code, or calling a tool — observes the result, and decides its next step, repeating until the task is complete. The core execution pattern underlying agentic AI behavior.
Constitutional AI
Anthropic's approach to training AI models using a set of written principles — Claude's constitution, organized around being broadly safe, broadly ethical, compliant with guidelines, and genuinely helpful — against which models evaluate, critique, and revise their own responses.
compute
The computational processing resources used to train and run AI models, including specialized AI accelerators, memory, networking, storage, and power systems deployed in data centers or other physical computing environments.
context window
The maximum amount of text, code, or other content, measured in tokens, that an AI model can process in a given request — encompassing instructions, prior conversation history, user input, and the model's output.
frontier AI
AI systems at the current leading edge of capability and safety, performing at or near the highest levels of any existing system across a broad range of tasks.
inference
The process by which a trained AI model processes an input and generates an output. Inference occurs each time a user or agent interacts with an AI system.
model weights
The numerical parameters encoding a trained AI model's behavior, which are the primary intellectual asset of a frontier AI developer, representing the accumulated investment in compute, data, and research.
Net Revenue Retention
The filing's expansion measure: Qualified Customers' Current Period revenue divided by their Base Period revenue, where the Base Period is the three months ending a year before the measurement date and Qualified Customers exclude Claude Pro and Max subscribers.
pay-for-intelligence
The filing's name (also 'consumption') for Anthropic's revenue model: customers pay for usage of the intelligence service, metered in tokens and priced according to the model selected.
Run-Rate Revenue
An operating metric: the estimated annualized value of revenue-generating activity as of a measurement date — trailing-28-day consumption fees multiplied by 13, plus aggregate monthly subscription fees multiplied by 12.
tokens
Numeric units into which an AI model converts the data it processes, including text, images, audio, and video. Tokens are the smallest individual units of a language model and can correspond to words, subwords, characters, or bytes.
public benefit corporation (PBC)
A Delaware corporate form intended to produce a public benefit and operate in a responsible and sustainable manner: directors must balance stockholders' pecuniary interests, the best interests of those materially affected, and the specific public benefit purpose stated in the certificate of incorporation.
Long-Term Benefit Trust (LTBT)
The independent trust of five financially disinterested voting trustees which, through the Class T common stock, generally elects and removes the Class T directors who constitute a majority of Anthropic's board.
Company Purpose
Anthropic's chartered public benefit purpose, quoted in the filing: the responsible development and maintenance of advanced AI for the long-term benefit of humanity.
controlled company
A Nasdaq status for a company where a holder or group holds majority voting control — here the LTBT — permitting exemptions from certain corporate governance requirements. Anthropic states it does not expect to rely on the exemption beyond its nominating and corporate governance committee.
Knowledge Graph Explorer
KG Explorer🔗
Interactive visualization of this collection's knowledge graph. Node labels sit below their circles; click a node to open its full description.
SPARQL Workbench
SPARQL Workbench🔗
Run live SPARQL queries against the companion knowledge graph. Sample queries included.
Sample queries from the graph🔗
The canonical entity census: every rdf:type in the collection with a sample entity and a count.
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
SELECT ?type
(SAMPLE(?s) AS ?sampleEntity)
(COUNT(?s) AS ?entityCount)
WHERE { ?s rdf:type ?type . }
GROUP BY ?type
ORDER BY DESC(?entityCount)Every financial observation for the six months ended June 30, 2026, with its line item and value (USD millions unless the item is per-share or a share count).
PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?itemIri ?item ?value WHERE {
?obs a :FinancialObservation ; :forPeriod :h12026 ;
:lineItem ?itemIri ; schema:value ?value .
?itemIri schema:name ?item .
} ORDER BY ?itemThe observations that bridge operating loss to net loss for H1 2026 — interest income, the fair-value charge, other expense and tax.
PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?itemIri ?item ?value WHERE {
?obs a :FinancialObservation ; :forPeriod :h12026 ;
:lineItem ?itemIri ; schema:value ?value .
?itemIri schema:name ?item .
FILTER(?itemIri IN (:liOperatingLoss, :liInterestIncome,
:liFairValueChange, :liOtherIncome, :liTotalOther,
:liLossBeforeTax, :liTaxProvision, :liNetLoss))
} ORDER BY ?itemAdjusted operating and adjusted net results for every period, kept strictly separate from the GAAP line items.
PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?measureIri ?measure ?periodIri ?value WHERE {
?obs a :FinancialObservation ; :measureOf ?measureIri ;
:forPeriod ?periodIri ; schema:value ?value .
?measureIri schema:name ?measure .
} ORDER BY ?measure ?periodIriEvery modelled risk factor with the risk group the collection assigns it to.
PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?riskIri ?risk ?groupIri WHERE {
?riskIri a :RiskFactor ; schema:name ?risk ;
:inRiskGroup ?groupIri .
} ORDER BY ?riskEvery class of common stock in the post-offering capital structure, with its voting rights.
PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?classIri ?class ?votes WHERE {
?classIri a :ShareClass ; schema:name ?class ;
:votingRights ?votes .
} ORDER BY ?classEvery FAQ question in the collection, with its IRI.
PREFIX schema: <http://schema.org/>
SELECT ?questionIri ?question WHERE {
?questionIri a schema:Question ; schema:name ?question .
} ORDER BY ?questionEvery defined term in the collection, with its IRI.
PREFIX schema: <http://schema.org/>
SELECT ?termIri ?term WHERE {
?termIri a schema:DefinedTerm ; schema:name ?term .
} ORDER BY ?term