Anthropic, PBC Form S-1: hypergrowth, a trust-elected board, and a blank price

A preliminary prospectus: the revenue is real, the price is blank

7attributes compared

7differ

KG curated by kg-generator, rdf-infographic-skill, and Claude Sonnet 5.5 on behalf of Kingsley Idehen

Executive SummaryAnthropic, PBC · 2026-10-26

Synopsis¶

Anthropic, PBC has filed a Form S-1 for an initial public offering of Class A common stock, proposed for listing on the Nasdaq Global Select Market as ANT. The filing is a preliminary prospectus: the price range, share counts and proceeds are blank. What it does fix is a financial record and a governance design. Revenue grew from $41 million in 2023 to $4,585 million in 2025, then reached $16,286 million in the first half of 2026, with operating income of $974 million in the quarter to June 30, 2026.

The net loss is a different story: $80,748 million in the first half of 2026, almost all of it a non-cash change in fair value of convertible notes. Control sits with a Long-Term Benefit Trust that elects a board majority and a Founder LLC holding 50.1% of general votes through Class F stock, so the five classes of common stock differ sharply in what they buy.

SourcesAnthropic, PBC: Form S-1 Registration Statement

View this analysis as a KG entity

Capital structure

Five classes of common stock after the offering¶

The prospectus summary compares the classes on voting, conversion, transfer, dividends, liquidation and redemption. Only Class A and Class N share in dividends and liquidation; Class T, F and E exist to carry control and employee voting.

7 differ

Dimension	Class A common stockPublic class	Class E common stockEmployee class	Class F common stockFounder class	Class N common stockNon-voting	Class T common stockTrust class
Votes per sharedifferVoting power attached to each share.	1 vote1	1 vote1	50.1%50.1% of outstanding voting power on the record date	None0	1 vote1
Matters entitled to vote ondifferWhich stockholder decisions the class takes part in.	All mattersAll matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the terms of the LTBT or the rights of Class T common stock; redemption of Class T common stock.	Limited mattersNomination, change in designation or removal of the Specified Class T Director (only if the NGC does not concur with the LTBT); certain amendments to the LTBT terms or Class T rights; redemption of Class T common stock.	All mattersAll matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the LTBT terms or Class T rights; redemption of Class T and Class E common stock.	Only as required by lawNot entitled to vote except as required by law, in which case Class N has one vote per share.	Board majorityElection of the Class T directors, who constitute a majority of the board; redemption of Class E common stock; certain amendments to the rights of Class F common stock.
Conversion rightsdifferWhether and when the class converts into another class.	NoneNo conversion rights.	NoneNo conversion rights.	NoneNo conversion rights.	Converts to Class AConverts into Class A common stock on a sale or transfer to an unaffiliated third party.	NoneNo conversion rights.
TransferabilitydifferWho may hold or receive the class.	Generally transferableGenerally transferable.	Not transferableNot transferable.	RestrictedNot transferable except in a reorganization or redomiciliation of the Founder LLC that the board approves and that does not change the LLC's members.	Generally transferableGenerally transferable; converts to Class A on transfer as described above.	RestrictedTransferable only on approval of the persons comprising the Trust Amendment Threshold.
Dividend rightsdifferEntitlement to dividends and distributions.	Pro rataEntitled to participate pro rata in dividends and distributions.	NoneNo dividend rights.	NoneNo dividend rights.	Pro rataEntitled to participate pro rata in dividends and distributions.	NoneNo dividend rights.
Liquidation distributionsdifferEntitlement on liquidation.	Pro rataEntitled to participate pro rata in liquidation distributions.	Par valueEntitled to par value per share.	Par valueEntitled to par value per share.	Pro rataEntitled to participate pro rata in liquidation distributions.	Par valueEntitled to par value per share.
Redeemable by the companydifferWhether the company may redeem the class.	NoNot redeemable by the company.	For no considerationRedeemable by the company for no consideration on the occurrence of certain events.	For no considerationRedeemable by the company for no consideration on the occurrence of certain events.	NoNot redeemable by the company.	For no considerationRedeemable by the company for no consideration on the occurrence of certain events.

Class A common stockPublic class

Votes per sharediffer

1 vote1

Matters entitled to vote ondiffer

All mattersAll matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the terms of the LTBT or the rights of Class T common stock; redemption of Class T common stock.

Conversion rightsdiffer

NoneNo conversion rights.

Transferabilitydiffer

Generally transferableGenerally transferable.

Dividend rightsdiffer

Pro rataEntitled to participate pro rata in dividends and distributions.

Liquidation distributionsdiffer

Pro rataEntitled to participate pro rata in liquidation distributions.

Redeemable by the companydiffer

NoNot redeemable by the company.

Class E common stockEmployee class

Votes per sharediffer

1 vote1

Matters entitled to vote ondiffer

Limited mattersNomination, change in designation or removal of the Specified Class T Director (only if the NGC does not concur with the LTBT); certain amendments to the LTBT terms or Class T rights; redemption of Class T common stock.

Conversion rightsdiffer

NoneNo conversion rights.

Transferabilitydiffer

Not transferableNot transferable.

Dividend rightsdiffer

NoneNo dividend rights.

Liquidation distributionsdiffer

Par valueEntitled to par value per share.

Redeemable by the companydiffer

For no considerationRedeemable by the company for no consideration on the occurrence of certain events.

Class F common stockFounder class

Votes per sharediffer

50.1%50.1% of outstanding voting power on the record date

Matters entitled to vote ondiffer

All mattersAll matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the LTBT terms or Class T rights; redemption of Class T and Class E common stock.

Conversion rightsdiffer

NoneNo conversion rights.

Transferabilitydiffer

RestrictedNot transferable except in a reorganization or redomiciliation of the Founder LLC that the board approves and that does not change the LLC's members.

Dividend rightsdiffer

NoneNo dividend rights.

Liquidation distributionsdiffer

Par valueEntitled to par value per share.

Redeemable by the companydiffer

For no considerationRedeemable by the company for no consideration on the occurrence of certain events.

Class N common stockNon-voting

Votes per sharediffer

None0

Matters entitled to vote ondiffer

Only as required by lawNot entitled to vote except as required by law, in which case Class N has one vote per share.

Conversion rightsdiffer

Converts to Class AConverts into Class A common stock on a sale or transfer to an unaffiliated third party.

Transferabilitydiffer

Generally transferableGenerally transferable; converts to Class A on transfer as described above.

Dividend rightsdiffer

Pro rataEntitled to participate pro rata in dividends and distributions.

Liquidation distributionsdiffer

Pro rataEntitled to participate pro rata in liquidation distributions.

Redeemable by the companydiffer

NoNot redeemable by the company.

Class T common stockTrust class

Votes per sharediffer

1 vote1

Matters entitled to vote ondiffer

Board majorityElection of the Class T directors, who constitute a majority of the board; redemption of Class E common stock; certain amendments to the rights of Class F common stock.

Conversion rightsdiffer

NoneNo conversion rights.

Transferabilitydiffer

RestrictedTransferable only on approval of the persons comprising the Trust Amendment Threshold.

Dividend rightsdiffer

NoneNo dividend rights.

Liquidation distributionsdiffer

Par valueEntitled to par value per share.

Redeemable by the companydiffer

For no considerationRedeemable by the company for no consideration on the occurrence of certain events.

Section 1

Headline figures ¶

The numbers the prospectus leads with, each stated as the filing states it.

$16,286million

Revenue, six months to June 30, 2026 ¶

Up from $1,163 million in the six months to June 30, 2025.

$11,555million

Revenue, quarter to June 30, 2026 ¶

Revenue rose sequentially in every quarter shown, from $376 million in Q1 2025.

10%

Adjusted operating margin, H1 2026 ¶

Adjusted Operating Income of $1,618 million. GAAP operating margin was (4)%.

$(80,748)million

Net loss, six months to June 30, 2026 ¶

Includes a $72.4 billion change in fair value of convertible notes, derivative liabilities and SAFEs.

$131,651million

Cash and short-term investments ¶

At June 30, 2026; $112.4 billion of cash and cash equivalents plus $19.3 billion of short-term investments.

~900%

Net Revenue Retention ¶

As of September 30, 2026, by the filing's definition that excludes Claude Pro and Max subscribers.

11,900+customers

Customers with $100,000+ TTM revenue ¶

As of September 30, 2026; more than 1,900 spend $1 million or more and about 250 spend $10 million or more.

$6.6+million

TTM revenue per employee ¶

As of September 30, 2026, against $1.4 million a year earlier.

Section 2

The offering and what is still blank ¶

What the cover page and The Offering section fix, and which terms remain blank because the registration statement is not yet effective.

Securities offered and listing ¶

Class A common stock, sold by Anthropic and by selling stockholders. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. The 25 underwriters on the cover are led by Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities and BofA Securities.

Terms left blank ¶

The share counts, the price range, the underwriting discount, the proceeds to the company and to selling stockholders, the capitalization and dilution tables, and the pro forma balance sheet columns are all blank. This graph records them as blank rather than estimating them.

Use of proceeds ¶

Anthropic intends general corporate purposes, including working capital, operating expenses and capital expenditures such as compute and infrastructure, hiring and retention, possible acquisitions, and tax withholding and remittance on settlement of certain restricted stock units. It receives nothing from shares the selling stockholders sell.

Dividend policy ¶

Anthropic has never declared or paid cash dividends and does not expect to. The A&R Credit Agreement limits cash dividends even with nothing drawn.

Share splits already effected ¶

On September 17, 2026 Anthropic effected a 10-for-one forward split of Class A and Class N common stock and a one-for-1,000 reverse split of Class T common stock. All share data in the prospectus reflects them.

Section 3

Governance: public benefit corporation, trust and founders ¶

A public benefit corporation whose board majority is elected by a trust, with a founder class that carries 50.1% of general votes. The five classes of stock are compared in the matrix below.

Public benefit corporation ¶

Anthropic is a Delaware PBC. Its directors must balance stockholders' pecuniary interests, the best interests of those materially affected by its conduct, and its public benefit purpose: the responsible development and maintenance of advanced AI for the long-term benefit of humanity.

Long-Term Benefit Trust ¶

Created in 2023, the trust holds the Class T share and generally elects and removes the Class T directors, a majority of the board. Neither the trust nor its trustees take part in day-to-day management or strategy.

Founder voting ¶

The Founder LLC, whose initial members are the seven co-founders, holds the Class F share worth 50.1% of general voting power, which caps all Class A holders together at 49.9%.

Controlled company status ¶

Because the trust can elect a majority of the board, Anthropic is a controlled company under Nasdaq rules. It does not expect to rely on the exemption except for its nominating and corporate governance committee, and a majority of its board is independent.

Changing the trust terms ¶

Amending the trust terms or Class T rights takes 80% of the board and of the trustees if the trustees agree. Without them, it takes the founders' Class F vote plus Class E and Class A majorities, with thresholds that differ before and after the third anniversary of the offering.

Public benefit commitments ¶

Anthropic contributed 846,840,960 Class N shares, 5% of fully diluted shares at June 30, 2026, to the Anthropic Public Benefit Fund. The board has approved issuing up to a further 2% each time the share price rises 50% above the prior milestone, and each co-founder pledged 80% of personal equity to philanthropy.

Section 4

Business, customers and channels ¶

Claude reaches customers through a platform, a coding agent and a knowledge-work agent, and through three cloud marketplaces.

Models, platform and applications ¶

Claude is delivered as models, the Claude Platform for building and deploying applications, Claude Code for software development, and Claude Cowork for knowledge work. Cowork began as a research preview in January 2026 and is being merged with Claude.ai.

Customer scale ¶

At September 30, 2026 the filing counts more than 11,900 customers at $100,000 or more of trailing-twelve-month revenue, more than 1,900 at $1 million or more, and about 250 at $10 million or more. It does not track an 'enterprise' segment; the $100,000 tier is its proxy.

Cloud marketplaces as channels ¶

Claude is sold on AWS, Google Cloud and Microsoft Azure. Revenue through cloud marketplaces was about 11%, 32%, 47% and 48% of total revenue in 2023, 2024, 2025 and the first half of 2026, and 58% of net accounts receivable at June 30, 2026.

Multi-chip compute pool ¶

Anthropic treats compute from several partners as one fungible pool across AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs, directing capacity to the most productive workload.

Closing the loop ¶

Each Claude version helps build the next: running experiments, generating training data, automating evaluations and safety audits, and writing and reviewing code. The filing calls this recursive dynamic 'closing the loop'.

Compute efficiency claim ¶

Revenue grew 1,368% year over year in the three months ended June 30, 2026 while compute and infrastructure expenses grew 300%. Compute and infrastructure expense fell from 251% of revenue in Q1 2025 to 48% in Q2 2026.

Section 5

Capital raised, debt and compute commitments ¶

Financing, debt and compute obligations behind the growth, from the MD&A and risk factors.

Capital raised and liquidity ¶

Anthropic had raised $141.1 billion by June 30, 2026, holding $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments, plus $3.2 billion available under its credit facility.

Indebtedness ¶

Total indebtedness was $6.2 billion at June 30, 2026, all convertible promissory notes issued to Amazon. A March 2026 note purchase agreement lets Anthropic issue up to $42.0 billion of convertible notes to Broadcom or a designated financial partner to finance an equipment lease.

Accumulated deficit and its cause ¶

The accumulated deficit is $132.9 billion, of which $113.2 billion comes from changes in the fair value of convertible notes and derivative liabilities since 2023, including $72.4 billion in the first half of 2026.

Cash flow turned positive in 2026 ¶

Operating activities used $2.6 billion in 2025 and provided $3.9 billion in the six months to June 30, 2026. Financing provided $110.8 billion in that half-year, mainly from preferred stock, and investing used $17.2 billion.

Bartz copyright settlement ¶

In September 2025 Anthropic agreed to settle the Bartz et al. copyright class action for $1.5 billion; the district court approved it in July 2026. The charge was recorded in the quarter ended September 30, 2025.

Section 6

Risk factors the summary highlights ¶

A selection from the prospectus summary's risk list: product, compute, concentration, regulation and governance.

Keeping the frontier ¶

Success depends on continuing to develop the most advanced and capable AI models.

Securing compute ¶

Failure to secure adequate compute, or to direct it effectively across workloads, could leave models uncompetitive or customers underserved.

Reliance on a few cloud providers ¶

A limited number of cloud services providers and suppliers, some of which invest in and buy from Anthropic, create complex dynamics and potential conflicts of interest.

Customer and channel concentration ¶

A substantial portion of revenue and receivables comes from a limited number of customers and distribution channels.

Misuse and misalignment ¶

Models may be misused by malicious actors or behave in unintended, misaligned or autonomous ways, harming reputation and creating liability that contracts and insurance may not cover.

Limited operating history ¶

A limited operating history in a nascent industry, and rapid recent growth that may not continue, make future prospects hard to evaluate.

Regulatory and political uncertainty ¶

An evolving regulatory and political environment could raise costs, restrict operations or reduce demand.

Intense competition ¶

Competition could adversely affect the business if Anthropic cannot compete effectively.

Novel capital stock structure ¶

Provisions in the multi-class structure may effectively eliminate Class A holders' ability to influence important decisions, including a change in control.

Voting power not tied to economics ¶

Voting power concentrates with the trust and the Founder LLC and is not proportionate to economic interests.

Public benefit duties ¶

Balancing stockholders' interests against stakeholders and the Company Purpose may conflict with financial interests and weigh on the Class A share price.

Dependence on key people ¶

The business depends on the co-founders, senior management and key technical employees, and on maintaining its culture as it grows.

Section 7

Directors, officers and holders ¶

Who sits on the board and the trust, and who holds the founder and selling-stockholder positions.

Board of directors ¶

Dario Amodei (CEO), Daniela Amodei (President and Chairperson), Reed Hastings, Christopher Liddell, Vas Narasimhan and Yasmin Razavi serve on the board, along with the Class T directors the trust elects. The board has a majority of independent directors.

Chief Financial Officer ¶

Krishna Rao has served as Chief Financial Officer since April 2024, after chief financial officer roles at Fanatics Commerce and Cedar.

Trustees ¶

The trust has five authorized seats and one is vacant. Dr. Neil 'Buddy' Shah has chaired it since June 2023 and will be an initial manager of the Anthropic Public Benefit Fund.

Selling stockholders and founder holdings ¶

Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah are named as other selling stockholders. Dario Amodei beneficially owns 245,259,100 shares including shares subject to voting proxies and Daniela Amodei 241,408,940; the post-offering percentages are blank.

Financials

Financial Statements and Operating Data¶

Consolidated statements of operations ¶ USD millions

Summary consolidated statements of operations data, in millions except share and per share amounts. FY figures are audited; the six-month columns are unaudited.

Line item	FY2023	FY2024	FY2025	H1 2025	H1 2026
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 income (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, basic and diluted	($1.42)	($5.43)	($23.04)	($7.25)	($39.88)
Weighted-average 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

Non-GAAP measures and operating margin ¶ USD millions

Adjusted Operating Income (Loss), Adjusted Operating Margin and Adjusted Net Income (Loss), the three non-GAAP measures the filing uses. GAAP operating margin is shown for contrast.

Line item	FY2023	FY2024	FY2025	H1 2025	H1 2026
Operating margin	(1,344 %)	(772 %)	(176 %)	(184 %)	(4 %)
Adjusted Operating Income (Loss)	(522)	(2,788)	(4,854)	(1,849)	1,618
Adjusted Operating Margin	(1,273 %)	(722 %)	(106 %)	(159 %)	10 %
Adjusted Net Income (Loss)	(457)	(2,683)	(4,448)	(1,741)	2,671

Quarterly revenue and adjusted results ¶ USD millions

Eight quarters of the sequential trend the MD&A describes: revenue rose from $376 million to $11.6 billion, and operating income turned positive in the three months ended June 30, 2026.

Revenue, USD millions, from the observations in the table below.

Line item	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	376	787	1,382	2,040	4,731	11,555
Operating income (loss)	(935)	(1,200)	(3,089)	(2,836)	(1,667)	974
Stock-based compensation expense	105	181	305	574	924	1,261
Non-cash charitable contributions	—	—	—	541	126	—
Bartz settlement (adjustment)	—	—	1,500	—	—	—
Adjusted Operating Income (Loss)	(830)	(1,019)	(1,284)	(1,721)	(617)	2,235
Operating margin	(249 %)	(152 %)	(224 %)	(139 %)	(35 %)	8 %
Adjusted Operating Margin	(221 %)	(129 %)	(93 %)	(84 %)	(13 %)	19 %
Net loss	(6,592)	(6,377)	(12,138)	(16,858)	(14,439)	(66,309)
Change in fair value of convertible notes, derivative liabilities, and SAFEs	5,701	5,241	9,165	14,201	12,791	59,597
Change in fair value of certain mark-to-market financial instruments	—	—	—	3	288	8,432
Adjusted Net Income (Loss)	(786)	(955)	(1,168)	(1,539)	(310)	2,981

Cash flows ¶ USD millions

Net cash provided by (used in) operating, investing and financing activities. Financing inflows came mainly from redeemable convertible preferred stock, net of issuance costs.

Line item	FY2023	FY2024	FY2025	H1 2025	H1 2026
Net cash provided by (used in) operating activities	(1,627)	(5,692)	(2,637)	(1,513)	3,929
Net cash provided by (used in) investing activities	(2)	(22)	(3,077)	(49)	(17,181)
Net cash provided by (used in) financing activities	2,320	7,248	19,960	4,749	110,774

Consolidated balance sheet data, actual ¶ USD millions

Balance sheet data as of June 30, 2026 (unaudited), actual column only. The pro forma and pro forma as adjusted columns are blank in the filing.

Line item	June 30, 2026
Cash, cash equivalents, and short-term investments	131,651
Working capital	130,760
Total assets	147,358
Total liabilities	117,467
Redeemable convertible preferred stock	157,510
Additional paid-in capital	5,336
Accumulated deficit	(132,902)
Total stockholders' deficit	(127,619)

How-To

How-To Guide¶

How the capital structure changes at closing ¶

The transactions the prospectus assumes happen immediately before or at completion of the offering, in the order it lists them.

1

Splits already effected ¶

On September 17, 2026, Anthropic effected a 10-for-one forward split of Class A and Class N common stock and a one-for-1,000 reverse split of Class T common stock; the prospectus restates all share data for them.

2

Preferred Stock Conversion ¶

Immediately before completion, the listed series of redeemable convertible preferred stock convert automatically into Class A or Class N common stock under the amended and restated certificate of incorporation.

3

Class F Stock Issuance ¶

One share of Class F common stock is issued to the Founder LLC, carrying 50.1% of general voting power and no economic rights.

4

Convertible Notes Conversion ¶

Convertible promissory notes convert into Class N common stock, up to the ownership cap that applies to the Amazon Notes; any remainder converts quarter by quarter after the offering or is repaid in cash at maturity.

5

Initial Public Benefit Issuance ¶

The 846,840,960 Class N shares held by the Anthropic Public Benefit Fund count as legally outstanding but not as outstanding for accounting purposes while its subsidiary holds them.

6

RSU Settlement ¶

Class A shares are issued net for restricted stock units whose service condition is satisfied, after withholding shares for estimated taxes; proceeds may fund the remaining withholding.

7

Charter, bylaws and listing ¶

The amended and restated certificate of incorporation and bylaws take effect immediately before completion, and Class E common stock is authorized for issue to employees. The company then sells Class A shares and applies to list on Nasdaq as ANT.

How the filing computes its operating metrics ¶

The definitions behind Run-Rate Revenue, Net Revenue Retention and the customer-tier counts.

1

Compute Run-Rate Revenue ¶

Multiply consumption-based fees for the trailing 28 days ending on the measurement date by 13, then add aggregate monthly subscription fees at the measurement date multiplied by 12.

2

Compute Net Revenue Retention ¶

Take Qualified Customers, those with at least $1 of revenue in the Base Period, excluding Claude Pro and Max subscribers. Divide their Current Period revenue (the three months ending at the measurement date) by their Base Period revenue (the three months ending a year earlier).

3

Count customers by revenue tier ¶

Aggregate accounts that belong to one organization, then count organizations with trailing-twelve-month revenue of at least $100,000, $1 million or $10 million.

4

Read 'enterprise' as the $100,000 tier ¶

Anthropic does not separately define or track enterprise customers. It treats customers at $100,000 or more as its measure of enterprise adoption throughout the prospectus.

FAQ

Frequently Asked Questions¶

What is Anthropic offering in this S-1?¶▼

An initial public offering of Class A common stock by Anthropic and by selling stockholders, with an application to list on the Nasdaq Global Select Market under the symbol ANT. Share counts and the price range are blank in this preliminary prospectus, and the registration statement is not yet effective.

Does Anthropic receive the money from every share sold?¶▼

No. Anthropic will not receive any proceeds from shares the selling stockholders sell. The proceeds to the company and to the selling stockholders are separate blank lines on the cover.

How will Anthropic use the proceeds?¶▼

For general corporate purposes, including working capital, operating expenses and capital expenditures such as compute and infrastructure, hiring and retention, possible acquisitions or investments, and tax withholding and remittance on settlement of certain restricted stock units. It has no agreements for any material acquisition.

How fast has revenue grown?¶▼

Revenue was $41 million in 2023, $386 million in 2024 and $4,585 million in 2025. In the six months to June 30, 2026 it was $16,286 million against $1,163 million a year earlier, and $11,555 million in the quarter to June 30, 2026.

Is Anthropic profitable?¶▼

Not on a GAAP net basis. The operating loss was $693 million in the first half of 2026, but operating income was $974 million in the quarter to June 30, 2026. The net loss for the half-year was $80,748 million, and Adjusted Operating Income was $1,618 million, a 10% margin.

Why is the net loss so large when operating results are near break-even?¶▼

Because of a non-cash change in fair value of convertible notes, derivative liabilities and SAFEs: $72,388 million in the first half of 2026, mainly from a rising enterprise valuation. The conversions at the offering end further recognition of those changes.

What is the Long-Term Benefit Trust and what does it control?¶▼

A trust of financially disinterested trustees that holds the single Class T share. It generally elects and removes the Class T directors, who make up a majority of the board, but has no day-to-day management role. Five seats are authorized and one is vacant.

Who controls the vote?¶▼

The Founder LLC's Class F share carries 50.1% of general voting power, so all Class A holders together hold at most 49.9%. The trust separately elects a majority of the board. Together they can elect every director.

What does 'controlled company' mean for Anthropic?¶▼

Because the trust can elect a majority of the board, Anthropic qualifies as a controlled company under Nasdaq rules and may opt out of certain governance requirements. It says it does not expect to rely on the exemption except for its nominating and corporate governance committee.

How much of revenue comes through cloud marketplaces?¶▼

About 11%, 32%, 47% and 48% of revenue in 2023, 2024, 2025 and the first half of 2026. Cloud marketplace customers were 42%, 60% and 58% of net accounts receivable at December 31, 2024, December 31, 2025 and June 30, 2026.

How much cash and debt does Anthropic have?¶▼

At June 30, 2026: $112.4 billion of cash and cash equivalents, $19.3 billion of short-term investments and $3.2 billion available under its credit facility. Total indebtedness was $6.2 billion, all Amazon convertible notes, and it can issue up to $42.0 billion of notes to Broadcom or a designated partner.

What is Run-Rate Revenue and what are its limits?¶▼

It annualizes trailing 28-day consumption fees (times 13) and monthly subscription fees (times 12). The filing warns it is not a substitute for GAAP revenue or a forecast, and that annualizing a short window means it may not reflect revenue continuing at the same rate for a year.

What was the Bartz litigation?¶▼

A copyright infringement class action, Bartz et al. v. Anthropic PBC, settled in September 2025 for $1.5 billion. The court approved the settlement in July 2026, and the charge was recorded in the quarter ended September 30, 2025.

Will Anthropic pay dividends?¶▼

It has never paid cash dividends and does not expect to. It intends to retain funds for the business, and the A&R Credit Agreement limits dividends even though nothing is drawn.

What public benefit commitments does the filing describe?¶▼

A contribution of 846,840,960 Class N shares (5% of fully diluted shares) to the Anthropic Public Benefit Fund, a board-approved framework to issue up to a further 2% at each 50% share-price milestone, and a pledge by each co-founder of 80% of personal equity to philanthropy.

How many large customers does Anthropic report?¶▼

At September 30, 2026: more than 11,900 customers at $100,000 or more of trailing-twelve-month revenue, more than 1,900 at $1 million or more, and about 250 at $10 million or more, with Net Revenue Retention of about 900%.

What happens to the preferred stock at the offering?¶▼

Immediately before completion, Series A, C-1, D-1, D-2, E-1, F-1, G-1 and H-1 preferred converts to Class A, and Series B, C-2, D-3, E-2 to E-5, F-2, G-2 to G-4 and H-2 to H-4 converts to Class N.

Which items does the preliminary prospectus leave blank?¶▼

The share counts, price range, underwriting discount, offering proceeds, capitalization and dilution tables, pro forma and pro forma as adjusted balance sheet columns, pro forma net loss per share, and post-offering ownership percentages.

Glossary

Glossary of Terms¶

Agent loop ¶

The iterative cycle in which an AI agent receives a task, takes an action such as running code or calling a tool, observes the result, and decides its next step until the task is complete.

Agentic AI ¶

AI systems that, with varying autonomy, plan, determine and sequence actions and carry them out through interaction with external tools, services, datasets and environments on a user's behalf.

Constitutional AI ¶

An approach to training in which models evaluate, critique and revise their own responses against written principles, currently organized around four priorities: broadly safe, broadly ethical, compliant with guidelines, and genuinely helpful.

Compute multipliers ¶

Algorithmic and methodological improvements in training and inference that raise the effective output of a given amount of compute.

Closing the loop ¶

A development cycle in which successive versions of an AI model assist in building the next, aiming to compound capability gains.

Cloud services provider (CSP)¶

A technology company that runs large-scale cloud infrastructure and sells on-demand compute, storage and networking; CSPs can also serve as distribution channels for AI products.

Net Revenue Retention ¶

Qualified Customers' Current Period revenue divided by their Base Period revenue, reflecting expansion, contraction and churn at a measurement date.

Run-Rate Revenue ¶

An operating metric: the trailing 28-day consumption-based fees multiplied by 13, plus aggregate monthly subscription fees multiplied by 12. It is not a GAAP measure or a forecast.

Customers by trailing-twelve-month revenue ¶

Customers contributing at least $100,000, $1 million or $10 million of revenue in the trailing twelve months ending on the measurement date, counted per organization.

Virtual Collaborator ¶

An AI system that works alongside humans on complex, multi-step, professional-level work, carrying the access rights, system connections and context its organization grants.

Powerful AI ¶

The filing's term for a highly capable form of frontier AI expected to match or exceed top human experts across most disciplines and to work autonomously for hours, days or weeks.

Pay-for-intelligence ¶

The consumption revenue model: customers pay for usage of the intelligence service, metered in tokens and priced by the model selected.

Public benefit corporation ¶

A corporation that must identify a public benefit in its charter and whose directors must balance stockholders' pecuniary interests, the interests of those materially affected, and that benefit.

Long-Term Benefit Trust ¶

A trust of financially disinterested trustees that holds Class T common stock and generally elects and removes a majority of the board.

Controlled company ¶

A company in which one holder or group has the power to elect a majority of directors, allowing it to opt out of some Nasdaq governance requirements.

Initial public offering ¶

The first sale of a company's shares to the public. Here, an offering of Class A common stock by the company and selling stockholders with a proposed Nasdaq listing as ANT.

Pro forma ¶

Figures that give effect to stated transactions as if they had occurred on an earlier date, such as the Preferred Stock Conversion, the Convertible Notes Conversion and the Class F issuance.

RSU Settlement ¶

The net issuance of Class A shares for restricted stock units whose service condition is met, after withholding shares to cover estimated tax obligations.

Adjusted Operating Income (Loss)¶

A non-GAAP measure: operating income (loss) adjusted for stock-based compensation, non-cash charitable contributions and the Bartz settlement.

Knowledge Graph Explorer¶ 521 nodes · 1597 links

Interactive graph visualization derived from the companion RDF. Click nodes to resolve, drag to explore. Graph data embedded from companion RDF at generation time.

Anthropic, PBC Form S-1: hypergrowth, a trust-elected board, and a blank price

Nodes: 0 Links: 0

Click SVG to activate zoom, click outside to release | Drag nodes to pin, double-click to unpin

Classes Properties Instances

SPARQL Workbench¶ 9 sample queries

Query this knowledge graph on URIBurner. The editor opens on the canonical SAMPLE entity-type summary (DAV named graph). Pick a recipe, edit freely, then run live or copy.

Sample Queries

Reproduced verbatim from the companion RDF. Execute loads the query into the workbench below and runs it live.

Query 1: Revenue by reporting period

PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?obsIri ?periodIri ?period ?value
FROM <https://linkeddata.uriburner.com/DAV/demos/daas/anthropic-s1-registration-statement-claude_sonnet_5_5-1.ttl>
WHERE {
  ?obsIri a schema:Observation ;
          schema:measuredProperty <http://fasb.org/us-gaap/2026#Revenues> ;
          :ofPeriod ?periodIri ;
          schema:measuredValue ?value .
  ?periodIri schema:name ?period ; schema:position ?pos .
}
ORDER BY ?pos

Runs against the named graph this file is loaded into on URIBurner; every row projects the IRI of the entity it describes.

Query 2: Share classes and their votes

PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?classIri ?class ?votes
FROM <https://linkeddata.uriburner.com/DAV/demos/daas/anthropic-s1-registration-statement-claude_sonnet_5_5-1.ttl>
WHERE {
  ?classIri a :ShareClass ; schema:name ?class ; :votesPerShare ?votes .
}
ORDER BY ?class

Runs against the named graph this file is loaded into on URIBurner; every row projects the IRI of the entity it describes.

Query 3: Adjusted operating income by period

PREFIX schema: <http://schema.org/>
PREFIX : <https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm#>
SELECT ?obsIri ?period ?value
FROM <https://linkeddata.uriburner.com/DAV/demos/daas/anthropic-s1-registration-statement-claude_sonnet_5_5-1.ttl>
WHERE {
  ?obsIri a schema:Observation ;
          schema:measuredProperty :m_adjop ;
          :ofPeriod ?p ; schema:measuredValue ?value .
  ?p schema:name ?period .
}
ORDER BY ?period

Runs against the named graph this file is loaded into on URIBurner; every row projects the IRI of the entity it describes.

Query editor

SPARQL Query

SELECT ?type (SAMPLE(?s) AS ?sampleEntity) (SAMPLE(?label) AS ?sampleLabel) (COUNT(?s) AS ?entityCount)
WHERE {
  GRAPH <https://linkeddata.uriburner.com/DAV/demos/daas/anthropic-s1-registration-statement-claude_sonnet_5_5-1.ttl> {
    ?s a ?type .
    OPTIONAL { ?s rdfs:label|<http://schema.org/name> ?label }
  }
}
GROUP BY ?type
ORDER BY DESC(?entityCount)

▶ Run live on URIBurner SELECT: text/x-html+tr | DESCRIBE/CONSTRUCT: text/x-html-nice-turtle

Source material¶

Anthropic, PBC Form S-1 (SEC EDGAR)

Companion files¶

RDF Turtle · anthropic-s1-registration-statement-claude_sonnet_5_5-1.ttl

This page · anthropic-s1-registration-statement-claude_sonnet_5_5-1.html

Skills used¶

rdf-infographic-skill

Generation environment¶

Claude Sonnet 5.5 · Claude Code

rdflib parse + harness validation

Linked Data runtime¶

URIBurner (Virtuoso-backed)

OpenLink Virtuoso

Named graphs¶

Document base · source namespace

DAV load target · DAV/demos/daas/anthropic-s1-registration-statement-claude_sonnet_5_5-1.ttl

Resolver pattern¶

URIBurner describe

https://linkeddata.uriburner.com/describe/?url={uri}

Extraction provenance¶

Entities and narrative derived from the companion Turtle graph (kg-generator → rdf-infographic-skill). Graph payload embedded at generation time for offline exploration.