Anthropic S-1 filing, read
Anthropic, PBC filed its S-1/A with the SEC on 10 November 2026. This is what it says, read from the printed pages by code with no AI, in a fixed order: four questions about the business, and the price last. Every figure carries the page it was printed on.
Price range$70 to $78a share, in this filing cover
Revenue$33.2B9M 2026 +1,206% on the year before p.F-7
Revenue$4.6BFY2025 +1,088% on the year before p.F-7
Net result-$104.0B9M 2026 p.F-12
Operating cash$6.6B9M 2026 p.F-12
Cash$95.6BSep 2026 p.F-5
Debt$130.5BSep 2026 p.F-5
What the business does
Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define SI. We are first and foremost a research lab, our mission is the responsible development and maintenance of advanced AI for the long-term benefit of humanity. This mission directs our focus, along with our talent and culture, our frontier and safety research, our approach to compute, and our enterprise strategy, it is one of the core advantages that set us apart. p.6
The five questions
Each reading with the chart behind it. Hover or tap a bar for its figure.
1 of 5Growing
Is revenue really growing?
Revenue grew 1088% in FY25. Year to date it is up 1206% (9M ’26 on 9M ’25). Across the audited years it went from $41M in FY23 to $4.6B in FY25. The filing reports no segment split, so growth cannot be checked business by business.
$33.2BRevenue, 9M ’26 p.F-7
Revenue by year, then year to date p.F-7
$ millions as printed; hover a bar for its figure
Revenue by quarter, three months to each date p.164
latest quarterthe same quarter a year earlier
2 of 5Mixed
Does it fund its own growth?
Free cash flow was negative in 4 of 5 periods shown. The latest, 9M ’26, was $5.6B. Check what the spending bought. In 9M ’26 operations produced $6.6B, capital spending was $925M, and $111B came in from shareholders and lenders.
$5.6BFree cash flow, 9M ’26 p.F-12
Cash in from operations, cash out on capital spending p.F-12
Operating cash flowCapital spendingFree cash flow
Free cash flow = operating cash flow minus capital spending
3 of 5Equity below zero
Is the debt sane?
Equity is below zero, so the usual debt ratios mean nothing here. The flags show pre-IPO funding that turns into shares at the offering, which is usually why. At Sep ’26 the balance sheet held $95.6B of cash against $131B of debt and $158B of convertible preferred stock outside equity.
−$150BEquity, Sep ’26 p.F-6
Cash, debt and equity on the balance sheet p.F-5 p.F-6
CashDebtEquity
At each year end, and the latest balance sheet date
4 of 5Loss mostly not cash
Does the profit show up as cash?
In 9M ’26 the company reported a −$104B result but its operations produced $6.6B of cash. Most of the loss is not cash: read the non-cash items before reading the loss. The largest non-cash item in 9M ’26 was “change in fair value of convertible notes, derivative liabilities, and safes”, $94.3B.
−$104B / $6.6BResult / op. cash, 9M ’26 p.F-12
The result against the cash operations produced p.F-12
Net result, profitNet result, lossOperating cash flow
5 of 5Range set
Only then: is the price sane?
A range of $70 to $78 a share is set. The final price comes in the last prospectus. At the middle of the range, the 13.09B shares outstanding after the offering put the market value at $968B and the enterprise value, after debt and cash, at $818B, 23.2 times revenue for the last 12 months through 9M ’26.
$70 to 78Price range cover
Who controls it
Founder LLC, after the offering
Share of the vote p.299
50.1%
The filing does not print the total shares outstanding in this version, so the share of all shares cannot be worked out yet.
The share classes, in the filing's words
| Class | Votes a share | What the filing says |
|---|---|---|
| Class A | 1 | Each share of Class A common stock is entitled to one vote and shares of Class N common stock have no voting rights, except as otherwise required by law. cover |
| Class E | The holders of our Class E common stock have no voting rights with respect to matters submitted to stockholders, except as set forth within our amended and restated certificate of incorporation with respect to the proposed nomination, removal, or change in designation of the Specified Class T Director (in circumstances where our NGC does not concur with the LTBT’s proposed action), certain changes to the terms of the LTBT or the rights of our Class T common stock, the redemption of our Class T … p.304 | |
| Class F | The holder of our Class F common stock will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock as of the applicable record date on matters submitted to a vote of stockholders generally, including the election of the directors other than the Class T directors. p.303 | |
| Class N | 0 | Holders of our Class N common stock are not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law, such as certain amendments to our amended and restated certificate of incorporation that would adversely affect the powers, preferences, or special rights of our Class N common stock without so adversely affecting our Class A common stock, on which the DGCL entitles such holders to vote separately as a series. p.303 |
| Class T | The holder of our Class T common stock has no voting rights with respect to matters submitted to stockholders, except as set forth within our amended and restated certificate of incorporation with respect to the election of a majority of our board of directors, the redemption of our Class E common stock, certain amendments to the rights of our Class F common stock, or as otherwise required by law, such as certain amendments to our amended and restated certificate of incorporation that would … p.303 |
Control, in the filing's words
- Controlled companyWe are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements. cover
- Governance exemptionAlthough we qualify as a “controlled company,” we do not expect to rely on this exemption except with respect to our nominating and corporate governance committee (“NGC”), which will not consist entirely of independent directors. p.15
- Who elects the boardThrough a special class of common stock, Class T common stock, the LTBT generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors. cover
- When Class F endsOur Class F common stock will remain outstanding until the earlier of (i) the completion of the Class F Transition Period (as defined below), which will commence when there have been fewer than three Continuing Founders (not including any successor member who is a “Non-Qualifying Member” as defined in the Founder LLC limited liability company agreement (the “Founder LLC Agreement”)) for 90 consecutive calendar days and (ii) the time when there is no Class F common stock outstanding, including as a result of a redemption thereof agreed to by a Supermajority (as defined below) of the Continuing Founders or upon the dissolution of the Founder LLC (the “Class F Sunset Time”). p.112
- Public benefit corporationWe are incorporated as a public benefit corporation under Delaware law, a structure consistent with our commitment to artificial intelligence (“AI”) safety and responsibility. cover
The owners table, shares held after the offering p.299
| Holder | Group | Class A shares | Class F shares | Class T shares | Vote |
|---|---|---|---|---|---|
| Dario Amodei | Directors | 237,259,602 | 0 | 0 | 1.6% |
| Daniela Amodei | Directors | 238,030,562 | 0 | 0 | 1.6% |
| Krishna Rao | Directors | 9,497,900 | 0 | 0 | |
| Reed Hastings | Directors | 9,410 | 0 | 0 | |
| Christopher Liddell | Directors | 9,410 | 0 | 0 | |
| Vas Narasimhan | Directors | 176,050 | 0 | 0 | |
| Yasmin Razavi | Directors | 0 | 0 | 0 | 0.0% |
| All executive officers and directors as a group (7 persons) | Directors | 489,604,054 | 0 | 0 | 3.3% |
| Long-Term Benefit Trust | Greater than 5% Stockholders | 0 | 0 | 1 | 0.0% |
| Founder LLC | Greater than 5% Stockholders | 0 | 1 | 0 | 50.1% |
| Tom Brown | Other Selling Stockholders | 240,794,662 | 0 | 0 | 1.6% |
| Jack Clark | Other Selling Stockholders | 238,893,462 | 0 | 0 | 1.6% |
| Jared Kaplan | Other Selling Stockholders | 238,972,792 | 0 | 0 | 1.6% |
| Sam McCandlish | Other Selling Stockholders | 240,005,472 | 0 | 0 | 1.6% |
| Christopher Olah | Other Selling Stockholders | 239,504,042 | 0 | 0 | 1.6% |
A blank vote cell is under 1% or not printed in this version. Shares include any the holder can acquire within 60 days, as the filing counts them.
Key figures, as printed
From the statements of operations and cash flows
| $ million | FY2023 | FY2024 | FY2025 | 9M 2025 | 9M 2026 | Page |
|---|---|---|---|---|---|---|
| Revenue | 41.0 | 386 | 4,585 | p.F-7 | ||
| % change | +841% | +1,088% | ||||
| Revenue, year to date | 2,545 | 33,242 | p.F-7 | |||
| % change | +1,206% | |||||
| Net income (loss) | -1,531 | -8,309 | -41,965 | -25,107 | -104,039 | p.F-12 |
| % change | -443% | -405% | -314% | |||
| Operating cash flow | -1,627 | -5,692 | -2,637 | -2,024 | 6,569 | p.F-12 |
| % change | -250% | +54% | +425% | |||
| Free cash flow operating cash flow minus capital spending | -1,629 | -5,707 | -2,768 | -2,135 | 5,644 | p.F-12 |
| % change | -250% | +51% | +364% |
From the balance sheet
| $ million | FY2024 | FY2025 | Sep 2026 | Page |
|---|---|---|---|---|
| Cash | 3,141 | 17,388 | 95,562 | p.F-5 |
| % change | +454% | |||
| Debt current plus non-current lines, leases as the filing groups them | 14,116 | 41,677 | 130,502 | p.F-5 |
| % change | +195% |
The financial statements, as printed
Every line in the filing's own order and words. Switch between $ million and $ billion in the table's corner; the column headings stay in view as you scroll down.
Consolidated Statements of Operations p.F-7
| $ million | FY2023 | FY2024 | FY2025 | 9M 2025 | 9M 2026 |
|---|---|---|---|---|---|
| Revenue | 41.0 | 386 | 4,585 | 2,545 | 33,242 |
| % change | +841% | +1,088% | +1,206% | ||
| Operating expenses | |||||
| Compute and infrastructure | 433 | 2,522 | 7,326 | 4,381 | 18,808 |
| % change | +482% | +190% | +329% | ||
| Personnel | 95.0 | 454 | 1,839 | 1,027 | 4,863 |
| % change | +378% | +305% | +374% | ||
| Bartz settlement | 0.0 | 0.0 | 1,500 | 1,500 | 0.0 |
| % change | -100% | ||||
| Sales, marketing, and partnerships | 2.0 | 43.0 | 568 | 322 | 5,529 |
| % change | +2,050% | +1,221% | +1,617% | ||
| Other operating and administrative | 62.0 | 347 | 1,412 | 539 | 5,302 |
| % change | +460% | +307% | +884% | ||
| Total operating expenses | 592 | 3,366 | 12,645 | 7,769 | 34,502 |
| % change | +469% | +276% | +344% | ||
| Operating loss | -551 | -2,980 | -8,060 | -5,224 | -1,260 |
| % change | -441% | -170% | +76% | ||
| Interest income | 69.0 | 106 | 431 | 239 | 2,359 |
| % change | +54% | +307% | +887% | ||
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | -1,045 | -5,434 | -34,308 | -20,107 | -94,324 |
| % change | -420% | -531% | -369% | ||
| Other income (expense), net | -2.0 | 0.0 | -8.0 | -3.0 | -10,397 |
| % change | +100% | -346,467% | |||
| Total other income (expense), net | -978 | -5,328 | -33,885 | -19,871 | -102,362 |
| % change | -445% | -536% | -415% | ||
| Loss before provision for income taxes | -1,529 | -8,308 | -41,945 | -25,095 | -103,622 |
| % change | -443% | -405% | -313% | ||
| Provision for income taxes | 2.0 | 1.0 | 20.0 | 12.0 | 417 |
| % change | -50% | +1,900% | +3,375% | ||
| Net loss | -1,531 | -8,309 | -41,965 | -25,107 | -104,039 |
| % change | -443% | -405% | -314% | ||
| Net loss per share attributable to common stockholders, basic and diluted per share, $ | -1.42 | -5.43 | -23.04 | -13.90 | -50.10 |
| % change | -282% | -324% | -260% | ||
| Weighted-average shares outstanding, basic and diluted shares | 1,076,881 | 1,528,995 | 1,821,085 | 1,806,803 | 2,076,810 |
| % change | +42% | +19% | +15% |
Consolidated Balance Sheets p.F-5 p.F-6
| $ million | FY2024 | FY2025 | Sep 2026 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 3,141 | 17,388 | 95,562 |
| % change | +454% | ||
| Short-term investments | 0.0 | 2,889 | 36,283 |
| Accounts receivable, net | 95.0 | 909 | 7,892 |
| % change | +857% | ||
| Prepaid expenses and other current assets | 2,076 | 2,560 | 1,283 |
| % change | +23% | ||
| Total current assets | 5,312 | 23,746 | 141,020 |
| % change | +347% | ||
| Restricted cash | 13.0 | 13.0 | 2,540 |
| % change | +0% | ||
| Property and equipment, net | 19.0 | 146 | 3,061 |
| % change | +668% | ||
| Operating lease right-of-use assets | 35.0 | 126 | 2,839 |
| % change | +260% | ||
| Goodwill | 0.0 | 154 | 595 |
| Other assets, noncurrent | 2,373 | 476 | 4,265 |
| % change | -80% | ||
| Total assets | 7,752 | 24,661 | 154,320 |
| % change | +218% | ||
| Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit | |||
| Current liabilities | |||
| Accounts payable, accrued expenses, and other current liabilities | 333 | 2,511 | 9,426 |
| % change | +654% | ||
| Operating lease liabilities, current | 13.0 | 37.0 | 274 |
| % change | +185% | ||
| Deferred revenue | 28.0 | 269 | 1,971 |
| % change | +861% | ||
| Total current liabilities | 374 | 2,817 | 11,671 |
| % change | +653% | ||
| Operating lease liabilities, noncurrent | 39.0 | 80.0 | 2,536 |
| % change | +105% | ||
| Convertible notes payable | 14,116 | 41,677 | 130,502 |
| % change | +195% | ||
| Other noncurrent liabilities | 150 | 823 | 1,974 |
| % change | +449% | ||
| Total liabilities | 14,679 | 45,397 | 146,683 |
| % change | +209% | ||
| Commitments and contingencies (Note 13) | |||
| Redeemable convertible preferred stock, $0.00001 par value; 360,995, 728,289, and 1,040,441 shares authorized as of December 31, 2024 and 2025 and September 30, 2026 (unaudited), respectively; 220,219, 544,322, and 853,394 shares issued and outstanding as of December 31, 2024 and 2025 and September 30, 2026 (unaudited), respectively; aggregate liquidation preference of $2,874, $24,646, and $136,286 as of December 31, 2024 and 2025 and September 30, 2026 (unaudited), respectively | 2,874 | 29,769 | 157,510 |
| % change | +936% | ||
| Stockholders’ deficit | |||
| Class A common stock, $0.00001 par value; 6,319,705, 8,162,757, and 10,906,112 shares authorized as of December 31, 2024 and 2025 and September 30, 2026 (unaudited), respectively; 1,779,060, 1,901,267, and 2,168,788 shares issued and outstanding as of December 31, 2024 and 2025 and September 30, 2026 (unaudited), respectively | 0.0 | 0.0 | 0.0 |
| Class N common stock, $0.00001 par value; 2,148,900, 5,547,243, and 7,128,888 shares authorized as of December 31, 2024 and 2025 and September 30, 2026 (unaudited), respectively; no shares issued and outstanding as of December 31, 2024 and 2025, and 30,643 shares issued and outstanding as of September 30, 2026 (unaudited) | 0.0 | 0.0 | 0.0 |
| Class T common stock, $0.00001 par value; 0 shares authorized and issued as of December 31, 2024 and 2025 and September 30, 2026 (unaudited) | 0.0 | 0.0 | 0.0 |
| Additional paid-in capital | 239 | 1,644 | 6,481 |
| % change | +588% | ||
| Accumulated other comprehensive income (loss) | 0.0 | 5.0 | -161 |
| Accumulated deficit | -10,040 | -52,154 | -156,193 |
| % change | -419% | ||
| Total stockholders’ deficit | -9,801 | -50,505 | -149,873 |
| % change | -415% | ||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | 7,752 | 24,661 | 154,320 |
| % change | +218% |
Consolidated Statements of Cash Flows p.F-12 p.F-13
| $ million | FY2023 | FY2024 | FY2025 | 9M 2025 | 9M 2026 |
|---|---|---|---|---|---|
| Cash flows from operating activities | |||||
| Net loss | -1,531 | -8,309 | -41,965 | -25,107 | -104,039 |
| % change | -443% | -405% | -314% | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||
| Stock-based compensation expense | 29.0 | 192 | 1,158 | 584 | 3,255 |
| % change | +562% | +503% | +457% | ||
| Depreciation and amortization | 3.0 | 21.0 | 40.0 | 24.0 | 250 |
| % change | +600% | +90% | +942% | ||
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | 1,045 | 5,434 | 34,308 | 20,107 | 94,324 |
| % change | +420% | +531% | +369% | ||
| Donation matching program liability | 0.0 | 0.0 | 541 | 0.0 | 2,086 |
| Recognition and change in fair value of other financial instruments | 0.0 | 0.0 | 0.0 | 0.0 | 10,277 |
| Other | 0.0 | 7.0 | 11.0 | 4.0 | -11.0 |
| % change | +57% | -375% | |||
| Changes in operating assets and liabilities | |||||
| Accounts receivable, net | -10.0 | -90.0 | -834 | -500 | -7,076 |
| % change | -800% | -827% | -1,315% | ||
| Prepaid expenses and other assets | -1,253 | -3,190 | 1,771 | 779 | 1,435 |
| % change | -155% | +156% | +84% | ||
| Accounts payable, accrued expenses, and other liabilities | 84.0 | 222 | 2,079 | 1,867 | 4,377 |
| % change | +164% | +836% | +134% | ||
| Lease liabilities | -1.0 | 0.0 | 13.0 | 24.0 | -11.0 |
| % change | +100% | -146% | |||
| Deferred revenue | 7.0 | 21.0 | 241 | 194 | 1,702 |
| % change | +200% | +1,048% | +777% | ||
| Net cash provided by (used in) operating activities | -1,627 | -5,692 | -2,637 | -2,024 | 6,569 |
| % change | -250% | +54% | +425% | ||
| Cash flows from investing activities | |||||
| Purchases of property and equipment | -2.0 | -15.0 | -131 | -111 | -925 |
| % change | -650% | -773% | -733% | ||
| Prepayments for leased assets and equipment | 0.0 | 0.0 | -54.0 | -51.0 | -1,955 |
| % change | -3,733% | ||||
| Purchases of short-term investments | 0.0 | 0.0 | -3,082 | -1,831 | -40,318 |
| % change | -2,102% | ||||
| Sales and maturities of short-term investments | 0.0 | 0.0 | 213 | 9.0 | 6,900 |
| % change | +76,567% | ||||
| Other investing activities | 0.0 | -7.0 | -23.0 | -23.0 | -248 |
| % change | -229% | -978% | |||
| Net cash used in investing activities | -2.0 | -22.0 | -3,077 | -2,007 | -36,546 |
| % change | -1,000% | -13,886% | -1,721% | ||
| Cash flows from financing activities | |||||
| Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 445 | 1,188 | 16,548 | 16,548 | 110,432 |
| % change | +167% | +1,293% | +567% | ||
| Principal payments for finance leases | 0.0 | 0.0 | 0.0 | 0.0 | -88.0 |
| Issuance of convertible notes for cash | 1,750 | 6,050 | 3,450 | 2,050 | 0.0 |
| % change | +246% | -43% | -100% | ||
| Proceeds from issuance of common stock | 3.0 | 10.0 | 111 | 59.0 | 407 |
| % change | +233% | +1,010% | +590% | ||
| Repurchase of common stock | 0.0 | 0.0 | -149 | -149 | 0.0 |
| % change | +100% | ||||
| Issuance of SAFEs for cash | 122 | 0.0 | 0.0 | 0.0 | 0.0 |
| % change | -100% | ||||
| Payment of deferred offering costs | 0.0 | 0.0 | 0.0 | 0.0 | -16.0 |
| Net cash provided by financing activities | 2,320 | 7,248 | 19,960 | 18,508 | 110,735 |
| % change | +212% | +175% | +498% | ||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0.0 | 0.0 | 1.0 | 1.0 | -7.0 |
| % change | -800% | ||||
| Net increase in cash, cash equivalents, and restricted cash | 691 | 1,534 | 14,247 | 14,478 | 80,751 |
| % change | +122% | +829% | +458% | ||
| Cash, cash equivalents, and restricted cash at beginning of period | 929 | 1,620 | 3,154 | 3,154 | 17,401 |
| % change | +74% | +95% | +452% | ||
| Cash, cash equivalents, and restricted cash at end of period | 1,620 | 3,154 | 17,401 | 17,632 | 98,152 |
| % change | +95% | +452% | +457% |
Stock pay and commitments
Stock-based pay p.F-12
9M 2026 10% of revenue
Commitments by year p.178
Contractual obligations (all lines), $ as printed
The people
Executive officers and directors as the filing lists them.
| Name | Role | Age | Page |
|---|---|---|---|
| Dario Amodei | Chief Executive Officer, Co-Founder, and Director | 43 | p.262 |
| Daniela Amodei | President, Co-Founder, Chairperson, and Director | 39 | p.262 |
| Krishna Rao | Chief Financial Officer | 43 | p.262 |
| Reed Hastings | Director | 66 | p.262 |
| Christopher Liddell | Director | 68 | p.262 |
| Vas Narasimhan | Director | 50 | p.262 |
| Yasmin Razavi | Director | 37 | p.262 |
The offer and the flags
The offer
- Listing
- Nasdaq Global Select Market cover
- Ticker
- ANT cover
- Lead underwriters
- Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC p.328
- Lock-up
- 180 days p.329
- Employees
- 5,300 p.237
- Risk headings
- 87, 1 reworded since the last version, 1 new
- Auditor
- Ernst & Young LLP p.F-3
- Use of proceedsEach $1.00 increase or decrease in the assumed initial public offering price of $74.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the net proceeds that we receive from this offering and the concurrent private placement by approximately $793 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds from this offering and the concurrent private placement for general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel. We also intend to use a portion of the net proceeds we receive from this offering and the concurrent private placement to satisfy our anticipated tax withholding and remittance obligations of $3.8 billion related to the RSU Settlement. p.127
- Lock-upOur directors, officers, and the holders of substantially all of our capital stock and securities convertible into or exercisable or exchangeable for our capital stock have entered into market standoff agreements with us under which they have agreed that, subject to certain exceptions, for a period of 180 days after the date of this prospectus, they will not, without our prior written consent, sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any of our securities, including securities issued or issuable upon the conversion, exercise, exchange, reclassification, or replacement of such securities. p.329
- DividendsWe have never declared or paid any cash dividends on our capital stock. We currently intend to retain all available funds and any future earnings to finance the operation and expansion of our business and do not expect to pay any dividends in the foreseeable future. p.128
What the filing flags · 11 in all
- ContractsEither side can cancel on 90 days' notice: SpaceXAI p.179
- CustomersLargest customers: 75% and 74% of revenue p.154
- CustomersCSP: 48% and 44% of revenue p.F-16
- ControlOne holder or class carries 50.1% of the vote p.front p.14 p.21 p.111 p.120 p.255 p.258 p.261 p.303 p.308
- ControlA controlled company under exchange rules p.front p.15 p.21 p.112 p.259 p.266
- TrustAuditor changed from Grant Thornton LLP to Ernst & Young LLP p.348
Patterns from past IPO reads that fired on this filing. Each is a page to read, not a verdict.
What changed in the latest version
Between the filings of 2 November 2026 and 10 November 2026, sentence by sentence, the sections that changed most.
| Section | Added | Reworded | Removed | Sentences |
|---|---|---|---|---|
| Business | 15 | 96 | 10 | |
| Prospectus Summary | 30 | 57 | 13 | |
| Risk Factors | 26 | 45 | 18 | |
| Operations | 26 | 42 | 14 | |
| Financial Statements | 20 | 18 | 7 | |
| Select Defined Terms | 6 | 27 | 3 |
addedrewordedremoved
The risks it lists first
The filing lists 87 risk headings. The first 8, in its own words:
- Our models have in the past behaved, and may in the future behave, in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed, which could adversely affect our reputation and brand, business, financial condition, and results of operations. p.30
- Our success depends in large part on our ability to continue to develop the most advanced and capable AI models, and any failure to do so could adversely affect our business. p.33
- If we are unable to secure adequate compute or if we fail to direct our compute effectively across our workloads, we may be unable to train models that remain competitive with those of our competitors or adequately serve our customers. p.36
- If our actual compute requirements differ materially from our projections, we may fail to secure sufficient compute to meet our needs or we may be committed to excess compute that remains underutilized. p.37
- Constraints on the critical inputs supporting compute could limit our ability to secure adequate compute. p.39
- We are highly dependent on the continued service of our co-founders, senior management team, and key technical employees, and the loss of any of these individuals may adversely affect our business, financial condition, and results of operations. p.44
- We may require additional capital to meet our substantial ongoing obligations and support our business growth, and our ability to generate sufficient revenue and secure additional capital on acceptable terms is critical to our continued operations and competitive position. p.44
- Our company culture has contributed to our success and, if we cannot maintain this culture as we grow, our business could be adversely affected. p.45
When did Anthropic file its S-1?
Anthropic filed its first registration statement, a S-1, on 26 October 2026, and its latest version, a S-1/A, on 10 November 2026.
What does Anthropic's S-1 say about revenue?
Revenue grew 1088% in FY25. Year to date it is up 1206% (9M ’26 on 9M ’25). Across the audited years it went from $41M in FY23 to $4.6B in FY25. The filing reports no segment split, so growth cannot be checked business by business.
Who controls Anthropic after the IPO?
Founder LLC holds 50.1% of the vote after the offering.
The filing itself
- S-1 filed 26 October 2026: the filing on SEC EDGAR
- S-1/A filed 2 November 2026: the filing on SEC EDGAR
- S-1/A filed 10 November 2026: the filing on SEC EDGAR
Read 11 November 2026, 09:05 from SEC EDGAR. Information from a public filing, not advice.