Independent. Not affiliated with Anthropic PBC. DYOR.
Glossary
These are the words that appear in filings, press reports and pitch decks about Anthropic. Each entry gives the general meaning in one sentence, then what it means for Anthropic specifically. Where the Anthropic part rests on a figure that was reported rather than filed, the entry says so and carries the source and the date it was checked.
An SEC status based on income or net-worth thresholds that gates access to private offerings.
This is the line that excludes most readers from buying Anthropic today: private rounds and most secondary vehicles are sold only to investors who clear it.
The number of shares an underwriter assigns to an investor before trading opens.
Retail allocation in a hot listing is typically a fraction of what is requested, if any at all.
The process where underwriters collect indications of demand from investors to set the final offer price.
Anthropic's underwriters are reported to be Goldman Sachs, JPMorgan and Morgan Stanley; the book they build sets the price, not the press.
Reported · REUTERS · Verified
A draft S-1 that the SEC reviews without publishing it.
Anthropic confirmed submitting one on 1 June 2026. Nothing inside it is public, so no financials, risk factors or share counts can be read from it yet.
Confirmed · ANTHROPIC · Verified
Going public without issuing new shares or using underwriters to price the offer.
Anthropic is reported to have retained underwriters, which points to a conventional IPO rather than a direct listing.
Reported · REUTERS · Verified
The share of a company's stock that is actually available to trade.
A small float at listing can make the first weeks of pricing volatile and unrepresentative of what the whole company is worth.
An option letting underwriters sell up to 15 percent extra shares to stabilise the price after listing.
Standard in large offerings, and worth reading in the underwriting section of any Anthropic S-1 when one becomes public.
A contractual ban on insiders selling their shares after listing, usually 90 to 180 days.
If Anthropic lists in Q4 2026, the first large supply of insider shares could reach the market in 2027 — a supply event, not a verdict on the business.
A trust that appoints board seats at Anthropic without holding economic value in the company.
It means board control and share ownership are not the same thing here: owning stock would not buy proportional influence over the board.
A company's value including the money just raised in the round.
Anthropic's Series H closed on 28 May 2026 at $965B post-money.
Confirmed · ANTHROPIC · Verified
The indicative per-share range published in an S-1/A before the offer is priced.
Anthropic has published no range. Any per-share number circulating today is speculation, not a filed figure.
A Delaware corporate form allowing directors to weigh a stated mission alongside shareholder return.
Anthropic is a PBC. That is a governance fact to read before assuming profit maximisation is the board's only duty.
A stretch around a filing when a company restricts what it may say publicly about itself.
It explains why Anthropic will not confirm a listing date or a valuation even when the press reports one.
Management presenting the offer to institutional investors before pricing.
A public S-1 must be on EDGAR at least 15 days before a roadshow starts, which is the whole reason the S-1 Watch page exists.
The SEC rule letting a company confirm that a filing exists without the statement counting as an offer of securities.
This is the rule Anthropic used in its 1 June 2026 confirmation.
Confirmed · ANTHROPIC · Verified
The most recent period's revenue extrapolated to a full year.
Anthropic's reported annualised run-rate passed $65B by the end of July 2026. It is a reported extrapolation, not audited annual revenue.
Reported · THE INFORMATION · Verified
The public registration statement containing financials, risk factors and the principal stockholders table.
No public Anthropic S-1 exists on EDGAR. Until one appears, every financial detail in circulation is second-hand.
An amended S-1, typically the filing that carries the price range and share count.
This is the filing that turns a rumoured Anthropic valuation into a number anyone can check.
Private trading in existing shares before a company lists.
Anthropic secondaries implied roughly $1.05-1.15T in mid-July 2026. That is an implied price from private trades, not a priced round.
Reported · BLOOMBERG · Verified
A fund vehicle that pools investors so they can hold shares in a single company.
SPVs are the most common route retail buyers are pitched for private AI shares, and the most common vehicle for fraud — see how to buy for what to check first.