{
 "meta": {
  "title": "Anthropic, PBC — Form S-1 (preliminary prospectus)",
  "filed": "2026-10-26",
  "url": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm",
  "ticker": "ANT",
  "exchange": "Nasdaq Global Select Market",
  "note": "页码 p 为招股书正文印刷页码（F- 开头为财务报表附注页）。标注 derived 的数字是我们用招股书原始数字算出来的，不是公司口径。"
 },
 "quarters": {
  "labels": [
   "2025Q1",
   "2025Q2",
   "2025Q3",
   "2025Q4",
   "2026Q1",
   "2026Q2"
  ],
  "revenue": [
   376,
   787,
   1382,
   2040,
   4731,
   11555
  ],
  "compute": [
   944,
   1390,
   2047,
   2945,
   3387,
   5558
  ],
  "personnel": [
   218,
   320,
   489,
   812,
   1295,
   1857
  ],
  "smp": [
   24,
   96,
   202,
   246,
   1033,
   2135
  ],
  "other": [
   125,
   181,
   233,
   873,
   683,
   1031
  ],
  "bartz": [
   0,
   0,
   1500,
   0,
   0,
   0
  ],
  "opinc": [
   -935,
   -1200,
   -3089,
   -2836,
   -1667,
   974
  ],
  "adjOpMargin": [
   -221,
   -129,
   -93,
   -84,
   -13,
   19
  ],
  "opMargin": [
   -249,
   -152,
   -224,
   -139,
   -35,
   8
  ],
  "netloss": [
   -6592,
   -6377,
   -12138,
   -16858,
   -14439,
   -66309
  ],
  "fvchange": [
   -5701,
   -5241,
   -9165,
   -14201,
   -12791,
   -59597
  ],
  "revPerCompute": [
   0.4,
   0.57,
   0.68,
   0.69,
   1.4,
   2.08
  ],
  "src": {
   "sec": "MD&A — Quarterly Results of Operations",
   "p": "157",
   "check": "Revenue $ 376 $ 787 $ 1,382 $ 2,040 $ 4,731 $ 11,555"
  },
  "srcRatio": {
   "sec": "MD&A — Compute Efficiency 图表 “Significant increase in revenue per dollar of compute”",
   "p": "136",
   "check": "chart image mda3aa.jpg (0.40x→2.08x)"
  },
  "q3note": "2026 年第三季度（截至 9/30）收入在招股书里是空白（“$ for the three months ended September 30, 2026”），尚未披露。"
 },
 "annual": {
  "labels": [
   "2023",
   "2024",
   "2025",
   "2025H1",
   "2026H1"
  ],
  "revenue": [
   41,
   386,
   4585,
   1163,
   16286
  ],
  "compute": [
   433,
   2522,
   7326,
   2334,
   8945
  ],
  "personnel": [
   95,
   454,
   1839,
   538,
   3152
  ],
  "bartz": [
   0,
   0,
   1500,
   0,
   0
  ],
  "smp": [
   2,
   43,
   568,
   120,
   3168
  ],
  "other": [
   62,
   347,
   1412,
   306,
   1714
  ],
  "opex": [
   592,
   3366,
   12645,
   3298,
   16979
  ],
  "opinc": [
   -551,
   -2980,
   -8060,
   -2135,
   -693
  ],
  "interest": [
   69,
   106,
   431,
   115,
   1111
  ],
  "fv": [
   -1045,
   -5434,
   -34308,
   -10942,
   -72388
  ],
  "otherIE": [
   -2,
   0,
   -8,
   0,
   -8757
  ],
  "tax": [
   2,
   1,
   20,
   7,
   21
  ],
  "netloss": [
   -1531,
   -8309,
   -41965,
   -12969,
   -80748
  ],
  "sbc": [
   29,
   192,
   1165,
   286,
   2185
  ],
  "adjOpInc": [
   -522,
   -2788,
   -4854,
   -1849,
   1618
  ],
  "adjOpMargin": [
   -1273,
   -722,
   -106,
   -159,
   10
  ],
  "adjNet": [
   -457,
   -2683,
   -4448,
   -1741,
   2671
  ],
  "src": {
   "sec": "Prospectus Summary — Summary Consolidated Financial Data / MD&A Results of Operations",
   "p": "22",
   "check": "Revenue $ 41 $ 386 $ 4,585 $ 1,163 $ 16,286"
  },
  "srcAdj": {
   "sec": "MD&A — Non-GAAP Financial Measures",
   "p": "156",
   "check": "Adjusted Operating Income (Loss) $ (522) $ (2,788) $ (4,854) $ (1,849) $ 1,618"
  }
 },
 "functional": {
  "labels": [
   "2023",
   "2024",
   "2025",
   "2025H1",
   "2026H1"
  ],
  "costOfRevenue": [
   26,
   752,
   2773,
   1019,
   2380
  ],
  "rnd": [
   422,
   2275,
   6338,
   1850,
   9741
  ],
  "sm": [
   76,
   163,
   911,
   239,
   3808
  ],
  "ga": [
   68,
   176,
   1123,
   190,
   1050
  ],
  "grossMarginDerived": [
   36.6,
   -94.8,
   39.5,
   12.4,
   85.4
  ],
  "src": {
   "sec": "Notes to Financial Statements — Supplemental Operating Expense Information",
   "p": "F-39",
   "check": "Cost of revenue (1) $ 26 $ 752 $ 2,773 $ 1,019 $ 2,380"
  },
  "derivedNote": "毛利率 = (收入 − 营业成本) / 收入，由我们用 F-39 的功能口径表计算；招股书本身不再列示毛利。"
 },
 "mix": {
  "labels": [
   "2023",
   "2024",
   "2025",
   "2025H1",
   "2026H1"
  ],
  "consumption": [
   39,
   288,
   3796,
   983,
   13064
  ],
  "subscription": [
   2,
   98,
   789,
   180,
   3222
  ],
  "us": [
   34,
   263,
   3362,
   820,
   11763
  ],
  "intl": [
   7,
   123,
   1223,
   343,
   4523
  ],
  "cspShare": [
   11,
   32,
   47,
   44,
   48
  ],
  "src": {
   "sec": "Note 2 — Revenue",
   "p": "F-26",
   "check": "Consumption-based $ 39 $ 288 $ 3,796 $ 983 $ 13,064"
  },
  "srcGeo": {
   "sec": "Note 2 — Revenue (by billing address)",
   "p": "F-26",
   "check": "United States $ 34 $ 263 $ 3,362 $ 820 $ 11,763"
  },
  "srcCsp": {
   "sec": "Note 1 — Other Concentrations",
   "p": "F-16",
   "check": "revenue generated from sales through CSP marketplaces to customers represented approximately 11% , 32% , and 47% of total revenue"
  }
 },
 "customers": {
  "tier100k": [
   {
    "d": "2023-12-31",
    "v": 20,
    "approx": "~"
   },
   {
    "d": "2024-12-31",
    "v": 200,
    "approx": "~"
   },
   {
    "d": "2025-03-31",
    "v": 400,
    "approx": "~"
   },
   {
    "d": "2025-06-30",
    "v": 600,
    "approx": ">"
   },
   {
    "d": "2025-09-30",
    "v": 950,
    "approx": ">"
   },
   {
    "d": "2025-12-31",
    "v": 1500,
    "approx": "~"
   },
   {
    "d": "2026-06-30",
    "v": 6000,
    "approx": ">"
   },
   {
    "d": "2026-09-30",
    "v": 11900,
    "approx": ">"
   }
  ],
  "rev100k": {
   "labels": [
    "2023",
    "2024",
    "2025"
   ],
   "usdM": [
    37,
    220,
    3500
   ],
   "share": [
    90,
    57,
    76
   ]
  },
  "tiers": {
   "over100k": 11900,
   "over1m": 1900,
   "over10m": 250,
   "small": "约 4000 万个客户（每个 TTM 收入 < $10 万）"
  },
  "nrr": 900,
  "top5outsideQ3": 79,
  "top5outsideQ1": 64,
  "employees": 5300,
  "revPerEmp": [
   1.4,
   6.6
  ],
  "concentration": [
   {
    "c": "客户 C",
    "2023": 43,
    "2026H1": 11
   },
   {
    "c": "客户 D",
    "2023": 11
   },
   {
    "c": "客户 A",
    "2025": 12
   },
   {
    "c": "客户 B",
    "2025": 12,
    "2025H1": 18
   }
  ],
  "src": {
   "sec": "MD&A — Our Ability to Diffuse Claude in the Enterprise",
   "p": "142",
   "check": "The number of customers with $100,000 or more of revenue on a TTM basis grew from approximately 20 as of December 31, 2023, to approximately 200 as of December 31, 2024, to approximately 1,500 as of December 31, 2025, and to more than 11,900 as of September 30, 2026"
  },
  "srcNrr": {
   "sec": "Prospectus Summary — Strengths of Our Financial Model",
   "p": "10",
   "check": "Net Revenue Retention of approximately 900% as of September 30, 2026"
  },
  "srcSmall": {
   "sec": "MD&A",
   "p": "142",
   "check": "generated by approximately 40 million customers, each with less than $100,000 of revenue on a TTM basis"
  },
  "srcConc": {
   "sec": "Note 1 — Significant Customers",
   "p": "F-15",
   "check": "The table below sets forth concentrations of revenue from customers that accounted for 10% or more of the Company’s total revenue"
  },
  "srcEmp": {
   "sec": "Business — Our Talent",
   "p": "229",
   "check": "we had approximately 5,300 employees worldwide"
  }
 },
 "cash": {
  "labels": [
   "2023",
   "2024",
   "2025",
   "2025H1",
   "2026H1"
  ],
  "op": [
   -1627,
   -5692,
   -2637,
   -1513,
   3929
  ],
  "inv": [
   -2,
   -22,
   -3077,
   -49,
   -17181
  ],
  "fin": [
   2320,
   7248,
   19960,
   4749,
   110774
  ],
  "cashJun26": 112.4,
  "stiJun26": 19.3,
  "raisedTotal": 141.1,
  "accDeficit": 132.9,
  "accDeficitFV": 113.2,
  "restricted": 2.5,
  "creditFacility": 15,
  "src": {
   "sec": "MD&A — Cash Flows",
   "p": "168",
   "check": "Operating activities $ (1,627) $ (5,692) $ (2,637) $ (1,513) $ 3,929"
  },
  "srcRaised": {
   "sec": "Prospectus Summary",
   "p": "10",
   "check": "we had raised an aggregate of $141.1 billion of capital and had cash and cash equivalents of $112.4 billion and short- term investments of $19.3 billion"
  },
  "srcDef": {
   "sec": "MD&A — Liquidity and Capital Resources",
   "p": "161",
   "check": "accumulated deficit of $132.9 billion , which includes $113.2 billion related to changes in the fair value of our convertible notes"
  },
  "srcCredit": {
   "sec": "MD&A — Revolving Credit Agreement",
   "p": "162",
   "check": "to provide for a $15 billion senior secured revolving credit facility"
  }
 },
 "rounds": [
  {
   "s": "Series A",
   "price": 2.57,
   "when": "未披露日期",
   "src": {
    "sec": "Note 10 — Redeemable Convertible Preferred Stock",
    "p": "F-45",
    "check": "Series A 48,574 48,574 $ 2.57"
   }
  },
  {
   "s": "Series B / C",
   "price": 11.23,
   "when": "C 轮：2023.3–2023.6",
   "src": {
    "sec": "Certain Relationships — Equity Financings",
    "p": "283",
    "check": "From March 2023 to June 2023, we sold an aggregate of 39,669,823 shares of our Series C-1 and C-2"
   }
  },
  {
   "s": "Series D",
   "price": 30.0,
   "when": "2024.1–2024.5",
   "src": {
    "sec": "Certain Relationships — Equity Financings",
    "p": "283",
    "check": "From January 2024 to May 2024, we sold an aggregate of 39,978,675 shares of our Series D-1 and D-3"
   }
  },
  {
   "s": "Series E",
   "price": 56.09,
   "when": "2025.1–2025.3",
   "src": {
    "sec": "Certain Relationships — Equity Financings",
    "p": "283",
    "check": "From January 2025 to March 2025, we sold an aggregate of 63,610,106 shares of our Series E-1"
   }
  },
  {
   "s": "Series F",
   "price": 140.97,
   "when": "2025.8–2025.9",
   "src": {
    "sec": "Certain Relationships — Equity Financings",
    "p": "283",
    "check": "From August 2025 to September 2025, we sold an aggregate of 92,219,720 shares of our Series F-1"
   }
  },
  {
   "s": "Series G",
   "price": 259.14,
   "when": "2026.1–2026.2，总额 $30.2B",
   "src": {
    "sec": "Note 10 — Series G and Series H Financings",
    "p": "F-46",
    "check": "at a price of $259.1364 per share, for aggregate gross proceeds of $30.2 billion"
   }
  },
  {
   "s": "Series H",
   "price": 589.01,
   "when": "2026.5–2026.6，总额 $65.2B",
   "src": {
    "sec": "Note 10 — Series G and Series H Financings",
    "p": "F-46",
    "check": "at a price of $589.0095 per share, for aggregate gross proceeds of $65.2 billion"
   }
  }
 ],
 "roundsNote": "每股价格为优先股原始发行价（拆股前口径；2026-09-17 A/N 类普通股做了 1 拆 10）。",
 "compute": {
  "items": [
   {
    "who": "Broadcom（TPU 设备租赁）",
    "amt": 161.2,
    "from": 2026,
    "to": 2031,
    "kind": "融资租赁，5 年，按季付租",
    "cancel": "租期内双方均不可取消（违约除外）",
    "q": {
     "en": "Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest",
     "zh": "Broadcom 那几份 5 年期设备租约，租金合计约 1612 亿美元（不含利息）。",
     "sec": "MD&A — Infrastructure Equipment Leases",
     "p": "171"
    }
   },
   {
    "who": "SpaceXAI（NVIDIA GPU）",
    "amt": 120.5,
    "from": 2026,
    "to": 2029,
    "kind": "最多 $120.5B，满载后约每月 $3.1B",
    "cancel": "初始不可取消期至 2027 年 1/3 月，之后 90 天通知可取消",
    "q": {
     "en": "we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029",
     "zh": "向 SpaceX 旗下的 SpaceXAI（原 xAI）买 NVIDIA 算力，最多 1205 亿美元，持续到 2029 年。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "171"
    }
   },
   {
    "who": "Google（云 / TPU）",
    "amt": 114.5,
    "from": 2026,
    "to": 2033,
    "kind": "最低消费承诺，不足要补差价",
    "cancel": "不可取消（对方重大违约除外）",
    "extra": "另有 2028–2031 年交付的 TPU 额外采购，估计 $125–150B，不在承诺表里",
    "q": {
     "en": "we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage",
     "zh": "对 Google 承诺 2026.4–2033.7 至少花 1145 亿美元——用不用都得付。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "170"
    }
   },
   {
    "who": "Amazon（AWS）",
    "amt": 110.0,
    "from": 2026,
    "to": 2036,
    "kind": "最低消费承诺，不足要补差价",
    "cancel": "不可取消（对方重大违约除外）",
    "q": {
     "en": "we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage",
     "zh": "对 Amazon 承诺 2026.5–2036.4 至少花 1100 亿美元，同样不看实际用量。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "171"
    }
   },
   {
    "who": "Microsoft（Azure）",
    "amt": 44.9,
    "from": 2026,
    "to": 2033,
    "kind": "最低消费承诺",
    "cancel": "不可取消（对方违约或未交付批次除外）",
    "q": {
     "en": "we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage",
     "zh": "对微软承诺 2026.11–2033.5 至少花 449 亿美元。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "170"
    }
   },
   {
    "who": "Nscale（NVIDIA GPU）",
    "amt": 44.6,
    "from": 2026,
    "to": 2033,
    "kind": "最多约 $44.6B，交付验收后才计费",
    "cancel": "基本不可取消；对方未按期交付可退",
    "q": {
     "en": "we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033",
     "zh": "向 Nscale 买 GPU 算力，最多约 446 亿美元，到 2033 年。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "171"
    }
   },
   {
    "who": "Lambda（NVIDIA GPU）",
    "amt": 41.3,
    "from": 2026,
    "to": 2034,
    "kind": "约 $41.3B，交付验收后才计费",
    "cancel": "其中 $34.9B 那份若 Lambda 拿不到机房可终止",
    "q": {
     "en": "we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034",
     "zh": "向 Lambda 买 GPU 算力约 413 亿美元，到 2034 年。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "171"
    }
   },
   {
    "who": "AMD（MI450 Helios 机柜）",
    "amt": 20.0,
    "gt": true,
    "from": 2027,
    "to": 2028,
    "kind": "无固定金额；若买满首批，预计超过 $20B",
    "cancel": "我方不可取消",
    "q": {
     "en": "we expect aggregate expenditures to exceed $20.0 billion over the term of the agreement",
     "zh": "AMD 首批算力如果全买，预计花费超过 200 亿美元（不在承诺表里）。",
     "sec": "MD&A — Infrastructure Service Arrangements",
     "p": "171"
    }
   }
  ],
  "namedSumDerived": 637.0,
  "totalBlank": "招股书里“总承诺金额”“未来 12 个月到期金额”“2030 年前发生金额”目前都是空白。",
  "lead": {
   "en": "the majority of our compute is contracted under multi-year commitments that we typically procure 12 to 18 months in advance of availability",
   "zh": "大部分算力是多年期合同，通常提前 12–18 个月下单。",
   "sec": "MD&A — Our Financial Model",
   "p": "134"
  },
  "chips": {
   "en": "We train and serve Claude natively across four major chip families (AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs)",
   "zh": "Claude 同时跑在四种芯片上：AWS Trainium、Google TPU、NVIDIA GPU、AMD GPU。",
   "sec": "MD&A — Multi-Chip Compute Approach",
   "p": "135"
  }
 },
 "partnerFinance": [
  {
   "who": "Broadcom",
   "amt": 42.0,
   "what": "可转债额度，只能用来付 Broadcom 租金；年息 9%（实物付息），达不到收入条件则 13%",
   "q": {
    "en": "$42.0 billion $42.0 billion",
    "zh": "Infrastructure Partner 2026 NPA：420 亿美元可发可转债额度。",
    "sec": "MD&A — Convertible Notes — Broadcom",
    "p": "166"
   }
  },
  {
   "who": "Google",
   "amt": 20.0,
   "what": "票据额度，按算力/收入里程碑提取；另有 IPO 时以发行价买最多 $10B N 类股的选择权",
   "q": {
    "en": "we granted Google an option to purchase up to $10.0 billion of our Class N common stock in a private placement concurrent with this offering at the public offering price",
    "zh": "Google 有权在 IPO 同时以发行价私募买入最多 100 亿美元 N 类股。",
    "sec": "MD&A — Convertible Notes — Google",
    "p": "168"
   }
  },
  {
   "who": "Amazon",
   "amt": 15.0,
   "what": "按算力里程碑每次 $5B 提取，以 N 类股结算；此外还有 $6.2B 旧可转债未转股",
   "q": {
    "en": "approximately $6.2 billion aggregate principal amount of which remains outstanding",
    "zh": "Amazon 手里还有约 62 亿美元可转债本金没转成股。",
    "sec": "MD&A — Convertible Notes",
    "p": "163"
   }
  },
  {
   "who": "AMD",
   "amt": 5.0,
   "what": "AMD 承诺按 GPU 交付里程碑买最多 $5B 的 N 类股（预计首个里程碑在 2027 年）",
   "q": {
    "en": "AMD has provided a commitment to purchase up to $5.0 billion of our Class N common stock",
    "zh": "AMD 承诺最多买 50 亿美元 Anthropic 的 N 类股。",
    "sec": "MD&A — AMD Agreement",
    "p": "163"
   }
  }
 ],
 "frenemy": {
  "en": "certain of the CSPs on which we rely for compute are also strategic investors in us, are our customers, and offer AI models and services that compete with ours",
  "zh": "给我们算力的云厂商，同时是我们的投资人、客户，还在卖和我们竞争的模型。",
  "sec": "MD&A — Key Factors",
  "p": "140"
 },
 "gov": {
  "classes": [
   {
    "k": "A",
    "name": "A 类普通股",
    "holder": "公众投资者、创始人个人、员工（行权后）",
    "votes": "1 票/股，合计上限 49.9%",
    "econ": "有分红、清算权",
    "color": "ink"
   },
   {
    "k": "N",
    "name": "N 类普通股",
    "holder": "主要是战略合作方（如云厂商、芯片商）；公益基金",
    "votes": "0 票（法律另有规定除外）",
    "econ": "有分红、清算权；转让给无关第三方时转为 A 类",
    "color": "muted"
   },
   {
    "k": "F",
    "name": "F 类（1 股）",
    "holder": "Founder LLC（7 位联合创始人）",
    "votes": "固定 50.1% 总投票权，不随增发稀释",
    "econ": "无经济权",
    "color": "red"
   },
   {
    "k": "T",
    "name": "T 类（1 股）",
    "holder": "长期利益信托 LTBT",
    "votes": "只用来选/罢免 T 类董事（董事会多数）",
    "econ": "无经济权",
    "color": "red2"
   },
   {
    "k": "E",
    "name": "E 类",
    "holder": "员工（不含联合创始人），IPO 后发行",
    "votes": "只在少数事项投票（如对“特定 T 类董事”的争议）",
    "econ": "无经济权",
    "color": "muted"
   }
  ],
  "board": [
   {
    "n": "Reed Hastings",
    "by": "T",
    "note": "首席独立董事；Netflix 联合创始人"
   },
   {
    "n": "Vas Narasimhan",
    "by": "T",
    "note": "诺华 CEO"
   },
   {
    "n": "Christopher Liddell",
    "by": "T",
    "note": "“特定 T 类董事”；前微软/通用 CFO"
   },
   {
    "n": "（空缺）",
    "by": "T",
    "note": "T 类第 4 席暂空"
   },
   {
    "n": "Dario Amodei",
    "by": "AF",
    "note": "CEO、联合创始人"
   },
   {
    "n": "Daniela Amodei",
    "by": "AF",
    "note": "总裁、董事长、联合创始人"
   },
   {
    "n": "Yasmin Razavi",
    "by": "AF",
    "note": "Spark Capital 合伙人"
   }
  ],
  "trustees": [
   {
    "n": "Neil “Buddy” Shah",
    "since": "2023.6",
    "note": "信托主席；克林顿健康倡议 CEO"
   },
   {
    "n": "Richard Fontaine",
    "since": "2025.4",
    "note": "CNAS CEO，国家安全"
   },
   {
    "n": "Ben S. Bernanke",
    "since": "2026.6",
    "note": "前美联储主席，诺奖得主"
   },
   {
    "n": "Christopher Stubbs",
    "since": "2026.10",
    "note": ""
   },
   {
    "n": "（空缺）",
    "since": "",
    "note": "5 席中 1 席空缺"
   }
  ],
  "founders": [
   "Dario Amodei",
   "Daniela Amodei",
   "Tom Brown",
   "Jack Clark",
   "Jared Kaplan",
   "Sam McCandlish",
   "Christopher Olah"
  ],
  "founderShares": [
   240637980,
   241408940,
   244173040,
   242271840,
   242351170,
   231809780,
   242882420
  ],
  "pbfShares": 846840960,
  "q": {
   "f501": {
    "en": "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",
    "zh": "F 类那 1 股，永远代表 50.1% 的投票权。",
    "sec": "Cover / Prospectus Summary",
    "p": "封面"
   },
   "nodil": {
    "en": "The voting power of our Class F common stock will not be impacted by future issuances of our capital stock",
    "zh": "以后公司再怎么增发，F 类的 50.1% 都不会被稀释。",
    "sec": "Our Governance Structure — Founder Voting Structure",
    "p": "248"
   },
   "a499": {
    "en": "the voting power of the holders of Class A common stock is limited to an aggregate of 49.9% of the total outstanding voting power",
    "zh": "公众买的 A 类股，加起来最多只有 49.9% 投票权。",
    "sec": "Principal and Selling Stockholders",
    "p": "289"
   },
   "ltbt": {
    "en": "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",
    "zh": "信托（LTBT）选出的董事占董事会多数。",
    "sec": "Cover",
    "p": "封面"
   },
   "notday": {
    "en": "neither the LTBT nor the Trustees have decision-making authority in the day-to-day management or strategy setting of the company",
    "zh": "信托不管日常经营和战略，只负责挑董事。",
    "sec": "Prospectus Summary — Board Governance",
    "p": "13"
   },
   "sunset": {
    "en": "which will commence when there have been fewer than three Continuing Founders",
    "zh": "F 类的“日落”：当仍在职的创始人少于 3 位（持续 90 天）时开始过渡、最终注销。",
    "sec": "Description of Capital Stock",
    "p": "295"
   },
   "deadlock": {
    "en": "If a majority of the Continuing Founders cannot agree on how our Class F common stock will be voted, then our Class F common stock will generally be voted proportionately with the votes of our Class A common stock cast on the matter",
    "zh": "7 位创始人一人一票；如果达不成多数，F 类就按 A 类股东的投票比例来投。",
    "sec": "Our Governance Structure — Founder Voting Structure",
    "p": "248"
   },
   "controlled": {
    "en": "We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements",
    "zh": "按纳斯达克规则，公司属于“受控公司”，可豁免部分公司治理要求。",
    "sec": "Cover",
    "p": "封面"
   },
   "pbc": {
    "en": "the responsible development and maintenance of advanced AI for the long-term benefit of humanity",
    "zh": "公司章程写明的公益目的：为人类长期利益，负责任地开发和维护先进 AI。",
    "sec": "Cover",
    "p": "封面"
   },
   "pbf": {
    "en": "we contributed 846,840,960 shares of our Class N common stock, representing 5 % of our fully diluted shares as of June 30, 2026",
    "zh": "已把 8.47 亿股 N 类股（全面摊薄 5%）捐进全资的“公益基金”。",
    "sec": "Prospectus Summary — Our Commitment to Public Benefit",
    "p": "12"
   },
   "pbfmore": {
    "en": "each time our share price appreciates 50 % above the prior share price milestone",
    "zh": "IPO 后股价每比上一个里程碑涨 50%，董事会可再捐最多 2% 的股份给公益基金。",
    "sec": "MD&A — Our Commitment to Public Benefit",
    "p": "143"
   },
   "pledge": {
    "en": "our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes",
    "zh": "每位联合创始人都承诺把个人持股的 80% 捐给慈善。",
    "sec": "Prospectus Summary",
    "p": "12"
   },
   "amzcap": {
    "en": "Amazon would hold more than 12% of our capitalization",
    "zh": "Amazon 的可转债转股有上限：转完不能超过总股本的 12%（Amazon 可放弃该上限）。",
    "sec": "MD&A — Outstanding Notes",
    "p": "164"
   },
   "googcap": {
    "en": "would cause Google’s ownership of us to exceed 14.99% of our outstanding capitalization",
    "zh": "Google 2026 票据协议下的发股上限：持股不超过 14.99%。",
    "sec": "MD&A — Google",
    "p": "168"
   }
  },
  "founderEconDerivedNote": "7 位创始人实益持有的 A 类股合计 ÷ 全面摊薄股本（由“8.47 亿股 = 5% 全面摊薄股本”反推约 169 亿股）≈ 10%。这是我们的粗算，口径不完全一致，仅用来体会“经济权 vs 投票权”的落差。",
  "srcHolders": {
   "sec": "Principal and Selling Stockholders",
   "p": "289",
   "check": "Dario Amodei (1) †† 240,637,980"
  },
  "founderEconDerived": 10.0,
  "founderSharesSum": 1685535170
 },
 "quotes": {
  "fastest": {
   "en": "Claude has experienced the fastest enterprise adoption of any technology in history",
   "zh": "招股书原话：Claude 是“史上企业采用最快的技术”。",
   "sec": "Prospectus Summary — Overview",
   "p": "5"
  },
  "eff": {
   "en": "revenue that grew 1,368% year over year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period",
   "zh": "2026 年 Q2 收入同比 +1368%，同期算力开支只 +300%。",
   "sec": "Prospectus Summary — Compute Efficiency",
   "p": "10"
  },
  "margincomp": {
   "en": "we expect operating margin and Adjusted Operating Margin may compress in those periods",
   "zh": "新算力大批上线的那几个季度，利润率可能会被压下去。",
   "sec": "MD&A — Our Financial Model",
   "p": "133"
  },
  "shortterm": {
   "en": "We expect our use of short-term compute to increase in the near term and to in turn compress our operating margin",
   "zh": "短期内会更多买贵的临时算力，利润率会受压。",
   "sec": "MD&A — Our Financial Model",
   "p": "134"
  },
  "growthdecline": {
   "en": "We expect our revenue growth rate to decline over time, and it may decline significantly and more rapidly than we anticipate",
   "zh": "收入增速会下降，而且可能比预期降得更快、更猛。",
   "sec": "MD&A — How We Generate Revenue",
   "p": "138"
  },
  "violators": {
   "en": "we estimate that revenue from such customers represented approximately 5% to 7% of our revenue for the nine months ended September 30, 2026",
   "zh": "前三季度大约 5%–7% 的收入，来自后来被认定违反使用政策的客户（会被限制或封停）。",
   "sec": "MD&A — Components of Results of Operations",
   "p": "145"
  },
  "fvexplain": {
   "en": "These changes were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation",
   "zh": "巨额“亏损”主要是因为公司估值涨了，可转债按公允价值重估——是账面损失，不是现金。",
   "sec": "Summary Consolidated Financial Data — footnote",
   "p": "22"
  },
  "rsu": {
   "en": "there was approximately $26.6 billion of total unrecognized stock-based compensation expense related to RSUs",
   "zh": "还有约 266 亿美元的 RSU 股权激励费用没确认；IPO 生效那个季度会集中确认一大笔。",
   "sec": "MD&A — Critical Accounting Estimates",
   "p": "173"
  },
  "seasonal": {
   "en": "total customer spend declined by approximately 20% compared to the prior two weeks",
   "zh": "2025 年底节假日两周，客户总花费比前两周掉了约 20%——按用量计费有季节性。",
   "sec": "Prospectus Summary — Customer Usage Patterns",
   "p": "143"
  },
  "top5": {
   "en": "Approximately 79% of our revenue came from customers outside of our top five customers for the three months ended September 30, 2026, up from approximately 64% for the three months ended March 31, 2026",
   "zh": "Q3 有约 79% 收入来自前五大客户以外（Q1 只有 64%），客户集中度在下降。",
   "sec": "Prospectus Summary",
   "p": "143"
  },
  "newmodels": {
   "en": "model versions released in the six months ended September 30, 2026 accounted for over 80% of our revenue",
   "zh": "Q3 八成以上收入来自最近半年才发布的模型版本——必须一直站在前沿。",
   "sec": "Prospectus Summary — Customer Usage Patterns",
   "p": "143"
  },
  "code90": {
   "en": "over 90% of the contributions to our codebase in September 2026 were written by Claude",
   "zh": "2026 年 9 月，公司代码库 90% 以上的提交是 Claude 写的。",
   "sec": "MD&A — Operating Efficiency",
   "p": "136"
  },
  "rpe": {
   "en": "driving TTM revenue per employee from $1.4 million to over $6.6 million",
   "zh": "人均收入（过去 12 个月）从 140 万美元涨到 660 万美元以上。",
   "sec": "MD&A — Operating Efficiency",
   "p": "136"
  },
  "payint": {
   "en": "Pay-for-intelligence, our consumption-based revenue model, is our primary revenue model and currently represents the substantial majority of our total revenue",
   "zh": "“按智能付费”（按 token 用量计费）是主要收入模式，占绝大部分。",
   "sec": "MD&A — How We Generate Revenue",
   "p": "138"
  },
  "csp": {
   "en": "We have a joint go-to-market approach with these CSPs through which we establish direct contractual relationships with our customers while paying a fee to each CSP",
   "zh": "通过 AWS/GCP/Azure 卖：合同直接签在 Anthropic，给云厂商付渠道费。",
   "sec": "Prospectus Summary",
   "p": "9"
  },
  "bartz": {
   "en": "In August 2024, various authors filed suit against the Company alleging infringement of copyrighted books in the case of Bartz",
   "zh": "2024 年 8 月作家集体起诉 Anthropic 用书训练侵权（Bartz 案），2025 年计提 15 亿美元和解。",
   "sec": "Note 13 — Legal Matters",
   "p": "F-59"
  },
  "export": {
   "en": "in June 2026, the U.S. Department of Commerce imposed worldwide export restrictions on our Fable 5 and Mythos 5 models",
   "zh": "2026 年 6 月美国商务部曾对 Fable 5、Mythos 5 实施全球出口限制，更新防护后才重新上线。",
   "sec": "Business — Export Controls",
   "p": "239"
  },
  "mythos": {
   "en": "we initially released our frontier model, Mythos, as a gated research preview through Project Glasswing",
   "zh": "最强模型 Mythos 一开始只通过 Glasswing 项目给少数机构做网络安全用，没有全面开放。",
   "sec": "Business — Our Approach to Model Releases",
   "p": "186"
  },
  "proceeds": {
   "en": "We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure",
   "zh": "募资用途：一般公司用途——营运资金、开支、资本开支（含算力和基础设施）、招人留人。",
   "sec": "Use of Proceeds",
   "p": "124"
  },
  "rsutax": {
   "en": "We also intend to use a portion of the net proceeds we receive from this offering to satisfy our anticipated tax withholding and remittance obligations",
   "zh": "一部分募资用于替员工 RSU 结算代扣代缴税款（金额空白）。",
   "sec": "Use of Proceeds",
   "p": "124"
  },
  "commitcash": {
   "en": "Our compute commitments are substantial and generally must be satisfied regardless of our revenue or utilization",
   "zh": "算力承诺很大，而且不管收入、利用率如何，一般都得兑现。",
   "sec": "MD&A — Our Continued Access to Capital",
   "p": "141"
  },
  "profit": {
   "en": "we generated operating income of $1.0 billion for the three months ended June 30, 2026",
   "zh": "2026 年 Q2 第一次实现 GAAP 营业利润，约 10 亿美元。",
   "sec": "MD&A — Quarterly Trends",
   "p": "159"
  },
  "liquidity": {
   "en": "requiring that we maintain l iquidity of at least $5.0 billion as of the last day of each fiscal quarter",
   "zh": "新信贷协议要求每季末流动性不低于 50 亿美元。",
   "sec": "MD&A — Revolving Credit Agreement",
   "p": "163"
  },
  "fortune": {
   "en": "included every company in the Fortune 10, over 50% of the Fortune 500, and over 30% of the Global 2000",
   "zh": "年付 10 万美元以上的客户里：财富 10 强全有、财富 500 强过半、全球 2000 强超 30%。",
   "sec": "Prospectus Summary",
   "p": "194"
  },
  "dilutionrisk": {
   "en": "Future issuances of our Class A common stock and Class N common stock will not dilute the voting power of our Class F common stock",
   "zh": "以后增发 A/N 类股只会稀释你，不会稀释创始人的 F 类投票权。",
   "sec": "Risk Factors — Ownership",
   "p": "117"
  }
 },
 "risks": {
  "clusters": {
   "compute": "算力与供应链",
   "model": "模型、安全与失控",
   "market": "竞争与市场",
   "customer": "客户、渠道与定价",
   "finance": "财务、债务与指标",
   "legal": "监管、诉讼与版权",
   "gov": "治理与控制权",
   "stock": "股票与稀释"
  },
  "items": [
   {
    "en": "Our success depends in large part on our ability to continue to develop the most advanced and capable AI models",
    "zh": "核心赌注：必须一直做出最强的模型，掉队就危险。",
    "sec": "Risk Factors",
    "p": "27",
    "c": "model",
    "w": 3
   },
   {
    "en": "If we are unable to secure adequate compute or if we fail to direct our compute effectively across our workloads",
    "zh": "算力抢不到、或者分配不好，模型和服务都会受影响。",
    "sec": "Risk Factors",
    "p": "29",
    "c": "compute",
    "w": 3
   },
   {
    "en": "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",
    "zh": "算力是提前一两年买的：买少了不够用，买多了闲置还得付钱。",
    "sec": "Risk Factors",
    "p": "31",
    "c": "compute",
    "w": 3
   },
   {
    "en": "Constraints on the critical inputs supporting compute could limit our ability to secure adequate compute",
    "zh": "芯片、内存、电力、机房这些上游一卡脖子，算力就上不来。",
    "sec": "Risk Factors",
    "p": "32",
    "c": "compute",
    "w": 2
   },
   {
    "en": "Our reliance on a limited number of CSPs and suppliers, some of which have strategic and investment relationships with us and are our customers",
    "zh": "依赖少数云厂商，它们又是投资人、客户、竞争对手，利益冲突复杂。",
    "sec": "Risk Factors",
    "p": "73",
    "c": "compute",
    "w": 3
   },
   {
    "en": "We are pursuing initiatives to develop our own data center infrastructure, which involves significant capital commitments, operational complexities, and execution risks",
    "zh": "开始自建/直租数据中心，资本投入大、执行难。",
    "sec": "Risk Factors",
    "p": "74",
    "c": "compute",
    "w": 2
   },
   {
    "en": "We are highly dependent on the continued service of our co-founders, senior management team, and key technical employees",
    "zh": "高度依赖创始人和核心技术人员。",
    "sec": "Risk Factors",
    "p": "38",
    "c": "market",
    "w": 2
   },
   {
    "en": "Our company culture has contributed to our success and, if we cannot maintain this culture as we grow",
    "zh": "规模变大后文化可能走样。",
    "sec": "Risk Factors",
    "p": "39",
    "c": "market",
    "w": 1
   },
   {
    "en": "We face intense competition, and if we are unable to compete effectively",
    "zh": "竞争非常激烈。",
    "sec": "Risk Factors",
    "p": "40",
    "c": "market",
    "w": 3
   },
   {
    "en": "If the market for our models, platform, and applications develops more slowly than we expect or declines, our growth may slow or stall",
    "zh": "市场如果长得比预期慢，增长会放缓甚至停滞。",
    "sec": "Risk Factors",
    "p": "43",
    "c": "market",
    "w": 2
   },
   {
    "en": "If the use of our AI models results in harm, whether through use by malicious actors or misuse by other third parties",
    "zh": "模型被坏人滥用造成伤害，会伤品牌和生意。",
    "sec": "Risk Factors",
    "p": "44",
    "c": "model",
    "w": 2
   },
   {
    "en": "Our AI models may behave in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed",
    "zh": "模型可能“自作主张”，做出没人指使的有害行为。",
    "sec": "Risk Factors",
    "p": "45",
    "c": "model",
    "w": 3
   },
   {
    "en": "We may be exposed to liability, litigation, and regulatory action arising from harms associated with our AI models, and our contractual protections and insurance may be insufficient",
    "zh": "AI 造成的伤害可能带来诉讼和监管，合同和保险未必兜得住。",
    "sec": "Risk Factors",
    "p": "48",
    "c": "model",
    "w": 2
   },
   {
    "en": "If we are unable to manage the risks related to our focus on and commitment to AI safety",
    "zh": "坚持安全本身也有代价：可能推迟或限制发布，影响商业。",
    "sec": "Risk Factors",
    "p": "51",
    "c": "model",
    "w": 2
   },
   {
    "en": "If we are unable to maintain and enhance our brand and reputation",
    "zh": "品牌和声誉受损的风险。",
    "sec": "Risk Factors",
    "p": "54",
    "c": "market",
    "w": 1
   },
   {
    "en": "We derive substantially all of our revenue from a limited number of products and applications",
    "zh": "收入几乎全部来自少数几个产品。",
    "sec": "Risk Factors",
    "p": "55",
    "c": "customer",
    "w": 2
   },
   {
    "en": "A substantial portion of our revenue and accounts receivable is driven by a limited number of customers and distribution channels",
    "zh": "大块收入和应收账款集中在少数客户和渠道。",
    "sec": "Risk Factors",
    "p": "56",
    "c": "customer",
    "w": 3
   },
   {
    "en": "We have incurred significant indebtedness in order to operate and grow our business, including to fund our substantial compute commitments",
    "zh": "为了算力承诺背了大量债务，偿债要看现金流。",
    "sec": "Risk Factors",
    "p": "57",
    "c": "finance",
    "w": 2
   },
   {
    "en": "We may not have the ability to raise the funds necessary to repay the principal and accrued interest of our outstanding convertible promissory notes or the A&R Credit Agreement in cash when required",
    "zh": "可转债和信贷到期要现金偿还时，未必拿得出。",
    "sec": "Risk Factors",
    "p": "59",
    "c": "finance",
    "w": 1
   },
   {
    "en": "Our pricing structures for our models, platform, and applications change from time to time",
    "zh": "定价经常调整，可能伤收入。",
    "sec": "Risk Factors",
    "p": "60",
    "c": "customer",
    "w": 1
   },
   {
    "en": "We have a limited operating history in an evolving and nascent industry",
    "zh": "公司历史短、行业太新，很难判断前景。",
    "sec": "Risk Factors",
    "p": "61",
    "c": "finance",
    "w": 2
   },
   {
    "en": "We are at an early stage of our revenue growth, we have experienced rapid growth in recent periods, and our historical growth rates are not indicative of future performance",
    "zh": "过去的超高增速不代表未来。",
    "sec": "Risk Factors",
    "p": "62",
    "c": "finance",
    "w": 3
   },
   {
    "en": "We have a history of net losses and may not generate sufficient revenue to achieve or su",
    "zh": "一直在亏损，未必能持续盈利。",
    "sec": "Risk Factors",
    "p": "63",
    "c": "finance",
    "w": 2
   },
   {
    "en": "Our results of operations may fluctuate significantly on a period-to-period basis, including as a result of strategic investment decisions and substantial compute-related expenditures",
    "zh": "算力集中上线等因素会让季度业绩大起大落。",
    "sec": "Risk Factors",
    "p": "65",
    "c": "finance",
    "w": 2
   },
   {
    "en": "Certain of our operating metrics are subject to assumptions and limitations",
    "zh": "Run-Rate 收入、NRR、客户数等指标是内部口径、未经第三方核验。",
    "sec": "Risk Factors",
    "p": "67",
    "c": "finance",
    "w": 2
   },
   {
    "en": "Our business is subject to an evolving and uncertain regulatory and political environment",
    "zh": "监管和政治环境变化快，不确定性大。",
    "sec": "Risk Factors",
    "p": "68",
    "c": "legal",
    "w": 3
   },
   {
    "en": "Our sales to government entities and highly regulated organizations are subject to challenges and risks",
    "zh": "卖给政府和强监管行业有额外风险。",
    "sec": "Risk Factors",
    "p": "70",
    "c": "legal",
    "w": 1
   },
   {
    "en": "We may not successfully build, expand, and deploy our sales and marketing organization in a timely manner",
    "zh": "销售团队扩张可能跟不上。",
    "sec": "Risk Factors",
    "p": "76",
    "c": "customer",
    "w": 1
   },
   {
    "en": "If our marketing strategies, such as our free trials and free tiers, fail to generate the benefits we expect",
    "zh": "免费试用/免费档如果换不来付费，成本白花。",
    "sec": "Risk Factors",
    "p": "79",
    "c": "customer",
    "w": 1
   },
   {
    "en": "Our product and investment decisions may not prioritize short-term financial results and may not align with investor expectations or preferences",
    "zh": "产品和投资决策不一定优先短期财务结果，可能和投资者期待不一致。",
    "sec": "Risk Factors",
    "p": "80",
    "c": "gov",
    "w": 2
   },
   {
    "en": "If we fail to manage our technical operations infrastructure, or experience service outages, interruptions, or delays",
    "zh": "宕机、服务中断的风险。",
    "sec": "Risk Factors",
    "p": "81",
    "c": "customer",
    "w": 1
   },
   {
    "en": "Many of the risks we face are interconnected and may compound or trigger cascading adverse effects across our business",
    "zh": "这些风险彼此关联，可能连锁放大。",
    "sec": "Risk Factors",
    "p": "86",
    "c": "market",
    "w": 2
   },
   {
    "en": "The application of certain copyright law doctrines and contractual interpretations of open-source licenses to modern AI model training are uncertain",
    "zh": "用数据训练模型在版权法上的地位还不确定。",
    "sec": "Risk Factors",
    "p": "86",
    "c": "legal",
    "w": 3
   },
   {
    "en": "We are subject to complex and evolving laws, regulations, and other legal obligations related to privacy and data protection",
    "zh": "隐私与数据保护合规复杂。",
    "sec": "Risk Factors",
    "p": "87",
    "c": "legal",
    "w": 1
   },
   {
    "en": "Any security breaches or other incidents, including those that affect our networks, systems, or data",
    "zh": "安全事件/数据泄露风险。",
    "sec": "Risk Factors",
    "p": "88",
    "c": "legal",
    "w": 2
   },
   {
    "en": "We employ automated data collection across the web and use other methods to collect data for training our AI models",
    "zh": "网上自动抓取训练数据，可能惹官司或限制数据使用。",
    "sec": "Risk Factors",
    "p": "91",
    "c": "legal",
    "w": 2
   },
   {
    "en": "We are subject to claims, lawsuits, investigations, executive and administrative orders and directives, other regulatory actions",
    "zh": "面临各种诉讼、调查、行政命令。",
    "sec": "Risk Factors",
    "p": "97",
    "c": "legal",
    "w": 2
   },
   {
    "en": "Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes",
    "zh": "出口管制等贸易限制（已经发生过一次模型被限制出口）。",
    "sec": "Risk Factors",
    "p": "99",
    "c": "legal",
    "w": 3
   },
   {
    "en": "To continue to grow our business, we will need to continue to expand internationally",
    "zh": "国际化扩张的风险。",
    "sec": "Risk Factors",
    "p": "101",
    "c": "legal",
    "w": 1
   },
   {
    "en": "Our capital stock structure features certain provisions that are novel or otherwise not common among other corporations with multiple-class structures",
    "zh": "股权结构很新颖，A 类股东可能基本无法影响重大决策（包括控制权变更）。",
    "sec": "Risk Factors",
    "p": "107",
    "c": "gov",
    "w": 3
   },
   {
    "en": "Our capital structure will concentrate voting power with the LTBT and the Founder LLC for the foreseeable future",
    "zh": "投票权长期集中在信托和创始人 LLC，与经济利益不成比例。",
    "sec": "Risk Factors",
    "p": "108",
    "c": "gov",
    "w": 3
   },
   {
    "en": "Our governance structure and the adoption of our amended and restated certificate of incorporation may negatively affect the decision by certain institutional investors to purchase or hold shares",
    "zh": "这种治理结构可能让部分机构投资者不愿买或不能持有。",
    "sec": "Risk Factors",
    "p": "109",
    "c": "gov",
    "w": 2
   },
   {
    "en": "As a public benefit corporation, we cannot provide any assurance that we will achieve our Company Purpose",
    "zh": "作为公益公司，不保证能实现公益目的；兼顾多方利益可能牺牲股东回报。",
    "sec": "Risk Factors",
    "p": "110",
    "c": "gov",
    "w": 2
   },
   {
    "en": "As a Delaware public benefit corporation, we may be subject to increased litigation concerning our board of directors’ obligation to balance",
    "zh": "董事会“平衡各方利益”的义务可能引来更多诉讼。",
    "sec": "Risk Factors",
    "p": "111",
    "c": "gov",
    "w": 1
   },
   {
    "en": "could make a merger, tender offer, proxy contest, or other significant corporate transaction difficult",
    "zh": "章程条款让并购、要约收购、代理权争夺很难发生。",
    "sec": "Risk Factors",
    "p": "113",
    "c": "gov",
    "w": 2
   },
   {
    "en": "There has been no prior public trading market for our Class A common stock",
    "zh": "此前没有公开市场，上市后股价可能剧烈波动。",
    "sec": "Risk Factors",
    "p": "114",
    "c": "stock",
    "w": 2
   },
   {
    "en": "The issuance of additional stock in connection with financings, acquisitions, investments, our equity incentive plans, the conversion of our outstanding convertible promissory notes",
    "zh": "增发、并购、股权激励、可转债转股都会稀释现有股东。",
    "sec": "Risk Factors",
    "p": "116",
    "c": "stock",
    "w": 3
   },
   {
    "en": "Future issuances of our Class A common stock and Class N common stock will not dilute the voting power of our Class F common stock",
    "zh": "增发不会稀释创始人的 F 类投票权（只稀释你）。",
    "sec": "Risk Factors",
    "p": "117",
    "c": "stock",
    "w": 2
   },
   {
    "en": "Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future",
    "zh": "短期不分红，只能赚股价的钱。",
    "sec": "Risk Factors",
    "p": "118",
    "c": "stock",
    "w": 1
   }
  ],
  "count": 49
 },
 "timeline": [
  {
   "d": "2021-01",
   "t": "公司成立",
   "zh": "7 位联合创始人在特拉华州注册为公益公司（PBC）。",
   "cat": "corp",
   "q": {
    "en": "We were incorporated as a Delaware PBC in January 2021",
    "zh": "7 位联合创始人在特拉华州注册为公益公司（PBC）。",
    "sec": "Prospectus Summary — Corporate Information",
    "p": "17"
   }
  },
  {
   "d": "2023-03",
   "t": "首次商业化 & C 轮",
   "zh": "2023 年一季度 Claude 商业上线（收入从 $0 起步）；3–6 月 C 轮，每股 $11.23。",
   "cat": "money",
   "q": {
    "en": "revenue growing from $0 at commercial launch in the first quarter of 2023",
    "zh": "2023 年一季度 Claude 商业上线（收入从 $0 起步）；3–6 月 C 轮，每股 $11.23。",
    "sec": "Prospectus Summary",
    "p": "5"
   }
  },
  {
   "d": "2023-06",
   "t": "长期利益信托上线",
   "zh": "2023 年设立 LTBT，Buddy Shah 6 月起任受托人/主席。",
   "cat": "gov",
   "q": {
    "en": "In 2023, we implemented an innovative governance structure featuring the LTBT",
    "zh": "2023 年设立 LTBT，Buddy Shah 6 月起任受托人/主席。",
    "sec": "Prospectus Summary",
    "p": "13"
   }
  },
  {
   "d": "2024-01",
   "t": "D 轮",
   "zh": "2024 年 1–5 月 D 轮，每股 $30。",
   "cat": "money"
  },
  {
   "d": "2024-08",
   "t": "Bartz 版权诉讼",
   "zh": "作家集体起诉用书训练侵权。",
   "cat": "legal"
  },
  {
   "d": "2024-11",
   "t": "发布 MCP",
   "zh": "推出开放标准 Model Context Protocol，2025 年 12 月捐给 Linux 基金会。",
   "cat": "product",
   "q": {
    "en": "MCP is an open standard we introduced in November 2024",
    "zh": "推出开放标准 Model Context Protocol，2025 年 12 月捐给 Linux 基金会。",
    "sec": "Business — Claude Platform",
    "p": "200"
   }
  },
  {
   "d": "2025-01",
   "t": "E 轮",
   "zh": "2025 年 1–3 月 E 轮，每股 $56.09。",
   "cat": "money"
  },
  {
   "d": "2025-02",
   "t": "Claude Code 研究预览",
   "zh": "编程 agent，后来成为增长引擎。",
   "cat": "product",
   "q": {
    "en": "its research preview release in February 2025",
    "zh": "编程 agent，后来成为增长引擎。",
    "sec": "Prospectus Summary",
    "p": "8"
   }
  },
  {
   "d": "2025-05",
   "t": "$25 亿循环信贷",
   "zh": "摩根士丹利牵头，后来扩到 $32.5 亿，再到 2026 年 9 月的 $150 亿。",
   "cat": "money"
  },
  {
   "d": "2025-08",
   "t": "F 轮",
   "zh": "2025 年 8–9 月 F 轮，每股 $140.97。",
   "cat": "money"
  },
  {
   "d": "2025-09",
   "t": "Bartz 和解 $15 亿",
   "zh": "2025 年三季度计提 15 亿美元和解费用。",
   "cat": "legal",
   "q": {
    "en": "In the three months ended September 30, 2025, we recorded a $1.5 billion charge to settle the Bartz litigation",
    "zh": "2025 年三季度计提 15 亿美元和解费用。",
    "sec": "MD&A — Quarterly Trends",
    "p": "159"
   }
  },
  {
   "d": "2025-11",
   "t": "微软算力协议",
   "zh": "承诺至少 $449 亿，2026.11–2033.5。",
   "cat": "compute"
  },
  {
   "d": "2026-01",
   "t": "G 轮 $302 亿 & Cowork",
   "zh": "G 轮每股 $259.14；Claude Cowork 研究预览。",
   "cat": "money"
  },
  {
   "d": "2026-03",
   "t": "Google 算力协议",
   "zh": "承诺至少约 $1145 亿；同月推出 Claude Partner Network（$1 亿）。",
   "cat": "compute"
  },
  {
   "d": "2026-04",
   "t": "Mythos & Amazon 协议",
   "zh": "Mythos 预览经 Glasswing 限量开放；对 Amazon 承诺至少 $1100 亿。",
   "cat": "compute"
  },
  {
   "d": "2026-05",
   "t": "H 轮 $652 亿",
   "zh": "每股 $589.01；Google 投 $100 亿、Amazon 投 $50 亿。",
   "cat": "money",
   "q": {
    "en": "In May 2026 (unaudited), Google invested $10.0 billion in the Company’s Series H",
    "zh": "每股 $589.01；Google 投 $100 亿、Amazon 投 $50 亿。",
    "sec": "Note 9",
    "p": "F-40"
   }
  },
  {
   "d": "2026-06",
   "t": "出口限制 & Q2 首次盈利",
   "zh": "Fable 5 / Mythos 5 一度被限制出口；Q2 营业利润 $9.74 亿。",
   "cat": "legal"
  },
  {
   "d": "2026-07",
   "t": "AMD 协议",
   "zh": "MI450 Helios 机柜；AMD 承诺最多买 $50 亿股票。",
   "cat": "compute"
  },
  {
   "d": "2026-08",
   "t": "Nscale & Lambda",
   "zh": "两笔 NVIDIA GPU 算力：最多约 $446 亿、约 $413 亿。",
   "cat": "compute"
  },
  {
   "d": "2026-09",
   "t": "1 拆 10 & $150 亿信贷 & Opus 5.5",
   "zh": "9/17 A/N 类股 1 拆 10；新信贷额度 $150 亿；Cowork 并入 Claude.ai。",
   "cat": "money",
   "q": {
    "en": "a 10-for-one forward split of our Class A common stock and Class N common stock effected on September 17, 2026",
    "zh": "9/17 A/N 类股 1 拆 10；新信贷额度 $150 亿；Cowork 并入 Claude.ai。",
    "sec": "Prospectus Summary",
    "p": "21"
   }
  },
  {
   "d": "2026-10",
   "t": "递交 S-1",
   "zh": "10 月 26 日向 SEC 递交招股书，拟在纳斯达克以 “ANT” 上市。",
   "cat": "corp",
   "q": {
    "en": "As filed with the Securities and Exchange Commission on October 26, 2026",
    "zh": "10 月 26 日向 SEC 递交招股书，拟在纳斯达克以 “ANT” 上市。",
    "sec": "Cover",
    "p": "封面"
   }
  }
 ],
 "comp": {
  "rows": [
   {
    "n": "Dario Amodei",
    "r": "CEO",
    "salary": 654167,
    "stock": 9264932,
    "option": 4028558,
    "other": 4010641,
    "total": 17958298
   },
   {
    "n": "Daniela Amodei",
    "r": "总裁",
    "salary": 654167,
    "stock": 9264932,
    "option": 4028558,
    "other": 2461341,
    "total": 16408998
   },
   {
    "n": "Krishna Rao",
    "r": "CFO",
    "salary": 706250,
    "stock": 0,
    "option": 0,
    "other": 14000,
    "total": 720250
   }
  ],
  "src": {
   "sec": "Executive Compensation — Summary Compensation Table",
   "p": "270",
   "check": "Dario Amodei Chief Executive Officer, Co- Founder, and Director 2025 654,167 9,264,932 4,028,558 4,010,641"
  },
  "notes": [
   {
    "en": "the annual base salary for each of Dr. Amodei and Ms. Amodei was further increased to $ 1,380,000",
    "zh": "2026 年 7 月起两位 Amodei 年薪涨到 138 万美元。",
    "sec": "Executive Compensation",
    "p": "271"
   },
   {
    "en": "$2,745,874 in connection with personal security services",
    "zh": "Dario 2025 年“其他薪酬”里约 275 万美元是人身安保。",
    "sec": "Executive Compensation",
    "p": "271"
   },
   {
    "en": "each in the amount of $2.5 million",
    "zh": "公司替两位 Amodei 各付了 250 万美元反垄断申报（HSR）费。",
    "sec": "Executive Compensation",
    "p": "272"
   }
  ]
 },
 "deal": {
  "ticker": "ANT",
  "venue": "Nasdaq Global Select Market",
  "leads": [
   "Goldman Sachs",
   "Morgan Stanley"
  ],
  "underwriterCount": 22,
  "blank": [
   "发行价区间",
   "发行股数（公司 & 老股东）",
   "募资净额",
   "发行后总股本",
   "稀释（每股净有形资产）",
   "2026 Q3 收入与 9/30 现金",
   "算力承诺总额与年度到期表",
   "10/31 Run-Rate 收入"
  ],
  "sellers": "7 位联合创始人均列为出售股东（具体股数空白）",
  "q": {
   "en": "Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters",
   "zh": "高盛、摩根士丹利是承销商代表（主承销）。",
   "sec": "Underwriting",
   "p": "316"
  },
  "lead": {
   "en": "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”",
   "zh": "申请在纳斯达克全球精选市场上市，代码 ANT。",
   "sec": "Cover",
   "p": "封面"
  }
 }
}