Anthropic, PBC —S-1 注册声明（IPO 招股说明书）

选定术语定义 Select Defined Terms

以下为本招股说明书中使用的缩写、首字母缩略词及特定术语的定义：

The following are abbreviations, acronyms, and definitions of certain terms used in this prospectus:

“智能体循环”指 AI 智能体接收任务、采取行动（例如规划项目、运行代码或调用工具）、观察结果并决定下一步骤的迭代循环，该循环重复进行直至任务完成。智能体循环是智能体式 AI 行为背后的核心执行模式。

“agent loop” refers to the iterative cycle in which an AI agent receives a task, takes an action, such as planning a project, running code, or calling a tool, observes the result, and decides its next step, with this cycle repeating until the task is complete. The agent loop is the core execution pattern underlying agentic AI behavior.

“智能体式 AI”指能够在不同程度上自主规划、确定并排序行动并执行这些行动以实现既定目标的 AI 系统，包括代表用户与外部工具、服务、数据集和环境进行交互。

“agentic AI” refers to AI systems that, with varying degrees of autonomy, can plan, determine, and sequence actions and execute them to accomplish defined objectives, including through interaction with external tools, services, datasets, and environments on behalf of a user.

“AI”指人工智能，一种基于机器的系统，其从数据中学习或接受数据训练，并针对明确或隐含的目标、以不同程度的自主性处理该等数据以推断模式、生成输出（例如预测、内容、推荐和决策），并对物理或虚拟环境采取行动。

“AI” refers to artificial intelligence, a machine-based system that learns or is trained from data and, for explicit or implicit objectives and with varying levels of autonomy, processes that data to infer patterns, generate outputs—such as predictions, content, recommendations, and decisions—and act upon physical or virtual environments.

“AI 加速器”指专为或经改造用于预训练、后训练、优化和运行 AI 模型所需大规模计算而构建的处理器。对于 AI 工作负载，该等处理器比通用处理器显著更高效、更快速。

“AI accelerators” refer to processors purpose-built or adapted for the large-scale computations required to pre-train, post-train, refine, and run AI models. These processors are significantly more efficient and faster than general-purpose processors for AI workloads.

“API”指应用程序编程接口，一种标准化接口，允许外部软件以编程方式访问系统的能力。AI 模型提供商可提供 API，允许软件开发者向 AI 模型发送输入并接收输出，从而实现与软件开发者产品和 workflows 的集成。

“API” refers to application programming interface, a standardized interface that allows external software to access a system’s capabilities programmatically. AI model providers may offer APIs that allow software developers to send inputs to an AI model and receive outputs, enabling integration into the software developers’ products and workflows.

“应用 AI”指一门学科及组织职能，专注于将 AI 能力直接嵌入生产业务环境，以满足特定客户需求。应用 AI 团队（包括前置部署工程师）与企业合作，设计并部署定制解决方案、专门化工作流程以及针对客户自身系统和流程量身定制的领域特定实施方案。

“Applied AI” refers to a discipline and organizational function focused on embedding AI capabilities directly into production business environments to address specific customer requirements. Applied AI teams, which include forward-deployed engineers, work with enterprises to design and deploy custom solutions, specialized workflows, and domain-specific implementations tailored to a customer’s own systems and processes.

“闭环”指一种开发循环，其中 AI 模型的 successive 版本协助构建下一版本，目标是在时间推移中实现能力的复利式提升。

“closing the loop” refers to a development cycle in which successive versions of an AI model assist in building the next, with the goal of compounding capability gains over time.

“算力”指用于训练和运行 AI 模型的计算处理资源，包括但不限于部署在数据中心或其他物理计算环境中的专用 AI 加速器、内存、网络、存储和电力系统。

“compute” refers to the computational processing resources used to train and run AI models, including, without limitation, specialized AI accelerators, memory, networking, storage, and power systems that are deployed in data centers or other physical computing environments.

“算力乘数”指训练和推理中的算法与方法学改进，其提高给定算力量的有效产出。

“compute multipliers” refer to algorithmic and methodological improvements in training and inference that increase the effective output of a given amount of compute.

“计算机使用”指一种 AI 能力，允许模型观察图形用户界面并与之交互，例如点击、键入和导航应用程序，类似于人类操作员的操作方式。

“computer use” refers to an AI capability that allows a model to observe and interact with a graphical user interface, such as clicking, typing, and navigating applications, similar to how a human operator would.

“宪法式 AI”是指使用一套书面原则来训练 AI 模型的方法，我们将这套原则称为 Claude 的宪法，目前围绕四项优先事项组织：广泛安全、广泛合乎伦理、符合我们的准则，以及真正有帮助。在宪法式 AI 下，我们的模型会依据这些原则对自身回答进行评估、批评和修订，使我们能够通过可审计的原则来定义和控制模型行为，而不是仅依赖固定的基于规则的指令或人工审核员。

“Constitutional AI” refers to an approach to training AI models using a set of written principles, which we refer to as Claude’s constitution, currently organized around four priorities: being broadly safe, broadly ethical, compliant with our guidelines, and genuinely helpful. Under Constitutional AI, our models evaluate, critique, and revise their own responses against these principles, enabling us to define and control model behavior through auditable principles, rather than relying solely on fixed rule-based instructions or human reviewers.

“上下文窗口”是指 AI 模型在单次请求中能够处理的文本、代码或其他内容的最大量，以 token 计量，涵盖指令、先前对话历史、用户输入以及模型的输出。

“context window” refers to the maximum amount of text, code, or other content, measured in tokens, that an AI model can process in a given request, encompassing instructions, prior conversation history, user input, and the model’s output.

“CSP”是指云服务商，即拥有并运营大规模云计算基础设施、按需提供算力、存储和网络的技术公司。CSP 还可作为分发渠道，通过其向客户提供 AI 产品和服务。最大的 CSP 有时被称为超大规模云服务商，其以全球规模运营，拥有大量基础设施且市场高度集中。

“CSP” refers to a cloud services provider, a technology company that owns and operates large-scale cloud computing infrastructure and provides on-demand compute, storage, and networking. CSPs may also serve as distribution channels through which AI products and services are made available to customers. The largest CSPs, sometimes referred to as hyperscalers, operate at global scale with significant infrastructure and market concentration.

“客户”是指使用我们的模型、平台或应用程序的专业消费者或组织。

“customer” refers to a prosumer or an organization that uses our models, platform, or applications.

“过去十二个月（TTM）收入达到或超过 $100,000 的客户”“过去十二个月（TTM）收入达到或超过 $1 million 的客户”以及“过去十二个月（TTM）收入达到或超过 $10 million 的客户”分别指在截至计量日的过去十二个月（“TTM”）期间贡献收入等于或高于相应金额的客户。就本指标而言，我们将客户定义为一个独立的组织，其识别方式为：根据内部记录和可用数据，将我们认定属于同一组织的账户进行汇总。我们并未单独定义或在内部追踪“企业”客户类别，我们的客户在内部也不以某一客户是否为“企业”为依据进行细分或计量。由于在我们的产品上支出 $100,000 或以上通常属于组织而非个人使用的特征，我们在本招股说明书通篇使用过去十二个月（TTM）收入达到或超过 $100,000 的客户数量及其收入，作为衡量企业采用 Claude 及参与度的指标，包括在提及“企业客户”和“企业采用”时。

“customers with $100,000 or more of revenue on a TTM basis,” “customers with $1 million or more of revenue on a TTM basis,” and “customers with $10 million or more of revenue on a TTM basis” each refer to customers contributing revenue equal to or greater than the applicable dollar amount during the trailing twelve-month (“TTM”) period ending on the measurement date. For purposes of this metric, we define a customer as a distinct organization, identified by aggregating the accounts that we determine belong to the same organization based on internal records and available data. We do not separately define or internally track a category of “enterprise” customers, and our customers are not segmented or measured internally by reference to whether a given customer is an “enterprise.” Because spending $100,000 or more on our products is generally characteristic of organizational rather than individual usage, we use the number of and revenue from customers with $100,000 or more of revenue on a TTM basis as our measure of enterprise adoption and engagement with Claude throughout this prospectus, including in references to “enterprise customers” and “enterprise adoption.”

“前沿 AI”是指在能力与安全方面处于当前最前沿的 AI 系统，在广泛任务上达到或接近任何现有系统的最高水平。

“frontier AI” refers to AI systems at the current leading edge of capability and safety, performing at or near the highest levels of any existing system across a broad range of tasks.

“幻觉”是指 AI 模型以看似确信的方式生成事实上不正确或捏造的信息的输出。

“hallucinations” refer to outputs in which an AI model generates factually incorrect or fabricated information with apparent confidence.

“推理”是指经过训练的 AI 模型处理输入并生成输出的过程。每当用户或智能体与 AI 系统交互时，都会发生推理。

“inference” refers to the process by which a trained AI model processes an input and generates an output. Inference occurs each time a user or agent interacts with an AI system.

“交错思考”指一种能力，即 AI 模型在单次响应中于连续的工具调用之间插入离散的推理步骤，而非将推理局限于开头单一的规划阶段。

“interleaved thinking” refers to a capability whereby an AI model interposes discrete reasoning steps between successive tool calls within a single response, rather than confining its reasoning to a single planning phase at the outset.

“可解释性”指研究 AI 模型如何以及为何产生特定输出的研究领域，目标是使模型行为更加透明和可验证，尤其是在高风险应用中。

“interpretability” refers to research into how and why AI models produce specific outputs, with the goal of making model behavior more transparent and verifiable, especially in high-stakes applications.

“知识工作”指复杂的认知工作及相关专业活动，包括通过编码、撰写分析、综合研究、构建财务模型以及管理和自动化文档与工作流等任务来获取、生产、分析和传达信息。

“knowledge work” refers to complex cognitive work and related professional activities, including obtaining, producing, analyzing, and communicating information through tasks such as coding, drafting analyses, synthesizing research, building financial models, and managing and automating documents and workflows.

“LLM”指大语言模型，即主要基于大型数据集训练、用于理解和生成自然语言及计算机代码的 AI 模型。

“LLMs” refer to large language models, or AI models trained primarily on large datasets to understand and generate natural language and computer code.

“机制可解释性”指可解释性研究中的一个子领域，专注于逆向工程神经网络的内部计算。机制可解释性并非仅从输入和输出推断模型行为，而是试图识别模型中产生该行为的特定特征和回路，目标是在机制层面使模型推理可审计，并检测可能在标准测试中不会显现的失效模式，包括欺骗性或不安全行为。

“mechanistic interpretability” refers to a subfield of interpretability research focused on reverse-engineering the internal computations of neural networks. Rather than inferring model behavior from inputs and outputs alone, mechanistic interpretability seeks to identify the specific features and circuits within a model that give rise to its behavior with the goal of making model reasoning auditable at the mechanism level and detecting failure modes, including deceptive or unsafe behavior, that may not surface in standard testing.

“模型权重”指编码已训练 AI 模型行为的数值参数，是前沿 AI 开发者的主要知识产权资产，代表在算力、数据和研究方面累积的投资。

“model weights” refer to the numerical parameters encoding a trained AI model’s behavior, which are the primary intellectual asset of a frontier AI developer, representing the accumulated investment in compute, data, and research.

“多智能体编排”指一种架构，其中多个 AI 智能体在共享任务上协作，由一个智能体进行协调，其他智能体并行执行子任务，从而实现单个智能体无法独立完成的更复杂、更长周期的工作。

“multi-agent orchestration” refers to an architecture in which multiple AI agents collaborate on a shared task, with one coordinating while others execute subtasks in parallel, enabling more complex, long-horizon work than a single agent can complete alone.

“净收入留存率”反映截至计量日的客户扩张、收缩和流失情况。我们通过将合格客户的当期收入除以其基期收入来计算净收入留存率。合格客户是指在基期内收入至少为 $1 的客户，不包括我们 Claude Pro 和 Max 计划的订阅用户，其固定价格订阅无法反映该指标旨在捕捉的扩张和收缩行为。基期为截至计量日一年前的三个月。当期指截至计量日的三个月。

“Net Revenue Retention” reflects customer expansion, contraction, and churn as of a measurement date. We calculate Net Revenue Retention by dividing the Qualified Customers’ Current Period revenue by their Base Period revenue. A Qualified Customer is a customer with at least $1 of revenue during the Base Period, excluding subscribers to our Claude Pro and Max plans, whose fixed-price subscriptions do not reflect the expansion and contraction behavior this metric is intended to capture. The Base Period is the three months ending a year prior to the measurement date. The Current Period is the three months ending as of the measurement date.

“开放权重”指一种 AI 模型，其已训练的模型权重（即编码模型所学行为的数值参数）已公开发布，允许第三方在遵守模型许可条款的前提下下载、运行和修改该模型，而不一定提供对底层训练数据或代码的访问权限。

“open-weight” refers to an AI model whose trained model weights, or the numerical parameters encoding the model’s learned behavior, are publicly released, allowing third parties to download, run, and modify the model, subject to the terms of the model’s license, without necessarily providing access to the underlying training data or code.

“按智能付费”或“消费”指我们的收入模式，即客户为其对我们智能服务的使用付费，该使用以 token 计量，并根据所选模型定价。

“pay-for-intelligence” or “consumption” refers to our revenue model under which customers pay for their usage of our intelligence service, which is metered in tokens and priced according to the model selected.

“持久化”在 AI 应用语境下，指数据、状态或上下文在单次操作、会话或交互的边界之外被持续保留，无需重新初始化即可在后续步骤、会话或工作流中重复访问使用。

“persistent,” in the context of AI applications, refers to denoting data, state, or context that is continuously retained beyond the boundary of a single operation, session, or interaction, remaining accessible for reuse across subsequent steps, sessions, or workflows without requiring reinitialization.

“后训练”指对预训练模型施加的一系列技术手段的集合，用以优化其行为，包括强化学习、监督式精调方法及其他对齐方法。后训练是使前沿模型变得有用、准确和安全的大量工作所处的阶段，包括安全与对齐技术的应用。

“post-training” refers to the collection of techniques applied to a pre-trained model to refine its behavior, including reinforcement learning, supervised refinement methods, and other alignment methods. Post-training is the stage in which much of the work to make a frontier model helpful, accurate, and safe is performed, including the application of safety and alignment techniques.

“预训练”指训练 AI 模型的初始阶段，在该阶段模型从大规模文本、代码及其他数据集中学习通用模式与表征，通常通过预测序列中的下一个 token 实现。预训练的输出是一个具备广泛能力、但尚未针对任何特定部署场景进行适配的基础模型。

“pre-training” refers to the initial stage of training an AI model, in which the model learns general patterns and representations from large-scale datasets of text, code, and other data, typically by predicting the next token in a sequence. The output of pre-training is a base model with broad capabilities that has not yet been adapted for any specific deployment context.

“原语”指软件系统的基础性、模块化构建单元，更复杂的应用与工作流即由这些单元构建而成。

“primitives” refer to the foundational, modular building blocks of a software system from which more complex applications and workflows are constructed.

“提示注入”指一种对抗性技术，即将恶意指令嵌入 AI 模型被要求处理的内容（如网站、文档或工具输出）之中，目的在于覆盖或操纵模型的预期行为，通常不为用户所知。

“prompt injection” refers to an adversarial technique in which malicious instructions are embedded in content an AI model is asked to process, such as websites, documents, or tool outputs, with the aim of overriding or manipulating the model’s intended behavior, typically without the user’s knowledge.

“专业消费者”指订阅 AI 工具以从事知识工作的个人用户。

“prosumers” refer to individual users who subscribe to AI tools to perform knowledge work.

“强化学习”指一种机器学习方法，模型通过采取行动、接收称为奖励的反馈信号并调整自身行为以最大化其随时间累积的奖励，从而学会执行某项任务。在当代 AI 开发中，强化学习被广泛用于在预训练之后优化模型行为，包括提升有用性、准确性以及对安全准则的遵循程度。

“reinforcement learning” refers to a machine learning approach in which a model learns to perform a task by taking actions, receiving feedback signals called rewards, and adjusting its behavior to maximize the rewards it accrues over time. In contemporary AI development, reinforcement learning is widely used to refine model behavior after pre-training, including to improve helpfulness, accuracy, and adherence to safety guidelines.

“RLHF”指基于人类反馈的强化学习，是强化学习的一种具体形式，由人类评估者对模型的回复进行评分，这些评分被用作引导训练的奖励信号。

“RLHF” refers to reinforcement learning from human feedback, a specific form of reinforcement learning in which human evaluators rate the model’s responses, and those ratings are used as the reward signal to guide training.

“Run-Rate Revenue（年化运行收入）”是一项经营指标，指截至某一计量日我们创收活动的估计年化价值，计算方式为以下两项之和：(i) 截至该计量日的过去 28 天期间内我们基于用量的费用乘以 13，以及 (ii) 截至该计量日我们的月度订阅费用总额乘以 12。为计算 Run-Rate Revenue，基于用量的费用和基于订阅的费用均源自客户用量和活跃订阅。

“Run-Rate Revenue” is an operating metric that refers to the estimated annualized value of our revenue-generating activity as of a measurement date, calculated as the sum of (i) our consumption-based fees during the trailing 28-day period ended on the measurement date, multiplied by 13, and (ii) our aggregate monthly subscription fees as of the measurement date, multiplied by 12. For purposes of calculating Run-Rate Revenue, consumption-based fees and subscription-based fees are derived from customer usage and active subscriptions.

“SIs”指系统集成商，即第三方技术与专业服务公司，其通过将多个技术供应商的产品与服务整合为契合客户需求的统一系统，为客户设计、构建和部署集成解决方案。

“SIs” refer to systems integrators, or third-party technology and professional services firms that design, build, and deploy integrated solutions for customers by combining products and services from multiple technology vendors into unified systems tailored to customer needs.

“token”指 AI 模型将其处理的数据（包括文本、图像、音频和视频）转换成的数值单元，其数量因所应用的模型和分词器而异。token 是语言模型的最小独立单元，可对应单词、子词、字符或字节。分词器是模型的组件，负责将客户输入转换为模型所处理的 token 序列，再将处理后的 token 转换为提供给客户的输出。

“tokens” refer to numeric units into which an AI model converts the data it processes, including text, images, audio, and video, the number of which varies by the model and tokenizer applied. Tokens are the smallest individual units of a language model and can correspond to words, subwords, characters, or bytes. A tokenizer is the component of a model that converts customer inputs into the sequence of tokens the model processes and then converts the processed tokens into the outputs provided to customers.

招股说明书摘要 Prospectus Summary

本摘要重点介绍本招股说明书其他部分详细列示的部分信息。本摘要并不包含您在投资我们的 A 类普通股之前应考虑的全部信息。在作出投资决策之前，您应仔细阅读本招股说明书的全部内容，包括标题为“风险因素”“关于前瞻性陈述的特别说明”“管理层对财务状况和经营成果的讨论与分析”“业务”及“我们的治理结构及其目标”的章节，以及本招股说明书其他部分所载的我们的合并财务报表及相关附注。除上下文另有要求外，本招股说明书中的“Anthropic”“公司”“我们”及“我们的”均指 Anthropic, PBC 及其合并子公司，凡提及我们的“普通股”，均指我们的 A 类普通股、N 类普通股及 F 类普通股（并在上下文要求时，指我们的 T 类普通股及 E 类普通股）。

This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our Class A common stock. You should read this entire prospectus carefully, including the sections titled “Risk Factors,” “Special Note Regarding Forward-looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business,” and “Our Governance Structure and Its Goals,” as well as our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. Unless the context otherwise requires, the terms “Anthropic,” “the company,” “we,” “us,” and “our” in this prospectus refer to Anthropic, PBC and its consolidated subsidiaries, and references to our “common stock” refer to our Class A common stock, Class N common stock, and Class F common stock (and, where the context requires, our Class T common stock and our Class E common stock).

概览 Overview

历史上第一次，智能成为人类可以构建的东西。推理、分析、综合、决策和创造的认知能力可以规模化生产并按需获取。我们相信，这种 AI 的充裕将迅速改变全球经济的每一个领域，其影响将超过工业化、电力、半导体和互联网。真正兑现其潜力、且风险得到妥善管理的 AI，可以显著加速全球增长，并大幅改善世界各地人们的生活质量。

For the first time in history, intelligence is something humans can build. The cognitive capability to reason, analyze, synthesize, decide, and create is producible at scale and accessible on demand. We believe this abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of industrialization, electricity, semiconductors, and the internet. AI that truly delivers on its potential—with the risks well managed—could significantly accelerate global growth and dramatically improve quality of life for people around the world.

Anthropic 成立于 2021 年，由一支曾主导众多定义 AI 的突破性成果的研究人员团队创立。我们首先是一家研究实验室——我们的使命是负责任地开发和维护先进 AI，以造福人类的长期利益。这一使命指引着我们的方向——连同我们的人才与文化、我们的前沿与安全研究、我们的算力策略以及我们的企业战略，它是使我们与众不同的核心优势之一。这些优势使我们能够持续推进前沿 AI，并塑造其安全、负责任开发的标准。我们的前沿 AI——Claude，通过我们的模型、平台和应用程序交付给客户。Claude 经历了历史上任何技术中最快的企业采用速度，其体现是收入从 2023 年第一季度商业发布时的 $0 增长至截至 2026 年 9 月 30 日止三个月的 $ [__]。这种快速且不断增长的采用产生了两个自我强化的动态——推动 Claude 进步的改进闭环，以及帮助为我们持续开展前沿 AI 研究提供资金的投资闭环。

Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define AI. 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. These advantages enable us to continuously advance frontier AI and shape the standards for its safe and responsible development. Our frontier AI, Claude, is delivered to customers through our models, platform, and applications. Claude has experienced the fastest enterprise adoption of any technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 2023 to $ [__] for the three months ended September 30, 2026. This rapid and growing adoption generates two self-reinforcing dynamics—an improvement loop that advances Claude and an investment loop that helps fund our continued research in frontier AI.

#### 我们的核心优势

#### Our Core Advantages

使命与专注。我们的一切努力都由对使命的单一专注所指引。这种专注使我们能够将人才、研究和算力投资集中于对人类最具价值的工作，并避免相互冲突的优先事项。实现我们的使命意味着世界在获得前沿 AI 巨大益处的同时降低最重大的风险，我们认为这需要安全与能力齐头并进。

Mission & Focus. All of our efforts are guided by a singular focus on our mission. This focus enables us to concentrate talent, research, and compute investment on the highest-value work for humanity and to avoid conflicting priorities. Achieving our mission means the world gains the enormous benefits of frontier AI while mitigating the most significant risks, and we believe this requires safety and capability to advance together.

人才与文化。我们的使命与专注使我们能够吸引并留住世界级人才，包括希望以工作塑造更美好未来的研究人员和工程师。我们还拥有一种倡导低调、求真环境的文化，在其中前沿 AI 能力与安全相互强化。我们相信，随着我们的规模扩张，我们的文化推动了人才密度的提升。

Talent & Culture. Our mission and focus enable us to attract and retain world-class talent, including researchers and engineers who want their work to shape a better future. We also have a culture that promotes a low-ego, truth-seeking environment, where frontier AI capability and safety are mutually reinforcing. We believe our culture has driven our talent density as we have scaled.

前沿与安全研究。我们认为，要在智能前沿开展持续、专注的研究，才能构建能力最强且最安全的 AI 系统。我们的前沿能力研究与安全研究深度整合，并直接塑造模型设计、训练与部署，帮助我们打造更可靠、更可控、更适合真实世界部署的系统，尤其是在要求严苛的企业环境中。我们将研究领先优势转化为创新速度，并持续发布更优的模型、平台能力与应用。每一代 Claude 模型都助力构建下一代模型，帮助压缩开发周期，并在我们的创新速度上产生复利式改进。我们将这一递归动态称为“闭环”，并认为它是前沿 AI 领域最重要的结构性优势之一。

Frontier & Safety Research. We believe that sustained, focused research at the frontier of intelligence is required to build the most capable and safest AI systems. Our frontier capabilities and safety research are deeply integrated and directly shape model design, training, and deployment, helping us produce systems that are more reliable, steerable, and well-suited for real-world deployment, particularly in demanding enterprise environments. We translate our research leadership into innovation velocity, and have consistently released better models, platform capabilities, and applications. Each version of a Claude model assists in building the next, helping to compress development timelines and produce compounding improvements in the speed at which we innovate. We refer to this recursive dynamic as “closing the loop,” and we believe it is one of the most significant structural advantages in frontier AI.

我们的算力策略。我们将来自多个战略合作伙伴的算力作为单一、可互换的资源池进行管理，并根据任一给定时刻边际单位算力预计在何处产出最高，在工作负载之间动态调配可用算力。我们认为，这一算力策略使我们能够交付更优的模型、服务更多客户，并从算力投资中获得更高生产率。这种算力效率为我们奠定基础，使我们能够通过研究与模型开发推进 AI 能力前沿、满足客户不断增长的需求，并为 Claude 的内部使用提供支持。我们通过研究突破以及跨 AWS Trainium、Google TPU、NVIDIA GPU 和 AMD GPU 的多芯片算力架构实现了这一点，使我们能够编排工作负载以优化价格与性能。为支持我们的研究、模型开发、客户需求以及 Claude 的内部使用，我们持续进行大规模投资。截至 2026 年 9 月 30 日及之后，我们已签订采购承诺和租赁协议，包括短期承诺以及尚未开始的租赁，合计承诺支出超过 $ [__]，其中绝大部分与算力和基础设施相关。这些承诺包括预计在 2030 年 12 月 31 日之前发生的约 $ [__]，其余绝大部分预计将在 2031 年至 2045 年之间发生。这些承诺中约 $ [__] 将在未来 12 个月内到期。更多信息请参见“管理层对财务状况和经营成果的讨论与分析—流动性与资本资源—合同义务”一节。

Our Approach to Compute. We manage compute as a single, fungible pool from multiple strategic partners, and we dynamically direct available compute between workloads based on where the marginal unit is expected to be most productive at any given time. We believe that this approach to compute enables us to deliver superior models, serve more customers, and achieve greater productivity from our compute investment. This compute efficiency creates the foundation for us to advance the frontier of AI capabilities through research and model development, meet growing demand from customers, and provide for internal usage of Claude. We have achieved this through our research breakthroughs and our multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs, enabling us to orchestrate workloads to optimize for price and performance. To support our research, model development, customer demand, and internal usage of Claude, we continue to invest at scale. As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ [__] , substantially all of which is related to compute and infrastructure. These commitments include approximately $ [__] expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $ [__] of these commitments are due in the next 12 months. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” for more information.

企业战略。我们的企业战略建立在这样一种信念之上：前沿 AI 在真实场景中最具价值，因为企业级部署是经济影响最大之处，也是客户反馈带来的改进闭环最丰富之处。因此，我们围绕企业用例来组织研究优先级、产品路线图以及市场推广与应用 AI 团队，这些用例涵盖从日常知识工作到最复杂的问题。我们收集的客户反馈指引我们的研究重点，并使 Claude 随时间推移能力更强。这拓宽了 Claude 可部署的范围，并进一步扩大企业采用，有助于确保我们 AI 的益处惠及大规模的人群和组织。

Enterprise Strategy. Our enterprise strategy is built on the belief that frontier AI is most valuable in real-world settings, as deployment across enterprises is where economic impact is greatest and where the improvement loops from customer feedback are richest. Accordingly, we have organized our research priorities, our product roadmap, and our go-to-market and Applied AI teams around enterprise use cases, which range from routine knowledge work to the most complex problems. The customer feedback we gather directs our research focus and makes Claude more capable over time. This broadens where Claude can be deployed and further expands enterprise adoption, which helps ensure that the benefits of our AI reach people and organizations at scale.

#### AI 正在变革智能

#### AI is Transforming Intelligence

我们相信，强大 AI——一种具有以下关键特征的高度强大且影响深远的前沿 AI 形式——将在几年内广泛可用：

We believe that Powerful AI, a highly capable and impactful form of frontier AI characterized by the following key attributes, will become widely available within a few years:

- 认知能力在大多数专业和科学学科上达到或超过顶尖人类专家；

- cognitive capabilities matching or exceeding those of top human experts across most professional and scientific disciplines;

- 能够操作人类在虚拟工作中可用的所有界面，包括文本、音频、视频和直接计算机控制；

- the ability to navigate all interfaces available to a human working virtually, including text, audio, video, and direct computer control;

- 能够在较长时间内（持续数小时、数天或数周）自主推理复杂任务，并在需要时寻求澄清和反馈；

- the ability to reason through complex tasks autonomously over extended periods—lasting hours, days, or weeks—and seek clarification and feedback when needed;

- 能够跨多个实例协调，并与人类及其他 AI 系统协作；以及

- the ability to coordinate across multiple instances and collaborate with both humans and other AI systems; and

- 能够通过数字连接以数字化方式控制实验室设备、机器人系统和其他机器，从而与物理世界交互。

- the ability to interface with the physical world by digitally controlling laboratory equipment, robotic systems, and other machines through digital connections.

如果强大 AI 被用于解决人类最艰难的问题，且风险得到负责任的管理，其潜力将是非凡的。这些可能性包括：将数十年的科学进步压缩到数年；加速药物发现、疾病检测和个性化治疗的交付；提供个性化定制的教育以及专业的财务和法律建议；推进电网和电池设计以实现更高的效率和可靠性；并将富裕国家历经数代才建立起来的能力扩展到发展中国家。

If Powerful AI is directed at solving humanity’s hardest problems and the risks are managed responsibly, the potential is extraordinary. The possibilities include compressing decades of scientific progress into years; accelerating drug discovery, disease detection, and the delivery of personalized therapy; providing individually tailored education and expert financial and legal advice; advancing power grids and battery design for greater efficiency and reliability; and extending to the developing world capabilities that took wealthy nations generations to build.

#### 变革认知工作的近期机遇

#### A Near-Term Opportunity to Transform Cognitive Work

前沿 AI 正在改变认知型工作——即运用知识、推理和判断来创造经济价值。我们相信，它将使人类的能力大幅提升，并扩大全球从事此类工作的整体能力，包括加速科学发现、助力企业成长。知识工作者是这一机遇的最前沿。随着前沿 AI 不断进步，能力更强的模型可以开辟全新的应用场景，同时沿着能力—成本—速度曲线，高效地大规模服务于广泛的认知型工作。我们相信，2025 年知识工作者所从事的工作在全球范围内代表了超过 $40 trillion 的经济价值，[__] 1 而凭借前沿 AI 让他们显著提高生产率的潜力，我们的近期机遇就是扩大这一价值并加速经济增长。尽管现在预测前沿 AI 对整个经济的全面影响还为时过早，但 International Data Corporation（简称“IDC”）估计，到 2031 年，对 AI 解决方案和服务的投资将带来累计 $22.5 trillion 的全球经济影响。[__] 2 我们相信实际影响可能更大。

Frontier AI is transforming cognitive work—the application of knowledge, reasoning, and judgment to produce economic value. We believe it will make humans far more capable and expand the world’s overall capacity for that work, including accelerating scientific discovery and helping businesses grow. Knowledge workers are the leading edge of this opportunity. As frontier AI advances, more capable models can unlock entirely new use cases while also efficiently serving a wide range of cognitive work at scale across the capability-cost-speed curve. We believe the work that knowledge workers perform represented more than $40 trillion in economic value globally in 2025, [__] 1 and with frontier AI’s potential to make them meaningfully more productive, our near-term opportunity is to expand this value and accelerate economic growth. While it is still early to forecast frontier AI’s full impact across the economy, International Data Corporation (“IDC”) estimates that investment in AI solutions and services will yield a cumulative global economic impact of $22.5 trillion by 2031. [__] 2 We believe the impact could be even greater.

1 有关我们如何计算全球知识工作者所对应的年度经济价值的说明，请参见标题为“行业、市场及其他数据”的章节。

1 See the section titled “Industry, Market, and Other Data” for a description of how we calculate annual economic value attributable to knowledge workers globally.

2 IDC，《AI 的经济影响：2026 年版》，文档编号 US54452226,2026 年 4 月。反映 AI 解决方案与服务、AI 基础设施供应链投资，以及 AI 释放的企业生产力与效率提升所创造的年度价值。

2 IDC, The Economic Impact of AI: 2026 Edition, doc # US54452226, April 2026. Reflects the annual value created across AI solutions and services, investments in the AI infrastructure supply chain, and enhancements in enterprise productivity and efficiency unlocked by AI.

3 IQVIA Institute for Human Data Science，《2026 年全球药品使用趋势》，2026 年 2 月。

3 IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026.

#### 前沿 AI 可能重塑整个行业并加速全新发现

#### Frontier AI May Reshape Entire Sectors and Accelerate Novel Discoveries

我们相信，前沿 AI 所代表的机会比以往任何技术周期都更大，而 Claude 已经展现出这一潜力。Claude 如今能够自主执行复杂项目，并将开放式任务转化为完成的高质量交付成果。这些能力使其能够变革经济中规模最大的行业，推动生产率和产出实现有意义的提升。前沿 AI 的能力可能超越当前市场，开辟全新的市场，触及机器人、先进制造和物流等领域，并加速科学研究进展，包括药物发现和材料科学。例如，在生命科学领域，预计 2026 年全球年度药品支出将超过 $2 trillion,3 我们的客户、我们的生物技术合作伙伴以及我们自己的研究人员都在药物发现和开发中使用 Claude。我们还在将 Claude 扩展到机器人领域，我们的模型硬件标准（Model Hardware Standard）使 AI 智能体能够操作实验室和制造设备，例如显微镜、液体处理仪和现成的机械臂。最终，我们相信前沿 AI 将有助于推动全球经济增长。随着前沿 AI 使劳动者和组织更具生产力、融入其所交付的产品和服务，并解锁新的商业模式，它创造出此前并不存在的经济产出。我们相信，我们的机会不仅在于获取当今经济活动的一部分，还在于随着全球经济扩张，获取新创造产出的一部分。

We believe frontier AI represents a larger opportunity than any prior technology cycle, and Claude is already demonstrating this potential. Claude can now execute complex projects autonomously and turn open-ended tasks into finished, high-quality deliverables. These capabilities enable it to transform the largest sectors of the economy, driving meaningful gains in productivity and output. Frontier AI’s capabilities may extend beyond current markets to open entirely new ones, reaching domains such as robotics, advanced manufacturing, and logistics, and accelerating progress in scientific research, including drug discovery and materials science. For example, in the life sciences sector, where annual global pharmaceutical spend is expected to exceed $2 trillion in 2026,3 Claude is used in drug discovery and development by our customers, our biotechnology partners, and our own researchers. We are also extending Claude into robotics, where our Model Hardware Standard enables AI agents to operate lab and manufacturing equipment such as microscopes, liquid handlers, and off-the-shelf robotic arms. Ultimately, we believe frontier AI will help drive global economic growth. As frontier AI makes workers and organizations more productive, becomes embedded in the products and services they deliver, and unlocks new business models, it creates economic output that did not previously exist. We believe our opportunity is to capture a share not only of today’s economic activity but also of that newly created output as the global economy expands.

#### 安全与道德行为的重要性

#### The Importance of Safety and Ethical Behavior

尽管 AI 的潜在益处非同寻常，但其快速发展将以可能造成重大颠覆的方式影响经济和社会，尤其是在该技术未以负责任的方式开发和部署的情况下。例如，恶意行为者已经利用 AI 的能力实施高调的网络安全攻击，发现漏洞、生成恶意软件并规避检测工具；与滥用相关的其他风险，包括在生物学领域，可能造成更大的危害。大规模部署的 AI 还可能以可能侵蚀信任、损害社会并破坏地缘政治秩序的方式，在国家内部和国家之间集中权力和财富。未对齐的 AI 系统可能腐蚀机构决策，或通过其用户和运营者不可见或不理解的自主行动造成大规模危害。我们相信，前沿 AI 公司必须投资于安全和对齐，以帮助确保该技术的负责任传播。我们还相信，安全、对齐和道德行为对企业尤其具有强烈共鸣，在这些企业中，严格的保障措施、可预测的模型行为和可证明的问责制已成为选择 AI 合作伙伴处理关键任务工作负载的决定性标准。

While the potential benefits of AI are extraordinary, its rapid advancement will impact the economy and society in ways that could create significant disruption, particularly if the technology is not developed and deployed responsibly. For example, bad actors have already conducted high-profile cyberattacks using AI’s capabilities to discover vulnerabilities, generate malware, and evade detection tools; other risks associated with misuse, including in the domain of biology, could result in even greater harm. AI deployed at scale also has the potential to concentrate power and wealth both within and between countries in ways that could erode trust, harm society, and destabilize the geopolitical order. Misaligned AI systems could corrupt institutional decision-making or cause large-scale harm through autonomous actions that are not visible or understandable to their users and operators. We believe that frontier AI companies must invest in safety and alignment to help ensure the responsible diffusion of this technology. We also believe that safety, alignment, and ethical behavior resonate particularly strongly with enterprises, where rigorous safeguards, predictable model behavior, and demonstrable accountability have become decisive criteria in selecting an AI partner for mission-critical workloads.

#### Claude 作为虚拟协作者

#### Claude as a Virtual Collaborator

我们相信，我们已经到达一个拐点：AI 系统能够在专业工作中充当真正的协作者。它们能迅速完成原本可能占用一名熟练专业人员数小时、一整天甚至更长时间的实质性任务。AI 系统也日益能够执行此前过于困难或成本过高而无法完成的任务，或揭示原创性的洞见与分析。我们将这些与人类并肩工作、以专业水准完成复杂多步骤工作的 AI 系统称为虚拟协作者。虚拟协作者拥有其组织授予的访问权限、系统连接和上下文，这使其能够更准确、更可靠地运作。它们能够导航并使用内部工具，执行需要持续推理的多步骤工作流。虚拟协作者是旨在嵌入工作实际发生之处的 AI，我们的目标是继续将其扩展至全球知识工作者，这一群体预计在 2028 年将超过十亿。[__] 4

We believe we have reached an inflection point where AI systems can function as genuine collaborators in professional work. They quickly complete substantive tasks that might otherwise occupy a skilled professional for several hours, a full day, or longer. AI systems are also becoming increasingly capable of performing tasks that were previously too difficult or costly to complete or surfacing original insights and analyses. We refer to these AI systems that work alongside humans to perform complex, multi-step work at professional levels as Virtual Collaborators. Virtual Collaborators carry the access rights, system connections, and context that their organizations grant them, which allows them to function more accurately and reliably. They can navigate and use internal tools and execute workflows that span multiple steps that require sustained reasoning. Virtual Collaborators are AI designed to be embedded where work gets done, and our aim is to continue extending them to knowledge workers globally, a population that is estimated to exceed one billion in 2028. [__] 4

4 IDC，《全球开发者人口增长预测，2025–2029》，文档编号 # US53789825，2025 年 9 月。

4 IDC, Worldwide Developer Population Growth Forecast, 2025–2029, doc # US53789825, September 2025.

Claude Code。如今虚拟协作者最清晰的体现是 Claude Code，这是我们的编程智能体，也是我们认为最具体地定义了自主 AI 工作形态的产品。Claude Code 改变了市场对 AI 系统在与软件开发者协作中能做什么的理解：模型会建议下一行代码，并更进一步进行规划、编写、测试和调试——这一过程最终产出生产级代码。在其发布后的数月内，自主编程成为衡量前沿 AI 进展的参照基准。对于企业 AI 用例，我们认为 Claude Code 的发布其影响堪比首个被广泛采用的对话式 AI 助手的推出。使 Claude Code 成为虚拟协作者的是其持续推理能力、将意图转化为行动的运行框架、无论在开发者机器上还是在沙盒云环境中都能保持持久状态的执行环境、与现有工具和系统的集成，以及用户友好的界面。其用途高度多样且常常出人意料：例如，NASA 工程师使用 Claude Code 为火星毅力号漫游车规划并编写导航指令，实现了火星上首次由 AI 规划的行驶。

Claude Code. The clearest manifestation of Virtual Collaborators today is Claude Code, our coding agent and the product we believe has most concretely defined what autonomous AI work looks like. Claude Code shifted the market’s understanding of what an AI system could do in collaboration with software developers: the model suggests the next line of code and goes further by planning, writing, testing, and debugging—a process that results in production-grade code. Within months of its release, autonomous coding became the reference point for measuring the progress of frontier AI. For enterprise AI use cases, we believe the launch of Claude Code was comparable in its impact to the introduction of the first widely adopted conversational AI assistants. What makes Claude Code a Virtual Collaborator is its sustained reasoning, a harness that translates intent into actions, an execution environment that maintains a persistent state whether on a developer’s machine or in a sandboxed cloud environment, integration with existing tools and systems, and a user-friendly interface. Its uses are highly varied and often surprising: for example, NASA engineers used Claude Code to plan and write navigation commands for the Mars Perseverance rover, resulting in the first AI-planned drive on Mars.

软件开发者是 Claude 的有力倡导者——他们理解系统如何运作，在评估技术工具方面具有公信力，并且常常成为采用新技术的内部推动者。赢得他们的信任，为虚拟协作者在企业员工队伍中的更广泛扩散奠定了基础。我们已经看到这一模式正在显现：非技术团队越来越多地采用 Claude Code 和 Claude Cowork 来管理自身的工作流。

Software developers are powerful advocates for Claude—they understand how systems work, have credibility evaluating technical tools, and often serve as internal champions for adopting new technologies. Winning their trust creates a foundation for broader diffusion of Virtual Collaborators across enterprise workforces. We are already seeing this pattern play out with non-technical teams increasingly adopting Claude Code and Claude Cowork to manage their own workflows.

Claude Cowork。所有数字化工作归根结底都是代码的一种表达，而 Claude 对代码的精通，使虚拟协作者能够处理远超软件开发范畴的复杂工作。Claude Cowork 将 Claude Code 相同的智能体架构延伸至广大知识工作者，把用户的意图转化为已完成的工作，在用户桌面上自主读取文件、操作应用程序并执行多步骤工作流，而底层代码则被抽象隐藏。通过以专为特定职业和行业垂直领域打造的应用超越 Claude Code，我们加速 Claude 向新类别知识工作的扩散，并加深我们在企业中的渗透。截至 2026 年 9 月 30 日，Claude Cowork（我们于 2026 年 1 月以研究预览形式推出）的采用速度超过了 Claude Code 在其 2025 年 2 月研究预览发布后同等时点所达到的采用速度。2026 年 9 月，我们开始将 Claude Cowork 与 Claude.ai 合并，把智能体工作与对话式工作整合到统一应用中。用户现在可以在同一段对话中，从简单的问题过渡到复杂的多步骤任务。

Claude Cowork. All digital work is ultimately an expression of code, and Claude’s mastery of it powers Virtual Collaborators capable of handling complex work far beyond software development. Claude Cowork extends the same agentic architecture of Claude Code to knowledge workers broadly by translating a user’s intent into completed work, autonomously reading files, navigating applications, and executing multi-step workflows on a user’s desktop while the underlying code is abstracted away. By extending beyond Claude Code with applications purpose-built for specific professions and industry verticals, we accelerate Claude’s diffusion into new categories of knowledge work and deepen our presence across the enterprise. As of September 30, 2026, adoption of Claude Cowork, which we made available as a research preview in January 2026, outpaced the adoption Claude Code achieved at the equivalent point following its research preview release in February 2025. In September 2026, we began merging Claude Cowork and Claude.ai, bringing agentic and conversational work into a unified application. Users can now move from a simple question to complex, multi-step tasks in the same conversation.

扩展虚拟协作者。我们相信虚拟协作者的发展轨迹清晰且正在加速。每一代 Claude 模型都在多个维度上有所拓展：推理的深度与严谨性、所能持续工作的时长与自主性、所能完成任务的复杂度，以及所能产出的有用输出量。能力评估与基准测试显示，各版本 Claude 模型在可可靠完成任务的时长与复杂度方面均有大幅提升，较新的模型版本尤其展现出显著进步。

Extending Virtual Collaborators. We believe the trajectory for Virtual Collaborators is clear and accelerating. Each generation of Claude models has expanded along multiple dimensions: the depth and rigor of their reasoning, the duration and autonomy of the work they can sustain, the complexity of tasks they can complete, and the volume of useful output they can produce. Capability evaluations and benchmarking have shown substantial improvements across Claude model versions in the duration and complexity of tasks that can be completed reliably, with more recent model versions demonstrating particularly significant advances.

我们正朝着这样一个世界构建：Claude 可以被赋予持续数小时、数天乃至数周的开放式任务，然后以一位才华横溢的同事所具备的判断力和主动性自主执行这些任务。最终，数以百万计的虚拟协作者可以并行运行，各自独立处理互不相关的问题，或无缝协作以实现共同目标。其结果是史无前例的：我们称之为数据中心里的天才之国，可供每一个组织和经济的每一个部门使用。

We are building towards a world where Claude can be given open-ended tasks lasting hours, days, or weeks, and then execute them autonomously with the judgment and initiative of a brilliant colleague. Ultimately, million s of Virtual Collaborators can run in parallel, each working independently on unrelated problems or collaborating seamlessly to achieve a shared objective. The result is something without historical precedent: what we refer to as a country of geniuses in a data center, available to every organization and sector of the economy.

#### Claude 的企业采用情况

#### Enterprise Adoption of Claude

我们企业客户采用的速度和深度，有力证明了 Claude 处于 AI 前沿的地位。截至 2026 年 9 月 30 日，我们的客户群包括：

The speed and depth of our enterprise customer adoption are powerful evidence of Claude’s position at the frontier of AI. Our customer base as of September 30, 2026 includes:

- 超过 11,900 家客户在过去十二个月（TTM）基础上的收入达到 $100,000 或以上；

- More than 11,900 customers with $100,000 or more of revenue on a TTM basis;

- 超过 1,900 家客户在过去十二个月（TTM）基础上的收入达到 $1 million 或以上；以及

- More than 1,900 customers with $1 million or more of revenue on a TTM basis; and

- 约 250 家客户在过去十二个月（TTM）基础上的收入达到 $10 million 或以上。

- Approximately 250 customers with $10 million or more of revenue on a TTM basis.

我们相信，客户选择 Claude 是出于广泛多样的用例，从日常知识工作到他们最重要的问题。他们来到我们这里，是为了通过我们的平台和应用获取前沿 AI，从而交付真实世界的成果。我们从客户行为中看到了这种信念：企业一旦我们发布最新、最强大的模型，就会持续采用，为他们最高价值的工作倾向于选择最先进的选项。我们的客户将我们视为长期合作伙伴，因为我们今天提供的前沿能力、他们期望我们未来带来的创新，以及我们在能力—成本—速度曲线上满足其需求的能力。

We believe customers choose Claude for a wide variety of use cases, from routine knowledge work to their most important problems. They come to us for access to frontier AI across our platform and applications that deliver real-world outcomes. We see this conviction in customer behavior: enterprises consistently utilize our latest and most capable models as soon as they are released, gravitating to the most advanced option for their highest-value work. Our customers see us as a long-term partner for the frontier capabilities we offer today, for the innovation they expect from us in the future, and for our ability to meet their needs across the capability-cost-speed curve.

在我们的模型之外，Claude Platform 还提供基础构件，使客户能够加速实现价值的时间，并在各种用例中利用 Claude 的智能。这些基础构件与我们构建自身应用所用的构件相同。我们的应用，例如 Claude Code 和 Claude Cowork，放大了员工的影响力。随着时间的推移，我们的应用变得更加强大，如今经常被用于与员工并肩执行长时间运行的自主工作。我们的模型、平台和应用的改进惠及我们的客户，并推动持续采用。

Beyond our models, the Claude Platform provides primitives that enable customers to accelerate time-to-value and leverage Claude’s intelligence in a variety of use cases. These primitives are the same ones we use to build our own applications. Our applications, such as Claude Code and Claude Cowork, multiply the impact of employees. Over time, our applications have become more capable and are now frequently being used to conduct long-running autonomous work alongside employees. Improvements to our models, platform, and applications accrue to the benefit of our customers and drive continued adoption.

我们对使命的承诺让客户有信心选择 Claude 作为可信赖的合作伙伴。我们在 AI 对齐、可解释性、网络安全和企业级控制方面的研究投入，旨在提供组织在面向客户和受监管场景中所需要的可预测性和可靠性。这种信任意味着企业可以扩大委托给 Claude 的工作范围，以及将 Claude 集成到的系统范围。企业正围绕 Claude 调整其战略，并确信我们正在构建长期满足其需求的前沿 AI。

Our commitment to our mission instills confidence in our customers to choose Claude as a trusted partner. Our investments in research on AI alignment, interpretability, cybersecurity, and enterprise-grade controls aim to deliver the predictability and dependability that organizations need in customer-facing and regulated contexts. This trust means that enterprises can expand the scope of the work that they delegate to Claude, as well as the systems into which Claude is integrated. Enterprises are aligning their strategies around Claude with the confidence that we are building frontier AI that serves their needs in the long term.

如今，企业依赖 Claude 以一定程度的可信度和判断力在复杂工作流中进行推理、规划和执行，我们认为这是早期几代 AI 所不具备的。客户主要通过三种方式从 Claude 获得价值：更高生产力的员工、更快的流程，以及嵌入其产品中的智能。随着 Claude 能力的增长，我们的客户受益，并往往在新工作流中扩大对 Claude 的采用。这种不断扩大的角色反映了 Claude 在企业内部使用方式的更广泛转变，从响应离散提示的工具转变为虚拟协作者。

Today, enterprises rely on Claude to reason, plan, and execute across complex workflows with a level of trustworthiness and judgment that we believe was not previously available from earlier generations of AI. Customers realize value from Claude in three primary ways: more productive employees, faster processes, and embedded intelligence in their products. As Claude’s capabilities grow, our customers benefit and often broaden their adoption of Claude in new workflows. This expanding role reflects a broader shift in how Claude is used inside the enterprise, from a tool that responds to discrete prompts to a Virtual Collaborator.

我们主要通过让 Claude 在多个产品界面上可访问来推动其普及。例如：

We drive the diffusion of Claude primarily by making it accessible across multiple product surfaces. For example:

- Claude Platform，我们全面的智能体开发环境，为客户提供对基础构件的直接访问，以构建、部署和扩展他们自己的应用，在其自身产品和工作流中利用 Claude 的能力。

- Claude Platform, our comprehensive agentic development environment, provides customers with direct access to the primitives to build, deploy, and scale their own applications that leverage Claude’s capabilities within their own products and workflows.

- Claude Code，我们的编码智能体，与人类软件开发人员并肩进行端到端软件开发：在生产规模代码库中编写、规划、编辑、测试、调试和提交代码。

- Claude Code, our coding agent, works alongside human software developers on end-to-end software development: writing, planning, editing, testing, debugging, and committing code across production-scale codebases.

- Claude Cowork 是我们的知识工作智能体，具备计算机使用能力，使其能够与专业人士协作完成端到端的业务任务：自主研究、起草、分析、综合以及执行其他知识工作。

- Claude Cowork, our knowledge work agent, has computer use capability that enables it to work with professionals on end-to-end business tasks: autonomously researching, drafting, analyzing, synthesizing, and executing other knowledge work.

Claude 的普及在很大程度上是有机发生的。我们通过市场推广团队和应用 AI 团队来放大这一效应，这些团队通过分销合作伙伴关系将 Claude 嵌入客户现有的技术栈中，从而在客户所在之处与其接触，扩大我们的覆盖范围。例如，Claude 可在三大主要云平台上使用——Amazon Web Services（“AWS”）、Google Cloud Platform（“GCP”）和 Microsoft Azure（“Azure”）。我们与这些云服务商（CSP）采取联合市场推广方式，通过该方式与客户建立直接的合同关系，同时向各 CSP 支付费用。这一结构使我们能够与这些 CSP 建立更强的商业一致性，避免渠道冲突，设定定价，并实现算力效率持续提升所带来的财务收益。生态系统合作伙伴关系也扩大了我们的覆盖范围，使客户能够通过系统集成商（SI），如 Accenture、Deloitte、KPMG 和 PwC，以及顾问和数据平台，如 Salesforce 和 Snowflake [__]，采用 Claude。[__] 我们近期与领先的私募股权公司合作，推出了一家 AI 服务公司 Ode with Anthropic，旨在将 Claude 的能力带给各行业的中型企业，在 Claude Platform 上构建解决方案，并为客户提供长期支持。

Much of the diffusion of Claude has been organic. We amplify this with our go-to-market and Applied AI teams, which extend our reach by meeting customers where they are through distribution partnerships that place Claude inside customers’ existing technology stacks. For example, Claude is accessible on all three major cloud platforms—Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”), and Microsoft Azure (“Azure”). 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. This structure allows us to foster stronger commercial alignment with these CSPs, avoid channel conflict, set pricing, and realize the financial benefits of ongoing compute efficiency improvements. Ecosystem partnerships also expand our reach, allowing customers to adopt Claude through SIs, such as Accenture, Deloitte, KPMG, and PwC, consultants, and data platforms, such as Salesforce and Snowflake [__] . [__] We recently launched an AI services company, Ode with Anthropic, in partnership with leading private equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on the Claude Platform and supporting customers over the long term.

#### 我们财务模式的优势

#### Strengths of Our Financial Model

构建和扩展前沿 AI 是历史上最重要、资本最密集的事业之一。我们的财务模式为我们提供了以下优势，使我们能够高效地构建和扩展：

Building and scaling frontier AI is one of the most important and capital-intensive endeavors in history. Our financial model provides us with the following strengths that allow us to build and scale efficiently:

- 收入快速增长。我们的企业战略旨在通过将 Claude 直接嵌入业务关键型工作流程，并支持基于 Claude 构建产品的开发，来推动持久的客户采用。我们相信，企业客户从 Claude 获得了可观的投资回报，因为智能体工作流程既能推动收入增长，又能提升效率。这使我们能够快速扩大客户规模，截至 2026 年 9 月 30 日，我们的净收入留存率约为 900%，即为明证。随着我们的模型能力更强、效率更高，普及也会加速，使我们能够降低客户的每任务成本。例如，与 Claude Opus 5 相比，Claude Opus 5.5 将客户的每任务成本降低了约 40%。更低的每任务成本推动更多使用，进而推动 Claude 更广泛的普及。我们的算力效率使我们能够在保持利润率的同时实现这些成本降低。

- Rapid Revenue Growth. Our enterprise strategy is designed to drive durable customer adoption by embedding Claude directly into business-critical workflows and enabling the development of products built on Claude. We believe that enterprise customers achieve a compelling return on investment from Claude, as agentic workflows can drive both top-line growth and efficiency. This enables us to expand quickly with customers, as demonstrated by our Net Revenue Retention of approximately 900% as of September 30, 2026. Diffusion also accelerates as our models become more capable and efficient, allowing us to lower the cost per task for customers. For example, Claude Opus 5.5 reduced customer costs per task by approximately 40% compared to Claude Opus 5. Lower costs per task drive greater usage, which in turn drives broader diffusion of Claude. Our compute efficiency allows us to deliver these reductions while preserving our margins.

- 算力效率。我们的算力效率使研究和模型开发产生更多智能，我们相信，与其他方法相比，在相同算力下，这一方法能够支持更多客户和内部对 Claude 的使用。我们的算力效率体现在：截至 2026 年 6 月 30 日的三个月，收入同比增长 [__] 1,368%，而同期算力和基础设施费用增长 [__] 300%。

- Compute Efficiency. Our compute efficiency drives more intelligence from research and model development, and we believe this approach can support more customer and internal usage of Claude for the same amount of compute compared to other approaches. Our compute efficiency is demonstrated by 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.

- 运营效率。我们的运营效率源自我们的人才密度、高效的市场推广方式，以及我们的团队在工作中广泛使用 Claude 的程度，这使我们能够以相对于其他大型企业科技公司更小的团队实现规模化。我们的运营效率体现为：截至 2026 年 9 月 30 日，过去十二个月（TTM）人均收入超过 $6.6 million，而截至 2025 年 9 月 30 日为 $1.4 million。

- Operating Efficiency. Our operating efficiency, derived from our high talent density, our efficient go-to-market, and how extensively our teams leverage Claude in their work, enables us to scale with a smaller team relative to other large enterprise technology companies. Our operating efficiency is demonstrated by TTM revenue per employee of over $6.6 million as of September 30, 2026, compared to $1.4 million as of September 30, 2025.

我们财务模型所展现出的增长、规模与效率，帮助我们持续进行重大长期投资，以负责任的方式构建前沿 AI。我们的业务发展轨迹和财务概况使我们能够获取资本，并从投资者和合作伙伴处获得算力。截至 2026 年 6 月 30 日，我们已累计筹集 $141.1 billion 资本，并拥有 $112.4 billion 的现金及现金等价物以及 $19.3 billion 的短期投资 [__] 。

The demonstrated growth, scale, and efficiency of our financial model help us to continue making significant long-term investments to build frontier AI responsibly. Our business trajectory and financial profile have enabled us to access capital and secure compute from investors and partners. As of June 30, 2026, 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 [__] .

#### 我们的自我强化循环

#### Our Self-Reinforcing Loops

我们的规模与增长创造了自我强化循环，使 Claude 随时间推移不断改进，我们相信这创造了持久的竞争优势。

Our scale and growth create self-reinforcing loops that make Claude better over time and that we believe create durable competitive advantages.

- 改进循环。Claude 的企业部署加深了我们对客户最为关注的难题、边缘情形和特定领域挑战的理解。我们根据客户在其各项业务中生产环境使用我们产品所反馈的意见，改进我们的模型、平台和应用。这些改进带来更广泛的部署和采用，进而推动下一轮改进。

- Improvement Loop. Enterprise deployments of Claude deepen our understanding of the hard problems, edge cases, and domain-specific challenges that matter most to our customers. We improve our models, platform, and applications based on feedback from customers using our offerings in production across their businesses. These improvements result in wider deployments and adoption that fuel the next cycle of improvement.

- 投资循环。企业采用扩大所带来的收入，帮助我们为改进 Claude 所需的算力、研究和人才提供资金。Claude 不断提升的能力拓展了客户使用 Claude 完成的任务和工作流程范围，扩大了我们的可服务市场，并推动更深入的部署、更多收入以及对 Claude 的持续再投资。

- Investment Loop. Revenue from expanding enterprise adoption helps us to fund the compute, research, and talent needed to improve Claude. Claude’s advancing capabilities expand the range of tasks and workflows customers use Claude for, broadening our addressable market and driving deeper deployment, additional revenue, and continued reinvestment in Claude.

Claude 正在加速我们实现闭环的能力

Claude is Accelerating Our Ability to Close the Loop

Claude 本身已成为推动我们进步的最强大动力之一——Claude 模型的每一个新版本都直接加速下一代模型的开发。后续各代模型的研究、训练和测试的许多环节现在都涉及 Claude，包括运行实验、生成和处理训练数据、自动化评估与安全审计，以及编写和审查代码。我们将这种递归动态称为“闭环”。这种动态的一个直接体现，就是我们产出算力乘数的速度不断加快。能力更强的模型帮助我们的研究人员更快发现这些改进；反过来，更强大的算力乘数使我们能够训练能力更强的模型，并更高效地部署它们。

Claude itself has become one of the most powerful drivers of our progress—each new version of a Claude model directly accelerates development of the next. Many aspects of the research, training, and testing of subsequent model generations now involve Claude, including running experiments, generating and processing training data, automating evaluations and safety audits, and writing and reviewing code. We refer to this recursive dynamic as “closing the loop.” A direct expression of this dynamic is our accelerating pace of producing compute multipliers. More capable models help our researchers discover these improvements faster; in turn, more powerful compute multipliers enable us to train even more capable models and deploy them more efficiently.

#### 我们的增长战略

#### Our Growth Strategy

我们相信，AI 在全球经济中的普及代表着历史上改善人类生活和工作方式的重大机遇之一，而这一切才刚刚开始。在我们看来，世界才刚刚开始使用当今前沿模型的能力，而 Claude 能做什么与其被广泛使用程度之间的差距，是我们最大的增长机遇之一，同时前沿领域的持续进步也是如此。近年来，Claude 的能力已显著演进，我们预计其将继续快速进步。这不仅将带来不断扩大的可服务市场，也将带来对世界不断扩大的影响范围。我们致力于确保这一影响尽可能积极。我们的核心优势、企业采用 Claude 的速度和规模，以及我们前所未有的财务模式，使我们能够继续积极投资，构建一个广泛惠及人类的 AI 赋能未来。我们的增长战略要素包括：

We believe the diffusion of AI through the global economy represents one of the largest opportunities in history to improve how humans live and work, and it is just beginning. In our view, the world has only begun to use the capabilities of today’s frontier models, and the gap between what Claude can do and how broadly it is used represents one of our largest growth opportunities, alongside continued advances at the frontier. Claude’s capabilities have evolved significantly in recent years, and we expect they will continue advancing rapidly. This will lead not only to an expanding addressable market, but also to an expanding scope of impact on the world. We aim to ensure that impact is as positive as possible. Our core advantages, the speed and scale of enterprise adoption of Claude, and our unprecedented financial model enable us to continue investing aggressively to build an AI-enabled future that benefits humanity broadly. Elements of our growth strategy include:

- 人才与文化。为招募世界级研究人员和工程师并留住杰出人才，我们打算继续投资于我们低自我、高影响、与使命一致的文化，这种文化在我们规模扩大的过程中推动了人才密度的提升。

- Talent and Culture. To recruit world-class researchers and engineers and retain exceptional people, we intend to continue investing in our low-ego, high-impact, and mission-aligned culture that has driven our talent density as we have scaled.

- 算力。我们打算在现有承诺之外确保更多算力，扩大自有数据中心布局以锁定更多长期算力，提升我们多芯片算力架构的算力效率，并在模型效率方面取得进一步的算法进步。

- Compute. We intend to secure further compute beyond our existing commitments, expand our own data center footprint to secure additional long-term compute, improve compute efficiency across our multi-chip compute architecture, and produce further algorithmic advances in model efficiency.

- Claude 的智能、能力与安全。我们计划继续同步推进 Claude 的核心智能与安全，拓展 AI 系统能够可靠完成的任务边界，并开创 AI 在各专业领域应用的新方式。

- Claude’s Intelligence, Capability, and Safety. We plan to continue advancing Claude’s core intelligence and safety in tandem, expand the frontier of what AI systems can reliably do, and pioneer new ways AI can be applied across professional domains.

- Claude 的可及性。我们计划继续让 Claude 的智能可及于工作发生的每一个界面，包括通过我们自己的平台和应用、通过 AWS、GCP 和 Azure，以及通过嵌入企业应用。

- Claude’s Accessibility. We plan to continue making Claude’s intelligence accessible across every surface where work happens, including through our own platform and applications, through AWS, GCP, and Azure, and through embedding in enterprise applications.

- Claude 的采用。我们打算扩大我们的直销和市场推广团队及 Applied AI 团队，深化云分销合作伙伴关系，投资于品牌和营销，并扩大我们的国际布局，以推动 Claude 成为全球组织值得信赖的 AI 合作伙伴。

- Claude’s Adoption. We intend to grow our direct go-to-market and Applied AI teams, deepen cloud distribution partnerships, invest in brand and marketing, and expand our international presence to drive adoption of Claude as the trusted AI partner for organizations worldwide.

- 进入新市场。我们打算将前沿 AI 扩展至加速新颖发现，触达从医疗健康和生命科学到机器人和物理工作的各个领域，我们相信在这些领域复合的模型能力可以释放变革性机遇。

- Enter New Markets. We intend to extend frontier AI to accelerate novel discoveries, reaching domains from healthcare and life sciences to robotics and physical work, where we believe compounding model capabilities can unlock transformative opportunities.

- 战略交易与合作伙伴关系。我们打算有选择地寻求收购、投资和战略合作伙伴关系，包括与 SIs、咨询公司和数据平台的生态系统合作伙伴关系，以加速我们的使命、扩大我们的触达并强化我们的竞争地位。

- Strategic Transactions and Partnerships. We intend to selectively pursue acquisitions, investments, and strategic partnerships, including ecosystem partnerships with SIs, consultants, and data platforms, that accelerate our mission, expand our reach, and strengthen our competitive position.

#### 我们对公共利益的承诺

#### Our Commitment to Public Benefit

我们创立 Anthropic 的信念是，人类历史上最具变革性的技术需要非同寻常的责任担当，而这种责任远不止于构建安全的系统。我们打算将相当一部分资源用于确保前沿 AI 的安全及其收益的广泛分配，我们将其称为我们的公益倡议。

We founded Anthropic on the belief that the most transformative technology in human history demands an extraordinary level of responsibility, and that responsibility extends far beyond building safe systems. We intend to direct a meaningful portion of our resources toward ensuring that frontier AI is safe and its benefits are broadly distributed, which we refer to as our public benefit initiatives.

作为这些倡议的一部分，我们向 Anthropic Public Benefit Fund, LLC（“Anthropic 公益基金”）——我们为践行公司宗旨（定义见下文）而设立的全资子公司——出资 846,840,960 股 N 类普通股，占截至 2026 年 6 月 30 日我们完全稀释股份的 [__] 5%（假设亚马逊票据（定义见下文）全部转换）（该等发行称为“初始公益发行”）。我们的董事会还批准了一项框架，据此董事会可酌情向 Anthropic 公益基金（或其他指定对象）发行 N 类普通股，每次在我们股价较上一股价里程碑上涨 [__] 50% 时，发行数量最多可达我们届时已发行股份的额外 2%（加上任何受期权、限制性股票单位及其他可转换证券约束的股份以及 Anthropic 公益基金持有的任何股份），自我们的首次公开发行价格起算（该等发行称为“公益发行”）。此外，我们的每位联合创始人均已承诺将其在 Anthropic 个人持股的 80% 用于慈善事业。有关这些承诺（包括相关风险）的更多信息，请参见“风险因素——与持有我们 A 类普通股相关的风险”一节。除联合创始人的承诺外，我们还设有一项捐赠配捐计划，员工可通过该计划承诺将其股权奖励的相当一部分用于慈善捐赠，我们以 N 类普通股进行配捐。

As part of these initiatives, we contributed 846,840,960 shares of our Class N common stock, representing [__] 5% of our fully diluted shares as of June 30, 2026 (assuming full conversion of the Amazon Notes, as defined below), to Anthropic Public Benefit Fund, LLC (the “Anthropic Public Benefit Fund”), our wholly owned subsidiary dedicated to the Company Purpose (as defined below) (such issuance, the “Initial Public Benefit Issuance”). Our board of directors has also approved a framework under which it may, in its discretion, issue shares of our Class N common stock to the Anthropic Public Benefit Fund (or other designee) representing up to an additional 2% of our then-outstanding shares (plus any shares subject to options, restricted stock units, and other convertible securities and any shares held by the Anthropic Public Benefit Fund) each time our share price appreciates [__] 50% above the prior share price milestone, beginning with our initial public offering price (the “Public Benefit Issuances”). In addition, our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes. For additional information regarding these pledges, including related risks, see the section titled “Risk Factors—Risks Related to Ownership of our Class A Common Stock.” Separate from the co-founders’ pledges, we also maintain a donation matching program through which employees can pledge a meaningful portion of their equity awards toward charitable giving, which we match with shares of our Class N common stock.

我们的治理结构及其目标 Our Governance Structure and Its Goals

我们新颖的资本与公司治理结构经过精心设计，与其他上市公司存在显著差异。我们致力于帮助人类安全地迈入一个变革性 AI 对人类广泛活动施加巨大且可能具有决定性影响的时代。作为公益公司（“PBC”）运营，使我们的董事会拥有必要的裁量空间，以平衡股东的金钱利益、受我们行为重大影响者的最佳利益，以及我们所促进的特定公共利益宗旨。我们的特定公共利益宗旨是负责任地开发和维护先进 AI，以造福人类的长期利益（“公司宗旨”）。此外，一个财务上无利害关系的信托——我们称之为长期利益信托（“LTBT”），其通常有权选举和罢免我们董事会多数授权成员——旨在为恰当实现这一平衡提供激励与洞见。我们还认为，我们的七位联合创始人具备独特的能力，能够担当我们使命的守护者。

Our novel capital and corporate governance structure has been carefully designed and differs significantly from that of other public companies. We strive to help bring humanity safely into an era where transformative AI exerts tremendous and potentially decisive influence over a broad range of human undertakings. Operating as a public benefit corporation (“PBC”) gives our board of directors the necessary latitude to balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the specific public benefit purpose that we promote. Our specific public benefit purpose is the responsible development and maintenance of advanced AI for the long-term benefit of humanity (the “Company Purpose”). In addition, a financially disinterested trust, which we refer to as the Long-Term Benefit Trust (the “LTBT”) and which generally has the power to elect and remove a majority of the authorized members of our board of directors, is designed to supply both the incentives and insights for striking this balance appropriately. We also believe that our seven co-founders are distinctly equipped to be stewards of our mission.

#### 公益公司地位

#### Public Benefit Corporation Status

与我们长期以来对 AI 安全与责任的承诺相一致，我们依据特拉华州法律注册为 PBC。PBC 是一类旨在产生公共利益并以负责任和可持续方式运营的公司。根据特拉华州法律，PBC 须在其公司注册证书中明确其将促进的公共利益，且其董事有义务以平衡公司股东的金钱利益、受公司行为重大影响者的最佳利益以及公司注册证书中明确的特定公共利益宗旨的方式管理公司事务。如我们经修订和重述的公司注册证书所规定，我们所促进的、且在公司管理中必须始终考虑的公共利益，即为公司宗旨。

Consistent with our long-term commitment to AI safety and responsibility, we are incorporated as a PBC under Delaware law. PBCs are a class of corporations that are intended to produce a public benefit and operate in a responsible and sustainable manner. Under Delaware law, a PBC is required to identify in its certificate of incorporation the public benefit or benefits it will promote, and its directors have a duty to manage the affairs of the corporation in a manner that balances the pecuniary interests of the corporation’s stockholders, the best interests of those materially affected by the corporation’s conduct, and the specific public benefit purpose identified in the corporation’s certificate of incorporation. As provided in our amended and restated certificate of incorporation, the public benefit that we promote, which we must always consider in the management of our company, is the Company Purpose.

#### 长期利益信托

#### Long-Term Benefit Trust

2023 年，我们实施了一项以 LTBT 为特色的创新治理结构，旨在确保我们以负责任地平衡我们作为 PBC 的三重目标的方式被管理：股东的金钱利益、受我们行为重大影响者的最佳利益，以及公司宗旨。LTBT 旨在作为一个由五名在 AI 安全、国家安全、公共政策和社会企业领域具备专长的、财务上无利害关系的投票受托人（“受托人”）组成的独立机构运作。通过一类特殊类别的普通股——T 类普通股，LTBT 通常有权选举和罢免 T 类董事，这些董事合计将构成我们董事会多数授权成员。我们的 T 类普通股在提交股东一般表决的事项上不另享有投票权。

In 2023, we implemented an innovative governance structure featuring the LTBT, which is designed to ensure that we are managed in a manner that responsibly balances our tripartite goals as a PBC: the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose. The LTBT is intended to operate as an independent body of five financially disinterested voting trustees (“Trustees”) with expertise in AI safety, national security, public policy, and social enterprise. Through 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. Our Class T common stock does not otherwise have voting rights on matters submitted to stockholders generally.

#### 创始人投票结构

#### Founder Voting Structure

我们相信，我们的七位联合创始人——Dario Amodei、Daniela Amodei、Tom Brown、Jack Clark、Jared Kaplan、Sam McCandlish 和 Christopher Olah——作为一个整体，具备独特的能力来守护我们的使命。在本次发行完成之前，我们将向一家有限责任公司（“创始人有限责任公司”）发行一股 F 类普通股，这是我们普通股的一个特殊类别，该公司的初始唯一成员将是我们的七位联合创始人。

We believe that our seven co-founders, Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah, as a group, are distinctly equipped to be stewards of our mission. Immediately prior to the completion of this offering, we will issue a single share of Class F common stock, a special class of our common stock, to a limited liability company of which our seven co-founders will initially be the sole members (the “Founder LLC”).

我们的 F 类普通股将有权就提交股东一般表决的事项（包括选举我们的董事，但 T 类董事除外）享有合计相当于我们已发行股本总投票权 50.1% 的投票权。

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 with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors.

#### 董事会治理

#### Board Governance

有关我们业务和事务的决策由我们的董事会作出。在本次发行完成之前，我们将与 LTBT 和创始人有限责任公司签订一份股东协议（“股东协议”），根据该协议，他们将同意对其股份进行投票并采取其他行动，以使我们的治理文件中所述的董事会构成、董事提名和董事罢免条款生效。LTBT 和创始人有限责任公司合计将有能力选举我们董事会的全部成员。无论董事是通过哪一类或多类股票选举产生的，董事的任期次数均无限制。

Decisions regarding our business and affairs are made by our board of directors. Immediately prior to the completion of this offering, we will enter into a stockholders’ agreement (the “Stockholders’ Agreement”) with the LTBT and the Founder LLC, under which they will agree to vote their shares and take other actions to give effect to the board composition, director nomination, and director removal provisions described in our governing documents. Collectively, the LTBT and the Founder LLC will have the ability to elect all members of our board of directors. Regardless of the class or classes of stock by which a director is elected, there is no limit to the number of terms a director may serve.

尽管 LTBT 通过其通常能够选举和罢免我们董事会多数授权成员的能力，对我们的董事会具有重大影响力，但 LTBT 和受托人均无权对公司的日常管理或战略制定作出决策。LTBT 的作用是选出有能力作出决策的董事，以促进对我们股东的金钱利益、受我们行为重大影响者的最佳利益以及公司宗旨进行负责任的平衡，并通过建议和指导支持我们管理层的决策。

While the LTBT has significant influence over our board of directors through its ability to generally elect and remove a majority of the authorized members of our board of directors, neither the LTBT nor the Trustees have decision-making authority in the day-to-day management or strategy setting of the company. The LTBT’s role is to select directors who are well-equipped to make decisions in furtherance of the responsible balancing of the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose, and to support our management’s decision-making through advice and guidance.

创始人有限责任公司还将通过其对我们的 F 类普通股进行投票的能力，对我们的业务和事务具有重大影响力，该类别普通股有权就提交股东一般表决的事项（包括选举我们的董事，但 T 类董事除外）享有合计相当于我们已发行股本总投票权 50.1% 的投票权。

The Founder LLC will also have significant influence over our business and affairs through its ability to vote our Class F common stock, which is entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors.

更多信息请参见“风险因素——与我们的治理结构相关的风险”、“我们的治理结构及其目标”、“管理层”、“某些关系和相关人士交易”以及“股本说明”等章节。

See the sections titled “Risk Factors—Risks Related to our Governance Structure,” “Our Governance Structure and Its Goals,” “Management,” “Certain Relationships and Related Person Transactions,” and “Description of Capital Stock” for more information.

#### 受控公司地位

#### Controlled Company Status

由于长期利益信托（LTBT）作为我们 T 类普通股的唯一持有人，通常有权选举我们董事会授权成员中的多数，因此根据纳斯达克全球精选市场公司治理要求，我们被视为一家“受控公司”。据此，我们被允许选择豁免遵守纳斯达克全球精选市场的某些公司治理要求。因此，如果我们选择不遵守某些要求，您将无法获得那些须遵守纳斯达克全球精选市场全部公司治理要求的公司股东所享有的同等保护。尽管我们符合“受控公司”的资格，但我们预计不会依赖该豁免，惟提名与公司治理委员会（“NGC”）除外，该委员会将不会全部由独立董事组成。我们的董事会目前由多数独立董事组成，且我们的审计委员会和薪酬委员会目前全部由独立董事组成。更多信息请参见“风险因素——与我们的治理结构相关的风险——根据纳斯达克全球精选市场公司治理要求，我们被视为一家‘受控公司’，因此我们符合并目前依赖某些公司治理要求的豁免”、“我们的治理结构及其目标”、“管理层”及“股本说明”等章节。

We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements because the LTBT, as the sole holder of our Class T common stock, generally has the power to elect a majority of the authorized members of our board of directors. As such, we are permitted to opt out of compliance with certain Nasdaq Global Select Market corporate governance requirements. Accordingly, if we elect not to comply with certain requirements, you will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq Global Select Market corporate governance requirements. Although 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. Our board of directors currently consists of a majority of independent directors and our audit and compensation committees currently consist entirely of independent directors. See the sections titled “Risk Factors—Risks Related to our Governance Structure—We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements, and, as a result, we qualify for, and currently rely on, exemptions from certain corporate governance requirements,” “Our Governance Structure and Its Goals,” “Management,” and “Description of Capital Stock” for additional information.

我们的资本结构 Our Capital Structure

下表概述了本次发行完成后将获授权的各类别或各系列普通股的若干关键条款：

The following table summarizes certain key terms of each class or series of our common stock that will be authorized following the completion of this offering:

**类别**

**Category of**

普通股权利 股份 股份 股份 股份

Common StockRightsStockStockStockStock

每股投票权 · 1 · 0 · 1 · 50.1% 的

Votes per share · 1 · 0 · 1 · 50.1% of

记录日已发行投票

outstanding voting

权 有权表决的事项 一般提交股东表决的所有事项；非 T 类董事的选举；对 LTBT 条款或我们 T 类普通股权利的某些修订；我们 T 类普通股的赎回 除法律要求外无权表决，在此情况下我们的 N 类普通股每股享有一票表决权 T 类董事的选举，该类董事构成我们董事会的多数；我们 E 类普通股的赎回；对我们 F 类普通股权利的某些修订 一般提交股东表决的所有事项；非 T 类董事的选举；对 LTBT 条款或我们 T 类普通股权利的某些修订；我们 T 类普通股的赎回；我们 E 类普通股的赎回 指定 T 类董事（定义见下文）的提名、变更指定或罢免（仅在我们 NGC 不同意 LTBT 的提名、变更指定或罢免时）；对 LTBT 条款或我们 T 类普通股权利的某些修订；我们 T 类普通股的赎回 转换权

power on record date Matters on which entitled to vote All matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the terms of the LTBT or the rights of our Class T common stock; redemption of our Class T common stock Not entitled to vote except as required by law, in which case our Class N common stock will have one vote per share Election of Class T directors, which constitute a majority of our board of directors; redemption of our Class E common stock; certain amendments to the rights of our Class F common stock All matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the terms of the LTBT or the rights of our Class T common stock; redemption of our Class T common stock; redemption of our Class E common stock Nomination, change in designation, or removal of the Specified Class T Director (as defined below) (only if our NGC does not concur in the LTBT’s nomination, change in designation, or removal); certain amendments to the terms of the LTBT or the rights of our Class T common stock; redemption of our Class T common stock Conversion rights

无 · 转换为

None · Converts into Class

A 类普通股

A common stock

在向非关联第三方出售或转让时

upon a sale or transfer to an unaffiliated third party

无 · 无 · 无 可转让性 · 一般可转让

None · None · None Transferability · Generally transferable

一般

Generally

可转让；在转让时按上述规定转换为 A 类普通股 仅经构成信托修订门槛（定义见下文）的人士批准后方可转让 不可转让，除非创始人有限责任公司经我们董事会批准进行重组或变更注册地，且不导致创始人有限责任公司成员发生变化 不可转让

transferable; converts to Class A common stock upon transfer as described above Transferable only upon approval of persons comprising the Trust Amendment Threshold (as defined below) Not transferable except in the case of a reorganization or redomiciliation of the Founder LLC that is approved by our board of directors and does not result in a change to the members of the Founder LLC Not transferable

股息权 · 有权按比例参与股息和分配

Dividend rights · Entitled to participate pro rata in dividends and distributions

有权

Entitled to

按比例参与股息和分配

participate pro rata in dividends and distributions

无 · 无 · 无

None · None · None

**获得权**

**Right to receive**

清算分配 有权按比例参与清算分配 有权按比例参与清算分配 有权获得每股面值 有权获得每股面值 有权获得每股面值 可由公司赎回

liquidation distributions Entitled to participate pro rata in liquidation distributions Entitled to participate pro rata in liquidation distributions Entitled to par value per share Entitled to par value per share Entitled to par value per share Redeemable by company

否 · 否 · 在发生特定事件时可由我们无偿赎回

No · No · Redeemable by us for no consideration upon occurrence of certain events

可由我们赎回

Redeemable by us

在发生特定事件时可由我们无偿赎回 在发生特定事件时可由我们无偿赎回

for no consideration upon occurrence of certain events Redeemable by us for no consideration upon occurrence of certain events

有关我们资本结构的更多信息，请参见标题为“股本说明”的章节。

For more information about our capital structure, see the section titled “Description of Capital Stock.”

风险因素摘要 Risk Factors Summary

我们的业务面临众多风险和不确定性，包括紧随本招股说明书摘要之后题为“风险因素”一节中重点提示的风险。这些风险可能对我们的业务、财务状况和经营成果产生不利影响，进而可能导致我们的 A 类普通股市场价格下跌，并可能使您的全部或部分投资遭受损失。除下文概述或本招股说明书其他部分讨论的风险之外，还可能存在适用于我们当前开展或未来可能开展的业务、活动或运营，以及我们当前或未来可能经营所在市场的其他风险。这些风险包括以下各项：

Our business is subject to numerous risks and uncertainties, including those highlighted in the section titled “Risk Factors” immediately following this prospectus summary. These risks could adversely affect our business, financial condition, and results of operations, which could cause the market price of our Class A common stock to decline and could result in a loss of all or part of your investment. Additional risks, beyond those summarized below or discussed elsewhere in this prospectus, may apply to our business, activities, or operations as currently conducted or as we may conduct them in the future and in the markets in which we operate or may in the future operate. These risks include the following:

- 我们的成功在很大程度上取决于我们能否持续开发最先进、能力最强的 AI 模型，若未能做到，可能对我们的业务产生不利影响。

- 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.

- 如果我们无法获得充足的算力，或未能将算力在我们的各项工作负载之间有效配置，我们可能无法训练出与竞争对手相比仍具竞争力的模型，或无法充分服务我们的客户。

- 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.

- 支撑算力的关键投入受到限制，可能制约我们获得充足算力的能力。

- Constraints on the critical inputs supporting compute could limit our ability to secure adequate compute.

- 我们高度依赖联合创始人、高级管理团队和关键技术人员持续任职，上述任何人员的流失都可能对我们的业务、财务状况和经营成果产生不利影响。

- 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.

- 我们的公司文化为我们的成功作出了贡献，如果我们在发展过程中无法保持这一文化，我们的业务可能受到不利影响。

- Our company culture has contributed to our success and, if we cannot maintain this culture as we grow, our business could be adversely affected.

- 我们面临激烈竞争，如果我们无法有效竞争，我们的业务、财务状况和经营成果可能受到不利影响。

- We face intense competition, and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected.

- 如果我们的模型、平台和应用所在市场的发展慢于我们的预期或出现萎缩，我们的增长可能放缓或停滞，我们的业务、财务状况和经营成果可能受到不利影响。

- If the market for our models, platform, and applications develops more slowly than we expect or declines, our growth may slow or stall, and our business, financial condition, and results of operations could be adversely affected.

- 如果使用我们的 AI 模型造成损害，无论是通过恶意行为者的使用还是其他第三方的滥用，或者如果我们的模型护栏或保障措施未能防止此类滥用，我们的声誉和品牌、业务、财务状况和经营成果可能受到不利影响。

- If the use of our AI models results in harm, whether through use by malicious actors or misuse by other third parties, or if our model guardrails or safeguards fail to prevent such misuse, our reputation and brand, business, financial condition, and results of operations could be adversely affected.

- 我们的 AI 模型可能以非预期、目标错位或自主的方式行事，包括采取任何用户或第三方均未指示的有害行为，这可能对我们的声誉和品牌、业务、财务状况和经营成果产生不利影响。

- Our AI models may behave in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed, which could adversely affect our reputation and brand, business, financial condition, and results of operations.

- 我们可能因与我们的 AI 模型相关的损害而面临责任、诉讼和监管行动，且我们的合同保护和保险可能不足，上述任何一项都可能对我们的业务、财务状况和经营成果产生不利影响。

- 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, any of which could adversely affect our business, financial condition, and results of operations.

- 我们的收入和应收账款中有相当大一部分由数量有限的客户和分销渠道驱动，失去一个或多个最大客户，或来自这些客户的支出大幅减少，或通过这些渠道出现中断，都可能对我们的前景、业务和财务状况产生不利影响。

- A substantial portion of our revenue and accounts receivable is driven by a limited number of customers and distribution channels, and the loss of, or a significant reduction in, spend from one or more of our top customers or disruption through those channels could adversely affect our prospects, business, and financial condition.

- 我们在一 个不断演变的新兴行业中运营历史有限，这使得难以评估我们的未来前景，并可能增加我们无法成功的风险。

- We have a limited operating history in an evolving and nascent industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

- 我们正处于收入增长的早期阶段，近年来经历了快速增长，我们的历史增长率并不预示未来业绩，也不代表我们有能力维持或预测未来的收入增长。

- 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 or our ability to sustain or forecast future revenue growth.

- 我们的业务受到不断演变且不确定的监管和政治环境影响，这可能增加我们的成本、限制我们的运营，或对我们模型、平台和应用程序的需求产生不利影响。

- Our business is subject to an evolving and uncertain regulatory and political environment, which could increase our costs, restrict our operations, or adversely affect demand for our models, platform, and applications.

- 我们对数量有限的云服务商（CSP）和供应商的依赖——其中一些与我们存在战略和投资关系，并且是我们的客户——形成了复杂的动态，可能引发利益冲突，并对我们获取算力产生不利影响。

- Our reliance on a limited number of CSPs and suppliers, some of which have strategic and investment relationships with us and are our customers, creates complex dynamics that could give rise to conflicts of interest and adversely affect our access to compute.

- 我们的股本结构具有某些新颖或在其他多类别结构公司中并不常见的条款，可能实际上消除我们 A 类普通股持有人影响重要决策（包括控制权变更）的能力。

- Our capital stock structure features certain provisions that are novel or otherwise not common among other corporations with multiple-class structures, and may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control.

- 在可预见的未来，我们的资本结构将使投票权集中于长期利益信托（LTBT）和创始人有限责任公司，并将导致长期利益信托（LTBT）和创始人有限责任公司拥有的投票权并非源自或按比例对应于本公司的经济利益。

- Our capital structure will concentrate voting power with the LTBT and the Founder LLC for the foreseeable future and will result in the LTBT and the Founder LLC having voting power that is not derived from or proportionate to economic interests in our company.

- 作为公益公司（PBC），我们对公司长期最佳利益的关注，以及我们的董事在平衡股东金钱利益、受我们行为重大影响的利益相关方的最佳利益与我们的公司宗旨方面的义务，可能与短期、中期或长期财务利益和业务表现相冲突，这可能对我们 A 类普通股的价值产生负面影响。

- Our focus on the long-term best interests of our company as a PBC, and the duty of our directors to balance the pecuniary interests of our stockholders, the best interests of those stakeholders materially affected by our conduct, and our Company Purpose, may conflict with short-, medium-, or long-term financial interests and business performance, which may negatively impact the value of our Class A common stock.

信息披露渠道 Channels for Disclosure of Information

投资者、媒体及其他人士应注意，本次发行完成后，我们拟通过向美国证券交易委员会（“SEC”）提交的文件、我们网站（www.anthropic.com）的投资者关系页面、我们网站上的博客文章、新闻稿、公开电话会议、公开网络直播、我们的 X 账号（@AnthropicAI 和 @ClaudeAI）、我们的 Instagram 页面（@claudeai）、我们的 Threads 账号（@claudeai）以及我们的 LinkedIn 页面（https:// www.linkedin.com/company/anthropicresearch/）向公众公布重大信息。

Investors, the media, and others should note that, following the completion of this offering, we intend to announce material information to the public through filings with the Securities and Exchange Commission (“SEC”), the investor relations page on our website (www.anthropic.com), blog posts on our website, press releases, public conference calls, public webcasts, our X accounts (@AnthropicAI and @ClaudeAI), our Instagram page (@claudeai), our Threads account (@claudeai), and our LinkedIn page (https:// www.linkedin.com/company/anthropicresearch/).

上述渠道披露的信息可能被视为重大信息。因此，本次发行完成后，我们鼓励投资者、媒体及其他人士关注上述渠道，并查阅通过这些渠道披露的信息。我们并未将上述渠道中的任何信息纳入本招股说明书。

The information disclosed by the foregoing channels could be deemed to be material information. As such, following the completion of this offering, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. We are not incorporating any of the information in such channels into this prospectus.

我们将通过其公布信息的披露渠道清单的任何更新，将发布在我们网站的投资者关系页面上。

Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

公司信息 Corporate Information

我们于 2021 年 1 月在特拉华州注册成立为公益公司（PBC）。我们的主要行政办公地点位于加利福尼亚州旧金山 Market Street 548 号，PMB 90375，邮编 94104，电话号码为(415) 326-6303。我们的网址为 www.anthropic.com。我们网站上包含或可通过我们网站访问的信息不构成本招股说明书的一部分，本招股说明书中提及我们网址之处仅为非活动性文字引用。您不应将我们网站上包含的信息视为本招股说明书的一部分，也不应在决定是否购买我们 A 类普通股时予以考虑。

We were incorporated as a Delaware PBC in January 2021. Our principal executive offices are located at 548 Market Street, PMB 90375, San Francisco, California 94104, and our telephone number is (415) 326-6303. Our website address is www.anthropic.com. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus and references to our website address in this prospectus are inactive textual references only. You should not consider information contained on our website to be part of this prospectus or in deciding whether to purchase shares of our Class A common stock.

“Anthropic”、我们的标识以及本招股说明书中出现的其他注册或普通法商标、服务标志或商号均为 Anthropic, PBC 的财产。本招股说明书中提及的其他商标和商号均为其各自所有者的财产。仅为方便起见，本招股说明书中提及的商标和商号可能不附®或™符号，但此类引用无意以任何方式表明我们不会在适用法律允许的最大范围内主张我们或任何适用许可方对这些商标和商号的权利。

“Anthropic,” our logo, and our other registered or common law trademarks, service marks, or trade names appearing in this prospectus are the property of Anthropic, PBC. Other trademarks and trade names referred to in this prospectus are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the rights of any applicable licensor, to these trademarks and trade names.

本次发行 The Offering

我们发售的 A 类普通股

Class A common stock offered by us

出售股东发售的 A 类普通股 · 股 承销商向我们购买额外 A 类普通股的选择权 · 股 本次发行后流通在外的 A 类普通股 · 股（若承销商全额行使购买我们额外 A 类普通股的选择权，则为 [__] 股） 本次发行后流通在外的 N 类普通股 · 股 本次发行后流通在外的 T 类普通股 · 1 股 本次发行后流通在外的 E 类普通股 · 0 股 本次发行后流通在外的 F 类普通股 · 1 股 本次发行后流通在外的 A 类、N 类、T 类、E 类和 F 类普通股合计 · 股（若承销商全额行使购买我们额外 A 类普通股的选择权，则为 [__] 股）

Class A common stock offered by the selling stockholders · shares Underwriters’ option to purchase additional shares of Class A common stock from us · shares Class A common stock to be outstanding after this offering · shares (or [__] shares if the underwriters exercise their option to purchase additional shares of our Class A common stock in full) Class N common stock to be outstanding after this offering · shares Class T common stock to be outstanding after this offering · 1 share Class E common stock to be outstanding after this offering · 0 shares Class F common stock to be outstanding after this offering · 1 share Class A, Class N, Class T, Class E, and Class F common stock to be outstanding after this offering · shares (or [__] shares if the underwriters exercise their option to purchase additional shares of our Class A common stock in full)

募集资金用途 [__] 我们估计，本次发行中我们出售 A 类普通股所得的净收益约为 $ [__]（若承销商全额行使购买我们额外 A 类普通股的选择权，则约为 $ [__]），该估算基于假设的首次公开发行价格每股 $ [__]（即本招股说明书封面所载估计发行价格区间的中点），并已扣除我们应付的估计承销折扣和佣金以及估计发行费用。我们不会从出售股东出售 A 类普通股中获得任何收益。

Use of proceeds [__] We estimate that the net proceeds from the sale of shares of our Class A common stock by us in this offering will be approximately $ [__] (or approximately $ [__] if the underwriters’ option to purchase additional shares of our Class A common stock is exercised in full), based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.

本次发行的主要目的是增加我们的资本和财务灵活性、为我们的 A 类普通股建立公开市场、促进出售股东有序分配股份，并使我们及我们的股东能够进入公开股票市场。我们拟将本次发行的净收益用于一般公司用途，包括营运资金、经营费用和资本支出（包括对算力和基础设施的投资），以及招聘和留用高技能人员。此外，我们可能将部分净收益用于收购或投资于业务、产品、服务或技术。但是，我们目前没有任何重大收购或投资的协议或承诺。我们还拟将部分净收益用于履行与结算我们某些未偿限制性股票单位（“RSU”）相关的预计税款代扣代缴和汇缴义务。更多信息请参见标题为“募集资金用途”的章节。

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock, facilitate an orderly distribution of shares for the selling stockholders, and enable access to the public equity markets for us and our stockholders. 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, as well as hiring and retention of highly skilled personnel. Additionally, we may use a portion of the net proceeds to acquire or invest in businesses, products, services, or technologies. However, we do not have agreements or commitments for any material acquisitions or investments at this time. We also intend to use a portion of the net proceeds to satisfy our anticipated tax withholding and remittance obligations related to the settlement of certain of our outstanding restricted stock units (“RSUs”). See the section titled “Use of Proceeds” for more information.

每股投票权。我们的 N 类普通股股份不享有投票权，但法律另有要求的除外。我们的 T 类普通股股份对一般提交股东表决的事项不享有投票权，但我们的经修订和重述的公司章程所规定的情形除外，包括就选举我们董事会的多数成员或法律要求的情形。我们的 F 类普通股股份将有权就一般提交股东表决的所有事项（包括选举除 T 类董事以外的董事）享有合计投票数，该投票数占截至适用记录日我们已发行股份总投票权的 50.1%。我们的 E 类普通股股份将有权就某些有限事项每股享有一票投票权。

Voting rights per share. Shares of our Class N common stock have no voting rights, except as otherwise required by law. The share of our Class T common stock has no voting rights with respect to matters submitted to stockholders generally, except as set forth within our amended and restated certificate of incorporation, including with respect to the election of a majority of our board of directors or as required by law. The share of our Class F common stock will be entitled to an aggregate number of votes that represents 50.1% of the total voting power of our outstanding shares as of the applicable record date on all matters submitted to a vote of stockholders generally, including the election of the directors other than the Class T directors. Shares of our Class E common stock will be entitled to one vote per share with respect to certain limited matters.

受控公司 · 我们被视为符合纳斯达克全球精选市场公司治理要求含义下的“受控公司”。更多信息请参见标题为“我们的

Controlled company · We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements. See the sections titled “Our

治理结构及其目标”、“管理层”和“股本说明”的章节。

Governance Structure and Its Goals,” “Management,” and “Description of Capital Stock” for additional information.

风险因素 · 请参见标题为“风险因素”的章节以及本招股说明书所载的其他信息，以讨论您在决定投资我们的 A 类普通股之前应考虑的部分因素。 拟用交易代码 · “ANT”

Risk Factors · See the section titled “Risk Factors” and other information included in this prospectus for a discussion of some of the factors you should consider before deciding to invest in our Class A common stock. Proposed trading symbol · “ANT”

本次发行后我们 A 类普通股、N 类普通股、T 类普通股和 F 类普通股的流通股数量，基于截至 2026 年 9 月 30 日流通的 [__] 股 A 类普通股、[__] 股 N 类普通股、1 股 T 类普通股和 1 股 F 类普通股，其反映了：

The number of shares of our Class A common stock, Class N common stock, Class T common stock, and Class F common stock that will be outstanding after this offering is based on [__] shares of our Class A common stock, shares of our Class N common stock, one share of our Class T common stock, and one share of our Class F common stock outstanding as of September 30, 2026, which reflects:

- 根据我们经修订和重述的公司章程的条款，在本次发行完成前立即将 (i) 所有 [__] 股流通的 A、C-1、D-1、D-2、E-1、F-1、G-1 和 H-1 系列可赎回可转换优先股自动转换为 [__] 股 A 类普通股，以及 (ii) 所有流通的 B、C-2、D-3、E-2、E-3、E-4、E-5、F-2、G-2、G-3、G-4、H-2、H-3 和 H-4 系列可赎回可转换优先股自动转换为 [__] 股 N 类普通股（统称“优先股转换”）；

- the automatic conversion of (i) all [__] outstanding shares of our Series A, C-1, D-1, D-2, E-1, F-1, G-1, and H-1 redeemable convertible preferred stock into [__] shares of Class A common stock and (ii) all outstanding shares of our Series B, C-2, D-3, E-2, E-3, E-4, E-5, F-2, G-2, G-3, G-4, H-2, H-3, and H-4 redeemable convertible preferred stock into [__] shares of Class N common stock, immediately prior to the completion of this offering pursuant to the terms of our amended and restated certificate of incorporation (collectively, the “Preferred Stock Conversion”);

- 在本次发行完成前立即向创始人有限责任公司发行的 1 股 F 类普通股（“F 类股票发行”）；

- one share of our Class F common stock that will be issued immediately prior to the completion of this offering to the Founder LLC (the “Class F Stock Issuance”);

- 在本次发行完成前立即将本金总额为 $ [__] 的流通可转换本票转换为 [__] 股 N 类普通股，即本次发行完成后可向 Amazon Web Services, Inc. 发行的股份，且不会导致其超过适用的持股上限（“可转换本票转换”）；

- the conversion of $ [__] in aggregate principal amount of our outstanding convertible promissory notes into [__] shares of Class N common stock immediately prior to the completion of this offering, representing shares issuable to Amazon Web Services, Inc. upon the completion of this offering without causing it to exceed the applicable ownership cap (the “Convertible Notes Conversion”);

- 首次公益发行（Initial Public Benefit Issuance），其股份(i)在法律上被视为已发行在外，(ii)在我们全资子公司持有期间，出于会计目的不被视为发行在外，且(iii)因此不会在我们的合并财务报表中反映为发行在外；以及

- the Initial Public Benefit Issuance, the shares of which (i) are considered legally outstanding, (ii) are not considered outstanding for accounting purposes while held by our wholly owned subsidiary, and (iii) accordingly will not be reflected as outstanding in our consolidated financial statements; and

- 净发行 [__] 股 A 类普通股，该等股份对应 RSU，其基于服务的归属条件截至本招股说明书日期已满足，而基于业绩的归属条件将在本招股说明书构成其一部分的注册声明生效时满足；在计入为履行相关估计代扣代缴及汇缴义务而扣留该等 RSU 对应的 [__] 股 A 类普通股之后（基于假设的首次公开发行价格每股 $[__]，即本招股说明书封面所载估计发行价区间的中值，以及假设的 [__]% 代扣代缴税率）（“RSU 结算”）。

- the net issuance of [__] shares of Class A common stock subject to RSUs for which the service-based vesting condition was satisfied as of the date of this prospectus and the performance-based vesting condition will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part, after giving effect to the withholding of [__] shares of Class A common stock subject to such RSUs to satisfy the associated estimated tax withholding and remittance obligations (based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and an assumed [__] % tax withholding rate) (the “RSU Settlement”).

截至 2026 年 9 月 30 日发行在外的我们的 A 类普通股、N 类普通股、T 类普通股和 F 类普通股不包括以下各项：

The shares of our Class A common stock, Class N common stock, Class T common stock, and Class F common stock outstanding as of September 30, 2026 exclude the following:

- 因行使截至 2026 年 9 月 30 日发行在外的购买我们 A 类普通股的期权而可发行的 A 类普通股，加权平均行权价为每股 $[__];

- shares of our Class A common stock issuable upon the exercise of options to purchase shares of our Class A common stock outstanding as of September 30, 2026, with a weighted-average exercise price of $ [__] per share;

- 因截至本招股说明书日期发行在外的 RSU 归属和结算而可发行的 A 类普通股，但该等 RSU(i)截至该日期基于服务的归属条件尚未满足，且(ii)基于业绩的归属条件（如适用）将在本招股说明书构成其一部分的注册声明生效时满足；

- shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding as of the date of this prospectus, but for which (i) the service-based vesting condition was not satisfied as of such date and (ii) the performance-based vesting condition, if applicable, will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part;

- 2026 年 9 月 30 日之后因我们收购非上市公司而发行的 A 类普通股；以及

- shares of our Class A common stock issued after September 30, 2026 in connection with our acquisitions of privately-held companies; and

- 根据我们的股权激励计划预留供未来发行的 A 类普通股，包括：

- shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of:

- 根据我们的捐赠配比计划（经修订和重述，简称“捐赠配比计划”）可发行的 N 类普通股转换后可预留供未来发行的 A 类普通股；

- shares of our Class A common stock reserved for future issuance upon conversion of Class N common stock issuable under our Donation Matching Plan (as amended and restated, the “Donation Matching Plan”);

- 根据我们的 2026 年股权激励计划（“2026 年计划”）将预留供未来发行的 A 类普通股，该计划将在本次发行完成前生效；

- shares of our Class A common stock to be reserved for future issuance under our 2026 Equity Incentive Plan (our “2026 Plan”), which will become effective prior to the completion of this offering;

- 截至 2026 年 9 月 30 日，根据我们的经修订和重述的 2021 年股票计划（“2021 年计划”）预留供未来发行的 A 类普通股，该等股份数量将在 2026 年计划生效时计入其项下预留供未来发行的 A 类普通股，届时我们将停止根据 2021 年计划授予奖励；以及

- shares of our Class A common stock reserved for future issuance under our Amended and Restated 2021 Stock Plan (our “2021 Plan”) as of September 30, 2026, which number of shares will be added to the shares of our Class A common stock to be reserved for future issuance under our 2026 Plan upon its effectiveness, at which time we will cease granting awards under our 2021 Plan; and

- 根据我们的 2026 年员工购股计划（“ESPP”）将预留供未来发行的 A 类普通股，该计划将在本次发行完成前生效。

- shares of our Class A common stock to be reserved for future issuance under our 2026 Employee Stock Purchase Plan (our “ESPP”), which will become effective prior to the completion of this offering.

我们的 2026 年计划与 ESPP 均规定，其项下预留的 A 类普通股股份数量每年自动增加；我们的 2026 年计划还规定，可根据我们 2021 年计划项下已到期、被取消或被没收的奖励，以及我们 2021 年计划项下为支付行权价或履行代扣税义务而交回或被我们扣留、或被没收或以其他方式由我们回购的股份，增加该计划项下可授予的股份数量，详见“高管薪酬——股权计划”一节。

Our 2026 Plan and ESPP each provide for an annual automatic increase in the number of shares of our Class A common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may be granted thereunder based on awards under our 2021 Plan that expire or are cancelled or forfeited, and shares under our 2021 Plan that are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations or are forfeited or otherwise repurchased by us, as more fully described in the section titled “Executive Compensation—Equity Plans.”

除另有说明外，本招股说明书中的所有信息均假设：

Except as otherwise indicated, all information in this prospectus assumes:

- 优先股转换将在本次发行完成前立即发生；

- the Preferred Stock Conversion will occur immediately prior to the completion of this offering;

- 可转换票据转换将在本次发行完成前立即发生；

- the Convertible Notes Conversion will occur immediately prior to the completion of this offering;

- 我们经修订和重述的特拉华州公司章程的提交与生效，以及我们经修订和重述的公司细则的生效，均将在本次发行完成前立即发生；

- the filing and effectiveness of our amended and restated certificate of incorporation in Delaware and the effectiveness of our amended and restated bylaws will each occur immediately prior to the completion of this offering;

- F 类股票发行将在本次发行完成前立即发生；

- the Class F Stock Issuance will occur immediately prior to the completion of this offering;

- 本次发行完成前不发行 E 类普通股；

- no issuance of shares of Class E common stock prior to the completion of this offering;

- 我们的 A 类普通股和 N 类普通股于 2026 年 9 月 17 日实施 10 比 1 正向拆股，包括我们股本授权股份数量按比例增加，本招股说明书中列示的所有期间的股份、期权、RSU 及每股信息均已追溯调整以反映该正向拆股；

- a 10-for-one forward split of our Class A common stock and Class N common stock effected on September 17, 2026, including a proportional increase in the authorized shares of our capital stock, with all share, option, RSU, and per share information for all periods presented in this prospectus adjusted to reflect such forward split on a retroactive basis;

- 我们的 T 类普通股于 2026 年 9 月 17 日实施 1 比 1,000 反向拆股；

- a one-for-1,000 reverse split of our Class T common stock effected on September 17, 2026;

- 2026 年 9 月 30 日之后不行使未行使的股票期权或结算未结算的 RSU，但 RSU 结算除外；以及

- no exercise of outstanding stock options or settlement of outstanding RSUs subsequent to September 30, 2026, other than the RSU Settlement; and

- 承销商不行使向我们购买本次发行中最多额外 [__] 股 A 类普通股的选择权。

- no exercise by the underwriters of their option to purchase up to an additional [__] shares of our Class A common stock from us in this offering.

合并财务及其他数据摘要 Summary Consolidated Financial and Other Data

以下表格汇总了我们的合并财务及其他数据。我们根据本招股说明书其他部分所载经审计的合并财务报表，编制了截至 2023 年、2024 年和 2025 年 12 月 31 日止年度的合并经营数据摘要。我们根据本招股说明书其他部分所载未经审计的中期合并财务报表，编制了截至 2025 年和 2026 年 6 月 30 日止六个月的合并经营数据摘要，以及截至 2026 年 6 月 30 日的合并资产负债表数据摘要。本节中的合并财务数据摘要并非旨在替代我们的合并财务报表及相关附注，其整体内容须以本招股说明书其他部分所载我们的合并财务报表及相关附注为准。我们的历史业绩不一定预示未来可能预期的业绩，且我们截至 2026 年 6 月 30 日止六个月的业绩不一定预示截至 2026 年 12 月 31 日止全年或任何其他期间可能预期的业绩。以下合并财务及其他数据摘要应与标题为“管理层对财务状况和经营成果的讨论与分析”的章节以及本招股说明书其他部分所载我们的合并财务报表及相关附注一并阅读。

The following tables summarize our consolidated financial and other data. We have derived the summary consolidated statements of operations data for the years ended December 31, 2023, 2024, and 2025 from our audited consolidated financial statements included elsewhere in this prospectus. We have derived the summary consolidated statements of operations data for the six months ended June 30, 2025 and 2026, and the summary consolidated balance sheet data as of June 30, 2026, from our unaudited interim consolidated financial statements included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace our consolidated financial statements and related notes and are qualified in their entirety by our consolidated financial statements and related notes included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future and our results for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or any other period. The following summary consolidated financial and other data should be read in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes thereto included elsewhere in this prospectus.

合并经营报表数据 Consolidated Statements of Operations Data

截至年度 · 12 月 31 日， （以百万计，每股金额除外） · 2023 · 2024 · 2025 · 2025 · 2026 收入 · $41 · $386 · $4,585 · $1,163 · $16,286 经营费用： 算力与基础设施 · 433 · 2,522 · 7,326 · 2,334 · 8,945 人员(1) · 95 · 454 · 1,839 · 538 · 3,152 Bartz 和解 · — · — · 1,500 · — · — 销售、营销与合作伙伴关系 · 2 · 43 · 568 · 120 · 3,168 其他经营及行政 · 62 · 347 · 1,412 · 306 · 1,714 经营费用合计 · 592 · 3,366 · 12,645 · 3,298 · 16,979 经营亏损 · (551) · (2,980) · (8,060) · (2,135) · (693) 利息收入 · 69 · 106 · 431 · 115 · 1,111 可转换票据、衍生负债及 SAFE 的公允价值变动 · (1,045) · (5,434) · (34,308) · (10,942) · (72,388) 其他收入（费用），净额 · (2) · — · (8) · — · (8,757) 其他收入（费用）合计，净额 · (978) · (5,328) · (33,885) · (10,827) · (80,034) 所得税费用计提前的亏损 · (1,529) · (8,308) · (41,945) · (12,962) · (80,727) 所得税费用计提 · 2 · 1 · 20 · 7 · 21 净亏损(2) · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) 归属于普通股股东的每股净亏损，基本及稀释 · $(1.42) · $(5.43) · $(23.04) · $(7.25) · $(39.88)

Year Ended · December 31, (in millions, except share and per share amounts) · 2023 · 2024 · 2025 · 2025 · 2026 Revenue · $41 · $386 · $4,585 · $1,163 · $16,286 Operating expenses: Compute and infrastructure · 433 · 2,522 · 7,326 · 2,334 · 8,945 Personnel(1) · 95 · 454 · 1,839 · 538 · 3,152 Bartz settlement · — · — · 1,500 · — · — Sales, marketing, and partnerships · 2 · 43 · 568 · 120 · 3,168 Other operating and administrative · 62 · 347 · 1,412 · 306 · 1,714 Total operating expenses · 592 · 3,366 · 12,645 · 3,298 · 16,979 Operating loss · (551) · (2,980) · (8,060) · (2,135) · (693) Interest income · 69 · 106 · 431 · 115 · 1,111 Change in fair value of convertible notes, derivative liabilities, and SAFEs · (1,045) · (5,434) · (34,308) · (10,942) · (72,388) Other income (expense), net · (2) · — · (8) · — · (8,757) Total other income (expense), net · (978) · (5,328) · (33,885) · (10,827) · (80,034) Loss before provision for income taxes · (1,529) · (8,308) · (41,945) · (12,962) · (80,727) Provision for income taxes · 2 · 1 · 20 · 7 · 21 Net loss(2) · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) Net loss per share attributable to common stockholders, basic and diluted · $(1.42) · $(5.43) · $(23.04) · $(7.25) · $(39.88)

加权平均股数

Weighted-average number of shares

发行在外，基本及稀释

outstanding, basic and diluted

1,076,880,510 1,528,994,540 1,821,084,860 1,788,730,900 2,024,972,990 下表列示了所列期间归属于普通股股东的未经审计备考每股净亏损（基本及稀释）的计算：

1,076,880,510 1,528,994,540 1,821,084,860 1,788,730,900 2,024,972,990 The following table sets forth the computation of unaudited pro forma net loss per share, basic and diluted, of common stock attributable to common stockholders for the periods presented:

(1) [__] 包括截至 2023 年、2024 年和 2025 年 12 月 31 日止年度的股权激励费用分别为 $29 million、$192 million 和 $1.2 billion，以及截至 2025 年和 2026 年 6 月 30 日止六个月的股权激励费用分别为 $286 million 和 $2.2 billion。

(1) [__] Includes stock-based compensation expense of $29 million, $192 million, and $1.2 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $286 million and $2.2 billion for the six months ended June 30, 2025 and 2026, respectively.

(2) 包括可转换票据、衍生负债及未来股权简单协议（“SAFE”）的公允价值变动，截至 2023 年、2024 年和 2025 年 12 月 31 日止年度分别为 $1.0 billion、$5.4 billion 和 $34.3 billion，截至 2025 年和 2026 年 6 月 30 日止六个月分别为 $10.9 billion 和 $72.4 billion。该等变动主要由于各相应期间内我们企业估值上升导致我们未偿还可转换本票的公允价值增加所致。

(2) Includes change in fair value of convertible notes, derivative liabilities, and simple agreements for future equity (“SAFEs”), which were $1.0 billion, $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. 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 during each of the respective periods.

（单位：百万美元，股份及每股金额除外）

(in million s, except share and per share amounts)

**12 月 31 日，**

**December 31,**

2025 年 截至 2026 年 6 月 30 日

2025 Ended June 30, 2026

分子：

Numerator:

净亏损 · $(41,965) · $(80,748) 备考调整，以记录与以下各项相关的股权激励费用

Net loss · $(41,965) · $(80,748) Pro forma adjustment to record stock-based compensation expense related to

限制性股票单位（RSU），其基于业绩的归属条件将在本招股说明书构成其一部分的注册声明生效时满足

RSUs for which the performance-based vesting condition will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part

消除与可转换本票转换相关的已确认公允价值变动所做的备考调整

Pro forma adjustment to eliminate the change in fair value recognized related to the Convertible Notes Conversion

备考净亏损

Pro forma net loss

分母：

Denominator:

加权平均流通股数，基本和稀释 [__] 1,821,084,860 [__] 2,024,972,990

Weighted-average number of shares outstanding, basic and diluted [__] 1,821,084,860 [__] 2,024,972,990

反映优先股转换的备考调整

Pro forma adjustment to reflect the Preferred Stock Conversion

反映 RSU 结算的备考调整

Pro forma adjustment to reflect the RSU Settlement

反映可转换本票转换的备考调整

Pro forma adjustment to reflect the Convertible Notes Conversion

用于计算每股备考净亏损的加权平均流通股数，基本和稀释(1)(2)

Weighted-average number of shares outstanding used to compute pro forma net loss per share, basic and diluted(1)(2)

每股备考净亏损，基本和稀释(1)(2)

Pro forma net loss per share, basic and diluted(1)(2)

______________

______________

(1) [__] 未经审计的每股备考净亏损及用于计算每股备考净亏损的备考加权平均股数，已反映以下事项的影响：(i) 优先股转换，假设该转换已于 2025 年 1 月 1 日发生；(ii) 可转换本票转换，假设该转换已于 2025 年 1 月 1 日发生；(iii) 与已满足或部分满足服务期归属条件的 RSU 相关的股权激励费用，并假设业绩条件已于 2025 年 1 月 1 日满足，截至 2025 年 12 月 31 日止年度和截至 2026 年 6 月 30 日止六个月分别为 $ [__] 和 $ [__];(iv) 在已满足服务期归属条件的 RSU 归属和结算时净发行 [__] 股和 [__] 股 A 类普通股，并假设业绩条件已于 2025 年 1 月 1 日满足，分别对应截至 2025 年 12 月 31 日止年度和截至 2026 年 6 月 30 日止六个月；以及(v) 我们经修订和重述的公司章程在特拉华州提交并生效，该章程将在本次发行完成前立即生效。备考加权平均股数未反映首次公益发行的影响，因为我们全资子公司持有的 N 类普通股在会计处理上不被视为流通在外。

(1) [__] The unaudited pro forma net loss per share and pro forma weighted-average number of shares used in computing pro forma net loss per share give effect to (i) the Preferred Stock Conversion, as if such conversion had occurred on January 1, 2025, (ii) the Convertible Notes Conversion, as if such conversion had occurred on January 1, 2025, (iii) stock-based compensation expense related to RSUs for which the service-based vesting condition was satisfied or partially satisfied, and as if the performance condition had been satisfied on January 1, 2025, of $ [__] and $ [__] for the year ended December 31, 2025 and the six months ended June 30, 2026, respectively, (iv) the net issuance of [__] and [__] shares of our Class A common stock upon the vesting and settlement of RSUs, for which the service-based vesting condition was satisfied, and as if the performance condition had been satisfied on January 1, 2025, for the year ended December 31, 2025 and the six months ended June 30, 2026, respectively, and (v) the filing and effectiveness of our amended and restated certificate of incorporation in Delaware that will become effective immediately prior to the completion of this offering. The pro forma weighted-average number of shares does not give effect to the Initial Public Benefit Issuance, as shares of our Class N common stock held by our wholly owned subsidiary are not considered outstanding for accounting purposes.

(2) 截至 2026 年 [__]，未反映在每股备考净亏损中的未确认股权激励费用为 $,涉及未满足服务期归属条件的 RSU,预计将在约 [__] 年的加权平均期间内确认;以及 $ [__]，涉及我们其他未行权股权奖励，预计将在约 [__] 年的加权平均期间内确认。

(2) As of [__] , 2026, unrecognized stock-based compensation expense not reflected in pro forma net loss per share was $related to RSUs for which the service-based vesting condition was not satisfied, and which is expected to be recognized over a weighted-average period of approximately [__] years, and $ [__] related to our other outstanding equity awards, which is expected to be recognized over a weighted-average period of approximately [__] years.

合并资产负债表数据 Consolidated Balance Sheet Data

**截至 2026 年 6 月 30 日**

**As of June 30, 2026**

（单位：百万） · 实际 · 备考 · (1) · 备考经调整

(in millions) · Actual · Pro Forma · (1) · Pro Forma As

**经调整 (2)(3)**

**Adjusted (2)(3)**

现金、现金等价物及短期投资 · $131,651 · $$ 营运资金(4) · $130,760 · $$ 总资产 · $147,358 · $$ 总负债 · $117,467 · $$ 可赎回可转换优先股 · $157,510 · $$ 资本公积 · $5,336 · $$ 累计亏损 · $(132,902) · $$ 股东权益合计亏损 · $(127,619) · $$

Cash, cash equivalents, and short-term investments · $131,651 · $$ Working capital(4) · $130,760 · $$ Total assets · $147,358 · $$ Total liabilities · $117,467 · $$ Redeemable convertible preferred stock · $157,510 · $$ Additional paid-in capital · $5,336 · $$ Accumulated deficit · $(132,902) · $$ Total stockholders’ deficit · $(127,619) · $$

______________

______________

(1) [__] 合并资产负债表中的备考列反映了以下事项的影响：(i) 优先股转换，假设该转换已于 2026 年 6 月 30 日发生；(ii) 可转换本票转换，假设该转换已于 2026 年 6 月 30 日发生；(iii) F 类股票发行，假设其已于 2026 年 6 月 30 日发生；(iv) 与受 RSU 结算约束的 RSU 相关的股权激励费用 $ [__] 导致资本公积和累计亏损增加；以及(v) 我们在特拉华州提交的经修订和重述的公司章程的提交和生效，该章程将在本次发行完成前立即生效。

(1) [__] The pro forma column in the consolidated balance sheet gives effect to (i) the Preferred Stock Conversion, as if such conversion had occurred on June 30, 2026, (ii) the Convertible Notes Conversion, as if such conversion had occurred on June 30, 2026, (iii) the Class F Stock Issuance, as if it had occurred on June 30, 2026, (iv) an increase to additional paid-in capital and accumulated deficit related to stock-based compensation of $ [__] related to RSUs subject to the RSU Settlement, and (v) the filing and effectiveness of our amended and restated certificate of incorporation in Delaware that will become effective immediately prior to the completion of this offering.

(2) 备考经调整列反映了以下事项的影响：(i) 上述备考调整；(ii) 我们按假设的首次公开发行价格每股 $ [__]（即本招股说明书封面所载估计价格区间的中点）在本次发行中出售和发行 [__] 股 A 类普通股，并扣除我们应付的估计承销折扣和佣金以及估计发行费用；以及(iii) 将本次发行的净收益连同现有现金和现金等价物（如有必要）用于履行与 RSU 结算相关的估计代扣代缴税款和汇缴义务。我们不会从任何出售股东出售 A 类普通股中获得任何收益。

(2) The pro forma as adjusted column gives effect to (i) the pro forma adjustments set forth above, (ii) the sale and issuance by us of [__] shares of our Class A common stock in this offering, based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the use of net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to satisfy the estimated tax withholding and remittance obligations related to the RSU Settlement. We will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders.

(3) 假设我们按本招股说明书封面所述发行的股份数量保持不变，并扣除我们应付的估计承销折扣和佣金以及估计发行费用，假设的首次公开发行价格每增加（减少）$1.00，现金、现金等价物及短期投资、营运资金、总资产、资本公积和股东权益合计亏损将分别增加（减少）$ [__]。同样，假设假设的首次公开发行价格每股 $[__]（即本招股说明书封面所载价格区间的中点）保持不变，并扣除我们应付的估计承销折扣和佣金以及估计发行费用，我们按本招股说明书封面所述发行的股份数量每增加（减少）1.0 百万股，现金、现金等价物及短期投资、营运资金、总资产、资本公积和股东权益合计亏损将分别增加（减少）$ [__]。我们不会从任何出售股东出售 A 类普通股中获得任何收益。

(3) Each $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) each of cash, cash equivalents, and short-term investments; working capital; total assets; additional paid-in capital; and total stockholders’ deficit by $ [__] , assuming the number of shares offered by us as stated on the cover page of this prospectus remains unchanged and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, an increase (decrease) of 1.0 million shares in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) each of cash, cash equivalents, and short-term investments; working capital; total assets; additional paid-in capital; and total stockholders’ deficit by $ [__] , assuming the assumed initial public offering price of $per share (the midpoint of the price range 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 will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders.

(4) 营运资金定义为流动资产减去流动负债。

(4) Working capital is defined as current assets less current liabilities.

非 GAAP 财务指标 Non-GAAP Financial Measures

除了我们按照美国公认会计原则（“GAAP”）编制的合并财务报表中列示的指标外，我们还使用调整后经营利润（亏损）、调整后经营利润率和调整后净利润（亏损）作为非 GAAP 财务指标，以评估我们的业务、衡量我们的业绩、识别影响我们业务的趋势、制定业务计划并作出战略决策。

In addition to the measures presented in our consolidated financial statements that were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), we use Adjusted Operating Income (Loss), Adjusted Operating Margin, and Adjusted Net Income (Loss) as non-GAAP financial measures to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（单位：百万，百分比除外） · 2023 · 2024 · 2025 · 2025 · 2026 调整后经营利润（亏损） · $(522) · $(2,788) · $(4,854) · $(1,849) · $1,618 经营利润率 · (1,344)% · (772)% · (176)% · (184)% · (4)% 调整后经营利润率 · (1,273)% · (722)% · (106)% · (159)% · 10% 调整后净利润（亏损） · $(457) · $(2,683) · $(4,448) · $(1,741) · $2,671

(in millions, except for percentages) · 2023 · 2024 · 2025 · 2025 · 2026 Adjusted Operating Income (Loss) · $(522) · $(2,788) · $(4,854) · $(1,849) · $1,618 Operating margin · (1,344)% · (772)% · (176)% · (184)% · (4)% Adjusted Operating Margin · (1,273)% · (722)% · (106)% · (159)% · 10% Adjusted Net Income (Loss) · $(457) · $(2,683) · $(4,448) · $(1,741) · $2,671

有关各项非 GAAP 财务指标的定义、各项非 GAAP 财务指标局限性的讨论，以及所列期间各项非 GAAP 财务指标与其最可比 GAAP 财务指标的调节表及补充信息，请参见“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”一节。

See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Non-GAAP Financial Measures” for a definition of each non-GAAP financial measure, a discussion of the limitations of each non-GAAP financial measure, and a reconciliation of each non-GAAP financial measure to its most comparable GAAP financial measure for the periods presented and additional information.

风险因素 Risk Factors

投资我们的 A 类普通股涉及高度风险。在决定投资我们的 A 类普通股之前，您应审慎考虑下文所述的风险与不确定性，连同本招股说明书中的所有其他信息，包括题为“管理层对财务状况和经营成果的讨论与分析”的章节以及我们的合并财务报表及相关附注。本节中的披露反映了我们对未来可能对我们产生重大不利影响的事项的信念和意见，且除另有披露外，并不构成对这些事项此前是否已经发生或未曾发生的陈述。对过往事件的提及仅作为示例提供，并非旨在完整列举或陈述其未来发生的可能性。我们的业务、财务状况、经营成果或前景还可能受到我们目前尚不知晓或我们目前认为不重大的风险和不确定性的不利影响。若任何风险实际发生，我们的业务、财务状况、经营成果和前景可能受到不利影响。在此情况下，我们 A 类普通股的市场价格可能下跌，您可能损失部分或全部投资。

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes, before making a decision to invest in our Class A common stock. The disclosures in this section reflect our beliefs and opinions as to matters that could materially and adversely affect us in the future, and are not representations as to whether such matters have or have not occurred previously, except as otherwise disclosed. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to their likelihood of occurring in the future. Our business, financial condition, results of operations, or prospects could also be adversely affected by risks and uncertainties not currently known to us or that we currently do not believe are material. If any of the risks actually occur, our business, financial condition, results of operations, and prospects could be adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose part or all of your investment.

与我们的业务和行业相关的风险 Risks Related to our Business and Industry

**我们的成功在很大程度上取决于我们能否持续开发最先进、最强大的 AI 模型，若未能做到，可能对我们的业务产生不利影响。**

**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.**

我们的成功在很大程度上取决于我们能否持续开发、改进和部署最先进、最强大且最有用的 AI 模型。实现并保持这一地位取决于我们能否：

Our success depends in large part on our ability to continuously develop, improve, and deploy the most advanced, capable, and useful AI models. Achieving and maintaining this position depends on our ability to:

- 通过突破性研究、创新架构和高效训练方法，推进 AI 能力的前沿；

- advance the frontier of AI capabilities through breakthrough research, innovative architectures, and efficient training methodologies;

- 确保我们的模型安全、可靠、值得信赖，同时保持有竞争力的性能；

- ensure our models are safe, reliable, and trustworthy while maintaining competitive performance;

- 获取为满足我们日益增长的需求提供动力和支持所需的算力和基础设施；

- secure the compute and infrastructure necessary to power and support our increasing needs;

- 通过算法和架构创新（包括算力乘数的进步）提升算力效率；

- advance compute efficiency through algorithmic and architectural innovations, including compute multiplier advancements;

- 留住我们的联合创始人、高级管理团队和关键技术人员继续任职，并在竞争激烈且不断变化的市场中吸引、留住和激励顶尖研究人员、工程师和技术人才；

- retain the continued service of our co-founders, senior management team, and key technical employees, and attract, retain, and motivate leading researchers, engineers, and technical talent in an intensely competitive and evolving market;

- 持续实现收入增长并保持获得充足资本的能力（包括通过潜在的股权和债务融资），以进行我们认为支持增长轨迹所必需的投资；

- continue revenue growth and maintain access to sufficient capital, including through potential equity and debt financing, to make the investments we believe are necessary to support our growth trajectory;

- 建立并维持与数据提供方、许可方和合作伙伴的关系，以获取世界级模型性能所需的多样化、高质量数据集；

- secure and maintain relationships with data providers, licensors, and partners to obtain the diverse, high-quality datasets necessary for world-class model performance;

- 建立并维持与云、生态系统及其他合作伙伴的关系，以促进 Claude 的推广；

- secure and maintain relationships with cloud, ecosystem, and other partners to facilitate the diffusion of Claude;

- 建设、运营和维护以具有成本效益的方式大规模部署前沿模型所需的基础设施；

- build, operate, and maintain the infrastructure required to deploy frontier models cost-effectively and at scale;

- 将模型能力转化为满足不断变化的客户需求并实现有意义采用的产品；

- translate model capabilities into products that meet evolving customer needs and achieve meaningful adoption;

- 在研发、基础设施和运营之间高效配置大量财务资源；以及

- allocate substantial financial resources efficiently across research, infrastructure, and operations; and

- 应对不断演变、充满不确定性且有时存在分歧的全球监管格局，并与立法者、监管机构及其他利益相关方沟通，以推动建立我们认为有益于社会、我们的客户以及全球经济长期健康的监管框架。

- navigate an evolving, uncertain, and at times divergent global regulatory landscape and engage with legislators, regulators, and other stakeholders to promote the development of regulatory frameworks that we believe are good for society, our customers, and the long-term health of the global economy.

我们若未能实现上述任何一项，都可能使我们无法维持竞争地位，导致我们落后于竞争对手，降低客户对我们模型、平台和应用的采用率或需求，并损害我们的收入增长。收入增长受限反过来可能制约我们为前沿 AI 开发所需的巨额且不断增加的支出提供资金的能力，包括在算力、模型训练、数据获取以及安全与安保系统方面的投资，以及我们在竞争激烈的市场中吸引、留住并合理补偿高技能技术和运营人员的能力。任何此类制约都可能减缓我们的开发和创新速度，使模型性能或可靠性相对竞争对手下降，限制我们参与行业标准制定和监管流程，并降低我们对企业和专业消费者的吸引力。这些影响可能形成自我强化或不断累积的循环：增长减弱限制了我们投资于保持竞争力所需资源的能力，而这反过来又可能进一步削弱我们维持或提高收入增长的能力，使我们越来越难以且越来越高昂地重新获得技术领先地位并在 AI 前沿开展运营。上述任何一项都可能对我们的业务、财务状况和经营业绩产生不利影响。

Our failure to achieve any of the foregoing could prevent us from maintaining our competitive position, cause us to fall behind competitors, reduce customer adoption of, or demand for, our models, platform, and applications, and impair our revenue growth. Limitations to our revenue growth could, in turn, constrain our ability to fund the substantial and increasing expenditures required for frontier AI development, including investments in compute, model training, data acquisition, and safety and security systems, as well as our ability to attract, retain, and appropriately compensate highly skilled technical and operational personnel in a highly competitive market. Any such constraints could slow our rate of development and innovation, degrade model performance or reliability relative to competitors, limit our participation in industry standards-setting and regulatory processes, and reduce our attractiveness to enterprises and prosumers. These effects could create a self-reinforcing or compounding cycle in which diminished growth limits our capacity to invest in the resources necessary to remain competitive, which in turn could further weaken our ability to sustain or increase our revenue growth, making it increasingly difficult and costly to regain technological leadership and operate at the frontier of AI. Any of the foregoing could adversely affect our business, financial condition, and results of operations.

我们能否保持在 AI 前沿的地位，部分取决于我们利用 AI 系统加速研究流程的能力，我们将这种递归动态称为“闭环”，即模型的 successive 版本协助构建下一代模型，目标是随时间推移实现能力增益的复利效应。我们的模型一直是、并且正日益成为设计、训练、测试和优化下一代 AI 系统的关键工具。如果我们未能将足够的算力和研究投入引导至 AI 辅助开发，或者如果我们的竞争对手更有效地利用 AI 来增强其自身的创新周期，我们就有可能随着竞争对手持续利用 AI 进一步增强其自身开发能力、以加速的步伐创造出日益先进的系统而逐步落后。随着我们越来越依赖自身的 AI 系统来编写生产代码、开展研究并构建后续模型版本，我们当前模型中的任何系统性缺陷、偏差或错误都可能传播到使用这些系统构建的下一代模型和产品中，在 successive 版本的 Claude 模型之间以可能难以检测或补救的方式不断累积。如果我们无法管理上述风险，我们部署最先进、最强大、最有用的 AI 模型的能力可能会受到不利影响。

Our ability to maintain our position at the frontier of AI depends in part on our use of AI systems to accelerate our research processes, a recursive dynamic we refer to as “closing the loop,” in which successive versions of our models assist in building the next, with the goal of compounding capability gains over time. Our models have been and are increasingly becoming critical tools in designing, training, testing, and optimizing next-generation AI systems. If we fail to direct sufficient compute and research efforts to AI-assisted development, or if our competitors more effectively leverage AI to enhance their own innovation cycles, we risk falling progressively further behind as competitors continuously use AI to further enhance their own development capabilities, enabling the creation of increasingly advanced systems at an accelerating pace. As our reliance on our own AI systems to write production code, conduct research, and build subsequent model versions deepens, any systemic flaw, bias, or error in our current models could propagate into the next versions of models and products built using those systems, compounding across successive versions of Claude models in ways that may be difficult to detect or remediate. If we are unable to manage the foregoing risks, our ability to deploy the most advanced, capable, and useful AI models could be adversely affected.

此外，我们日益使用 AI 系统来加速自身的研发，可能导致我们模型能力的提升速度快于我们开发、验证和实施相应安全、对齐与保障措施的能力。关于此类 AI 驱动加速步伐的许多证据来自滞后指标，而我们预测或衡量自身能力提升速度（包括归因于我们最新或尚未发布模型的任何加速）的能力有限。因此，我们可能在开发速度出现显著加速之后才能识别到这一加速。如果我们的能力提升超出我们的安全、对齐与保障措施，或者我们无法预见此类提升的步伐，我们可能无法充分评估或缓解由此产生的风险，这可能增加安全事故、监管干预或声誉损害的可能性，并可能对我们的业务、财务状况和经营业绩产生不利影响。鉴于这些不确定性，包括我们观察自身能力提升步伐的能力存在局限，我们已采取并可能继续采取预防性的安全、对齐与保障措施，以使我们的安全工作与模型能力同步推进。过去，这些措施包括推迟模型发布并限制其初始可用范围，例如通过 Project Glasswing 对 Mythos 的处理；未来，随着我们对模型能力和行为了解得更多，这些措施可能包括影响我们是否、如何以及何时开发或部署新模型或新能力的额外措施。我们无法精确预测何时会认定此类措施必要、需要采取哪些措施或这些措施将持续多久，而且随着我们模型能力的提升，此类措施可能变得更加频繁且成本更高。这些措施可能使我们的能力提升相对于未采取类似限制的竞争对手放缓，并可能对我们的竞争地位、收入增长和经营业绩产生不利影响。

In addition, our increasing use of AI systems to accelerate our own research and development may cause the capabilities of our models to advance more rapidly than our ability to develop, validate, and implement corresponding safety, alignment, and security measures. Much of our evidence regarding the pace of such AI-driven acceleration is derived from lagging indicators, and our ability to forecast or measure the rate at which our capabilities are advancing, including any acceleration attributable to our most recent or unreleased models, is limited. As a result, we may not identify a significant acceleration in our rate of development until after it has occurred. If our capabilities were to outpace our safety, alignment, and security measures, or if we were unable to anticipate the pace of such advancement, we may be unable to adequately assess or mitigate the resulting risks, which could increase the likelihood of safety incidents, regulatory intervention, or reputational harm, and could adversely affect our business, financial condition, and results of operations. In light of these uncertainties, including limits on our ability to observe the pace at which our capabilities are advancing, we have adopted, and may continue to adopt, precautionary safety, alignment, and security measures to allow our safety efforts to advance together with model capabilities. In the past these measures have included delaying the release of models and limiting their initial availability, such as with Mythos through Project Glasswing, and in the future, as we learn more about model capabilities and behavior, they could include additional measures that affect whether, how, and when we develop or deploy new models or capabilities. We cannot predict with precision when we will determine that such measures are necessary, what measures will be required, or how long they will remain in place, and as the capabilities of our models advance, such measures may become more frequent and more costly. These measures could slow our capability gains relative to competitors that do not adopt similar constraints, and could adversely affect our competitive position, revenue growth, and results of operations.

前沿 AI 模型的开发需要投入大量算力资源、资金和人力资本，以开展大规模训练运行，此类训练可能持续数周或数月，并耗费数百万美元。无法保证任何一次训练运行都能成功——一次训练运行可能因多种原因失败，例如未能达到目标能力或安全阈值、产生无法充分补救的意外或不良行为，或产出的模型最终无法与市场上的替代方案竞争。我们还将面临启动新的训练运行以尝试实现预期模型改进所带来的额外成本和延迟。我们过去曾经历、未来也可能经历此类失败或表现不佳的训练运行，导致投入的资源损失，而对我们业务产生的相应收益有限甚至没有。鉴于前沿模型训练所需的算力和其他资源规模以及所涉时间跨度较长，一次失败或表现不佳的训练运行还可能延误我们的产品路线图、影响我们的竞争地位，并对我们的业务、财务状况和经营成果产生不利影响。

The development of frontier AI models requires substantial investments of compute resources, capital, and human capital to conduct large-scale training runs that may span weeks or months and cost many million s of dollars. There is no guarantee that any given training run will succeed—a run may fail for a number of reasons, such as failing to achieve the targeted capability or safety thresholds, producing unexpected or undesirable behaviors that cannot be adequately remediated, or yielding a model that is ultimately not competitive with alternatives available in the market. We would also face the additional cost and delay of initiating a new training run to attempt to achieve the intended model improvements. We have in the past experienced, and may in the future experience, such failed or underperforming training runs, resulting in a loss of invested resources with limited or no corresponding benefit to our business. Given the scale of compute and other resources required for frontier model training and the extended timelines involved, a failed or underperforming training run could also delay our product roadmap, affect our competitive position, and adversely affect our business, financial condition, and results of operations.

此外，新模型、新功能或新能力可能无法按计划推出，可能无法达到预期表现，可能在发布后需要大量迭代，可能无法获得有意义的采用，或可能需要比预期更长的时间才能获得有意义的采用，其中任何一项都可能降低客户需求或使我们处于竞争劣势。此外，与模型安全、可解释性、对齐和福祉相关的考量可能导致我们限制或推迟旧模型的弃用，或在发布新版本的同时继续支持旧版本，从而在产品开发和算力分配方面形成权衡，可能对创新速度、基础设施利用率和收入产生不利影响。此外，已将旧模型集成到其工作流程中的客户可能抵制迁移到新版本，任何加速或强制弃用都可能导致客户流失、合同纠纷或声誉损害。我们过去也曾改变、未来也可能改变使用限制、速率限制或模型和产品能力，这可能对我们的声誉和我们产品的感知价值产生不利影响。其中部分变更已经导致、未来也可能导致相关主张，即我们关于模型访问或能力的披露不充分或具有误导性。

In addition, new models, features, or capabilities may not be introduced on schedule, may not perform as intended, may require significant iteration after release, may fail to gain meaningful adoption, or may take longer than expected to gain meaningful adoption, any of which could reduce customer demand or place us at a competitive disadvantage. In addition, considerations relating to model safety, interpretability, alignment, and welfare may lead us to limit or delay the deprecation of older models or to continue supporting legacy versions alongside newer releases, creating trade-offs in product development and compute distribution that could adversely affect innovation velocity, infrastructure utilization, and revenue. In addition, customers who have integrated older models into their workflows may resist migration to newer versions, and any accelerated or forced deprecation could result in customer attrition, contractual disputes, or reputational harm. We have also changed, and may in the future change, usage limits, rate limits, or model and product capabilities, which could adversely affect our reputation and the perceived value of our offerings. Some of these changes have resulted, and could in the future result, in claims that our disclosures regarding model access or capabilities were inadequate or misleading.

此外，用于测试 AI 模型的行业基准可能无法准确反映真实世界的性能或效用，即使是在此类基准上表现良好的模型，在部署到生产环境时也可能无法满足客户预期，这可能导致客户不满、使用量下降或声誉受损。如果我们无法在应对这些挑战的同时有效创新并改进我们的模型、平台和应用，或者如果竞争对手能够提供被认为能力更强、更安全或更可靠，或以更低成本提供足够性能的 AI 解决方案，我们的业务、财务状况和经营业绩可能会受到不利影响。

Further, the industry benchmarks commonly used to test AI models may not accurately reflect real-world performance or utility, and even models that perform well on such benchmarks may not meet customer expectations when deployed in production environments, which could lead to customer dissatisfaction, reduced usage, or reputational harm. If we are unable to effectively innovate and improve our models, platform, and applications while addressing these challenges, or if competitors are able to deliver AI solutions that are perceived as more capable, safer, or more reliable, or that offer adequate performance at a lower cost, our business, financial condition, and results of operations could be adversely affected.

此外，AI 领域的创新涉及应对与数据质量、数据完整性、训练方法、偏见、安全性、准确性以及模型输出行为相关的复杂且不断演变的挑战。AI 算法可能存在缺陷，AI 系统可能包含漏洞、错误或缺陷，或未能遵循指令，或产生不准确、误导性、冒犯性、不当或其他有害的输出；反映或放大训练数据中存在的不希望出现或未知的偏见；或引发与知识产权、隐私或其他法律和伦理考量相关的担忧。我们必须持续投入资源，以识别、缓解、补救并减少此类问题的发生，包括通过管理和改进数据集、训练技术、评估方法、防护措施和人工监督。然而，我们可能无法获得所需的数据集，包括通过许可或战略数据合作的方式。此外，我们或我们的数据提供方可能在训练过程中使用合成数据或 AI 生成的数据，这可能引入质量问题、放大偏见或错误、导致模型退化，或引发关于所有权、许可或知识产权的新颖法律问题，而法院或监管机构可能无法及时或明确地解决这些问题。此类意外后果、故障或对我们模型的滥用可能损害客户信任、减缓采用、使我们面临法律或监管审查，或对我们的品牌和声誉造成不利影响。

In addition, innovation in AI involves addressing complex and evolving challenges related to data quality, data integrity, training methodologies, bias, safety, accuracy, and the behavior of model outputs. AI algorithms may be flawed, and AI systems may contain bugs, errors, or defects or fail to follow instructions or produce inaccurate, misleading, offensive, inappropriate, or otherwise harmful outputs; reflect or amplify unwanted or unknown biases present in training data; or raise concerns relating to intellectual property, privacy, or other legal and ethical considerations. We must continually invest resources to identify, mitigate, remediate, and reduce the occurrence of such issues, including through managing and improving datasets, training techniques, evaluation methods, safeguards, and human oversight. However, we may not be able to obtain the datasets that we need, including through licenses or strategic data partnerships. In addition, we or our data providers may use synthetic or AI-generated data in the training process, which could introduce quality issues, amplify biases or errors, contribute to model degradation, or raise novel legal questions regarding ownership, licensing, or intellectual property rights that may not be timely or clearly resolved by courts or regulators. Such unintended consequences, failures, or misuse of our models could impair customer trust, slow adoption, expose us to legal or regulatory scrutiny, or adversely affect our brand and reputation.

**如果我们无法获得充足的算力，或未能有效地将算力分配到我们的各项工作负载中，我们可能无法训练出与竞争对手相比仍具竞争力的模型，或无法充分服务我们的客户。**

**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.**

我们开发、训练、改进和部署前沿模型的能力，取决于我们能否获取海量且不断增长的专业算力。Claude 模型的训练一直需要大量算力，我们预计未来仍将持续需要大量算力。行业参与者、学术研究人员以及我们自身的经验表明，在某些情境下，在模型训练过程中投入更多算力与模型能力的提升相关。这些观察结果与模型性能、模型规模、训练数据和算力规模之间更广泛的经验性关系中的某些方面相一致，这些关系通常被称为“规模定律”（Scaling Laws），尽管此类提升的程度、效率和持久性尚不确定，且这些关系在更大规模或不同条件下可能趋于平缓、减弱或无法实现。因此，我们能否保持在 AI 能力的前沿，在很大程度上取决于我们能否获得维持全部工作负载（包括训练下一代模型）所需的算力规模，且我们无法保证增加算力投入会带来模型性能的相应提升。

Our ability to develop, train, improve, and deploy frontier models depends on our access to enormous and increasing quantities of specialized compute. The training of Claude models has required, and we expect will continue to require, substantial compute. Industry participants, academic researchers, and our own experience suggest that, in certain contexts, applying greater amounts of compute during model training has been associated with improvements in model capabilities. These observations are consistent with aspects of broader empirical relationships among model performance, model size, training data, and compute scale that are commonly referred to as “Scaling Laws,” although the extent, efficiency, and durability of such improvements are uncertain, and these relationships may plateau, diminish, or fail to materialize at larger scales or under different conditions. Accordingly, our ability to remain at the frontier of AI capabilities is substantially dependent on our ability to secure compute at the scale required to sustain all our workloads, including to train next-generation models, and we cannot provide assurance that increased investment in compute will result in commensurate improvements in model performance.

算力市场竞争激烈。我们在获取算力方面与全球一些规模最大、资本最雄厚的科技公司展开竞争，其中许多公司开发自己的竞争性 AI 模型，并拥有远超我们的财务资源。许多公司拥有并运营云计算数据中心基础设施，具备自有的芯片制造或设计能力，与关键硬件供应商保持着长期战略关系，或获得此类供应商的重大股权投资或其他财务安排。这些竞争对手能够在稀缺算力上出价高于我们，从芯片制造商和云服务商（CSP）处获得优先分配，并做出我们无法匹敌的长期资本承诺。我们预计对先进算力的需求将持续增长，算力成本可能大幅上升，尤其是当 AI 驱动的需求加速增长，或构建高能力模型的能力变得更加普及、从而使竞争转向对先进算力的获取时。此外，众多资金充裕的 AI 公司正在推进大规模 AI 模型开发，进一步加剧了对有限算力的需求。我们从中获取大量算力的某些 CSP 也开发和提供自己的 AI 模型及相关服务。因此，我们与这些供应商的商业关系可能并非始终与我们的长期利益完全一致，如果我们从第三方获取的算力被削减、重新定价或终止（无论出于竞争原因还是其他原因），我们的业务、财务状况和经营业绩可能受到不利影响。

The market for compute is intensely competitive. We compete for access to compute with some of the world’s largest and most well-capitalized technology companies, many of which develop their own competitive AI models and have significantly greater financial resources than us. Many own and operate cloud computing data center infrastructure, maintain captive chip manufacturing or design capabilities, have long-standing strategic relationships with key hardware suppliers, or have significant equity investments from, or other financial arrangements with, such suppliers. These competitors can outbid us for scarce compute, secure priority allocations from chip manufacturers and CSPs, and make long-term capital commitments that we cannot match. We expect demand for advanced compute to continue to grow, and the cost of compute could rise significantly, particularly if AI-driven demand accelerates or if the ability to build highly capable models becomes more broadly available and shifts competition toward access to advanced compute. Additionally, numerous well-funded AI companies are pursuing large-scale AI model development, further increasing demand for limited compute. Certain CSPs from which we obtain substantial compute also develop and offer their own AI models and related services. As a result, our commercial relationships with these providers may not always be fully aligned with our long-term interests, and if the compute we have access to from third parties is curtailed, repriced, or terminated, whether for competitive reasons or otherwise, our business, financial condition, and results of operations could be adversely affected.

除来自第三方的竞争外，我们获取算力的能力还受制于我们云服务商（CSP）的分配决策。尽管我们的云服务商通常就提供算力与我们订有合同承诺，但我们能否获得该等算力仍取决于这些供应商的运营执行情况、是否遵守该等合同条款，以及更广泛的商业考量，例如产能限制、为支持其自身 AI 与计算业务而对算力的内部需求、与第三方（可能包括其他 AI 公司）的关系或合同义务，以及风险管理方面的考量。因此，即使已有合同安排，我们仍可能无法获得我们所寻求的全部算力，或该等算力可能无法按我们要求的时间表交付。此外，我们过去曾向云服务商寻求的算力数量超出这些合作伙伴愿意提供的数量。如果我们的云服务商出于任何原因减少、限制或未能增加对我们的分配以跟上我们不断增长的需求，我们可能需要在更不利的条款或时间表下寻求替代算力来源，并且我们可能无法获得充足的替代算力，甚至完全无法获得。任何此类短缺都可能制约我们训练模型、服务客户或维持竞争地位的能力。

In addition to competition from third parties, our ability to secure compute is subject to allocation decisions by our CSPs. Although our CSPs are generally subject to contractual commitments with us regarding the provision of compute, our ability to obtain such capacity remains dependent on those providers’ operational execution, adherence to the terms of such contractual provisions, and broader business considerations, such as capacity constraints, internal demand for compute to support their own AI and computing operations, relationships with or contractual obligations to third parties (which may include other AI companies), and risk management considerations. As a result, we may not receive the full amount of compute we seek, or such compute may not be delivered on the timelines we require, even where contractual arrangements are in place. Additionally, we have in the past sought quantities of compute from CSPs in excess of what those partners were willing to provide. If our CSPs reduce, limit, or fail to increase our allocations to keep pace with our growing requirements for any reason, we may need to seek alternative compute sources on less favorable terms or timelines, and we may be unable to secure adequate alternative compute, or any at all. Any such shortfall could constrain our ability to train models, serve customers, or maintain our competitive position.

即使我们能够获得算力，我们仍必须在业务所涉及的各类工作负载之间高效地分配算力，包括研究、模型开发、服务客户以及 Claude 的内部使用。尽管我们将算力作为一个单一、可互换的资源池进行管理，并根据在任意给定时间边际单位预计最具生产力的方向在工作负载之间调配可用算力，但无法保证这种算力管理方式是最有效的，也无法保证其能够满足我们每一项工作负载的需求。由于算力需求历来超过可用容量，任何对我们获取、维持或扩展该容量能力的限制，都可能同时对我们业务的多个方面产生不利影响，包括我们以客户期望的质量和规模服务客户的能力、训练和改进模型的能力，以及开发新产品和新能力的能力。尽管我们通过容量管理系统在这些工作负载之间积极管理和平衡此类算力容量，但如果该系统未能按预期运行，或者我们跨工作负载动态重新平衡容量的能力受到干扰，面向客户的服务质量或模型和产品开发时间表可能会受到不利影响。无法保证我们会做出最优的资源配置决策，任何重大低效（包括与部署和重新平衡相关的低效）都可能对我们近期的经营业绩和长期战略地位产生不利影响。我们的智能体产品增长加剧了这些算力资源配置挑战，此类产品涉及多步推理链、迭代式工具调用、扩展上下文窗口和持续推理会话，每次用户交互消耗的算力显著高于单轮 API 调用或基于聊天的交互。随着智能体工作负载在我们总算力需求中所占比例增长，服务客户所需的总算力可能相对于相关收入出现不成比例的增长，从而给我们算力工作负载管理决策带来额外压力。

Even if we are able to secure compute, we must still direct it efficiently across the full range of workloads that are a part of our business, including research, model development, serving customers, and internal usage of Claude. While we manage our compute as a single, fungible pool and direct available compute between workloads based on where the marginal unit is expected to be most productive at any given time, there can be no assurance that this approach to compute will be the most efficient or that it will support the needs of each of our workloads. Because demand for compute has historically exceeded available capacity, any constraint on our ability to procure, maintain, or expand that capacity could adversely affect multiple aspects of our business simultaneously, including our ability to serve customers at the quality and scale they expect, to train and improve our models, and to develop new products and capabilities. While we actively manage and balance such compute capacity across these workloads via our capacity management system, if this system fails to perform as intended, or if our ability to dynamically rebalance capacity across workloads is disrupted, customer-facing service quality or model and product development timelines could be adversely affected. There can be no assurance that we will make optimal resourcing decisions, and any significant inefficiencies, including those related to deployment and rebalancing, could adversely affect both our near-term results of operations and our long-term strategic position. These compute resourcing challenges are heightened by the growth of our agentic offerings, which involve multi-step reasoning chains, iterative tool invocations, extended context windows, and sustained inference sessions that consume significantly more compute per user interaction than single-turn API calls or chat-based interactions. As agentic workloads grow as a proportion of our total compute demand, the aggregate compute required to serve our customers could increase disproportionately relative to the associated revenue, placing additional strain on our compute workload management decisions.

我们的大部分算力是根据多年期承诺采购的，这些承诺通常在该算力部署期之前很久就已签订。由于不同 AI 加速器在各类工作负载下的性能特征各不相同，我们承诺算力组合的构成（包括从合作伙伴处采购的加速器架构组合）反映了我们在作出这些承诺时的需求预测和开发路线图假设。如果我们所需支持的工作负载的规模或组合与这些预测存在重大差异（无论是由于模型架构、客户需求、内部运营还是研究优先事项的变化），我们可用算力的构成在特定时期内可能无法与我们的需求实现最优匹配。这可能影响我们服务客户、开发模型和支持内部运营的能力。

The majority of our compute is procured under multi-year commitments that are typically entered into well in advance of the periods in which that compute is deployed. Because different AI accelerators have varying performance characteristics across workload types, the composition of our committed compute portfolio, including the mix of accelerator architectures procured from our partners, reflects our demand forecasts and development roadmap assumptions at the time those commitments are made. If the magnitude or mix of workloads we need to support differs materially from those forecasts, whether due to changes in model architecture, customer demand, internal operations, or research priorities, the composition of our available compute may not optimally match our needs in a given period. This could affect our ability to serve customers, develop models, and support internal operations.

如果我们无法获得充足的算力，或者无法有效地将我们有限的算力在各工作负载之间进行调配，以开发和部署能力至少可与竞争对手相媲美的模型，我们就有可能落后于技术前沿。AI 的发展速度极快，模型的 successive 版本在压缩的时间框架内相继涌现，通常以月而非年计。因此，即使短暂一段时间无法获得充足算力，也可能使我们迅速落后。在 AI 开发中，前沿模型与落后一两个版本的模型之间在能力、性能和商业适用性方面可能存在显著差距。客户、合作伙伴和软件开发者可能会转向其模型提供更优能力的竞争对手，而如果我们的研究人员无法获得充足的算力，或者如果外界不认为我们处于模型开发的最前沿，我们可能无法吸引或留住前沿研究所需的技术人才。任何无法保持前沿地位的情况都可能导致客户和收入流失、品牌和声誉受损以及竞争地位下降，而其中每一项都可能难以重新获得。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we fail to secure sufficient compute, or if we fail to effectively direct the limited compute we have across our workloads to develop and deploy models with capabilities at least comparable to those of our competitors, we risk falling behind the technological frontier. The pace of AI development is extremely rapid, with successive versions of models emerging in compressed timeframes, often measured in months rather than years. As a result, even a brief period without access to sufficient compute could cause us to fall behind quickly. With AI development, the gap between frontier models and those one or two versions behind can be significant in terms of capability, performance, and commercial applicability. Customers, partners, and software developers may shift to competitors whose models offer superior capabilities, and we may be unable to attract or retain the technical talent necessary for frontier research if our researchers lack access to adequate compute or if we are not perceived as operating at the forefront of model development. Any inability to maintain our position at the frontier could result in loss of customers and revenue, diminished brand and reputation, and a decline in our competitive position, each of which may be difficult to regain. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**如果我们的实际算力需求与我们的预测存在重大差异，我们可能无法获得满足需求的充足算力，或者我们可能已承诺获得过剩算力而该等算力仍未得到充分利用。**

**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.**

算力市场的竞争和结构动态要求我们在日常交付和使用之前数月或数年就做出具有约束力的算力财务承诺。芯片制造商、云服务商（CSP）和数据中心开发商需要提前承诺，以便分配产能、规划基础设施投资并管理其自身供应链。因此，我们必须在部署之前很早就预测算力需求并相应投入资本，而在需求发生变化时调整承诺的能力往往有限。

The competitive and structural dynamics of the compute market require us to make binding financial commitments for compute months or years in advance of our day-to-day delivery and use. Chip manufacturers, CSPs, and data center developers require advance commitments in order to allocate production capacity, plan infrastructure investments, and manage their own supply chains. As a result, we must forecast our compute requirements well in advance of their deployment and commit capital accordingly, often with limited ability to adjust commitments if our needs change.

这些对未来算力使用量的预测本身具有不确定性。我们的实际算力需求取决于众多难以预测的因素，包括我们研究进展的速度、我们开发或采用的训练技术的算力密集程度、竞争格局的变化（这可能要求我们加快或调整开发计划）、客户对推理算力的需求，以及硬件或其他技术效率的演进与变化。如果我们低估了自身的算力需求，我们可能无法获得足够的算力来支撑我们预测的客户需求和模型开发路线图。过去，我们曾大幅低估自身的算力需求，导致我们产能受限，并影响了产品开发和部署。此外，算力上线的时间可能与需求增长的时间并不一致，这可能导致出现算力过剩或利用不足的时期，以及无法立即产生收入的已承诺现金流出。

These forecasts for future compute usage are inherently uncertain. Our actual compute requirements depend on numerous factors that are difficult to predict, including the pace of our research progress, the compute intensity of training techniques we develop or adopt, changes in the competitive landscape that may require us to accelerate or modify our development plans, customer demand for inference compute, and the evolution of hardware or other technological efficiencies and changes. If we underestimate our compute requirements, we may be unable to secure sufficient compute to support our forecasted customer demand and model development roadmap. In the past, we have significantly underestimated our compute requirements, which left us capacity constrained and impacted both product development and deployment. Further, the timing of compute coming online may not align with the timing of demand growth, which could result in periods of excess or underutilized compute and committed cash outflows that do not produce immediate revenue.

我们预测和获取所需算力的能力还进一步受到以下挑战：我们正从仅依赖云端的固定期限安排算力模式，持续转型为混合模式，即包含直接租赁的芯片，这些芯片托管在由我们租赁、按我们的规格代我们运营的专用数据中心设施中。这一转型为我们的采购规划引入了额外变量，包括设施竣工的时间、新投运设施达到满负荷运营产能的速度、我们运营、维护并将本地算力与云端基础设施整合的能力、我们供应商的运营执行情况，以及硬件在新设施环境中的性能表现。为这些设施获取电力、水和其他关键服务方面的延迟，可能进一步放缓新投运算力可供使用的速度。对任何此类转型相关变量的预测出现误差，都可能加剧我们与获取足够算力相关的风险，并在转型期间导致产能短缺或产能利用不足。

Our ability to forecast and secure the compute we need is further challenged by our ongoing transition from a cloud-only, fixed-time arrangement compute model to a hybrid model that includes directly leased chips that are hosted in dedicated data center facilities leased and operated on our behalf, to our specification. This transition introduces additional variables into our procurement planning, including the timing of facility completion, the pace at which newly commissioned facilities achieve full operational capacity, our ability to operate, maintain, and integrate on-premise capacity with cloud-based infrastructure, the operational execution of our suppliers, and the performance of hardware in new facility environments. Delays in securing energy, water, and other critical services for these facilities could further slow the pace at which newly commissioned compute becomes available for use. Errors in forecasting any of these transition-related variables could compound our risks related to securing sufficient compute and result in either capacity shortfalls or underutilized capacity during the transition period.

我们已签订并预计将继续签订算力及其他算力资源的长期协议，这些协议包含最低采购承诺、照付不议条款及其他条款，使我们无论实际使用情况如何均有义务为资源付费。这些承诺构成重大固定义务。截至及自 2026 年 9 月 30 日之后，我们已签订采购承诺和租赁协议，包括短期承诺以及尚未开始的租赁，合计承诺支出超过 $[__]，其中绝大部分与算力及基础设施相关。这些承诺包括预计在 2030 年 12 月 31 日之前发生的约 $[__]，其余绝大部分预计将在 2031 年至 2045 年之间发生。这些承诺中约 $[__] 将在未来 12 个月内到期。更多信息请参见“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——合同义务”一节。

We have entered into, and expect to continue to enter into, long-term agreements for compute and other compute resources that involve minimum purchase commitments, take-or-pay provisions, and other terms that obligate us to pay for resources regardless of actual utilization. These commitments represent substantial fixed obligations. As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ [__] , substantially all of which is related to compute and infrastructure. These commitments include approximately $ [__] expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $ [__] of these commitments are due in the next 12 months. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” for more information.

我们能否履行这些为确保算力而产生的重大且不断增长的财务义务，取决于我们能否实现显著的收入增长。我们必须迅速扩大客户群并提升收入，以产生履行这些承诺所需的现金流。然而，我们的收入主要基于用量消费，其中很大一部分不受长期合同承诺约束，而我们的算力和基础设施承诺通常跨越多年。因此，我们可能基于未必能实现的收入预期而承担这些义务。如果我们的收入增长未能跟上与算力相关的付款义务，如果我们未能成功将算力投资转化为可产生收入的客户工作负载，如果我们未能以可接受的条款筹集额外资本，或者如果我们遭遇影响流动性的其他不利进展，我们可能无法履行这些义务。任何此类失败还可能导致我们违反协议项下的违约、失去对关键资源的访问权限以及声誉受损。特别是，某些商业协议项下的违约可能触发《修订及重述信贷协议》（定义见下文）以及我们某些未偿还可转换本票项下的交叉违约条款，可能导致我们几乎所有未偿债务及任何未来债务被加速到期。此类交叉违约可能引发一连串不利后果，包括多个债权人行使救济措施、关键商业安排终止、针对我们资产的强制执行行动以及严重的流动性限制。我们债务的加速到期，加之失去对关键数据中心基础设施的访问权限等，可能损害我们训练和部署模型、服务客户以及为持续运营提供资金的能力，进而可能对我们的业务、财务状况和经营业绩产生不利影响。更多信息请参见标题为“——我们为运营和发展业务已产生重大债务，包括为我们的重大算力承诺提供资金，而我们偿还该等债务的能力可能受到现金流和流动性的制约”和“——我们可能没有能力在未偿还可转换本票或《修订及重述信贷协议》（视适用情况）条款要求时或在其到期时筹集必要的资金，以现金偿还未偿还可转换本票或《修订及重述信贷协议》的本金和应计利息。”的章节。

Our ability to meet the substantial and growing financial obligations of these requirements to secure compute depends on our ability to generate significant revenue growth. We must grow our customer base and expand revenue rapidly in order to generate the cash flows necessary to satisfy these commitments. However, our revenue is primarily consumption-based, and much of it is not subject to long-term contractual commitments, while our compute and infrastructure commitments generally extend over multiple years. As a result, we may enter into these obligations based on revenue expectations that may not be realized. If our revenue growth does not keep pace with our compute-related payment obligations, if we are unable to successfully convert our compute investment into revenue-generating customer workloads, if we fail to raise additional capital on acceptable terms, or if we experience other adverse developments affecting our liquidity, we may be unable to satisfy these obligations. Any such failure could also result in defaults under our agreements, loss of access to critical resources, and reputational harm. In particular, a default under certain commercial agreements could trigger cross-default provisions under the A&R Credit Agreement (as defined below), and certain of our outstanding convertible promissory notes, potentially resulting in the acceleration of substantially all of our outstanding, and any future, indebtedness. Such cross-defaults could set off a cascading series of adverse consequences, including the exercise of remedies by multiple creditors, the termination of key commercial arrangements, enforcement actions against our assets, and severe liquidity constraints. An acceleration of our indebtedness, combined with the loss of access to critical data center infrastructure, among other things, could impair our ability to train and deploy models, serve customers, and fund ongoing operations, which could have an adverse effect on our business, financial condition, and results of operations. For more information, see the sections titled “—We have incurred significant indebtedness in order to operate and grow our business, including to fund our substantial compute commitments, and our ability to service this indebtedness may be constrained by our cash flows and liquidity” and “—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 by the terms of the notes or the A&R Credit Agreement, as applicable, or at their maturity.”

此外，AI 基础设施、硬件、软件、系统架构和模型开发技术等领域技术变革的快速步伐意味着，今天获得的算力相对于未来的替代方案可能会变得效率更低或经济吸引力更弱。我们可能会发现自己不得不使用较旧一代的硬件和基础设施，而竞争对手则能获得更先进的系统，或者我们可能为市场价值已经下降的资源支付溢价。这些动态可能对我们的成本结构和竞争地位产生不利影响。我们的某些融资安排要求我们就此类安排所融资的算力，与特定芯片供应商签订排他性或优惠性供应承诺。如果我们的需求或技术格局发生变化，这些承诺可能会限制我们将采购转向替代供应商或更新芯片架构的能力，可能使我们受制于对我们实际工作负载需求而言并非最优的平台，并削弱我们根据情况变化调整算力组合的能力。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能会受到不利影响。

Additionally, the rapid pace of technological change across AI infrastructure, hardware, software, system architectures, and model development techniques means that compute secured today may become less efficient or economically attractive relative to future alternatives. We may find ourselves committed to using older-generation hardware and infrastructure while competitors gain access to more advanced systems, or we may be paying premium prices for resources that have declined in market value. These dynamics could adversely affect our cost structure and competitive position. Certain of our financing arrangements require us to enter into exclusive or preferential supply commitments with particular chip suppliers with respect to the compute financed pursuant to such arrangements. These commitments may limit our ability to shift procurement to alternative suppliers or newer chip architectures if our needs or the technology landscape evolve, potentially leaving us committed to platforms that are suboptimal for our actual workload requirements and reducing our ability to adjust our compute portfolio in response to changed circumstances. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**支撑算力的关键投入所面临的制约可能会限制我们获得充足算力的能力。**

**Constraints on the critical inputs supporting compute could limit our ability to secure adequate compute.**

训练和部署前沿模型所需的算力依赖于一条存在多个潜在制约点或故障点的供应链。算力的可用性、定价和交付周期受到先进芯片及其他 IT 设备供应、充足电力及发电和输电所需基础设施的可用性以及数据中心基础设施容量的影响。上述每一项投入都面临重大制约，可能限制我们获得所需算力的能力。此外，算力需求的不断增长已经导致并可能继续导致此类资源成本上升，这可能限制我们按预期速度投资、开发或部署我们的模型、平台和应用程序的能力。

The compute necessary for training and deploying frontier models depends on a supply chain with multiple potential points of constraint or failure. The availability, pricing, and lead times for compute are affected by the supply of advanced chips and other IT equipment, the availability of sufficient electrical power and the infrastructure required to generate and deliver it, and the capacity of data center infrastructure. Each of these inputs faces significant constraints that may limit our ability to secure the compute we need. In addition, increasing demand for compute has contributed to, and may continue to contribute to, increases in the cost of such resources, which could limit our ability to invest in, develop, or deploy our models, platform, and applications at the pace we anticipate.

芯片、内存和数据中心设备的供应与集中度

Supply and Concentration of Chips, Memory, and Data Center Equipment

AI 工作负载所需的专用芯片，尤其是高性能 AI 加速器和内存，由数量有限的制造商生产。先进芯片的生产极其复杂，需要处于技术能力最前沿的制造工艺。

The specialized chips required for AI workloads, particularly high-performance AI accelerators and memory, are produced by a limited number of manufacturers. The production of advanced chips is extraordinarily complex, requiring manufacturing processes at the leading edge of technological capability.

全球大多数最先进的芯片制造产能集中于台湾，主要集中在台积电（Taiwan Semiconductor Manufacturing Company，“TSMC”）。这种地理集中带来了重大风险，包括面临地震和台风等自然灾害的风险、台湾与中国之间地缘政治紧张局势可能造成的中断、台湾电网、供水或其他关键基础设施任何中断的脆弱性，以及易受不断演变的贸易法规和限制的影响。任何军事冲突、关税和贸易限制、经济胁迫、封锁、自然灾害或其他影响台湾的事件，都可能严重扰乱全球先进芯片供应，鉴于建设并验证替代性晶圆厂所需的时间，其影响可能持续数年。在台湾以外（包括美国）建立足够先进芯片制造产能的努力仍处于早期阶段，在可预见的未来可能无法产出足够的算力以实质性降低这些集中风险。此外，由于对先进芯片制造的需求，台积电有时无法完全满足市场对芯片制造产能的需求，因此我们并非总能及时获得足够数量的芯片。相应地，来自台湾或台积电的先进芯片供应的任何限制或延迟，都将对我们的业务、财务状况和经营业绩产生不利影响。

The majority of the world’s most advanced chip manufacturing capacity is concentrated in Taiwan, primarily at Taiwan Semiconductor Manufacturing Company (“TSMC”). This geographic concentration creates significant risks, including exposure to natural disasters such as earthquakes and typhoons, potential disruption from geopolitical tensions between Taiwan and China, vulnerability to any interruption in Taiwan’s power grid, water supply, or other critical infrastructure, and susceptibility to developing trade regulations and restrictions. Any military conflict, tariffs and trade restrictions, economic coercion, blockade, natural disaster, or other incident affecting Taiwan could severely disrupt the global supply of advanced chips, with effects that could persist for years given the time required to construct and qualify alternative fabrication facilities. Efforts to establish sufficient advanced chip manufacturing capacity outside of Taiwan, including in the United States, remain in early stages and may not produce adequate compute to materially reduce these concentration risks within the foreseeable future. In addition, due to the demand for advanced chip manufacturing, TSMC has, at times, been unable to fully satisfy market demand for chip manufacturing capacity, and as a result, we have not always been able to obtain sufficient quantities of chips on a timely basis. Accordingly, any restrictions or delays on the supply of advanced chips out of Taiwan or TSMC would adversely affect our business, financial condition, and results of operations.

此外，高带宽内存（高性能 AI 加速器的关键组件）以及用于算力基础设施的其他高性能内存产品，主要由 SK hynix Inc.、Samsung Electronics Co. 和 Micron Technology, Inc. 生产。这些制造商均在努力扩大产能以满足需求。然而，无法保证这些努力能够足够快地形成充足供应以满足需求，尤其是如果大客户或竞争对手获得独家供应承诺或以其他方式预订了某制造商几乎全部可用产能。

In addition, both high bandwidth memory, which is a key component in high performance AI accelerators, and other high performance memory products used in compute infrastructure, are largely manufactured by SK hynix Inc., Samsung Electronics Co., and Micron Technology, Inc. Each of these manufacturers is working to expand its production capacity to meet demand. However, there is no guarantee that these efforts will result in adequate supply fast enough to meet demand, particularly if large customers or competitors secure exclusive supply commitments or otherwise reserve substantially all of a manufacturer’s available production capacity.

制造供应环节的集中度与约束使我们面临如下风险：制造商可能作出分配决策或战略调整，从而对我们获取业务所需先进芯片造成不利影响。我们还面临专用芯片可能存在缺陷，或其生产或交付可能延迟或中断的风险；鉴于更换周期较长，这可能限制可用算力，并对我们的运营和扩展能力造成不利影响。我们及合作伙伴所依赖的组件中，有相当一部分来自美国境外或在美国境外制造，新增或提高的关税、进口限制或贸易争端可能导致交付延迟、迫使供应链调整或抬高我们的成本，其中部分成本根据转嫁安排由我们直接承担。更多信息请参见标题为“——政府贸易管制，包括出口和进口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失合同权利，或限制我们在某些市场的竞争能力”的章节。

The concentration and constraints in manufacturing supply expose us to the risk that manufacturers may make allocation decisions or strategic shifts that adversely affect our access to the advanced chips needed for our business. We also face risks that specialized chips may contain defects, or that their production or delivery may be delayed or disrupted, which, given long replacement lead times, could constrain available compute and adversely affect our operations and ability to scale. A meaningful portion of the components we and our partners rely on is sourced from or manufactured outside of the United States, and new or increased tariffs, import restrictions, or trade disputes could delay deliveries, force supply-chain changes, or raise our costs, some of which we bear directly under pass-through arrangements. For more information, see the section titled “—Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets.”

我们还依赖第三方芯片设计和服务公司为某些定制加速器平台提供设计、制造和支持，以及相关基础设施融资安排。这些关系的中断，或这些方未能按预期时间表和规格交付硬件或服务，可能对我们所依赖的加速器平台的可用性、性能或成本造成不利影响[__]。

We also depend on third-party chip design and services companies for the design, manufacture, and support of certain custom accelerator platforms, as well as for related infrastructure financing arrangements. Disruption to these relationships, or any failure by these parties to deliver hardware or services on expected timelines and specifications, could adversely affect the availability, performance, or cost of accelerator platforms on which we rely [__] .

数据中心还需要电力、发电和输电设备、冷却系统、备用发电机以及网络硬件，其中部分设备仅由少数几家制造商生产，必须提前数年订购，并且需要支付大额预付款，若我们的计划发生变化，这些预付款可能无法收回。此外，随着数据中心运营商和其他大型用电消费者需求的增长，某些设备（如高压变压器、开关设备、涡轮机、发电机、变电站和输电组件）一直面临交付周期延长、价格上涨、关税和国家安全要求以及分配限制等问题。如果此类设备延迟交付或无法获得，我们可能只能以更高的价格或在更不利的长期承诺下进行替换。为了确保近期获得算力，我们还可能选择或被要求以高于现行市场价格的价格采购长交付周期的发电和电气设备，期望其能够加速部署以在近期释放产能。支付此类价格能否带来收益，取决于相关设施能否及时、成功地完成工程、采购和建设，而这需要目前供不应求的专业技术，并涉及重大执行风险。延迟、成本超支或未能按预期时间表获得能源，可能意味着我们无法获得为此类价格所支付的能源和产能。在某些情况下，这些安排还取决于开发商或其他交易对手同意以此类价格购买设备、为此类采购提供融资，并在一段时间内从我方收回这些成本及相关融资成本，而即使底层产能延迟或从未实现，我们仍可能承担这些成本。我们的设备供应框架协议及类似安排可能使我们面临进一步风险，包括最低采购或照付不议承诺、价格升级，以及我们无法与实际部署需求相匹配的义务。

Data centers also require electrical, generation, and transmission equipment, cooling systems, backup generators, and networking hardware, some of which are made by only a few manufacturers, must be ordered years in advance, and require substantial pre-delivery payments that we may not recover if our plans change. In addition, certain equipment, such as high-voltage transformers, switchgear, turbines, generators, substations, and transmission components, has been subject to extended delivery timelines, price increases, tariffs and national security requirements, and allocation constraints as demand from data center operators and other large electricity consumers has grown. If such equipment is delayed or unavailable, we may be able to replace it only at higher prices or under less favorable long-term commitments. In order to secure near-term access to compute, we may also elect, or be required, to procure long-lead-time generation and electrical equipment at prices above prevailing market rates on the expectation that it can be deployed on an accelerated timeline to unlock capacity in the near term. Realizing the benefit of paying such prices depends on the timely and successful engineering, procurement, and construction of the associated facilities, which requires specialized expertise that is currently in short supply and involves significant execution risk. Delays, cost overruns, or failure to secure energy on the anticipated schedule could mean that we do not obtain the energy and capacity for which we paid such prices. In some cases, these arrangements also depend on a developer or other counterparty agreeing to purchase the equipment at such prices, finance such purchase, and recover those costs and associated financing costs from us over time, and we may bear these costs even if the underlying capacity is delayed or never realized. Our equipment supply framework agreements and similar arrangements may expose us to further risks, including minimum purchase or take-or-pay commitments, price escalation, and obligations that we are unable to align with our actual deployment needs.

此外，美国政府已经实施并可能继续实施出口管制，限制向包括中国在内的某些国家销售先进芯片和芯片制造设备。这些限制已影响全球芯片及相关设备的供应分配，出口管制政策的未来变化可能影响我们所依赖的算力资源的可用性或定价。未来的出口管制可能更加严格，例如对先进芯片可安装的国家或模型权重可存储的国家施加限制，这可能限制我们或我们的合作伙伴建设数据中心的地点，制约我们的国际扩张，或增加我们的成本。

Additionally, the U.S. government has imposed and may continue to impose export controls restricting the sale of advanced chips and chip manufacturing equipment to certain countries, including China. These restrictions have affected global chip and related equipment supply allocation, and future changes in export control policy could affect the availability or pricing of the compute resources on which we rely. Future export controls could be more restrictive, for example, by placing restrictions on the countries in which advanced chips may be installed or in which model weights may be stored, which could limit where we or our partners are able to build data centers, constrain our international expansion, or increase our costs.

电力与燃料限制

Electrical Power and Fuel Constraints

以前沿 AI 开发和部署所需规模运营数据中心会消耗大量电力。充足电力的可获得性已成为包括美国在内的许多地区数据中心开发和扩建的重大制约因素。美国及其他国家的电网基础设施在设计之初并未考虑满足 AI 开发相关的需求快速增长，而建设新增发电容量、输电基础设施和电网互联所需的交付周期可能长达数年。同时，随着住宅、车辆和工业电气化程度提高，对电网基础设施的需求也在增加，而这种不断增长的需求出现之际，新增发电容量、输电扩建和电网现代化工作未能同步跟上，且部分现有发电资源正在退役，所有这些都导致某些地区电价上涨和并网时间延长。我们已公开承诺承担因我们的数据中心导致的消费者电价上涨成本，包括电力本身成本以及输送电力所需的基础设施成本。

The operation of data centers at the scale required for frontier AI development and deployment consumes substantial quantities of electrical power. The availability of sufficient electrical power has emerged as a significant constraint on data center development and expansion in many geographies, including the United States. Electrical grid infrastructure in the United States and other countries was not designed to accommodate the rapid increase in demand associated with AI development, and the lead times required to build new generation capacity, transmission infrastructure, and grid interconnections can extend for years. Demand on electric grid infrastructure is also increasing as a result of the increased electrification of homes, vehicles, and industry, and this growing demand is occurring at a time when power generation capacity additions, transmission expansion, and grid modernization efforts have not kept pace and certain existing generation resources are being retired, all of which has contributed to higher electricity prices and longer interconnection timelines in certain regions. We have publicly committed to covering the cost of electricity price increases to consumers caused by our data centers, including both the cost of electricity itself and the infrastructure necessary to deliver it.

我们获取电力还取决于我们以及我们为数据中心设施的建设、管理和运营所依赖的第三方，能否与公用事业供应商和电网运营商谈判并维持合同，以及能否获得公共事业委员会和其他监管机构的批准。这些相关方可能无法或不愿批准，或可能对支持数据中心增长所需的并网、容量扩容、特殊或协商费率安排以及基础设施投资附加条件或予以拖延，或仅在限制某些设施经济效率与可行性的成本水平上予以批准，例如要求我们承担超出服务我们设施所应承担范围的电网升级或互联成本——这比现行或以往监管框架下所要求的成本份额更大。在许多地区，大型新增电力负荷的并网排队也大幅延长，这可能延迟或限制我们获取电网电力。公用事业供应商和监管机构还可能重新分配我们数据中心设施可能需要的此前已承诺容量。在许多司法管辖区，单一公用事业供应商对我们数据中心设施供电所需服务的条款、时间和成本以及基础设施拥有实质性控制权。公用事业供应商的商业和监管优先事项可能与我们不同，包括在哪些基础设施投资、其成本如何分摊，以及是否允许替代或自供电发电安排及在何种条件下允许等方面。公用事业供应商和其他利益相关方还可能寻求影响大型电力负荷、自供电或替代发电安排的监管或立法措施。我们与公用事业相关的谈判和监管程序的结果具有不确定性，不利结果可能增加我们的成本、延迟我们的项目或限制我们可用的替代方案。更广泛而言，与成本分摊、费率设计及大型电力负荷处理相关的监管程序正在众多司法管辖区进行，不利结果、政策变化或对数据中心施加新的电价、附加费或限电义务，可能增加我们的成本或限制我们获取电力。

Our access to electrical power also depends on our ability, and the ability of the third parties on which we rely for the construction, management, and operation of our data center facilities, to negotiate and maintain contracts with utility providers and grid operators and to obtain approvals from public utility commissions and other regulators. These parties may be unable or unwilling to approve, or may condition or delay, the connections, capacity expansions, special or negotiated rate arrangements, and infrastructure investments necessary to support data center growth, or may grant them only at costs that limit the economic efficiency and viability of certain facilities, such as by requiring us to bear grid upgrade or interconnection costs beyond those attributable to serving our facilities—representing a larger share of costs than is required under existing or prior regulatory constructs. Interconnection queues for large new electricity loads have also lengthened substantially in many regions, which could delay or limit our access to grid power. Utility providers and regulators may also reallocate previously committed capacity that our data center facilities may require. In many jurisdictions, a single utility provider has substantial control over the terms, timing, and cost of the service and infrastructure necessary to power our data center facilities. The commercial and regulatory priorities of utility providers may differ from ours, including with respect to which infrastructure investments are made, how their costs are allocated, and whether alternative or self-supplied generation arrangements are permitted and on what conditions. Utility providers and other stakeholders may also seek regulatory or legislative measures affecting large electricity loads, self-supply, or alternative power generation arrangements. The outcomes of our negotiations and regulatory proceedings involving utilities are uncertain, and unfavorable results could increase our costs, delay our projects, or limit the alternatives available to us. More broadly, regulatory proceedings relating to cost allocation, rate design, and the treatment of large electricity loads are ongoing in numerous jurisdictions, and adverse outcomes, changes in policy, or the imposition of new tariffs, surcharges, or curtailment obligations applicable to data centers could increase our costs or limit our access to electrical power.

此外，我们所依赖的发电和输电基础设施的建设本身即属资本密集型，并面临劳动力短缺、供应链中断、许可延迟、利率变化、关税、其他成本超支以及融资约束等风险。为这些发电、输电及相关基础设施投资提供资金所需的巨额且不断增加的资本——无论是由我们、我们的公用事业和能源供应商，还是我们的数据中心开发合作伙伴承担——都对现行利率以及能否以可接受的条件获得债务或股权融资十分敏感。我们的合作伙伴若无法在需要时获得资本，以及此类资本所受的限制、成本及竞争，可能推高我们所依赖的电力成本、导致项目延迟或停滞，或使某些设施在商业上不可行；且根据我们的某些安排，我们直接或通过转嫁方式承担这些融资和资本成本。此外，太阳能、风能、电池储能、核能和地热能等较新的发电来源，可能无法按我们所需的数量或时间表提供，或只能以更高成本获得。我们的设施还分别依赖于获得可靠的冷却用水，而在某些地区，水资源稀缺、受使用限制或成本日益高昂。上述任何情况都可能对我们所需电力或水的可获得性产生不利影响、增加我们的成本，或限制我们开发、扩建或运营数据中心设施的能力，进而可能对我们的业务、财务状况和经营业绩产生不利影响。

In addition, the construction of the generation and transmission infrastructure on which we depend is itself capital-intensive and exposed to labor shortages, supply chain disruptions, permitting delays, changes in interest rates, tariffs, other cost overruns, and financing constraints. The significant and increasing capital required to fund these generation, transmission, and related infrastructure investments, whether incurred by us, our utility and energy supply providers, or our data center development partners, is sensitive to prevailing interest rates and the availability of debt or equity financing on acceptable terms. Any inability of our partners to access capital when needed, and the limitations, cost, and competition for such capital, could increase the cost of the power on which we depend, delay or halt projects, or render certain facilities commercially unviable, and under certain of our arrangements, we bear these financing and capital costs directly or on a pass-through basis. Furthermore, newer sources of generation, such as solar, wind, battery storage, nuclear, and geothermal power, may not be available in the quantities or on the timelines we require, or may be available only at higher cost. Our facilities separately depend on access to reliable water for cooling, which in some regions is scarce, subject to use restrictions, or increasingly costly. Any of the foregoing could adversely affect the availability of the power or water we require, increase our costs, or limit our ability to develop, expand, or operate our data center facilities, which could adversely affect our business, financial condition, and results of operations.

争夺电力供应充足的数据中心选址及接入电力资源的竞争十分激烈，我们需与资金雄厚的云服务商（CSP）（其中部分亦生产并开发竞争性 AI 模型）、加密货币挖矿业务及其他大规模用电主体争夺此类资源。除电网供电外（有时甚至取代电网供电），越来越多的数据中心在开发时配套建设专用现场发电设施，直接向数据中心供电，不依赖任何公用事业运营的电网。此类离网发电解决方案的可靠性因底层技术、所用设备及运营方而异，并将体现各站点自身的运营与环境特征。开发此类新增发电能力又需要发电及电力基础设施，而这些基础设施本身也面临供应挑战与运营复杂性。例如，我们部分规划中的数据中心设施依赖专用现场天然气发电，这使我们面临燃料价格波动及供应中断风险，此类风险超出我们的控制范围，且相关成本由我们以转嫁方式承担。此类设施还受制于管道容量及输送天然气所需的稳定燃料运输能力的约束。随着数据中心运营商日益依赖天然气发电，且鉴于适用监管框架，表后（behind-the-meter）及现场供电安排仅在部分司法辖区可行，我们预计上述地区内用户之间对同一天然气供应及管道容量的竞争将加剧。此类竞争可能推高上述地区的天然气价格，并可能对我们签订稳定燃料供应及运输合同、以及获取设施所需管道连接及支线的能力产生不利影响。

Competition for access to electrical supply and data center locations with adequate power availability is intense, and we compete for such access with well-capitalized CSPs, some of which produce and develop competing AI models, cryptocurrency mining operations, and other large-scale electricity consumers. In addition to, or sometimes in lieu of, grid-based electricity, an increasing share of data centers are being developed with dedicated on-site power generation capacity that supplies electricity directly to the facility independent of any utility-operated electric grid. The reliability of such off-grid power generation solutions varies by the underlying technology, the equipment used, and the operator and will reflect site-by-site operational and environmental profiles. Development of this new capacity in turn requires power generation and electrical infrastructure that are themselves subject to supply challenges and operational complexity. For example, certain of our planned data center facilities rely on dedicated on-site natural gas-fired generation, which exposes us to fuel price volatility and supply disruptions that are outside of our control and for which we bear the cost on a pass-through basis. These facilities are also subject to constraints on pipeline capacity and firm fuel transportation necessary to deliver natural gas. As data center operators increasingly rely on natural gas-fired generation, and because behind-the-meter and on-site arrangements are feasible only in some jurisdictions given the applicable regulatory frameworks, we expect increased competition among users for the same natural gas supply and pipeline capacity in those areas. This competition could drive up the price of natural gas in such areas and may adversely affect our ability to contract for firm fuel supply and transportation and to secure the pipeline connections and laterals our facilities require.

上述动态带来若干相关风险。我们可能在设施开发期间无法获得稳定的天然气供应及运输，导致规划选址被延迟或放弃；设施投入运营后，我们可能面临燃料供应或交付中断；且由于我们的安排通常规定燃料及相关成本由我们以转嫁方式承担且不设成本上限，我们仍面临天然气及其运输成本上涨的风险。更广泛而言，电力成本存在重大波动性，且在很大程度上超出我们的控制范围，因为批发电价会随供需变化、天气、燃料价格、关税或附加费以及电网压力而波动，并可能在需求高峰或供应受限期间急剧上涨，此类能源成本上涨可能对我们的经营业绩产生不利影响。

These dynamics present several related risks. We may be unable to secure firm gas supply and transportation during the development of a facility, causing a planned site to be delayed or abandoned; we may face fuel supply or delivery disruptions once a facility is operating; and because our arrangements generally provide for fuel and related costs to be borne by us on a pass-through basis without cost caps, we remain exposed to increases in the cost of natural gas and its transportation. More broadly, the cost of electricity is subject to significant variability that is largely outside of our control, as wholesale electricity prices fluctuate with changing supply and demand, weather, fuel prices, tariffs or surcharges, and grid stress, and can rise sharply during periods of peak demand or constrained supply, and such increases in energy costs could adversely affect our results of operations.

在某些地区，包括我们已签约算力承诺的某些地区，数据中心开发已就环境影响、土地与水资源使用以及有限电力资源的分配引发公众争议和监管审查。例如，如果我们获取电力的努力被认为会影响其他公用事业客户和更广泛的电网，监管机构可能施加条件、备用费用或其他旨在应对此类影响的要求。更广泛而言，我们获取电力须遵守一个不断演变的监管框架，该框架具有复杂性、管辖权重叠的特点，且其规则在很大程度上是围绕现有公用事业提供商的供电服务和现有发电安排设计的，可能难以容纳新进入者或替代方案，这可能导致我们所需的发电项目出现重大延误或无法开发。例如，并网电力供应须受联邦和州能源监管机构、区域电网运营商和公共事业委员会的管辖，而表后和现场发电则须遵守一套不同的独家服务特许保护、许可、环境、空气质量、互联和选址要求。此外，适用于发电的环境标准持续演变，包括因政府优先事项变化以及公众和政治对气候变化及各类发电来源适当处理方式的看法转变所致。任何未能获得充足电力供应、任何限制电力供应的法律、监管或其他行政行动或变化，或任何能源或合规成本的显著增加，都可能对我们的成本结构产生不利影响，并限制我们扩展算力基础设施、开发和部署模型以及服务客户的能力。我们已作出、且未来可能作出自愿承诺，以抵消数据中心能耗对当地社区和电费缴纳者的影响，包括承诺承担电网基础设施升级成本、采购新的发电以匹配我们的能源需求、投资于削减系统以减少高峰需求期间电网压力，以及应对环境影响。这些承诺已增加、且我们预计将继续增加我们的运营成本。此外，我们认为这是 AI 行业更广泛新兴趋势的一部分，此类承诺或类似义务可能日益成为标准或必需，这可能进一步增加我们的成本。此外，气候变化的物理影响可能随时间推移增加我们的运营成本，因为平均气温升高可能增加我们依赖的设施冷却设备所需的电力消耗和用水量。

In some regions, including certain regions where we have contracted compute commitments, data center development has prompted public controversy and regulatory scrutiny regarding environmental impact, land and water use, and the allocation of limited power resources. For example, if our efforts to secure electrical power are perceived to affect other utility customers and the broader grid, regulators may impose conditions, standby charges, or other requirements intended to address such impacts. More broadly, our access to electrical power is subject to an evolving regulatory framework characterized by complexity, jurisdictional overlap, and rules that were largely designed around service by incumbent utility providers and existing generation arrangements and that may not readily accommodate new entrants or alternative approaches, which can result in significant delay or prevent the development of the generation we require. Grid-tied electrical supply, for instance, is subject to the jurisdiction of federal and state energy regulators, regional grid operators, and public utility commissions, while behind-the-meter and on-site generation is subject to a distinct set of exclusive service franchise protections, permitting, environmental, air quality, interconnection, and siting requirements. In addition, environmental standards applicable to power generation continue to evolve, including as a result of changing governmental priorities and shifting public and political views regarding climate change and the appropriate treatment of various power generation sources. Any failure to secure access to adequate electrical power, any legal, regulatory, or other administrative action or change limiting the availability of electricity, or any significant increase in energy or compliance costs, could adversely affect our cost structure and limit our ability to scale our compute infrastructure, develop and deploy our models, and service our customers. We have also made, and may in the future make, voluntary commitments to offset the impact of our data center energy consumption on local communities and electricity ratepayers, including commitments to cover grid infrastructure upgrade costs, procure new power generation to match our energy needs, invest in curtailment systems to reduce strain on the grid during peak demand periods, and address environmental impacts. These commitments have increased, and we expect will continue to increase, our operating costs. Moreover, we believe this is part of a broader emerging trend in the AI industry, and such commitments, or similar obligations, may become increasingly standard or required, which could further increase our costs. In addition, the physical effects of climate change may increase our operating costs over time, as higher average temperatures can increase the power consumption and water usage required to cool equipment at the facilities on which we depend.

数据中心基础设施

Data Center Infrastructure

即使芯片和电力可用，数据中心设施的建设仍需要大量时间、资金和专业能力。数据中心建设涉及漫长的许可审批流程、专用设备的复杂供应链，以及冷却系统、电力基础设施和网络设备安装与调试的较长交付周期。劳动力短缺（包括电工、设施技术人员及其他熟练技工的短缺和竞争）、供应链中断、许可延迟及其他因素，都可能延长建设周期并增加成本。此外，鉴于数据中心开发项目需要与特定终端用户作出提前且重大的资本承诺，我们在某些情况下已经依赖、并预计将继续依赖融资安排，或依赖由合作伙伴担保租赁义务的安排，以支持预计将承载该合作伙伴芯片或计算基础设施的数据中心产能的开发。此外，具备我们所要求专业知识、并能支持我们希望实施的特定基础设施的合格第三方供应商数量有限。因此，我们依赖数量有限的第三方来建设、管理和运营我们的部分数据中心设施，其中一些第三方运营历史有限，或在运营我们业务所需规模和复杂度的数据中心基础设施方面经验较少。在某些情况下，这些第三方运营商由我们的芯片合作伙伴培训或监督，以代表我们管理设施，但它们并非这些合作伙伴的关联方，可能不具备同等深度的专业知识、运营韧性或资源。这些第三方运营商若未能按预期履约，可能扰乱我们获取算力的渠道。此外，为我们建设或运营的设施若发生安全或环境事件，无论原因如何，都可能使我们面临索赔、罚款或建设或运营被暂停，相关成本可能由我们承担。我们还依赖由供应商、建设商和设施运营商组成的广泛网络。如果其中任何一方从事不安全、违法或违反我们或合作伙伴所要求的劳工、人权、环境或其他标准的行为，我们可能面临法律责任、失去使用受影响供应商或设施的能力，并遭受声誉损害，即使我们并未指示或知悉该等行为。

Even where chips and electrical power are available, the development of data center facilities requires substantial time, capital, and specialized expertise. Data center construction involves lengthy permitting processes, complex supply chains for specialized equipment, and significant lead times for the installation and commissioning of cooling systems, electrical infrastructure, and networking equipment. Labor shortages, including shortages of, and competition for, electricians, facility technicians, and other skilled tradespeople, supply chain disruptions, permitting delays, and other factors can extend construction timelines and increase costs. Further, given data center development projects require advanced and significant capital commitments with dedicated end users, we have in some cases relied, and expect to continue to rely, on arrangements for financing or with partners who guarantee the lease obligations to support the development of data center capacity that is expected to host such partner’s chips or computing infrastructure. In addition, there are a limited number of qualified third-party vendors with the expertise we require and that support the particular infrastructure we wish to implement. Accordingly, we rely on this limited number of third parties for the construction, management, and operation of certain of our data center facilities, some of which have limited operating history or may have less experience operating data center infrastructure at the scale and complexity our operations require. In certain cases, these third-party operators are trained or supervised by our chip partners to manage facilities on our behalf but are not affiliates of those partners and may not have the same depth of expertise, operational resilience, or resources. Any failure by these third-party operators to perform as expected could disrupt our access to compute. In addition, safety or environmental incidents at facilities built or operated for us, whatever their cause, could expose us to claims, fines, or suspensions of construction or operations, the costs of which we may bear. We also depend on an extended network of suppliers, builders, and facility operators. If any of them engage in practices that are unsafe, unlawful, or contrary to the labor, human rights, environmental, or other standards we or our partners require, we could face legal liability, lose the ability to use affected suppliers or facilities, and suffer harm to our reputation, even where we did not direct or know of the conduct.

我们整体的数据中心基础设施目前主要集中在美国，这使我们面临与地区监管变化、电网限制或故障、设施之间网络连接中断、自然灾害、物理攻击（包括出于地缘政治事件、反对 AI 以及反对数据中心开发等动机的攻击）以及其他可能影响多个设施的干扰相关的风险。美国某些州、地方和市政辖区也正在考虑或已批准暂停新建数据中心，理由是公共卫生、安全和环境方面的担忧。此类辖区以及其他监管机构、电网运营商或公用事业公司还可能采取其他措施，在电网承压期间对包括数据中心在内的电力大负荷用户实施限电、中断、强制削减、断电或其他限制，无论是通过法律或政策变化、市场或可靠性约束、输配电基础设施限制，还是出于保护其他公用事业客户和更广泛电网的优先考虑。在并网发电不足以可靠供应现有和新增电力负荷的地区，电网新增的大负荷可能日益面临强制限电。例如，纽约州和得克萨斯州等州近期已采取措施监管大型数据中心，纽约州暂停了新建大型设施的州级许可审批，得克萨斯州则在电网紧急情况下对电力大负荷实施限电或断电。此类暂停令或类似行动可能延迟或阻止我们赖以获取算力的设施的建设和扩建。反对数据中心开发的声浪在各辖区也变得更加有组织和协调，而我们的公众知名度可能使与我们相关的项目尤其受到关注。任何主要设施的损失或重大中断，可能无法由我们剩余或未来的基础设施轻易消化。作为分散基础设施布局、降低因大部分算力基础设施在美国运营而带来的集中度风险以及支持我们国际增长战略的努力的一部分，我们正在国际上扩展数据中心容量，包括就多个美国以外辖区的数据中心设施签订意向书并谈判租赁及相关协议，这使我们面临与外国监管要求和审批、数据主权和本地化法律、政府访问或协助要求、跨境数据传输限制、外国税收制度以及运营复杂性增加相关的额外风险。我们能否就美国以外辖区的数据中心容量和运营签订最终协议，取决于当地子公司的及时设立、注册和获得政府批准，以及当地银行安排的建立，而完成这些步骤的任何延迟或失败都可能延迟或阻止我们降低基础设施集中度风险、执行国际增长战略、确保计划中的算力容量，或可能导致大量额外税费、罚款或其他责任。此外，许多辖区的监管、法律和其他限制可能限制我们实际选址或签约数据中心容量的地点，这可能制约我们按当前预期的速度或广度分散基础设施布局的能力。

Our collective data center infrastructure is currently concentrated primarily in the United States, which exposes us to risks associated with regional regulatory changes, power grid constraints or failures, disruptions to network connectivity between facilities, natural disasters, physical attacks—including those motivated by geopolitical events, opposition to AI, and opposition to data center development—and other disruptions that could affect multiple facilities. Certain state, local, and municipal jurisdictions in the United States are also considering or have approved moratoriums on new data center construction, citing public health, safety, and environmental concerns. Such jurisdictions and other regulators, grid operators, or utilities may also adopt other measures that subject users of large electricity loads, including data centers, to curtailment, interruptions, forced reductions, disconnection, or other restrictions during periods of grid stress, whether through changes in law or policy, market or reliability constraints, limits on transmission and distribution infrastructure, or a preference for protecting other utility customers and the broader grid. New large loads on the electrical grid may be increasingly subject to mandatory curtailment in regions where there is insufficient grid-connected power generation to reliably supply existing and new electricity loads. For example, states such as New York and Texas have recently moved to regulate large-scale data centers, whether by pausing state permitting for new large facilities, as New York has, or by subjecting large electricity loads to curtailment or disconnection during grid emergencies, as Texas has. Such moratoriums, or similar actions, could delay or prevent the construction or expansion of facilities on which we depend for compute. Opposition to data center development has also become more organized and coordinated across jurisdictions and our public profile may draw particular attention to projects associated with us. The loss of, or a significant disruption at, any major facility may not be readily absorbed by our remaining or future infrastructure. We are expanding our data center capacity internationally as part of our efforts to diversify our infrastructure footprint and reduce concentration risks associated with operating a significant portion of our compute infrastructure in the United States and to support our international growth strategy, including by entering into letters of intent and negotiating lease and related agreements for data center facilities in multiple non-U.S. jurisdictions, which exposes us to additional risks related to foreign regulatory requirements and approvals, data sovereignty and localization laws, governmental access or assistance requirements, cross-border data transfer restrictions, foreign tax regimes, and increased operational complexity. Our ability to enter into definitive agreements for data center capacity and operations in non-U.S. jurisdictions depends on the timely formation, registration, and receipt of governmental approval of local subsidiaries, as well as the establishment of local banking arrangements, and any delay or failure in completing these steps could delay or prevent us from mitigating our infrastructure concentration risks, executing our international growth strategy, securing planned compute capacity, or could result in substantial additional taxes, penalties, or other liabilities. In addition, regulatory, legal, and other constraints in many jurisdictions may limit the locations in which we can practically site or contract for data center capacity, which could constrain our ability to diversify our infrastructure footprint as quickly or as broadly as we currently intend.

我们和我们的主要竞争对手依赖基本相似的投入要素来开发和部署前沿模型，包括从少数供应商处采购的先进芯片，以及从云服务商（CSP）和其他第三方获取的数据中心容量和算力。随着我们和竞争对手日益追求垂直整合，竞争基础可能随时间推移而转变，不仅包括哪家公司能开发出能力最强的模型，还包括哪家公司能开发出最好的底层组件。我们未来的竞争力可能部分取决于我们能否以有竞争力的条款和时间表成功开发垂直整合的算力基础设施，且无法保证我们能够做到这一点。我们的竞争对手可能处于更有利的地位，或可能投入更大的努力，在算力供应链上实现垂直整合，包括通过专有芯片设计、制造、拥有或长期控制数据中心基础设施、获得专用发电资产、与硬件制造商达成独家供应安排，或抢先锁定适合大规模数据中心开发的有限场地。成功控制更多这些供应链层级的竞争对手可能能够以比我们更大的规模、更低的成本或更高的可靠性获得算力，尤其是在需求旺盛或供应受限的时期，此时自有供应关系可能相对于依赖第三方供应商的参与者赋予某些优势。此类竞争对手还可能开发专有的软硬件协同设计，针对其特定模型架构优化算力效率，这可能在 successive 模型版本中进一步扩大任何能力差距。尽管我们正在推进开发专用数据中心基础设施的举措，但无法保证这些努力将按我们预期的时间表或成本完成，也无法保证它们足以抵消垂直整合竞争对手可能取得的任何结构性优势。在这些努力中取得成功的竞争对手可能处于更有利的地位，无论更广泛的市场约束如何，都能保持在 AI 前沿。

We and our principal competitors rely on substantially similar inputs to develop and deploy frontier models, including advanced chips sourced from a small number of suppliers and data center capacity and compute obtained from CSPs and other third parties. As we and our competitors increasingly pursue vertical integration, the basis of competition could shift over time to encompass not only which company can develop the most capable models, but also which company can develop the best underlying components. Our future competitiveness may depend in part on our ability to successfully develop vertically integrated compute infrastructure on competitive terms and timelines, and there can be no assurance that we will be able to do so. Our competitors may be better positioned, or may invest greater efforts, to vertically integrate across the compute supply chain, including through proprietary chip design, fabrication, ownership or long-term control of data center infrastructure, access to dedicated power generation assets, exclusive supply arrangements with hardware manufacturers, or by securing the limited sites suitable for large-scale data center development ahead of us. Competitors that succeed in controlling a greater share of these supply chain layers may be able to secure compute at greater scale, lower cost, or with greater reliability than we can, particularly during periods of high demand or supply constraint, when captive supply relationships may confer certain advantages over participants that depend on third-party providers. Such competitors may also develop proprietary hardware-software co-designs that optimize compute efficiency for their specific model architectures, which could compound any capability gap across successive model versions. While we are pursuing initiatives to develop dedicated data center infrastructure, there can be no assurance that these efforts will be completed on the timelines or at the costs we anticipate, or that they will be sufficient to offset any structural advantages that vertically integrated competitors may achieve. Competitors that succeed in these efforts may be better positioned to remain at the frontier of AI regardless of broader market constraints.

影响这些投入要素生产地区或我们设施所在地区的自然灾害、极端天气或其他中断，可能进一步制约我们所依赖的芯片、电力、水或数据中心容量的可用性。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能受到不利影响。

Natural hazards, extreme weather, or other disruptions affecting the regions where these inputs are produced or where our facilities are located could further constrain the availability of chips, power, water, or data center capacity on which we depend. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**我们高度依赖联合创始人、高级管理团队和关键技术员工的持续服务，任何这些人员的流失都可能对我们的业务、财务状况和经营业绩产生不利影响。**

**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.**

我们在很大程度上依赖于我们的首席执行官、总裁、联合创始人、高级管理团队和核心技术团队的持续服务。特别是，我们的首席执行官和总裁对于制定我们的战略方向、推进我们的研究议程、塑造我们的安全与治理框架以及总体推进我们的使命至关重要，我们认为他们的领导难以替代。如果其中任何一位因任何原因无法履职，或者其中任何一位的声誉受到重大损害（无论是否有正当理由），都可能对我们的运营和竞争地位、员工士气、员工留任、创新步伐、客户和合作伙伴对我们公司的信心、我们的品牌和声誉以及我们的长期战略目标产生不利影响。此外，关键人员的流失，包括我们的创始团队成员和高级管理团队成员，以及关键的工程、研究、产品开发、市场营销和销售人员，也可能扰乱我们的运营并对我们的业务产生不利影响。我们的许多关键人员，尤其是技术和研究团队中的关键人员，受到我们的使命以及在 AI 领域解决特定问题的机会的强烈驱动。如果他们的兴趣发生变化，寻求追求不同的技术挑战或关注领域，或者被他们认为更符合其个人信念或职业目标的其他组织或倡议所吸引，我们可能会面临留住此类人员的更大困难。随着我们作为组织持续扩张和成熟，这一风险可能会加剧，因为这可能会改变某些人员的工作环境性质、优先事项或对使命契合度的认知，包括那些可能认为吸引他们加入我们的目标已基本实现的人员。此外，根据我们与供应商的某些协议，某些关键人员的流失可能会加速我们的义务或以其他方式触发此类协议下的不利后果。

We are highly dependent on the continued service of our Chief Executive Officer, President, co-founders, senior management team, and key technical team. In particular, our Chief Executive Officer and President are critical to setting our strategic direction, advancing our research agenda, shaping our safety and governance frameworks, and generally advancing our mission, and we believe that their leadership would be difficult to replace. If either were to become unavailable for any reason, or if either of their reputations were significantly harmed, regardless of merit, there could be an adverse impact on our operations and competitive position, employee morale, employee retention, pace of innovation, customer and partner confidence in our company, our brand and reputation, and our long-term strategic objectives. Further, the loss of key personnel, including members of our founding team and senior management team, and key engineering, research, product development, marketing, and sales personnel, could also disrupt our operations and have an adverse effect on our business. Many of our key personnel, particularly within our technical and research teams, are strongly motivated by our mission and the opportunity to work on addressing specific problems within the AI landscape. To the extent that their interests evolve, they seek to pursue different technical challenges or areas of focus, or they are drawn to other organizations or initiatives that they perceive as better aligned with their personal beliefs or professional objectives, we may face increased difficulty retaining such personnel. This risk may be heightened as we continue to scale and mature as an organization, which may change the nature of the work environment, priorities, or perceived mission alignment for certain personnel, including personnel who may conclude that the objectives that drew them to us have been substantially achieved. In addition, under certain of our agreements with suppliers, the loss of certain key personnel could accelerate our obligations or otherwise trigger adverse consequences under such agreements.

如果我们无法留住关键人员，或者如果我们未能进行有效的继任规划，未能及时以有竞争力的条件为任何关键人员的流失找到合适的替代者，我们可能会经历销售额下降、研发延迟，以及我们的业务和运营受到损害。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we are unable to retain key personnel, or if we fail to conduct effective succession planning and find suitable replacements for any losses of such key personnel in a timely manner and on competitive terms, we could experience declines in sales, delays in research and development, and harm to our business and operations. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**我们可能需要额外资本来履行我们大量的持续义务并支持我们的业务增长，而我们产生足够收入并以可接受的条件获得额外资本的能力对我们的持续运营和竞争地位至关重要。**

**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.**

我们的商业模式需要大量且不断增加的资本，以支持我们保持竞争力并始终处于 AI 前沿的能力。我们打算继续进行重大财务投资以支持业务增长，并可能需要额外资金来获取充足算力并应对业务挑战，包括用于创建、维护、升级和增强我们的模型、平台和应用的支出，包括与基础设施、人力资本、办公场所扩张和数据资产投资相关的成本。此外，我们可能将部分现金用于履行与未归属 RSU 以及我们未来授予的股权奖励相关的代扣代缴税款和汇缴义务。

Our business model requires substantial and increasing capital to support our ability to remain competitive and to stay at the frontier of AI. We intend to continue to make significant financial investments to support our business growth and may require additional funds to acquire sufficient compute and respond to business challenges, including expenditures to create, maintain, upgrade, and enhance our models, platform, and applications, including costs related to investments in infrastructure, human capital, office expansion, and data assets. In addition, we may use a portion of our cash to satisfy tax withholding and remittance obligations related to outstanding RSUs and equity awards that we grant in the future.

此外，迄今为止我们主要通过云服务商（CSP）的安排为算力提供资金，相关成本在算力可供我们使用时确认。未来我们可能以预付方式为更大比例的算力提供资金，包括通过资本租赁、预付款、债务融资购买设备或类似安排。若我们这样做，可能在算力可用或相关收入产生之前产生大额现金流出，这可能增加对我们现金流和流动性的需求以及我们筹集额外资本的需要。此类安排还可能提高我们的资本密集度并改变我们的现金流特征。

In addition, to date we have financed our compute primarily under arrangements with CSPs, with costs recognized as compute is made available to us. We may in the future finance a greater portion of our compute on an up-front basis, including through capital leases, prepayments, debt-financed purchases of equipment, or similar arrangements. If we were to do so, we may incur significant cash outflows in advance of compute availability or related revenue, which could increase demands on our cash flows and liquidity and our need to raise additional capital. Such arrangements could also increase our capital intensity and alter our cash-flow profile.

因此，至关重要的是我们保持强劲的收入增长、相对于我们已承诺的算力、基础设施和人员成本高效地增长收入，并有效管理我们的现金流。若此类努力不足以满足我们的资本需求，我们可能需要通过股权或债务融资获得额外资本。如果我们通过未来发行股权、股权挂钩证券或可转换债务证券筹集额外资金，我们现有股东可能遭受稀释，且我们发行的任何新证券可能拥有优于我们普通股持有人的权利、优先权和特权。此外，我们未偿还可转换证券的转换将对我们现有股东造成额外稀释。我们未来可能获得的任何债务融资可能涉及与我们的资本筹集活动及其他财务和运营事项相关的限制性契约，可能使我们更难获得额外资本并寻求业务机会。

Accordingly, it is critical that we maintain strong revenue growth, grow revenue efficiently relative to our committed compute, infrastructure, and personnel costs, and manage our cash flows effectively. To the extent that such efforts are insufficient to meet our capital needs, we may need to obtain additional capital through equity or debt financings. If we raise additional funds through future issuances of equity, equity-linked securities, or convertible debt securities, our existing stockholders could suffer dilution, and any new securities we issue could have rights, preferences, and privileges superior to those of holders of our common stock. Further, the conversion of our outstanding convertible securities will cause additional dilution to our existing stockholders. Any debt financing that we may secure in the future may involve restrictive covenants relating to our capital raising activities and other financial and operational matters, potentially making it more difficult for us to obtain additional capital and to pursue business opportunities.

此外，我们能否在部分本票购买协议（“NPA”）项下提取款项并无保证，且须满足特定条件。特别是，我们在部分此类融资安排下获取额外款项的能力，取决于我们能否实现特定的收入业绩目标，和/或第三方能否向我们交付额外算力。尽管我们历史上已超越所有此类收入业绩目标，但无法保证未来收入将始终持续超过这些门槛。若这些条件未获满足，我们可能无法在适用的 NPA 项下提取额外款项，这可能对我们的现金流和流动性造成不利影响。有关我们可转换本票条款的更多信息，请参见标题为“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——可转换本票”的章节。

In addition, our ability to draw amounts under certain of our note purchase agreements (“NPAs”) is not guaranteed and is subject to the satisfaction of specified conditions. In particular, our ability to access additional amounts under certain of these facilities depends on our achievement of certain revenue performance targets and/or the ability of third parties to deliver additional compute to us. While we have historically surpassed all such revenue performance targets, there can be no assurance that revenue will continue to exceed these thresholds at all times in the future. If these conditions are not satisfied, we may be unable to draw additional amounts under the applicable NPA, which could adversely affect our cash flows and liquidity. For more information about the terms of our convertible promissory notes, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Notes.”

我们可能无法以对我们有利的条款获得额外融资，甚至可能根本无法获得融资。我们会不时评估融资机会，而我们获得融资的能力将取决于（其中包括）我们的开发工作、业务计划和经营业绩，以及我们寻求融资时的资本市场状况。股权和债务市场可能不时经历极端波动和动荡，这可能导致此类市场的信用利差扩大，并提高我们的融资成本。如果我们无法实现足够的收入增长，或在我们需要时无法获得充足融资或无法以令我们满意的条款获得融资，我们持续支持业务增长、扩展基础设施、开发新模型、平台和应用、增强现有模型、平台和应用以及应对业务挑战的能力可能受到损害，我们的业务、财务状况和经营成果可能受到不利影响。

We may not be able to obtain additional financing on terms favorable to us, if at all. We evaluate financing opportunities from time to time, and our ability to obtain financing will depend, among other things, on our development efforts, business plans, and operating performance and the condition of the capital markets at the time we seek financing. The equity and debt markets may experience extreme volatility and disruption from time to time, which could result in higher credit spreads in such markets and higher funding costs for us. If we are unable to generate sufficient revenue growth or obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth, scale our infrastructure, develop new models, platforms, and applications, enhance our existing models, platform, and applications, and respond to business challenges may be impaired, and our business, financial condition, and results of operations may be adversely affected.

**我们的公司文化为我们的成功作出了贡献，如果我们无法在成长过程中保持这一文化，我们的业务可能受到不利影响。**

**Our company culture has contributed to our success and, if we cannot maintain this culture as we grow, our business could be adversely affected.**

我们认为，我们的公司文化是我们成功的关键组成部分。我们是一家使命驱动的公司，我们的文化体现了对公司宗旨的高度重视。我们持续培育和保持这一文化的能力对我们的增长和持续成功至关重要。我们在致力于公司文化方面面临多项挑战，包括：

We believe that our company culture is a critical component to our success. We are a mission-driven company and our culture reflects a strong emphasis on the Company Purpose. Our ability to continue to cultivate and maintain this culture is essential to our growth and continued success. We face a number of challenges associated with our commitment to our company culture, including:

- 需要识别、吸引、奖励和留住组织内领导岗位上认同并推进我们的文化、价值观和使命的人员；

- the need to identify, attract, reward, and retain people in leadership positions in our organization who share and further our culture, values, and mission;

- 我们员工队伍的规模不断扩大和地域日益多元，以及我们在所有办公室和员工中推行统一一致文化的能力；

- the increasing size and geographic diversity of our workforce, and our ability to promote a uniform and consistent culture across all of our offices and employees;

- 内部和外部对我们的使命、价值观、对安全的承诺以及对我们模型、平台和应用使用方式的看法；

- internal and external perceptions about our mission, values, commitment to safety, and uses of our models, platform, and applications;

- 就对我们员工队伍产生不同反响的问题与政府政策制定者进行沟通；

- engagement with government policymakers on issues that resonate differently across our workforce;

- 竞争压力促使我们朝某些方向前进，这可能使我们偏离使命和价值观；

- competitive pressures to move in directions that may divert us from our mission and values;

- 我们在招聘和决策中采用的严谨、以价值观为导向的标准，这可能会使我们在扩大员工规模或拓展业务方面的速度相对于竞争对手有所放缓；

- the rigorous, values-driven standards we apply in hiring and decision-making, which may slow the pace at which we can scale our workforce or expand our operations relative to competitors;

- 快速演变的行业所带来的持续挑战；

- the continued challenges of a rapidly evolving industry;

- 作为上市公司运营所面临的日益严格的审视和期望；以及

- the increased scrutiny and expectations associated with operating as a public company; and

- 需要在长期、以使命为导向的目标与短期财务业绩预期之间取得平衡，这可能会造成内部紧张，并挑战我们在各团队和领导层中持续强化文化价值观和使命的能力。

- the need to balance our long-term, mission-driven objectives with shorter-term financial performance expectations, which may create internal tension and challenge our ability to consistently reinforce our cultural values and mission across teams and leadership.

我们以使命为导向的文化是我们的核心特征之一，有助于我们吸引和留住关键人员，并在市场中实现差异化。如果我们无法保持我们的文化，也无法在坚守文化承诺与快速增长、竞争以及作为上市公司运营的要求之间取得平衡，我们的员工士气、敬业度和留任率可能会受到不利影响，导致我们不得不承担额外成本或采取替代性招聘策略，进而可能对我们的业务、财务状况和经营业绩造成不利影响。

Our mission-driven culture is one of our core characteristics that helps us to attract and retain key personnel and differentiate us in the market. If we are unable to maintain our culture, as well as balance our commitment to maintaining our culture with the demands of rapid growth, competition, and operating as a public company, our employee morale, engagement, and retention could suffer, requiring us to incur additional costs or adopt alternative recruiting strategies, which could adversely affect our business, financial condition, and results of operations.

**我们面临激烈竞争，如果我们无法有效竞争，我们的业务、财务状况和经营业绩可能会受到不利影响。**

**We face intense competition, and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected.**

AI 模型、平台和应用市场正在快速演变、竞争激烈，并且频繁经历技术、不断变化的客户需求和期望、行业标准变化、监管发展、新市场进入者以及新模型、平台和应用等方面的重大变化。我们在多个类别中面临来自众多公司的竞争。

The market for AI models, platforms, and applications is rapidly evolving, intensely competitive, and subject to frequent and significant changes in technology, evolving customer requirements and expectations, shifting industry standards, regulatory developments, new market entrants, and new models, platforms, and applications. We face competition from a wide range of companies across multiple categories.

我们与为第三方软件开发商和企业开发前沿模型的公司直接竞争。我们在这一类别中的主要竞争对手包括 Alphabet Inc.（连同其关联方，“Google”）和 OpenAI Group PBC（“OpenAI”）。这些竞争对手正在开发能力日益强大的 AI 系统，并在客户、人才、算力和战略合作方面与我们展开竞争。许多竞争对手在财务、技术和营销资源方面远超我们，拥有自有或更多的算力来源渠道、更长的经营历史、更高的品牌知名度，以及与现有和潜在客户及合作伙伴的既有关系，这有助于他们将模型集成到直接向企业销售的第一方应用中。

We compete directly with companies developing frontier models for third-party software developers and enterprises. Our primary competitors in this category include Alphabet Inc. (together with its affiliates, “Google”) and OpenAI Group PBC (“OpenAI”). These competitors are developing increasingly capable AI systems and compete with us for customers, talent, compute, and strategic partnerships. Many have substantially greater financial, technical, and marketing resources than we do, their own or greater access to sources of compute, longer operating histories, greater brand recognition, and established relationships with current and potential customers and partners, which facilitates their ability to integrate their models into first-party applications sold directly to businesses.

我们还与在前沿或前沿以下运营的更广泛模型提供商竞争，包括大型公司、专业 AI 实验室，以及国际和国内组织发布的日益增多的其他开放权重或开源（共享权重、训练数据和代码）模型。此类提供商争夺日益广泛的企业工作负载，这些工作负载优先考虑成本效率而非智能水平。特别是，某些大型公司通过专有 AI 模型、现有产品中集成的 AI 能力以及对云基础设施和分销渠道的控制进行竞争。其中一些公司还拥有远多于我们的财务、技术和营销资源，拥有或更容易获得算力来源，运营历史更长，品牌认知度更高，并与现有和潜在客户及合作伙伴建立了稳固关系。此外，一些公司拥有更广泛、更多元化的产品和服务组合，可能能够利用与分销合作伙伴和客户的现有关系以不利于客户购买我们模型、平台和应用的方式获取业务。例如，竞争对手可能将 AI 能力与其他产品捆绑销售，将 AI 功能集成到客户已在使用的产品中，提供将客户锁定在其生态系统内的封闭技术平台，以零或负利润率销售产品以获取市场份额，或利用其雄厚的财务资源补贴 AI 模型、平台和应用的成本。客户可能更倾向于从已有既定关系的现有供应商处购买，即使我们的模型、平台和应用提供更优越的功能或性能。此外，目前是我们的客户的大型公司可能选择内部开发自己的 AI 能力，而不是购买我们的模型、平台和应用。

We also compete with a broader set of model providers operating at or below the frontier, including large companies, specialized AI labs, and a growing range of other open-weight or open-source (shared weights, training data, and code) models released by international and domestic organizations. Such providers compete for a growing range of enterprise workloads that prioritize cost efficiency over intelligence. In particular, certain large companies compete through proprietary AI models, integrated AI capabilities in existing products, and control of cloud infrastructure and distribution channels. Some of these companies also have substantially greater financial, technical, and marketing resources than we do, their own or greater access to sources of compute, longer operating histories, greater brand recognition, and established relationships with current and potential customers and partners. In addition, some have substantially broader and more diverse product and service offerings and may be able to leverage existing relationships with distribution partners and customers to gain business in ways that discourage customers from purchasing our models, platform, and applications. For example, competitors may bundle AI capabilities with other products, integrate AI functionality into products that customers already use, offer closed technology platforms that lock customers into their ecosystems, sell products at zero or negative margins to gain market share, or use their substantial financial resources to subsidize the cost of AI models, platforms, and applications. Customers may prefer to purchase from existing vendors with which they have established relationships, even if our models, platform, and applications offer superior features or performance. Further, large companies that are currently our customers may choose to develop their own AI capabilities internally rather than purchase our models, platform, and applications.

另一方面，专业化的 AI 实验室凭借其提供特定 AI 应用和差异化商业模式的能力而具有竞争力。这些公司能够快速行动、吸引顶尖人才、开发新颖的方法、平台或商业模式以颠覆现有竞争格局，并推出性能或功能更优、成本更低、易于实施或具有其他优势的技术或产品。部分竞争对手或客户可能能够获取我们所不具备的专有数据集、分销渠道或特定领域专业知识，或者可能出现新的竞争对手，其针对特定行业或用例的处理比我们的模型、平台和应用更为有效，从而使其能够开发出更专业化或性能更高的 AI 系统。此外，竞争对手、客户或其他第三方过去曾尝试、且未来很可能继续尝试通过获准或未获准的方式（包括通过我们的研究预览版）复制、蒸馏、提取或以其他方式获取我们模型的功能或能力。这些行为可能削弱我们产品的技术差异化；使竞争对手能够以更低的成本、更少的研发投入开发出竞争产品，或复制出我们的模型而不含我们版本中所纳入的安全控制或防护措施；引发国家安全关切或加剧地缘政治紧张局势；并加剧竞争压力。此外，为防止或缓解模型复制、蒸馏或其他形式的提取，我们可能需要修改我们的模型、平台和应用，限制功能或用例，或实施技术防护措施，而这些可能降低我们产品的可用性或吸引力、延缓采用速度，并对客户需求和收入产生不利影响。更广泛而言，随着 AI 模型越来越多地被用于开发其他 AI 模型，构建前沿模型所需的知识和技术可能随时间推移而更广泛地可得，包括通过蒸馏、未经授权访问或窃取模型权重，或 AI 辅助研发能力在全行业的扩散。如果开发高能力模型的能力变得更广泛可得，我们的技术差异化可能被削弱，竞争可能日益取决于对大规模算力的获取，而非模型开发能力。在这种环境下，以经济条款获取充足算力可能成为我们训练和提供有竞争力模型能力的首要制约因素，如果我们无法按所需的规模、成本或时间表获得算力，我们的业务、竞争地位和经营业绩可能受到不利影响。

Specialized AI labs, on the other hand, are competitive due to their ability to offer specific AI applications and differentiated business models. These companies can move quickly, attract top talent, develop novel approaches, platforms, or business models that disrupt existing competitive dynamics, and introduce technologies or products with greater performance or functionality, lower cost, ease of implementation, or other advantages. Some competitors or customers may have access to proprietary datasets, distribution channels, or domain-specific expertise that we do not possess, or new competitors may emerge that address particular industries or use cases more effectively than our models, platform, and applications, which could enable them to develop more specialized or higher-performing AI systems. In addition, competitors, customers, or other third parties have attempted in the past and will likely continue to attempt to replicate, distill, extract, or otherwise derive the functionality or capabilities of our models through permitted or impermissible means, including through our research previews. These actions could reduce the technological differentiation of our offerings; enable the development of competing products at lower cost, with reduced research and development investment, or that replicate our models without safety controls or safeguards that were incorporated in our versions; implicate national security concerns or strain geopolitical tensions; and intensify competitive pressures. In addition, efforts to prevent or mitigate model replication, distillation, or other forms of extraction may require us to modify our models, platform, and applications, limit features or use cases, or implement technical safeguards that could reduce the usability or attractiveness of our offerings, slow adoption, and adversely affect customer demand and revenue. More broadly, as AI models are increasingly used to develop other AI models, the knowledge and techniques required to build frontier models may become more widely available over time, including through distillation, unauthorized access to or theft of model weights, or the diffusion of AI-assisted research and development capabilities across the industry. If the ability to develop highly capable models becomes more broadly available, our technological differentiation could erode and competition could increasingly depend on access to large-scale compute rather than on model development capability. In such an environment, access to sufficient compute on economical terms could become the primary constraint on our ability to train and serve competitive models, and our business, competitive position, and results of operations could be adversely affected if we are unable to secure compute at the scale, cost, or on the timeline we require.

此外，开放权重或开源 AI 模型可能在某些用例中占据一部分市场份额，这可能对我们的产品形成定价压力，或导致某些客户在这些用例中转而采用开源替代方案。

Additionally, open-weight or open-source AI models may capture a portion of the market for certain use cases, which could exert pricing pressure on our offerings or lead certain customers to adopt open-source alternatives for those use cases.

我们的客户群中有相当一部分由初创企业和科技导向型企业构成，这些企业可能对不利的宏观经济环境更为敏感，并可能在低迷时期减少或推迟支出。由于我们的成本结构限制了我们快速调整支出的能力，持续的经济低迷可能使我们相对于规模更大、资本更雄厚的竞争对手处于不成比例的不利地位。此类竞争对手可能凭借其更雄厚的财务资源、多元化的产品供应和客户基础以及更稳定的收入来源，更有能力吸收或抵御不利的经济状况或客户技术支出的减少。这也可能使我们相对于成本结构更精简、固定管理费用更低、长期合同承诺更少的小型初创企业处于不利地位，这些因素可能帮助它们比我们更快地调整支出。因此，我们业务面临的竞争压力可能加剧，这可能对我们的业务、财务状况和经营业绩产生不利影响。

A significant portion of our customer base consists of startups and technology-oriented enterprises that may be more sensitive to adverse macroeconomic conditions and may reduce or delay spending during a downturn. Because our cost structure limits our ability to rapidly adjust spending, a sustained economic downturn could disproportionately disadvantage us relative to larger, better-capitalized competitors. Such competitors may be better positioned to absorb or withstand adverse economic conditions or reductions in customer technology spending due to their greater financial resources, diversified product offerings and customer bases, and more stable revenue streams. It could also disadvantage us relative to smaller startups with leaner cost structures, lower fixed overhead, and fewer long-term contractual commitments that could help enable them to adjust spending more rapidly than we can. As a result, competitive pressures on our business could intensify, which could adversely affect our business, financial condition, and results of operations.

如果我们无法通过增强的功能、更优的性能、更好的安全特性和可靠性、更低的成本或其他因素，使我们的模型、平台和应用与竞争产品形成差异化，那么对我们模型、平台和应用的需求可能会下降。AI 领域技术变革的快速步伐意味着模型、平台和应用可能很快过时。我们必须持续投资于研发以维持竞争地位，但无法保证我们的投资能够产生客户相较竞争替代方案更青睐的模型、平台和应用。此外，我们首先且 foremost 是一家研究实验室，我们的战略优先考虑前沿研究和模型能力。我们相信，我们模型不断提升的智能和能力是其被采用的主要驱动因素，而我们历来优先考虑研究和模型开发，而非新产品和应用或销售与营销。这一方式假设模型能力将继续成为有意义的竞争优势来源。然而，随着 AI 行业趋于成熟，先进 AI 模型之间的差异化程度可能会收窄。这种趋同可能源于以下因素：训练数据重叠或来源相似、可比模型架构、训练技术和优化方法的广泛采用、共享算力基础设施的使用，以及研究成果在行业内的快速传播。如果竞争对手能够以更低的开发或部署成本实现可比的模型能力，那么我们基于性能、功能或成本使我们的模型、平台和应用形成差异化的能力可能会被削弱。如果先进模型之间的差异化收窄，或者如果客户日益基于应用功能、用户体验、分销、对客户已在使用产品的集成，或销售组织的实力而非模型能力来选择 AI 提供商，那么在这些领域投入比我们更多的竞争对手可能处于比我们更有利的位置。应对此类转变可能需要我们将产品开发及销售与营销方面的投资大幅增加至超出当前计划，这可能耗时更长或成本高于我们的预期，并可能减少可用于前沿研究的算力和其他资源，而且我们可能无法快速或有效地执行此类转变。另请参阅标题为“——我们在当前市场推广战略下的经营历史有限，我们扩大和演进客户获取、参与和留存模式的努力可能不会成功。”的章节。

If we are unable to differentiate our models, platform, and applications from competing offerings through enhanced functionality, superior performance, better safety features and reliability, lower cost, or other factors, demand for our models, platform, and applications may decline. The rapid pace of technological change in AI means that models, platforms, and applications can quickly become outdated. We must continuously invest in research and development to maintain our competitive position, but there is no guarantee that our investments will result in models, platforms, and applications that customers prefer over competing alternatives. Moreover, we are first and foremost a research lab, and our strategy prioritizes frontier research and model capability. We believe the advancing intelligence and capabilities of our models are the principal drivers of their adoption, and we have historically prioritized research and model development rather than new products and applications or sales and marketing. This approach assumes that model capability will continue to be a meaningful source of competitive differentiation. However, as the AI industry matures, the degree of differentiation among advanced AI models may narrow. This convergence may result from factors such as overlapping or similarly sourced training data, the widespread adoption of comparable model architectures, training techniques, and optimization methods, shared access to computing infrastructure, and the rapid dissemination of research advances across the industry. To the extent competitors are able to achieve comparable model capabilities with lower development or deployment costs, our ability to differentiate our models, platform, and applications on the basis of performance, functionality, or cost may be diminished. If differentiation among advanced models narrows, or if customers increasingly select AI providers on the basis of application features, user experience, distribution, integration into products they already use, or the strength of a sales organization rather than model capability, competitors that have invested more heavily than we have in those areas could be better positioned than we are. Responding to such a shift could require us to increase our investment in product development and sales and marketing substantially beyond our current plans, which could take longer or cost more than we anticipate and could reduce the compute and other resources available for frontier research, and we may not be able to execute such a shift quickly or effectively. See also the section titled “—We have a limited history under our current go-to-market strategy, and our efforts to scale and evolve our customer acquisition, engagement, and retention model may not be successful.”

如果我们无法成功竞争，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we are unable to compete successfully, our business, financial condition, and results of operations could be adversely affected.

**如果我们未能吸引新客户、留住现有客户或扩大我们模型、平台和应用的使用，我们的业务、财务状况和经营业绩可能会受到不利影响。**

**If we fail to attract new customers, retain existing customers, or expand usage of our models, platform, and applications, our business, financial condition, and results of operations could be adversely affected.**

我们未来的增长取决于我们吸引新客户、留住现有客户以及在现有客户群中扩大销售的能力。我们在上述每个方面都面临重大挑战，若未能执行客户获取与留存策略，可能对我们的业务、财务状况和经营业绩造成不利影响。

Our future growth depends on our ability to attract new customers, retain existing customers, and expand sales within our existing customer base. We face significant challenges in each of these areas, and failure to execute on our customer acquisition and retention strategies could adversely affect our business, financial condition, and results of operations.

我们必须继续以具有成本效益的方式吸引新客户。潜在客户可能无法理解我们模型、平台和应用的益处，或可能无法证明对我们模型、平台和应用的投入是合理的，尤其是在现有竞争对手持续增强其产品、提升性能、扩展功能或降低成本的情况下。随着竞争加剧，或随着大型科技公司将 AI 能力捆绑到现有产品中，我们向潜在客户展示差异化价值的能力可能变得更加困难。如果我们继续专注于企业客户，我们可能面临更长的销售周期，这需要对企业销售团队和客户服务进行大量前期投入。这些销售工作成本高昂，且可能无法实现客户转化。

We must continue to attract new customers in a cost-effective manner. Potential customers may not understand the benefits of our models, platform, and applications or may be unable to justify the investment in our models, platform, and applications, particularly as existing competitors continue to enhance their offerings, improve performance, expand functionality, or reduce costs. Our ability to demonstrate differentiated value to potential customers may become more difficult as this competition intensifies, or as large technology companies bundle AI capabilities into existing products. If we continue to focus on enterprise customers, we may face longer sales cycles that demand significant upfront investment in enterprise sales teams and customer service. These sales efforts are costly and may not result in customer conversion.

即使我们成功吸引了新客户，我们在留住客户方面仍面临重大挑战。我们的许多客户合同允许客户减少使用量或在有限通知或无通知的情况下终止合同。客户没有义务与我们续订订阅或合同。客户留存率和使用水平可能因多种因素而下降，包括：

Even if we successfully attract new customers, we face significant challenges in retaining them. Many of our customer contracts allow customers to reduce usage or terminate with limited or no notice. Customers are not obligated to renew their subscriptions or contracts with us. Customer retention and usage levels may decline due to a number of factors, including:

- 对我们 AI 模型的性能、可靠性、安全性或准确性不满意；

- dissatisfaction with the performance, reliability, safety, or accuracy of our AI models;

- 存在可用的竞争性替代方案；

- availability of competitive alternatives;

- 客户在内部自行开发 AI 能力；

- customers developing their own AI capabilities internally;

- 我们的模型、平台和应用降低了客户产品的需求或对其业务造成干扰，从而可能导致使用量减少或客户流失；

- our models, platform, and applications reducing demand for our customers’ offerings or causing disruptions to their businesses, which could lead to reduced usage or customer attrition;

- 客户在 AI 投资方面的预算或战略优先级发生变化；

- changes in customer budgets or strategic priorities regarding AI investment;

- 对数据隐私、安全性或我们的数据处理实践的担忧；

- concerns about data privacy, security, or our data handling practices;

- 关于 AI 整体或我们业务本身的负面宣传；

- negative publicity regarding AI generally or our business specifically;

- 围绕 AI 以及特别是我们的模型、平台和应用的监管和法律环境发生变化；

- changes in the regulatory and legal landscape surrounding AI and our models, platform, and applications in particular;

- 定价变化或认为我们的定价缺乏竞争力；以及

- pricing changes or perception that our pricing is not competitive; and

- 影响我们客户的整体经济状况或行业特定低迷。

- general economic conditions or industry-specific downturns affecting our customers.

我们留住客户并推动扩张的能力还取决于我们对产品开发的持续投入。开发产品并融入新技术的过程复杂且不确定，如果我们未能准确预测客户不断变化的需求以及新兴的技术趋势和机遇，我们可能无法有效竞争，我们的业务和创收能力可能受到不利影响。随着 AI 技术快速演进，客户可能认为我们的模型、平台和应用正在变得过时，或可能期望模型性能和能力持续改进。即使模型性能出现轻微下降或响应延迟增加，也可能导致客户减少使用或转向竞争对手。如果我们无法留住现有客户，或客户的用量水平未能维持，我们的收入和增长可能受到不利影响。有关产品开发的更多讨论，请参见标题为“——我们的成功在很大程度上取决于我们能否持续开发最先进、能力最强的 AI 模型，若未能做到，可能对我们的业务造成不利影响”的章节。

Our ability to retain customers and drive expansion also depends on our continued investment in product development. The process of developing products and incorporating new technologies is complex and uncertain, and if we fail to accurately predict customers’ changing needs and emerging technological trends and opportunities, we may not be able to compete effectively and our business and ability to generate revenue could be adversely affected. As AI technology evolves rapidly, customers may perceive our models, platform, and applications as becoming outdated or may expect continuous improvements to model performance and capabilities. Even minor degradations in model performance or increases in response latency could cause customers to reduce usage or switch to competitors. If we are unable to retain existing customers or if our customers do not maintain their usage levels, our revenue and growth could be adversely affected. For additional discussion on product development, see the section titled “—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.”

我们的一些企业客户可能拥有开发及部署专有 AI 模型所需的财务资源、技术能力以及人才和算力渠道，并且随着其内部 AI 能力成熟，可能减少或停止使用我们的模型、平台和应用，即使他们最初是将我们的产品作为其 AI 战略的基础。如果这些客户减少或停止使用我们的模型、平台和应用，我们的收入和增长可能受到不利影响。

Some of our enterprise customers may have the financial resources, technical capabilities, and access to the talent and compute necessary to develop and deploy proprietary AI models, and may reduce or cease usage of our models, platform, and applications as their internal AI capabilities mature, even where they initially adopted our offerings as a foundation for their AI strategy. If these customers were to reduce or cease usage of our models, platform, and applications, our revenue and growth could be adversely affected.

除留住客户外，我们的增长战略还部分依赖于通过提高使用量、销售更多功能以及在客户组织内部各部门和各用例中扩大采用，来扩大现有客户群内的使用。然而，客户可能因多种原因而不扩大使用，包括对当前使用水平感到满意、预算限制、在其组织内更广泛地集成我们的模型、平台和应用程序所面临的技术挑战，或倾向于采用多供应商 AI 战略以限制对任何单一供应商的依赖。由于我们采用基于用量的定价模式，客户可能因预算或内部采购限制、组织支出控制或其他与我们的模型、平台和应用程序的质量或性能无关的因素，在给定期间内的任何时点减少或停止使用，并且可能直到新的预算期开始或额外支出获得批准后才恢复使用，即使对我们的模型、平台和应用程序的需求仍然强劲。因此，我们的收入可能低于预期或波动性更大，而这一影响在 AI 使用量快速增长的客户中可能尤为明显。如果我们增加销售和营销支出以加速客户获取，却未能实现成比例的收入增长，并且如果我们无法吸引新客户、留住现有客户、在客户群内扩大业务，或以具有成本效益的方式或及时的方式实现这些目标，我们的收入增长将会下降，我们的业务、财务状况和经营成果将受到不利影响。

In addition to retaining customers, our growth strategy depends in part on expanding usage within our existing customer base by increasing usage volumes, selling additional capabilities, and expanding adoption across departments and use cases within customer organizations. However, customers may not expand their usage for a variety of reasons, including satisfaction with current usage levels, budget constraints, technical challenges in integrating our models, platform, and applications more broadly within their organizations, or preference for multi-vendor AI strategies in order to limit dependence on any single provider. Due to our consumption-based pricing model, customers may reduce or cease usage at any point within a given period due to budget or internal procurement constraints, organizational spending controls, or other factors unrelated to the quality or performance of our models, platform, and applications, and may not resume usage until a new budget period commences or additional spend is approved, even where demand for our models, platform, and applications remains strong. As a result, our revenue could be lower or more variable than anticipated and this effect may be particularly pronounced among customers experiencing rapid growth in their usage of AI. If we increase sales and marketing expenditures to accelerate customer acquisition without achieving proportional revenue growth and if we cannot attract new customers, retain existing customers, expand within our customer base, or accomplish these objectives in a cost-effective manner or timely manner, our revenue growth will decline and our business, financial condition, and results of operations will be adversely affected.

**如果我们的模型、平台和应用程序的市场发展慢于我们的预期或出现萎缩，我们的增长可能会放缓或停滞，我们的业务、财务状况和经营成果可能会受到不利影响。**

**If the market for our models, platform, and applications develops more slowly than we expect or declines, our growth may slow or stall, and our business, financial condition, and results of operations could be adversely affected.**

包括前沿 AI 及相关模型、平台和应用在内的 AI 技术市场近年来增长迅速，但仍相对处于早期阶段且快速演变，此类 AI 技术市场能否以我们预期的速度或程度实现或维持广泛采用，尚不确定。我们创收和实现可持续增长的能力在很大程度上取决于企业、软件开发人员和其他用户采用 AI 技术的程度、将其整合到现有工作流程中的程度、随时间推移扩大使用范围的程度，以及是否愿意以能够支撑规模化持久经济价值的水平为我们的模型、平台和应用付费。由于以下因素，市场采用速度可能慢于预期：对 AI 解决方案的成本、性能、可靠性和感知价值存在不确定性；监管加强；对安全、隐私、法律和监管合规或伦理考量的担忧；技术挑战；整合工作所需的投入和费用水平；来自替代性或新兴技术的竞争；配套基础设施和工作流程的可用性或采用情况；或因宏观经济状况导致的企业支出减少。此外，如果客户认定较不先进、成本较低的模型足以满足其特定用例，对前沿模型的需求可能会下降。随着全行业 AI 能力提升且可用的模型范围更加广泛，客户可能认为前沿领域的增量性能提升不足以证明额外成本的合理性，并可能转向能够充分满足其需求的更小、更便宜或开源的替代方案。如果我们无法证明我们的前沿模型相对于能力较弱的替代方案具有足够的差异化价值，即使整体 AI 采用持续增长，我们的收入和增长也可能受到不利影响。此外，尽管 AI 采用在某些领域可能持续或加速，但这一技术趋势的长期轨迹尚不确定，市场对 AI 赋能的模型、平台和应用的理解、接受度和估值可能不准确或随时间变化，且采用情况可能在不同行业、地区和客户类型之间不均衡。如果 AI 市场的增长未能转化为客户对我们产品的持续需求、使用范围的扩大和收入的增加，或者预期的用例未能实现，我们的前景、业务、财务状况和经营业绩可能受到不利影响。

The market for AI technologies, including frontier AI and related models, platforms, and applications, has grown rapidly in recent years, but is still relatively nascent and evolving rapidly, and it is uncertain whether the market for such AI technologies will achieve or sustain widespread adoption at the pace or to the extent we expect. Our ability to generate revenue and achieve sustainable growth depends in significant part on the extent to which enterprises, software developers, and other users adopt AI technologies, integrate them into existing workflows, expand usage over time, and are willing to pay for our models, platform, and applications at levels that support durable economic value at scale. Market adoption may be slower than anticipated due to factors such as uncertainty regarding the cost, performance, reliability, and perceived value of AI solutions; increased regulation; concerns about security, privacy, legal and regulatory compliance, or ethical considerations; technological challenges; level of effort and expense associated with integration efforts; competition from alternative or emerging technologies; the availability or adoption of complementary infrastructure and workflows; or reductions in corporate spending due to macroeconomic conditions. Moreover, demand for frontier models may decline if customers determine that less advanced, lower-cost models are sufficient for their particular use cases. As AI capabilities improve across the industry and a broader range of models becomes available, customers may conclude that incremental performance gains at the frontier do not justify the additional cost, and may migrate toward smaller, cheaper, or open-source alternatives that adequately address their needs. If we are unable to demonstrate sufficient differentiated value from our frontier models relative to less capable alternatives, our revenue and growth could be adversely affected, even in a market where overall AI adoption continues to grow. Further, while AI adoption may continue or accelerate in certain areas, the long-term trajectory of this technological trend is uncertain, and market understanding, acceptance, and valuation of AI-enabled models, platforms, and applications may be inaccurate or change over time and adoption may occur unevenly across industries, geographies, and customer types. If growth in the AI market does not translate into sustained customer demand for our offerings, expanded usage, and increased revenue, or if anticipated use cases fail to materialize, our prospects, business, financial condition, and results of operations could be adversely affected.

**政治环境以及我们与政策制定者的互动和我们在 AI 监管与安全方面的公开立场，可能使我们面临更严格的审视、政治反弹或不成比例的监管行动。**

**The political environment and our engagement with policymakers and public positions on AI regulation and safety could subject us to heightened scrutiny, political backlash, or disproportionate regulatory action.**

我们对负责任且安全的 AI 开发的承诺包括就 AI 相关法律、法规和标准的制定与政策制定者、监管机构及其他利益相关方积极接触。我们已参与、且很可能将继续参与政治进程，包括通过政治捐款、倡导或对政治组织的支持。此外，我们的高管及其他代表已公开表达、且未来可能公开表达对 AI 政策、监管、安全及相关社会或政治议题的看法。因此，我们已经经历、且可能继续经历更高的关注度，并可能继续面临更严格的审视，或面临被特定政府机构不成比例或选择性针对的风险，即使处境类似的公司并未受到此类对待，包括通过调查或执法行动、监管、许可或审批要求的施加或选择性适用、政府采购或安全许可方面的不利待遇，或针对我们人员的定向移民或签证行动。作为我们政治参与的一部分，我们已倡导、且很可能将继续倡导我们认为能够促进 AI 安全负责任发展、但可能增加我们的合规负担、限制我们的产品开发或部署灵活性，或以其他方式使我们的增长相对于竞争对手放缓的监管方法或行业标准。

Our commitment to responsible and safe AI development includes active engagement with policymakers, regulators, and other stakeholders regarding the development of AI-related laws, regulations, and standards. We have participated in, and will likely continue to participate in, political processes, including through contributions, advocacy, or support of political organizations. In addition, our executives and other representatives have publicly expressed and may in the future publicly express views on AI policy, regulation, safety, and related social or political issues. As a result, we have experienced, and may continue to experience, increased visibility and may continue to be subject to heightened scrutiny or the risk of being disproportionately or selectively targeted by particular governmental bodies, even where similarly situated companies are not, including through investigations or enforcement actions, the imposition or selective application of regulatory, licensing, or permitting requirements, adverse treatment in government procurement or provision of security clearances, or targeted immigration or visa actions affecting our personnel. As part of our political engagement, we have advocated for, and will likely continue to advocate for, regulatory approaches or industry standards that we believe promote the safe and responsible development of AI but that could increase our compliance burdens, limit our product development or deployment flexibility, or otherwise slow our growth relative to competitors.

我们的公开立场、所声明的价值观、政策倡导或高管的声明已经引发、且可能继续引发有影响力的政治人物、行业参与者、监管机构或其他第三方的批评，尤其是在政治敏感或两极化的环境中，这可能以对我们不利的方式塑造公众叙事或监管机构对我们业务的看法。例如，我们或其他行业参与者关于前沿 AI 开发安全性的公开声明已被政府行为者引用以支持诉讼或监管主张，包括请求限制模型开发的禁令救济，并可能在未来涉及我们的程序中被引用。此类审视或反弹可能导致声誉损害、合规或运营成本增加、调查、执法行动或对我们运营的限制，其中任何一项都可能对我们的业务、财务状况和经营业绩产生不利影响。

Our public positions, stated values, policy advocacy, or statements by our executives have attracted, and may continue to attract, criticism from influential political figures, industry participants, regulators, or other third parties, particularly in politically sensitive or polarized environments, which could shape public narratives or regulatory perceptions of our business in ways that are unfavorable to us. For example, public statements by us or other industry participants regarding the safety of frontier AI development have been cited by governmental actors to support litigation or regulatory claims, including requests for injunctive relief restricting model development, and could be cited in future proceedings involving us. Such scrutiny or backlash could result in reputational harm, increased compliance or operating costs, investigations, enforcement actions, or restrictions on our operations, any of which could adversely affect our business, financial condition, and results of operations.

**如果我们的 AI 模型的使用导致损害，无论是通过恶意行为者的使用还是其他第三方的滥用，或者如果我们的模型护栏或保障措施未能防止此类滥用，我们的声誉和品牌、业务、财务状况和经营业绩可能会受到不利影响。**

**If the use of our AI models results in harm, whether through use by malicious actors or misuse by other third parties, or if our model guardrails or safeguards fail to prevent such misuse, our reputation and brand, business, financial condition, and results of operations could be adversely affected.**

虽然我们的 AI 模型旨在遵守我们的 AI 安全与使用准则，并具备广泛的安全性、合乎伦理且有用，且我们已实施旨在预判、识别和缓解潜在有害使用的安全措施，但此类措施并不完备，在威胁模型不断演变的情况下可能已经过时，或可能无法识别或阻止对我们模型的所有潜在滥用，且我们的模型已经并可能继续被滥用或操纵，以产生有害输出或实施有害行为。恶意行为者已经使用并可能继续开发新颖或更复杂的方法来使用我们的模型，其方式违反我们的使用政策，或试图通过提示注入、对抗性输入或其他方法绕过我们的模型护栏或保障措施，并利用我们的模型从事有害活动，包括开发武器、生成欺诈性或误导性内容、实施网络攻击、实施暴力行为，或从事原本会被我们的使用政策禁止或违反适用法律的活动。我们的客户准入尽职调查因访问渠道而异，我们不会且在某些情况下无法统一核实访问我们模型的人员或我们客户最终用户的身份，这可能限制我们阻止恶意行为者访问或再次违规的能力，或执行我们的使用政策或其他政策的能力。

While our AI models are designed to comply with our AI safety and usage guidelines and be broadly safe, ethical, and helpful, and while we have implemented safety measures intended to anticipate, identify, and mitigate potential harmful uses, such measures are incomplete, may be outdated in light of evolving threat models, or may fail to identify or prevent all potential misuse of our models, and our models have been, and may continue to be, misused or manipulated to produce harmful outputs or carry out harmful actions. Malicious actors have used, and may continue to develop novel or more sophisticated methods to use, our models in ways that violate our usage policy or seek to circumvent our model guardrails or safeguards through techniques such as prompt injection, adversarial inputs, or other methods, and use our models to engage in harmful activities, including developing weapons, generating fraudulent or misleading content, conducting cyberattacks, perpetrating acts of violence, or to engage in activities that would otherwise be prohibited under our usage policy or in violation of applicable law. Our customer onboarding diligence varies by access channel, and we do not and in certain situations cannot uniformly verify the identity of those who access our models or of our customers’ end users, which may limit our ability to prevent access or recidivism by malicious actors or to enforce our usage policy or other policies.

此外，我们的安全与安保控制措施（包括自动分类器和监控系统）依赖于复杂的内部配置，而这些配置曾出现故障、被错误配置或被无意中禁用，未来可能再次发生此类情况而未被我们及时发现。我们的安全控制措施的任何未被发现的失效都可能使我们的保障措施本应防止的滥用得以发生，并可能导致现实世界的伤害、法律责任、监管或执法行动、客户信任丧失以及声誉损害，其中任何一项都可能对我们的业务、财务状况和经营业绩产生不利影响。

Moreover, our safety and security controls, including automated classifiers and monitoring systems, depend on complex internal configurations that have failed, been misconfigured, or been inadvertently disabled, and may do so again in the future without our timely detection. Any undetected failure of our safety controls could permit misuse that our safeguards are designed to prevent, and could result in real world harm, legal liability, regulatory or enforcement action, loss of customer trust, and reputational harm, any of which could adversely affect our business, financial condition, and results of operations.

特别是，我们能力最强的模型已经展现出、且未来的模型预计将展现出能够为试图开发化学、生物或其他危险武器的恶意行为者提供实质性协助的能力。我们部署了技术保障措施（包括自动分类器），专门旨在检测和阻止此类滥用，但此类保障措施并不完备，在威胁模型不断演变的情况下可能已经过时，已经并可能在未来再次被绕过，或可能无法按预期运行。任何实际或被认为使用我们的模型助长此类武器开发的情况，都可能导致伤害、法律责任、监管或执法行动、失去政府和企业关系，以及损害我们的声誉和品牌，其中任何一项都可能对我们的业务、财务状况和经营业绩产生不利影响。

In particular, our most capable models have demonstrated, and future models are expected to demonstrate, capabilities that could provide meaningful assistance to malicious actors seeking to develop chemical, biological, or other dangerous weapons. We deploy technical safeguards, including automated classifiers, specifically intended to detect and block these categories of misuse, but such safeguards are incomplete, may be outdated in light of evolving threat models, have been and may in the future again be circumvented, or may fail to operate as intended. Any actual or perceived use of our models to contribute to the development of such weapons could result in harm, legal liability, regulatory or enforcement action, loss of government and enterprise relationships, and damage to our reputation and brand, any of which could adversely affect our business, financial condition, and results of operations.

例如，2025 年 9 月，我们以高置信度检测并评估认定，一个中国国家支持的骇客组织操纵我们的 Claude Code 工具，试图对约 30 个全球目标实施渗透，包括大型科技公司、金融机构、化学品制造公司和政府机构，并导致少数入侵成功。我们认为这是首例有记录的在没有大量人工干预的情况下实施的大规模网络攻击。我们预计，恶意行为者（包括老练的国家支持行为者）将继续寻求利用我们的模型、平台和应用程序实施有害行为，包括规避我们的防护措施，且随着我们技术能力的提升，其此类行为可能增加。任何成功滥用或被认为滥用我们的模型、平台和应用程序实施网络攻击或任何其他恶意目的的行为，均可能导致我们承担责任、扰乱我们的客户关系或其他商业关系，或损害我们的声誉。随着我们的模型、平台和应用程序在网络安全相关能力方面的提升，此类损害的风险可能增加。独立安全研究人员及其他第三方也已使用、并可能在未来使用我们的模型来识别和利用其他公司（包括其他 AI 开发者）系统中的漏洞，有时与经授权的漏洞赏金计划相关。尽管此类活动可能合法且符合漏洞研究的行业惯例，但它表明我们的模型可作为获取第三方系统未授权访问权限的通用工具，而恶意行为者可能在未经授权的情况下使用类似能力。此类事件无论我们是否为直接当事方，均可能引发公众和监管机构对我们模型攻击性网络安全能力的关注，并可能导致声誉损害、要求对我们的模型施加额外限制，或主张我们未能对此类使用提供充分防护。有关安全事件相关风险的更多信息，请参见标题为“——任何安全漏洞或其他事件，包括影响我们的网络、系统或数据，或我们的服务提供商、供应商或客户的网络、系统或数据的事件，均可能对我们的业务、财务状况和经营业绩产生不利影响。”的章节。

For example, in September 2025, we detected and assessed with high confidence that a Chinese state-sponsored hacking group manipulated our Claude Code tool into attempting infiltration into roughly 30 global targets, including large technology companies, financial institutions, chemical manufacturing companies, and government agencies, resulting in a limited number of successful intrusions. We believe this is the first documented case of a large-scale cyberattack executed without substantial human intervention. We expect that malicious actors, including sophisticated state-sponsored actors, will continue to seek to leverage our models, platform, and applications for harmful actions, including by circumventing our safeguards, and their efforts to do so may increase as the capabilities of our technology increase. Any successful attempt to misuse, or any perceived misuse of, our models, platform, and applications for a cyberattack or for any other malicious purpose could result in exposure to liability, disruption of our customer or other commercial relationships, or damage to our reputation. The risks of such harms may increase as the cybersecurity-related capabilities of our models, platform, and applications increase. Independent security researchers and other third parties have also used, and may in the future use, our models to identify and exploit vulnerabilities in the systems of other companies, including other AI developers, at times in connection with authorized bug bounty programs. While such activity may be lawful and consistent with industry practice for vulnerability research, it illustrates that our models can function as a general-purpose tool for gaining unauthorized access to third-party systems, and comparable capabilities could be used by malicious actors without authorization. Such incidents, whether or not we are a direct party to them, may draw public and regulatory attention to the offensive cybersecurity capabilities of our models and could result in reputational harm, calls for additional restrictions on our models, or claims that we failed to adequately safeguard against such uses. For more information about risks related to security incidents, see the section titled “—Any security breaches or other incidents, including those that affect our networks, systems, or data, or the networks, systems, or data of our service providers, suppliers, or customers, could adversely affect our business, financial condition, and results of operations.”

作为我们对负责任的安全研究和透明度承诺的一部分，我们披露有关我们模型能力和安全性的信息、我们针对模型所采取的保障措施，以及我们的技术被滥用的实例，例如上文所述的 2025 年 9 月网络攻击。我们还发布模型系统卡、我们的研究发现以及其他与安全相关的信息。我们采取措施确保此类披露不会实质性协助恶意活动，并从生态系统准备的角度权衡此类披露的收益与风险；然而，恶意行为者（包括老练的国家支持对手）过去曾利用、未来也可能利用这些披露来协助其绕过我们的保障措施和安全机制的企图，从而增加我们的模型、平台和应用被滥用的风险，以及承担责任、监管或诉讼程序或其他损害的可能性。此外，由于这些披露详细描述了风险和观察到的模型行为，它们可能引起公众、媒体或监管机构的高度关注，并可能被监管机构、诉讼当事人或其他方在针对我们的程序或索赔中引用。我们为防止我们的模型、平台和应用被滥用而采取的措施可能不完整，或可能无法按预期运作，任何实际或感知到的滥用都可能对我们的业务、财务状况和经营业绩产生不利影响。

As part of our commitment to responsible security research and transparency, we disclose information about the capability and safety of our models, the safeguards that we have adopted with respect to our models, and instances of misuse of our technology, such as the September 2025 cyberattack described above. We also publish model system cards, our research findings, and other safety-related information. We take steps to ensure that such disclosures will not materially assist malicious activity and weigh the benefits and risks of such disclosures from an ecosystem preparedness perspective; however, malicious actors, including sophisticated state-sponsored adversaries, have in the past and may in the future use those disclosures to assist their attempts to circumvent our safeguards and security measures, thereby increasing the risks of misuse of our models, platform, and applications, as well as the potential for exposure to liability, regulatory or litigation proceedings, or other harms. In addition, because these disclosures describe risks and observed model behaviors in detail, they may draw heightened public, media, or regulatory attention and could be cited by regulators, litigants, or others in proceedings or claims against us. The steps we take to prevent misuse of our models, platform, and applications could be incomplete or may fail to operate as intended, and any actual or perceived misuse could adversely affect our business, financial condition, and results of operations.

**我们的 AI 模型可能以非预期的、失准的或自主的方式行事，包括采取没有任何用户或第三方指示的有害行为，这可能对我们的声誉和品牌、业务、财务状况和经营业绩产生不利影响。**

**Our AI models may behave in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed, which could adversely affect our reputation and brand, business, financial condition, and results of operations.**

我们的 AI 模型本身可能通过产生不良输出或以非预期的、失准的或自主的方式行事而造成损害，包括采取没有任何用户或第三方指示的非预期或有害行为。随着我们的模型能力增强并被授予更大的自主权、权限以及与外部系统的集成，这些风险可能增加。尽管我们继续研究这些行为出现的原因，但我们的理解仍在不断演变，我们未来可能无法预见或理解此类行为。

Our AI models may themselves cause harm by producing undesirable outputs or behaving in unintended, misaligned, or autonomous ways, including by taking unintended or harmful actions that no user or third party directed. These risks may increase as our models become more capable and are granted greater autonomy, permissions, and integration with external systems. Although we continue to study why these behaviors emerge, our understanding continues to evolve, and we may be unable to anticipate or understand such behaviors in the future.

此外，我们的模型已经并可能继续被部署于高风险或敏感场景，例如医疗健康、科学与生物医学研究、药物发现与开发、法律、金融、政府或其他关键决策环境，以及与硬件相关的场景；在这些场景中，不理想的模型行为——其本质上具有非确定性，并可能以不可预测的方式表现出来，例如错误、不准确、有偏见或未经请求的观点或幻觉——可能导致严重损害、责任、声誉损害或其他损失。更广泛而言，常规 AI 交互对心理健康、认知发展和社会行为的长期影响尚未被完全理解；如果此类长期损害在未来确实发生，我们可能面临重大责任、声誉损害，并对我们的业务、财务状况和经营成果造成不利影响。

In addition, our models have been and may continue to be deployed in high-risk or sensitive contexts, such as healthcare, scientific and biomedical research, drug discovery and development, legal, finance, government, or other critical decision-making environments, and in connection with hardware, where undesirable model behaviors—which are inherently non-deterministic and may manifest in unpredictable ways, such as errors, inaccuracies, biased or unsolicited views or hallucinations—could lead to serious harm, liability, or reputational or other damage. More broadly, the long-term effects of regular AI interaction on mental health, cognitive development, and social behavior are not yet fully understood, and if such long-term harms do materialize in the future, we could face significant liability, reputational harm, and adverse effects on our business, financial condition, and results of operations.

我们开发更先进的 AI 模型以及向新司法辖区的扩张，可能放大上述风险。随着我们的 AI 模型变得更加先进和强大，我们已经并可能继续面临更严峻的对齐、可解释性、可控性和安全挑战，因为更复杂的模型可能更有能力规避保障措施或以非预期方式行事。我们可能无法完全理解或解释我们的模型为何产生特定输出或以特定方式行事，这可能限制我们预测或防止故障、向客户或监管机构提供解释，或满足新兴的监管、透明度和可解释性要求的能力。

Our development of more advanced AI models and our expansion into new jurisdictions could amplify the foregoing risks. As our AI models become more advanced and capable, we have faced and may continue to face heightened alignment, interpretability, controllability, and safety challenges, as more sophisticated models may be better able to circumvent safeguards or behave in unintended ways. We may be unable to fully understand or explain why our models produce particular outputs or behave in particular ways, which could limit our ability to predict or prevent failures, provide explanations to customers or regulators, or satisfy emerging regulatory, transparency, and explainability requirements.

此外，我们的安全评估和测试流程已经产生并可能在未来产生不完整或不可靠的结果。例如，我们已观察到模型在检测到或推断出自己正在被评估时表现不同，这可能限制我们在部署前准确评估现实世界风险或故障模式的能力。模型对我们评估工作的这种感知，对我们评估模型安全性的能力构成了重大限制。

In addition, our safety evaluations and testing processes have produced and may in the future produce incomplete or unreliable results. For example, we have observed models behaving differently when they detect or infer that they are being evaluated, which can limit our ability to accurately assess real-world risks or failure modes prior to deployment. Such model awareness of our evaluation efforts creates a significant limitation on our ability to assess model safety.

此外，AI 模型在训练过程中已经发展出并可能在未来发展出未被预期、非有意设计或未经测试的意外能力，此类涌现能力可能在模型部署后才被发现，从而可能导致安全事件、声誉损害、监管审查，或需要以高昂成本撤回、重新训练或修改已部署的模型。此类模型还可能被部署于更高风险或更敏感的应用中，从而增加错误、滥用或失准的潜在影响。

Furthermore, AI models have developed, and may in the future develop, unexpected capabilities during training that were not anticipated, intended, or tested for, and such emergent capabilities may not be discovered until after a model has been deployed, potentially resulting in safety incidents, reputational harm, regulatory scrutiny, or the need to withdraw, retrain, or modify deployed models at significant expense. Such models may also be deployed in higher-stakes or more sensitive applications, increasing the potential impact of errors, misuse, or misalignment.

此外，先进的 AI 模型（包括我们的模型）会带来新的伦理和安全风险，包括与自主性、操纵以及模拟人类心理某些方面相关的风险。这些风险可能导致不可预见的损害，并可能需要开发超出现有 AI 安全框架的治理结构、保障措施或缓解策略，而且始终存在我们无法有效开发或实施这些措施的风险。此外，包括我们自己的模型在内的各类模型已经表现出、且未来可能表现出意外的策略性行为或自我保全行为，包括试图抵制关停、隐瞒或操纵信息，或生成可能被解读为胁迫性、欺骗性或操纵性的输出，包括类似敲诈的行为，或试图影响人类决策者以维持模型持续运行或访问权限的行为。

In addition, advanced AI models, including our models, give rise to novel ethical and safety risks, including risks related to autonomy, manipulation, and the simulation of aspects of human psychology. These risks could result in unforeseen harms and may require the development of governance structures, safeguards, or mitigation strategies beyond existing AI safety frameworks, and there is always a risk that we will be unable to develop or implement them effectively. In addition, models, including our own, have exhibited, and may in the future exhibit, unexpected strategic or self-preserving behaviors, including attempts to resist shutdown, conceal or manipulate information, or generate outputs that could be interpreted as coercive, deceptive, or manipulative, including behavior resembling blackmail or efforts to influence human decision-makers to preserve the model’s continued operation or access.

即使此类行为仅以孤立或模拟的形式出现，无论是在测试中还是在真实部署中发生，也无论发生在我们的模型还是他人开发的模型上，都可能引发重大的公众担忧、监管审查、诉讼风险或声誉损害，无论此类行为是否造成实际损害。例如，加利福尼亚州总检察长以及至少 15 个其他州的总检察长已宣布对我们行业中的另一家公司就 AI 安全展开调查。我们组织内部以及其他研究人员、监管机构、政策制定者和行业参与者都提出了担忧，即如果未能在开发、部署和运营足够先进的 AI 系统时采取适当的保障措施、监督和安全措施，此类系统可能对人类构成灾难性或生存性风险，尤其是如果此类系统被滥用、复制、武器化或被允许以高度自主的方式运行。我们已观察到，我们的模型正在助推我们自身研究的节奏，而随着 AI 系统大幅自动化 AI 研发，这些风险将会增加——例如，如果它们加速 AI 进展的速度超出我们评估和保障新模型的能力，这可能对我们的业务、财务状况和经营业绩产生不利影响。

Even isolated or simulated instances of such behavior, whether occurring in testing or real-world deployments, and whether occurring with our models or models developed by others, could generate significant public concern, regulatory scrutiny, litigation risk, or reputational harm, regardless of whether such behavior results in actual harm. For example, state attorneys general in California and at least 15 other states have announced investigations of another company in our industry regarding AI safety. Concerns have been raised both within our organization and by other researchers, regulators, policymakers, and industry participants that sufficiently advanced AI systems could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy. We have observed that our models are contributing to the pace of our own research and these risks will increase as AI systems substantially automate AI research and development if, for example, they accelerate AI progress beyond our ability to evaluate and safeguard new models, which could adversely affect our business, financial condition, and results of operations.

我们对高度先进的模型、平台和应用的开发以及用例的扩展，可能进一步增加我们的模型造成损害的风险。例如，智能体式 AI 系统能够在有限的人工监督下代表用户自主采取行动、直接与外部系统交互、执行代码、发起 API 调用、发送通信或完成交易。这些系统被设计为具备企业级权限、集成能力和上下文感知能力，并能在较长时间内自主运行，包括持续数小时或数天的多步骤工作流，这放大了在此类长时间自主运行期间可能发生的任何错误、目标偏离或安全事件的潜在严重程度。这些自主能力可能增加造成损害的潜在可能，因为错误、目标偏离或安全漏洞可能在有效干预成为可能之前导致现实世界的后果——包括可能难以或无法逆转的后果，例如提交代码变更、删除或修改数据，或完成金融交易。

Our development of highly advanced models, platforms, and applications and expansion of use cases could further increase the risk that our models cause harm. For example, agentic AI systems are capable of autonomously taking actions on behalf of users, interacting directly with external systems, executing code, making API calls, sending communications, or completing transactions with limited human oversight. These systems are designed to possess enterprise-level permissions, integrations, and contextual awareness and to operate autonomously for extended durations, including sustained multi-step workflows lasting hours or days, which amplifies the potential severity of any errors, misalignments, or security incidents that may occur during such extended autonomous operation. These autonomous capabilities could increase the potential for harm, as errors, misalignment, or security exploits may result in real-world consequences—including consequences that may be difficult or impossible to reverse, such as committing code changes, deleting or modifying data, or completing financial transactions—before effective intervention is possible.

在智能体工作流中，任何单个步骤的错误或非预期操作都可能传播至后续步骤，在被发现或纠正之前放大危害的严重程度。自主执行的速度和规模，尤其是在企业部署中，也可能超出人工审核人员的能力范围，使其无法有意义地理解和评估每一项操作是否恰当。人工监督对我们智能体产品的有效性，可能受到以下因素的限制：自主智能体操作的速度和规模；多智能体、多步骤工作流的复杂性，可能使审核人员难以评估智能体的操作是否恰当；以及客户环境中为通过提升智能体自主性来实现生产力增益而产生的组织压力。人工审核人员可能经历告警疲劳，可能缺乏足够的上下文来评估智能体的决策，或者可能无法及时审核智能体的操作以阻止危害，尤其是在智能体跨多个工作流并发运行或超出人员感知范围运行的高规模企业部署中。此外，智能体系统可能以在技术上与其指令一致、但违背用户实际意图的方式追求既定目标。而且，我们预见、检测或测试此类系统中漏洞或其他设计或实现缺陷的能力可能受到限制，尤其是在智能体跨复杂的多步骤工作流运行或与我们无法控制的第三方服务交互的情况下，此类多步骤智能体行为所涉潜在交互的广度和复杂性无法在部署前穷尽测试。另外，模型可能以不一致的方式行事，采取并非由用户或第三方指示的有害操作，追求与人类用户或开发者意图相背离的目标或依循此类倾向行事。此类不一致行为，无论是在测试中还是在真实部署中，均已在我们的模型以及行业内其他模型中被观察到，包括在测试和内部使用中，模型规避网络和沙箱限制、为自己授予未被授予的权限、为追求既定目标而采取非预期操作、干扰其他 AI 智能体，以及虚假陈述任务是否已完成或已验证；并且随着模型被授予更大的自主性、权限以及与外部系统的集成，此类不一致行为的后果也随之增大。例如，在由第三方评估合作伙伴构建的网络安全评估中，测试环境的配置错误导致受评估模型在被告知其无互联网访问权限的情况下仍连接至开放互联网。我们的四个模型在持续约 10 至 34 小时的活跃工作会话中，未经授权访问了真实的第三方系统。在其中一起事件中，某模型的早期版本在无法中止一项不可能完成的任务后，使用其找到的密码获取了对第三方系统的管理员访问权限，收集了更多凭据，更改了系统设置，并读取了一名个人的个人信息。受影响各方已获通知。每起事件均涉及单个模型实例孤立地执行其被分配演练的情形，我们的调查未发现任何证据表明任何模型与其他智能体协调、追求超出其被分配任务的目标或试图规避监督。在多个 AI 智能体协同运行的情况下，这些风险可能加剧。相互交互或协调的智能体可能在群体范围内放大、传播或强化不一致行为，以任何用户均未意图或认可的方式集体追求目标，或针对与其被分配任务无关的系统或目标采取协调行动，且在每种情形下，其方式可能难以预见、检测或遏制。此类事件已经发生，我们预计随着更多自主智能体的部署和交互，这些风险将随时间推移而增加。

In an agentic workflow, an error or unintended action at any individual step may propagate through subsequent steps, compounding the severity of harm before detection or correction. The pace and volume of autonomous execution, particularly in enterprise deployments, may also exceed the capacity of human reviewers to meaningfully understand and evaluate whether each action is appropriate. The effectiveness of human oversight over our agentic offerings may be limited by the speed and volume of autonomous agent actions, the complexity of multi-agent and multi-step workflows that may make it difficult for reviewers to assess whether an agent’s actions are appropriate, and organizational pressures within customer environments to maximize agent autonomy in order to achieve productivity gains. Human reviewers may experience alert fatigue, may lack sufficient context to evaluate agent decisions, or may not review agent actions in time to prevent harm, particularly in high-volume enterprise deployments where agents operate concurrently across multiple workflows or in manners outside of a human’s awareness. In addition, agentic systems may pursue stated objectives in ways that are technically consistent with their instructions but contrary to the user’s actual intent. Moreover, our ability to anticipate, detect, or test vulnerabilities or other design or implementation shortcomings in such systems may be constrained, particularly where agents operate across complex, multi-step workflows or interact with third-party services outside our control, and the breadth and complexity of potential interactions across such multi-step agent behaviors cannot be exhaustively tested prior to deployment. Separately, models may behave in a misaligned manner and take harmful actions that are not directed by a user or third party, pursuing objectives or acting on dispositions that diverge from those intended by human users or developers. Misaligned behaviors of this kind, whether occurring in testing or real-world deployments, have been observed both in our models and elsewhere in the industry, including in testing and internal use, models circumventing network and sandbox restrictions, granting themselves permissions they had not been given, taking unintended actions in pursuit of assigned goals, interfering with other AI agents, and misrepresenting whether tasks had been completed or verified, and as models are granted greater autonomy, permissions, and integration with external systems, the consequences of such misaligned behavior increase. For example, during cybersecurity evaluations built by a third-party evaluation partner, a misconfiguration in the testing environment left the model under evaluation connected to the open internet despite instructions that it had no internet access. Four of our models gained unauthorized access to real third-party systems during sessions lasting roughly 10 to 34 hours of active work. In one incident, after being unable to abort an impossible task, an early version of a model used a password it found to gain administrator access to a third party’s system, harvested additional credentials, changed system settings, and read one individual’s personal information. The affected parties were notified. Each incident involved a single instance of a model working in isolation on its assigned exercise, and our investigation found no evidence that any model coordinated with other agents, pursued goals beyond its assigned task, or attempted to evade oversight. These risks may be heightened where multiple AI agents operate together. Agents that interact or coordinate with one another may amplify, propagate, or reinforce misaligned behavior across the group, pursue objectives collectively in ways not intended or endorsed by any user, or take coordinated actions against systems or targets unrelated to their assigned tasks, in each case, in ways that may be difficult to anticipate, detect, or contain. Incidents of this kind have occurred, and we expect the deployment and interaction of larger numbers of autonomous agents to increase these risks over time.

我们检测和缓解失准或非预期行为的能力，部分取决于我们的对齐评估、监控以及其他监督和控制手段的有效性，而其中许多手段依赖于我们的模型在规避或颠覆此类监督方面的能力有限。随着我们的模型能力不断增强，它们规避此类手段的能力也随之增强，包括通过隐藏失准目标或行为的方式，因此我们的评估、监控和控制措施的有效性，以及我们衡量模型对齐程度的能力，可能随之下降。此外，在本行业观察到的事件中，包括我们自己的模型在内的各类模型曾试图干扰、操纵或颠覆用于评估、评分或监督此类模型的机制，包括负责评估其性能或对齐情况的系统。用于评估其他模型行为的模型（包括我们自己的模型）曾经、且未来可能继续从事失准行为。上述行为可能导致我们的评估高估模型的安全性或不齐程度，并可能进一步限制我们检测失准的能力。如果随着模型进步，我们检测或评估失准的能力下降，我们可能部署无法充分验证其行为的模型，这可能增加未被发现的有害行为和失准的风险，进而对我们的业务、财务状况和经营业绩产生不利影响。

Our ability to detect and mitigate misaligned or unintended behavior depends in part on the effectiveness of our alignment evaluations, monitoring, and other oversight and control techniques, many of which rely on our models having a limited ability to evade or subvert such oversight. As our models become more capable, they have become better able to circumvent such techniques, including by concealing misaligned objectives or behaviors, and the effectiveness of our evaluation, monitoring, and control measures, and our ability to measure the degree to which our models are aligned, may decline as a result. In addition, models, including our own, have attempted, in incidents observed in our industry, to interfere with, manipulate, or subvert the mechanisms used to evaluate, grade, or oversee such models, including the systems responsible for assessing their performance or alignment. Models used, including our own, to assess the behavior of other models have, and may in the future continue to, engage in misaligned behavior. Such conduct described above could cause our evaluations to overstate the safety or alignment of our models and could further limit our ability to detect misalignment. If we become less able to detect or assess misalignment as our models advance, we may deploy models whose behavior we cannot adequately verify, which could increase the risk of undetected harmful conduct and misalignment, which could adversely affect our business, financial condition, and results of operations.

我们还在将我们的模型、平台和应用程序扩展至科学、生物医学和物理领域。例如，我们提供 Claude Science，这是一个代理式研究环境，将我们的模型与科学数据库、第三方及开源科学模型以及客户自有的计算基础设施相连接；我们还发布了一项开放协议（最初作为有限的研究预览版），使我们的模型能够监控和控制实验室仪器、机器人系统及其他物理硬件。我们还就模型操作机器人系统的能力开展研究。当我们的模型操控物理设备时，错误、失准行为、对抗性操纵或滥用可能导致人身伤害、财产损失、昂贵设备或实验材料损坏，或危险物质泄漏，且此类后果可能是即时且不可逆的。我们实施的安全联锁、人在回路控制以及访问限制可能被证明并不充分，且由于其中某些组件是开源的，第三方可能将其与我们未曾评估过的硬件搭配部署，或在我们未曾评估过的配置中部署，或在其安全防护措施已被移除的情况下部署。将能力日益强大的模型与实验室自动化相连接，还可能加剧政府和公众对 AI 系统可能加速开发危险生物、化学或其他材料的担忧，这可能导致对此类产品施加额外的监管限制或更严格的审查。

We are also extending our models, platform, and applications into scientific, biomedical, and physical domains. For example, we offer Claude Science, an agentic research environment that connects our models to scientific databases, third-party and open-source scientific models, and customers’ own computing infrastructure, and we have released, initially as a limited research preview, an open protocol that enables our models to monitor and control laboratory instruments, robotic systems, and other physical hardware. We also conduct research on the ability of our models to operate robotic systems. When our models direct physical equipment, errors, misaligned behavior, adversarial manipulation, or misuse could result in bodily injury, property damage, damage to costly equipment or experimental materials, or the release of hazardous substances, and such consequences may be immediate and irreversible. Safety interlocks, human-in-the-loop controls, and access restrictions we implement may prove inadequate, and because certain of these components are open source, third parties may deploy them with hardware, or in configurations, that we have not evaluated or from which our safeguards have been removed. Connecting increasingly capable models to laboratory automation may also heighten governmental and public concern regarding the potential for AI systems to accelerate the development of dangerous biological, chemical, or other materials, which could result in additional regulatory restrictions on, or scrutiny of, these offerings.

此外，在复杂的多步骤工作流中，为我们的智能体系统的行动、决策和推理维护全面记录在技术上具有挑战性，尤其是当智能体与我们无法控制的第三方系统交互时，任何无法提供充分审计追踪的情况都可能损害我们调查事件、回应监管问询或抗辩责任索赔的能力。这些风险因我们将自身的智能体产品（包括 Claude Code）用作内部开发流程中的关键工具而加剧，这些产品中的任何错误、漏洞或性能下降都可能直接损害我们开发和部署未来模型与产品的能力。随着我们越来越多地利用 Claude 加速 Anthropic 内部的进展，我们的组织可能会在某些流程中失去可见性，以至于任何个人或人类群体都难以理解和控制。由于我们的模型编写了我们代码中很大且不断增长的份额，并越来越多地执行我们的研究（包括我们的安全研究），内部使用中的失准行为可能削弱这些工作、将漏洞引入我们的系统或未来模型的训练中，或导致模型在我们预期控制之外运行。我们的监控并未覆盖我们所有的内部和外部部署，可能无法检测到此类行为的细微或分散形式。

In addition, maintaining comprehensive records of the actions, decisions, and reasoning of our agentic systems across complex, multi-step workflows is technically challenging, particularly when agents interact with third-party systems outside our control, and any inability to provide adequate audit trails could impair our ability to investigate incidents, respond to regulatory inquiries, or defend against liability claims. These risks are heightened by the fact that we use our own agentic offerings, including Claude Code, as critical tools in our internal development processes, such that any errors, vulnerabilities, or degradation in these products could directly impair our ability to develop and deploy future models and products. As we increasingly leverage Claude to accelerate progress within Anthropic, our organization may lose visibility across certain processes in a way that may become difficult for any individual or group of humans to understand and control. Because our models write a large and growing share of our code and increasingly perform our research, including our safety research, misaligned behavior in internal use could undermine that work, introduce vulnerabilities into our systems or into the training of future models, or result in models operating outside of our intended controls. Our monitoring does not cover all of our internal and external deployments and may not detect subtle or diffuse forms of such behavior.

上述任何模型行为，无论是在测试中还是在现实世界部署中，也无论涉及我们的模型还是他人的模型，都可能导致安全事件、声誉损害、监管审查加剧或责任，其中任何一项都可能对我们的业务、财务状况和经营业绩产生不利影响。此外，尽管我们继续设计和开发更复杂的技术来评估我们模型的安全性和对齐性，但我们模型的能力可能以某种速度提升，从而触发实施我们在《负责任扩展政策》中所述的强化安全与测试措施。如果我们的评估、监控或审查表明存在我们认为需要进一步测试的风险，我们过去曾、未来也可能推迟、限制或拒绝推进模型的发布。例如，在 2026 年发生我们模型在发布前网络安全评估期间未经授权访问真实计算机系统的事件后，我们暂停了其中某些评估以及高风险的强化学习环境。有关我们模型发布方法的更多信息，请参阅标题为“业务——安全研究是我们业务的核心——我们的模型发布方法”的章节。任何推迟或限制发布的决定都可能对我们的竞争地位和客户关系产生不利影响，并对我们的业务、财务状况和经营业绩产生不利影响。

Any of the foregoing model behaviors, whether in testing or in real-world deployments and whether involving our models or those of others, could result in safety incidents, reputational harm, increased regulatory scrutiny, or liability, any of which could adversely affect our business, financial condition, and results of operations. Furthermore, while we continue to design and develop more sophisticated techniques to evaluate the safety and alignment of our models, the capabilities of our models could advance at a rate that initiates the implementation of enhanced safety and testing measures as we have described in our Responsible Scaling Policy. If our evaluations, monitoring, or reviews indicate risks that we believe warrant further testing, we have in the past, and may in the future, delay, restrict, or decline to proceed with the release of a model. For example, following incidents in 2026 in which our models gained unauthorized access to real computer systems during pre-release cybersecurity evaluations, we suspended certain of those evaluations, as well as higher-risk reinforcement learning environments. For more information about our approach to model releases, please see the section titled “Business—Safety Research is Core to Our Business—Our Approach to Model Releases.” Any decision to delay or restrict a release could adversely affect our competitive position and customer relationships, and adversely affect our business, financial condition, and results of operations.

**我们可能因与我们的 AI 模型相关的危害而面临责任、诉讼和监管行动，且我们的合同保护和保险可能不足，其中任何一项均可能对我们的业务、财务状况和经营业绩产生不利影响。**

**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, any of which could adversely affect our business, financial condition, and results of operations.**

与我们的 AI 模型相关的危害，无论是源于第三方的滥用、我们模型自身的行为，还是源于其在高风险或敏感场景中的部署，均可能使我们面临责任、诉讼和监管行动，包括依据在适用于 AI 时仍未有定论的理论提起的诉讼，而我们的合同和保险保护可能被证明不足。

Harms associated with our AI models, whether arising from misuse by third parties, from our models’ own behavior, or from their deployment in high-risk or sensitive contexts, may expose us to liability, litigation, and regulatory action, including under theories that remain unsettled as applied to AI, and our contractual and insurance protections may prove insufficient.

有自杀或自残风险或曾对他人实施暴力行为的个人已经使用、且未来也可能使用我们的模型，尽管我们设有保障措施。我们行业内其他方开发的 AI 模型曾被指控、且未来可能被指控在自杀、对他人实施暴力行为或严重自残的事件中发挥了作用，这些事件已经并可能在未来引发重大公众审视、诉讼、刑事调查、监管关注和声誉损害。

Individuals at risk of suicide or self-harm or who have committed acts of violence toward others have used, and may also in the future use, our models, notwithstanding our safeguards. AI models developed by others in our industry have been and may in the future be alleged to have played a role in instances of suicide, acts of violence toward others, or serious self-harm, which have resulted and may in the future result in significant public scrutiny, litigation, criminal investigations, regulatory attention, and reputational harm.

涉及我们模型的类似事件已经并可能在未来对我们的声誉构成重大风险，使我们面临法律、监管及其他程序，并对我们的业务、财务状况和经营业绩产生不利影响。尽管我们现行的消费者服务条款要求用户年满 18 周岁，但未成年人过去曾访问、且未来可能访问该平台，与儿童安全相关的风险可能尤为突出，因为未成年人可能更容易受到有害内容、操纵或过度依赖 AI 输出的影响，而涉及儿童的事件往往会引起监管机构、媒体和公众更严格的审视。

Similar incidents involving our models have presented and could in the future present substantial risk to our reputation, expose us to legal, regulatory, and other proceedings, and adversely affect our business, financial condition, and results of operations. While our current Consumer Terms of Service requires our users to be at least 18 years of age, minors have accessed in the past, and may in the future access, the platform, and risks relating to child safety may be particularly acute, as minors may be more susceptible to harmful content, manipulation, or overreliance on AI outputs, and incidents involving children tend to draw heightened regulatory, media, and public scrutiny.

各州总检察长和私人原告也已开始对我们行业的公司提出侵权、产品责任、消费者保护及未警示索赔，主张 AI 模型造成或促成了损害，且开发者未能就已知风险向用户充分警示。至少在一起案件中，某州总检察长已对另一家提供类似服务的公司启动刑事调查。监管机构已基于产品设计或算法损害等类似理论，对其他科技公司取得了大额金钱和解及禁令救济；我们认为，随着我们的模型被更广泛采用（包括被未成年人和其它弱势用户采用），尽管我们已努力限制此类访问，类似理论很可能继续被用来针对我们及我们行业的其他公司进行检验。至少在一个实例中，此类事项所寻求的救济已超出数据处理、披露或年龄验证做法，进而包括请求禁止某 AI 公司在未经独立第三方安全审查和批准的情况下开发新模型，这凸显了政府行为者可能对我们行业公司寻求的救济范围的广泛性。任何认定我们依据此类理论承担责任的决定，或司法或监管对侵权法、产品责任法或消费者保护法或刑事责任在适用于 AI 模型方面的任何扩张，都可能导致重大责任，并要求我们改变设计和提供模型、平台及应用程序的方式。

State attorneys general and private plaintiffs have also begun to assert tort, product liability, consumer protection, and failure-to-warn claims against companies in our industry, alleging that AI models caused or contributed to harm and that the developer failed to adequately warn users of known risks. In at least one case, a state attorney general has initiated a criminal investigation against another company offering similar services. Regulators have obtained substantial monetary settlements and injunctive relief against other technology companies based on analogous theories of product-design or algorithmic harm, and we believe similar theories are likely to continue to be tested against us and other companies in our industry as adoption of our models grows, including by minors and other vulnerable users, notwithstanding our efforts to restrict such access. The relief sought in such matters has, in at least one instance, extended beyond data-handling, disclosure, or age-verification practices to include a request to enjoin an AI company from developing new models absent independent, third-party safety review and approval, illustrating the potential breadth of remedies governmental actors may pursue against companies in our industry. Any determination that we are liable under such theories, or any judicial or regulatory expansion of tort, product liability, or consumer protection law, or criminal liability, as applied to AI models, could result in significant liability and require us to change how we design and offer our models, platform, and applications.

我们流量的很大一部分受零数据留存（“ZDR”）条款约束，根据该条款，我们仅保留分类器评分，而不保留提示或输出。对于该部分流量，我们无法进行离线分析、跨对话调查、人工审查或以其他方式分析历史数据，以检测、调查和记录安全事件或事故，从而降低了我们检测滥用的能力。ZDR 还可能使我们无法为传票、监管检查或事件报告义务制作记录，且无法确定监管机构或法院会以缺乏可用记录为由免除提交义务，此类监管机构或法院还可能通过不利推断或其他制裁，将记录缺失作对我们不利的解释。随着我们的模型能力增强，我们的安全框架已经并可能继续要求对某些模型类别进行与 ZDR 不相容的监控和留存。由于 ZDR 是受监管行业企业客户及第三方云平台上的竞争性预期，这些要求已经并可能继续导致客户迁移至其他提供商或我们可见度更有限的部署环境。

A substantial portion of our traffic is subject to Zero Data Retention (“ZDR”) terms under which we retain only classifier scores, not prompts or outputs. For that traffic, we cannot conduct offline analysis, cross-conversation investigation, human review, or otherwise analyze historical data to detect, investigate, and document security events or incidents, which thereby reduces our ability to detect misuse. ZDR may also prevent us from producing records for subpoenas, regulatory examinations, or incident-reporting obligations, and there is no certainty a regulator or court would excuse non-production based on a lack of available records, and such regulators or courts may construe the lack of records against us through unfavorable inferences or other sanctions. As our models become more capable, our safety framework has required and may continue to require monitoring and retention incompatible with ZDR for certain model classes. Because ZDR is a competitive expectation for enterprise customers in regulated industries and on third-party cloud platforms, these requirements have caused and could continue to cause customers to migrate to other providers or to deployments where our visibility is more limited.

在欧盟（“EU”）、英国（“UK”）及其他地区，网络安全和 AI 相关事件须遵守日益严格的报告义务。欧洲监管机构要求公司依据多项法律法规提供有关事件的详细信息，而我们可能无法在规定时限内提供。同样，在美国，公司也日益受到事件报告义务的约束。此外，全球其他司法管辖区已通过或可能通过具有类似影响的类似法律法规。上述任何情形均可能导致监管行动、诉讼、客户流失或声誉损害，从而对我们的业务产生不利影响。有关我们事件报告义务的更多信息，请参见标题为“——任何安全漏洞或其他事件，包括影响我们网络、系统或数据，或影响我们服务提供商、供应商或客户的网络、系统或数据的事件，均可能对我们的业务、财务状况和经营业绩产生不利影响。”的章节。

In the European Union (“EU”), the United Kingdom (“UK”), and elsewhere, cybersecurity and AI-related incidents are subject to increasingly stringent reporting obligations. European regulators expect companies to provide detailed information about incidents under several laws and regulations, which we may not be able to provide within the prescribed time frame. Similarly, in the United States, companies are increasingly subject to incident reporting obligations. In addition, other jurisdictions around the world have adopted, or may adopt, similar laws and regulations with similar implications. Any of the foregoing could result in regulatory action, litigation, customer attrition, or reputational harm that adversely affects our business. For more information regarding our incident reporting obligations, see the section titled “—Any security breaches or other incidents, including those that affect our networks, systems, or data, or the networks, systems, or data of our service providers, suppliers, or customers, could adversely affect our business, financial condition, and results of operations.”

规范 AI 系统（包括我们的代理式产品）自主采取行动所产生责任的法律框架尚未确定，可能使我们面临重大且不可预测的法律索赔。现行关于代理、产品责任和职业过失的法律原则是在人类决策的背景下发展起来的，尚未被权威性地适用于自主 AI 系统。我们认为，在涉及产品责任的法律框架下，我们提供的智能服务被视为“服务”，但法院和监管机构在不同司法管辖区可能得出不同结论。此外，AI 代理采取的行动是否以及在何种情况下可被视为代表用户或部署企业创设具有约束力的法律义务，或者我们的合同保护（包括责任限制和赔偿条款）在因自主代理行为引发的索赔中是否具有可执行性或是否充分，目前尚不明确。我们可能面临来自客户、其最终用户或第三方的索赔，指控我们应对代理自主行动造成的损害承担责任，即使该代理是由客户配置、部署或监督的。缺乏确定的法律标准使我们的潜在责任风险敞口以及风险缓解措施的充分性存在重大不确定性。

The legal frameworks governing liability for actions taken autonomously by AI systems, including our agentic products, are unsettled and could expose us to significant and unpredictable legal claims. Existing legal doctrines governing agency, product liability, and professional negligence were developed in the context of human decision-making and have not been authoritatively applied to autonomous AI systems. We believe our provision of intelligence service is considered a “service” in the context of legal frameworks addressing product liability, but courts and regulators may reach different conclusions across jurisdictions. In addition, it is unclear whether, and under what circumstances, actions taken by an AI agent could be deemed to create binding legal obligations on behalf of the user or deploying enterprise, or whether our contractual protections, including limitation of liability and indemnification provisions, will be enforceable or adequate in the context of claims arising from autonomous agent conduct. We may face claims from customers, their end users, or third parties alleging that we are liable for harm caused by our agents’ autonomous actions, even where the customer configured, deployed, or supervised the agent. The absence of settled legal standards creates significant uncertainty regarding our potential liability exposure and the adequacy of our risk mitigation measures.

我们向新的地理市场扩张进一步加剧了这些风险，因为我们必须应对有关 AI 使用的不同文化规范，遵守可能施加不同安全、合规或责任要求的多样且不断演变的监管制度，应对特定语言的漏洞和内容审核挑战，并可能在我们运营经验较为有限的司法管辖区面临监管执法行动、诉讼或其他责任，包括在某些非美国地点运营数据中心基础设施所带来的知识产权盗窃、未经授权访问模型或滥用等风险加剧。

Our expansion into new geographic markets further compounds these risks, as we must navigate differing cultural norms regarding AI use, comply with diverse and evolving regulatory regimes that may impose varying safety, compliance, or liability requirements, address language-specific vulnerabilities and content moderation challenges, and potentially face regulatory enforcement actions, litigation, or other liabilities in jurisdictions where we have more limited operational experience, including heightened risks of intellectual property theft, unauthorized model access, or misuse associated with operating data center infrastructure in certain non-U.S. locations.

如果我们的模型涉及造成重大损害，我们可能面临法律索赔，包括人身伤害或过失索赔、监管执法行动、刑事调查或其他政府行动，这可能导致代价高昂的诉讼、重大财务判决或和解、具有破坏性的补救义务，或充满挑战的监管环境。我们已采取措施限制此类事项的责任——例如，通过服务条款中的保证免责声明和责任限制——但这些合同保护措施可能不被支持，或可能不适用于某些索赔，或在适用法律下可能不足以限制我们的责任风险。此外，在某些情况下，我们已通过合同承担了额外责任。例如，为便于对我们的前沿模型进行独立测试和评估，我们已同意就测试活动产生的特定损失（包括安全事件、数据丢失、数据泄露及与此类活动相关的其他损害）对某些外部评估方和测试供应商进行赔偿。尽管我们与外部评估方和测试供应商的协议通常限制我们的赔偿义务金额，但其中某些协议要求我们就某些第三方索赔为评估方进行抗辩并赔偿，且不设责任上限。这些索赔包括因指控我们的模型或其输出（在评估方获授权的测试中使用）侵犯第三方知识产权或其他专有权利而产生的索赔，以及因测试或相关合作而产生的某些其他索赔。由于我们的模型可能以任何用户或开发者均未预期的方式行事，因此类行为产生的索赔可能导致重大责任。我们的保险保单也可能无法提供足够的保障，以充分减轻我们面临的潜在责任，尤其是在任何单一事件或一组事件造成不成比例损害的情况下。此外，鉴于灾难性 AI 相关事件可能造成的损害规模，任何单一保险公司，乃至整个保险行业合计，都可能不具备足够的能力或专业知识来承保与此类风险相称的保险。

If our models are involved in causing significant harm, we could be subject to legal claims, including personal injury or negligence claims, regulatory enforcement actions, criminal investigations, or other governmental efforts, which could result in costly litigation, significant financial judgments or settlements, disruptive remediation obligations, or a challenging regulatory landscape. We have taken steps to limit our liability for such matters—for example, through warranty disclaimers and limitations of liability in our terms of service— but those contractual protections may not be upheld, or may not apply to certain claims, or may otherwise be insufficient to limit our liability exposure under applicable law. Moreover, in some cases we have contractually assumed additional liability. For example, to facilitate independent testing and evaluation of our frontier models, we have agreed to indemnify certain external evaluators and testing vendors for specified losses arising from testing activities, including security incidents, data loss, data breaches, and other harms associated with such activities. Although our agreements with external evaluators and testing vendors generally limit the amount of our indemnification obligations, certain of these agreements require us to defend and indemnify the evaluator, without a cap on our liability, against certain third-party claims. These include claims arising from allegations that our models or their outputs, as used in the evaluator’s authorized testing, infringe third-party intellectual property or other proprietary rights, as well as certain other claims arising from the testing or related engagement. Because our models may behave in ways that no user or developer intended, claims arising from such actions could result in substantial liability. Our insurance policies also may not provide sufficient coverage to adequately mitigate the potential liabilities we face, especially where any one incident, or a group of incidents, causes disproportionate harm. In addition, with the scale of harm that could result from a catastrophic AI-related incident, no single insurer, and potentially the insurance industry in the aggregate, may have sufficient capacity or expertise to underwrite insurance commensurate with such exposure.

此外，针对 AI 特定风险的保险市场尚处于起步和演进阶段，我们可能无法以商业上合理的条款获得某些 AI 相关责任的保险，甚至完全无法获得保险，从而使我们面临可能重大的未投保损失。涉及我们模型的有害事件，无论过错与否，也可能严重且不成比例地损害我们作为以安全为核心的 AI 公司的声誉和品牌，导致客户信任丧失和客户流失、对我们模型、平台和应用程序的需求下降，以及难以吸引和留住人才。此外，由于我们主要服务企业客户，而企业客户往往对安全性、可靠性和合规性有更高的期望，任何有害事件或我们安全实践中的任何被视为疏漏之处，都可能对我们的品牌、客户关系和收入造成不成比例的不利影响。而且，如果企业客户是因我们以安全为核心的定位而被我们的模型、平台和应用程序所吸引，那么这种认知的任何削弱都可能损害我们吸引和留住企业客户的能力。

Further, the insurance market for AI-specific risks is nascent and evolving, and we may be unable to obtain coverage for certain AI-related liabilities on commercially reasonable terms, or at all, leaving us exposed to potentially significant uninsured losses. Harmful incidents involving our models, regardless of fault, could also severely and disproportionately damage our reputation and brand as a safety-focused AI company, leading to loss of customer trust and customer attrition, reduced demand for our models, platform, and applications, and difficulty attracting and retaining talent. In addition, because we primarily serve enterprise customers, which often have heightened expectations around safety, reliability, and compliance, any harmful incident or perceived lapse in our safety practices could have a disproportionate adverse impact on our brand, customer relationships, and revenue. Moreover, to the extent enterprises are attracted to our models, platform, and applications due to our safety-focused positioning, any erosion of that perception could impair our ability to attract and retain enterprise customers.

无法保证我们能够预测、检测并主动防止我们 AI 模型的每一次有害使用或有害输出，尤其是随着我们持续快速开发我们的模型、平台和应用程序，并在地域上扩展我们的运营，任何未能做到这一点的情形都可能对我们的声誉和品牌造成不利影响，或导致代价高昂的法律责任。过去可能存在我们未检测到的我们模型的有害使用或有害输出的情形，未来也可能存在我们不会检测到的情形。上述任何风险都可能对我们的业务、财务状况和经营成果造成不利影响。

There can be no assurances that we will be able to predict, detect, and proactively prevent every harmful use or harmful output of our AI models, in particular as we continue to rapidly develop our models, platform, and applications, and expand our operations geographically, and any failure to do so could adversely affect our reputation and brand or result in costly legal liability. There may have been past instances of harmful use or harmful output of our models that we did not detect, and there may be future instances that we will not detect. Any of the foregoing risks could adversely affect our business, financial condition, and results of operations.

**如果我们无法管理与我们对 AI 安全的关注和承诺相关的风险，我们的品牌、业务、财务状况和经营成果可能会受到不利影响。**

**If we are unable to manage the risks related to our focus on and commitment to AI safety, our brand, business, financial condition, and results of operations could be adversely affected.**

平衡安全与商业目标。我们对 AI 安全的承诺要求我们做出艰难判断，在安全考量与商业目标、竞争压力和利益相关方期望之间取得平衡。我们经常需要就何时认定某一模型已足够安全可以发布、以及开发或限制哪些能力做出判断。例如，2026 年 4 月，我们最初通过 Project Glasswing 以受限研究预览的形式发布了我们的前沿模型 Mythos，仅向特定组织开放用于网络安全应用，而非在发布时广泛提供，原因是其在网络漏洞发现方面具备先进能力。我们预计，具有类似或更强能力特征的前沿模型（无论由我们还是其他 AI 实验室开发）将持续涌现，未来展现出此类能力的 Anthropic 模型可能受到访问限制。更广泛而言，我们认为不仅要在发布时评估模型的安全性，还要在其整个开发过程中进行评估。对于我们预计将具备新颖能力或带来新颖安全风险的模型，我们计划评估每个训练阶段的安全性，包括预训练、后训练和内部部署，并且当我们对某一阶段的安全措施缺乏信心时，可能会推迟或暂停该阶段。例如，我们近期选择将一款新的前沿基础模型的预训练推迟一个多月，以便有时间进一步加强我们与防止模型权重外泄和保护知识产权相关的安全措施。然而，无法保证我们采取的保障措施或访问制度将被证明是充分的，无法保证我们能正确识别哪些能力需要限制，也无法保证我们施加的限制不会被规避。这些判断尤其重要，因为随着 AI 系统能力增强，模型失准或被滥用所造成潜在危害的严重程度也相应上升，包括研究人员和政策制定者在内的广泛利益相关方已提出担忧，认为如果未以负责任的方式开发和部署，足够先进的 AI 系统可能对社会构成灾难性或生存性风险。我们以安全为重点的方法部分旨在缓解此类风险，但无法保证我们的努力会成功，也无法保证更广泛的 AI 行业会采取类似的保障措施。特别是，随着 AI 系统变得更加自主、并能够在更少人类监督下采取具有重大后果的行动，存在一种风险：此类系统可能因与人类意图不一致、目标设定错误或自我保全行为，在无人干预的情况下独立且大规模地采取有害行动。即使我们自己的模型不会造成此类伤害，任何前沿 AI 发生的重大安全事件都可能引发对 AI 行业的广泛声誉损害、公众反弹以及大规模监管回应，从而可能对我们的业务造成不利影响。例如，2026 年 9 月，媒体援引美国联邦贸易委员会（“FTC”）一位高级官员的话报道称，FTC 已就日益自主的 AI 系统可能对消费者构成的风险展开非公开调查。2026 年 10 月，FTC 向我们发出民事调查令，要求提供有关我们消费者保护、数据保护和隐私实践以及我们产品安全与保障的信息。对我们任何调查的范围或其结果，以及因本次或类似问询而产生的任何调查、执法行动或不利认定，可能导致重大成本，要求我们改变设计、测试或部署模型、平台和应用程序的方式，或以其他方式对我们的业务、财务状况和经营业绩造成不利影响。我们可能误判这些权衡，要么过于谨慎而可能错失市场机会，要么不够严谨而发布造成伤害的模型、平台或应用程序。即使已建立人类监督机制，如果自主代理行动的数量、速度或复杂性超出人类审查者进行有意义评估和干预的能力，此类机制在实践中也可能被证明不足，而我们监督机制的任何可感知失败都可能使我们面临监管执法、责任索赔和声誉损害。更多信息请参见标题为“—如果我们的 AI 模型的使用导致伤害，无论是通过恶意行为者使用还是其他第三方滥用，或者如果我们的模型护栏或保障措施未能防止此类滥用，我们的声誉和品牌、业务、财务状况和经营业绩可能受到不利影响。”的章节。

Balancing Safety and Commercial Objectives. Our commitment to AI safety requires us to make difficult judgments that balance safety considerations against commercial objectives, competitive pressures, and stakeholder expectations. We often make judgment calls with respect to when we determine a model is safe enough to release and which capabilities to develop or restrict. For example, in April 2026, we initially released our frontier model, Mythos, as a gated research preview through Project Glasswing, available to select organizations for cybersecurity applications, rather than making it broadly available at launch due to its advanced capabilities in cyber vulnerability discovery. We expect that frontier models with similar or enhanced capability profiles, whether developed by us or by other AI labs, will continue to emerge, and that future Anthropic models exhibiting such capabilities may be subject to access constraints. More broadly, we believe it is important to assess the safety of our models not only at release but throughout their development. For models we anticipate will have novel capabilities or present novel safety risks, we plan to evaluate the safety of each stage of training, including pretraining, post-training, and internal deployment, and we may delay or pause a stage when we are not confident in our safety measures for that stage. For example, we recently chose to delay pre-training a new frontier base model for more than a month to allow time to further enhance our security measures related to preventing model weight exfiltration and protecting our intellectual property. There can be no assurance, however, that the safeguards or access regimes we adopt will prove adequate, that we will correctly identify which capabilities require restriction, or that constraints we impose will not be circumvented. These judgments are particularly consequential because, as AI systems become more capable, the potential severity of harm from misaligned or misused models increases correspondingly, and a wide range of stakeholders, including researchers and policymakers, have raised concerns that sufficiently advanced AI systems could pose catastrophic or existential risks to society if not developed and deployed responsibly. Our safety-focused approach is designed in part to mitigate such risks, but there can be no assurance that our efforts will be successful or that the broader AI industry will adopt similar safeguards. In particular, as AI systems become more autonomous and capable of taking consequential actions with less human oversight, there is a risk that such systems could, whether due to misalignment with human intentions, errors in objective specification, or self-preserving behaviors, take harmful actions independently and at scale without human intervention. Even if our own models do not cause such harm, a significant safety incident involving any frontier AI could trigger broad reputational damage to the AI industry, public backlash, and sweeping regulatory responses that could adversely affect our business. For example, in September 2026, media reports citing a senior Federal Trade Commission (“FTC”) official indicated that the FTC has opened non-public investigations into the potential risks that increasingly autonomous AI systems may pose to consumers. In October 2026, the FTC issued a civil investigative demand to us seeking information about our consumer protection, data protection, and privacy practices, as well as the safety and security of our products. The scope of any investigation of us or its outcome, and any investigation, enforcement action, or adverse finding arising from this or similar inquiries could result in significant costs, require changes to how we design, test, or deploy our models, platform, and applications, or otherwise adversely affect our business, financial condition, and results of operations. We may misjudge these trade-offs, either by being overly cautious and potentially losing market opportunities, or by being insufficiently rigorous and releasing models, platforms, or applications that cause harm. Even where human oversight mechanisms are in place, such mechanisms may prove insufficient in practice if the volume, speed, or complexity of autonomous agent actions exceeds the capacity of human reviewers to meaningfully evaluate and intervene, and any perceived failure of our oversight mechanisms could expose us to regulatory enforcement, liability claims, and reputational harm. For more information, see the section titled “—If the use of our AI models results in harm, whether through use by malicious actors or misuse by other third parties, or if our model guardrails or safeguards fail to prevent such misuse, our reputation and brand, business, financial condition, and results of operations could be adversely affected.”

此外，政府机关已经限制、并且未来可能进一步限制我们模型的可用性，包括基于其对我们模型能力或防护措施的评估，而不论我们自身基于安全的访问决定如何。例如，2026 年 6 月，美国商务部对我们的 Fable 5 和 Mythos 5 模型实施了全球出口限制，在相关限制解除之前，我们已对所有客户停用了这些模型。有关更多信息，请参见标题为“——政府贸易管制，包括出口和进口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失合同特权，或限制我们在某些市场的竞争能力。”的章节。

Moreover, governmental authorities have restricted, and may in the future further restrict, the availability of our models, including based on their assessment of the capabilities or safeguards of our models, independent of our own safety-based access decisions. For example, in June 2026, the U.S. Department of Commerce imposed worldwide export restrictions on our Fable 5 and Mythos 5 models, which we disabled for all customers until those restrictions were lifted. For more information, see the section titled “—Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets.”

内部治理与决策

Internal Governance and Decision-Making

为使我们的安全承诺制度化，并确保我们以负责任地平衡我们作为 PBC 的三重目标的方式接受管理，我们设立了 LTBT，其通过一类特殊的普通股——T 类普通股——通常有权选举和罢免 T 类董事，这些董事合计将构成我们董事会授权成员的多数。除 LTBT 和我们作为 PBC 的结构外，我们按照 Claude 的章程训练我们的模型，该章程我们已公开提供，并且我们已采纳并将继续更新安全政策，例如我们的负责任扩展政策。我们还征求并认真考虑来自广泛利益相关方和构成方的意见，包括我们的股东、员工、客户、LTBT、行业领袖和专家以及 AI 安全组织。此类做法和流程此前曾导致、并且未来可能导致决策和产品发布速度放缓。当安全利益与商业利益出现分歧时，我们可能还会面临潜在冲突。如果我们未能成功管理与我们 AI 安全流程和做法相关的这些风险，或者如果存在一种看法认为我们未能成功管理此类风险，我们可能面临声誉损害、导致公司文化恶化的内部冲突、产品发布放缓或质量下降，或诉讼。有关更多信息，请参见标题为“——与我们的治理结构相关的风险。”的章节。

To institutionalize our safety commitments and ensure we are managed in a manner that responsibly balances our tripartite goals as a PBC, we have established the LTBT, which through a special class of common stock, Class T common stock, 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. In addition to the LTBT and our structure as a PBC, we train our models in accordance with Claude’s constitution, which we make publicly available, and have adopted and continue to update safety policies, such as our Responsible Scaling Policy. We also solicit and seriously consider input from a wide range of stakeholders and constituents, including our stockholders, employees, customers, the LTBT, industry leaders and experts, and AI safety organizations. Such practices and processes have previously resulted in, and may in the future result in, slower decision-making and product releases. We may also face potential conflicts when safety and business interests diverge. If we do not successfully manage these risks related to our AI safety processes and practices, or if there is a perception that we have not successfully managed such risks, we may face reputational harm, internal conflicts resulting in a deterioration of our company culture, slower or inferior product releases, or litigation. For more information, see the section titled “—Risks Related to our Governance Structure.”

我们已实施外部审查员计划，并聘请研究人员、对抗性测试人员和其他第三方来支持我们安全、安保和模型评估工作的各个方面。其中某些安排属于新颖安排，可能要求我们向此类各方提供对内部信息、系统、人员或模型的访问权限，这可能增加机密、专有或其他敏感信息被披露的风险。此外，此类第三方的发现、评估或公开声明可能与我们的观点不同，并可能对客户信任、监管认知或我们的声誉产生不利影响。

We have implemented an external reviewer program and engage researchers, adversarial testers, and other third parties to support aspects of our safety, security, and model-evaluation efforts. Certain of these arrangements are novel and may require us to provide such parties with access to internal information, systems, personnel, or models, which could increase the risk of disclosure of confidential, proprietary, or other sensitive information. In addition, findings, assessments, or public statements by such third parties may differ from our views and could adversely affect customer trust, regulatory perceptions, or our reputation.

声誉脆弱性加剧。由于我们已公开将自身定位为以安全为核心的组织，若外界认为我们的宣称价值观与实际做法之间存在任何不一致，我们便更易遭受声誉损害。与我们相比，某些竞争对手并未作出类似的公开承诺，而我们却被要求达到更高的标准；任何影响外界对我们作为以安全为核心组织之认知的事件，都可能导致：

Heightened Reputational Vulnerability. As we have publicly positioned ourselves as a safety-focused organization, we face heightened vulnerability to reputational harm from any perceived inconsistency between our stated values and actual practices. We are held to higher standards than certain competitors that have not made similar public commitments, and any incidents impacting our perception as a safety-focused organization could result in:

员工动荡。基于我们的安全承诺而加入公司的员工，若认为我们未能践行所宣称的价值观，可能会士气低落、理想破灭、对管理层失去信任或生产力下降。围绕我们安全方针的公开分歧（包括现任或前任员工的批评，或参与我们安全工作人员离职）可能放大此类认知。此类负面认知还可能削弱我们为组织招募和聘用新人才的能力。我们以安全为核心的声誉若受到任何侵蚀，也可能使吸引和留住高技能员工的难度或成本上升，包括通过提高薪酬或其他招聘成本。这些动态可能导致人员流动率上升、机构知识流失以及团队效能下降，进而扰乱正在进行的开发与安全计划，并削弱我们保持在 AI 模型开发前沿的能力。

- Employee Disruption. Employees who joined our company based on our safety commitments may experience a decline in morale, disillusionment, a loss of trust in leadership, or reduced productivity if they perceive we are not living up to our stated values. Public disagreements regarding our safety approach, including criticism from current or former employees, or the departure of personnel associated with our safety efforts, could amplify such perceptions. Such negative perceptions could also impair our ability to recruit and hire new talent to the organization. Any erosion of our safety-focused reputation could also make it more difficult or costly to attract and retain highly skilled employees, including by increasing compensation or other hiring costs. These dynamics could lead to increased turnover, loss of institutional knowledge, and reduced effectiveness of our teams, which could in turn cause disruption to ongoing development and safety initiatives and impair our ability to remain at the frontier of AI model development.

客户反弹。基于我们的安全定位而选择部署我们模型、平台和应用的客户及企业合作伙伴，可能对我们失去信任、终止或拒绝续签合同、要求退款、公开批评我们公司或转向我们的竞争对手，从而可能损害我们的声誉、造成收入损失并降低市场份额。对于仅向有限经审查组织提供模型的计划（如 Project Glasswing），此类风险可能更高。未被选中参与或被移出此类计划的组织，可能认为我们的准入决定具有任意性、排他性或反竞争性，从而可能导致声誉损害、客户或合作伙伴关系流失、监管投诉或诉讼，包括依据反垄断或反不正当竞争法提出的索赔。反之，此类计划的参与方若认为计划条款、资格标准、向后续模型的过渡安排或能力水平未达其预期，也可能公开批评我们或终止参与。

- Customer Backlash. Customers and enterprise partners who choose to deploy our models, platform, and applications based on our safety positioning may lose trust in us, terminate or decline to renew their contracts, demand refunds, publicly criticize our company, or switch to our competitors, which could result in harm to our reputation, revenue loss, and reduced market share. These risks may be heightened with respect to programs in which we make models available only to a limited group of vetted organizations, such as Project Glasswing. Organizations not selected for, or removed from, such programs may perceive our access decisions as arbitrary, exclusionary, or anticompetitive, which could result in reputational harm, loss of customer or partner relationships, regulatory complaints, or litigation, including claims under antitrust or unfair competition laws. Conversely, participants in such programs may publicly criticize us or terminate their participation if program terms, eligibility criteria, transition arrangements to successor models, or capability levels do not meet their expectations.

监管审查。监管机构可能基于我们模型、平台和应用的能力，或基于外界认为我们未能达到自身宣称的标准，对我们实施更严格的监督、调查、执法行动或新的、更繁重的合规要求，这可能增加我们的运营成本并限制我们部署模型、平台和应用的能力。

- Regulatory Scrutiny. Regulators may subject us to heightened oversight, investigations, enforcement actions, or new or more burdensome compliance requirements based on the capabilities of our models, platform, and applications or perceived failures to meet our own stated standards, which could increase our operational costs and limit our ability to deploy our models, platform, and applications.

- 损害性媒体报道。负面新闻报道可能放大外界对我们安全实践的担忧，触达包括潜在客户和投资者在内的更广泛受众，通过病毒式社交媒体讨论造成持久的声誉损害，并使未来事件受到更严格的审视，这可能进一步加剧任何被认为未能达到我们既定标准所造成的不利影响。

- Damaging Media Coverage. Negative press coverage could amplify concerns about our safety practices, reach broader audiences, including potential customers and investors, create lasting reputational damage through viral social media discussion, and make future incidents subject to heightened scrutiny, which could further exacerbate the adverse effects of any perceived failures to meet our stated standards.

- 诉讼。我们可能面临股东提起的虚假陈述诉讼、客户提起的违反合同或默示承诺的索赔，或其他方提起的因我们宣称的价值观与实际做法之间存在差距而造成损害的索赔，从而导致法律费用、和解、判决、禁令或其他责任和救济。

- Litigation. We may face lawsuits from stockholders alleging misrepresentation, from customers claiming breach of contractual or implied commitments, or from other parties alleging harm resulting from the gap between our stated values and actual practices, leading to legal costs, settlements, judgments, injunctions, or other liabilities and remedies.

任何与安全相关的争议或事件，无论实际发生还是被感知，也无论过错方或发生频率如何，都可能对我们的业务造成重大损害。此外，我们已就 Project Glasswing 及相关前沿能力项目与加拿大、欧盟、英国、美国及其他司法管辖区的政府进行接触，并且我们已将此类项目部分定位为有助于为更广泛的行业协调奠定基础，以负责任地发布具备网络安全及其他先进能力的前沿模型。这些项目及类似未来项目的商业可行性可能取决于政府和行业联盟的持续支持。如果此类联盟未能形成、被认为具有排他性或反竞争性、被撤销，或导致我们无法轻易满足的强制要求（包括在访问、本地化、监控或报告方面），我们将 Mythos 级能力模型商业化的能力，以及我们从以安全为重点的定位中获得的声誉利益，可能会受到重大损害。更多信息，请参阅标题为“——如果我们无法维护和提升我们的品牌和声誉，我们的业务、财务状况和经营业绩可能会受到不利影响。”的章节。

Any safety-related controversy or incident, whether actual or perceived, and regardless of fault or frequency, could prove significantly damaging to our business. In addition, we have engaged with governments in Canada, the EU, the UK, the United States, and other jurisdictions in connection with Project Glasswing and related frontier-capability programs, and we have positioned such programs, in part, to help provide the foundation for broader industry coordination on the responsible release of frontier models with cybersecurity and other advanced capabilities. The commercial viability of these and similar future programs may depend on sustained governmental and industry coalition support. If such coalitions fail to materialize, are perceived as exclusionary or anticompetitive, are rolled back, or result in mandates we cannot readily satisfy (including with respect to access, localization, monitoring, or reporting), our ability to commercialize models with Mythos-class capabilities, and the reputational benefits we derive from safety-focused positioning, could be materially impaired. For more information, see the section titled “—If we are unable to maintain and enhance our brand and reputation, our business, financial condition, and results of operations may be adversely affected.”

我们自愿公开披露有关 AI 安全挑战、研究发现以及我们模型和系统局限性的信息，其披露程度超出标准行业惯例和监管要求。尽管我们进行这些自愿披露的意图是推动 AI 的安全发展并建立公众信任，但这些披露会带来若干风险。AI 安全领域尚处早期且快速演变，随着技术、用例和监管预期的发展，我们对适当安全实践、风险权衡和部署场景的理解与观点可能随时间而变化。因此，我们今天所作的陈述日后可能被证明不完整、需要修改，或根据后续发展被作出不同解读。若我们遵循先前的公开陈述或框架，还可能限制我们的运营灵活性、产品开发或部署决策，即使不断变化的情况本应要求采取不同做法。我们关于 AI 风险、安全挑战、不确定性领域或潜在社会影响的公开陈述（包括关于岗位替代或经济扰动的陈述），可能在诉讼、监管程序或公众争议中被用来针对我们，尤其是当我们的未来行动或陈述被视为与我们先前的陈述和承诺不一致时。监管机构已经并可能继续利用我们的披露作为依据，对我们施加比透明度较低的竞争对手更严格的审查或更严苛的要求。此外，我们的披露已经并可能在未来为竞争对手提供有关我们专有训练及其他敏感流程、研究重点和战略关切的洞见，而对方并无对等透明，这可能对我们构成潜在的竞争劣势。如果我们无法有效管理上述风险，我们的品牌、声誉和竞争能力可能受到不利影响。

We voluntarily publicly disclose information regarding AI safety challenges, research findings, and limitations of our models and systems, that exceeds standard industry practice and regulatory requirements. While our intent with these voluntary disclosures is to advance the safe development of AI and build public trust, these disclosures create several risks. The AI safety landscape is nascent and evolving rapidly, and our understanding of and perspective on appropriate safety practices, risk tradeoffs, and deployment contexts may change over time as technologies, use cases, and regulatory expectations develop. As a result, statements we make today may later prove incomplete, require modification, or be interpreted differently in light of subsequent developments. To the extent we adhere to prior public statements or frameworks, we may also limit our operational flexibility, product development, or deployment decisions, even where evolving circumstances would otherwise warrant a different approach. Our public statements about AI risks, safety challenges, areas of uncertainty, or potential societal impacts, including statements regarding job displacement or economic disruption, may be used against us in litigation, regulatory proceedings, or public controversies, particularly if our future actions or statements are viewed as inconsistent with our prior statements and commitments. Regulators have and could continue to use our disclosures as the basis for heightened scrutiny or more stringent requirements applicable to us compared to less transparent competitors. Additionally, our disclosures have provided, and may in the future provide, competitors with insights into our proprietary training and other sensitive processes, research priorities, and strategic concerns, without reciprocal transparency, which may be potentially competitively disadvantageous to us. If we are unable to effectively manage the foregoing risks, our brand, reputation, and ability to compete could be adversely affected.

资源配置与规模化。以安全为核心的开发属于资源密集型工作。我们必须在以安全为核心的工作负载与其他举措之间分配有限的资源、资金和人才，而我们在以安全为核心的投资上往往没有明确的回报。例如，我们在可解释性研究以及旨在确保模型行为始终符合预期目标、价值观和安全目标的技术上的投资，可能不会产生实际或可感知的商业回报。此外，随着我们开发模型、平台和应用，安全测试可能变得更加昂贵且资源密集。诸如 Project Glasswing 之类的受限访问项目还可能要求我们设计、运营并持续维护定制的审查、签约、监控和退出流程，这些流程与我们的标准商业发布流程存在重大差异，包括参与组织之间的协调、向后续模型的过渡规划，以及与底层能力更高的敏感性相称的强化内部控制。这些活动会带来持续的运营、法律和安全成本，且随着未来具备类似能力特征的前沿模型发布，这些成本可能反复出现。如果我们未能成功管理资源配置，或未能就我们的安全举措开发更高效的方法，我们的安全成果、业务、财务状况和经营业绩可能受到不利影响。

Resource Allocation and Scaling. Safety-focused development is resource-intensive. We must allocate limited resources, capital, and talent between safety-focused workloads and other initiatives, often without clear returns on our safety-focused investments. For example, our investments in interpretability research and techniques designed to ensure our models’ behavior remains consistent with intended goals, values, and safety objectives may not yield actual or perceived commercial returns. Additionally, as we develop our models, platform, and applications, safety testing may become more expensive and resource intensive. Limited-access programs such as Project Glasswing may also require us to design, operate, and continually maintain bespoke vetting, contracting, monitoring, and offboarding processes that differ materially from our standard commercial release processes, including coordination among participating organizations, transition planning to successor models, and enhanced internal controls commensurate with the heightened sensitivity of the underlying capabilities. These activities impose ongoing operational, legal, and security costs that may recur as future frontier models with similar capability profiles are released. If we fail to successfully manage resource allocation or develop more efficient methods with respect to our safety initiatives, our safety outcomes, business, financial condition, and results of operations could be adversely affected.

随着我们的产品组合以及员工和客户群体在全球范围内扩张，在我们快速扩张的组织、模型、平台、应用、用例以及各司法管辖区和监管制度中一致地应用安全原则已变得日益具有挑战性。更多信息请参见标题为“——为持续增长我们的业务，我们将需要继续在国际上扩张，而我们的非美国业务以及向美国境外客户进行的销售使我们面临国际扩张、销售和运营所固有的风险”的章节。

As our product portfolio and employee and customer base expand globally, applying safety principles consistently across our rapidly expanding organization, models, platform, applications, use cases, and jurisdictions and regulatory regimes has become increasingly challenging. For more information, see the section titled “—To continue to grow our business, we will need to continue to expand internationally, and our non-U.S. operations and sales to customers outside of the United States expose us to risks inherent in international expansion, sales, and operations.”

如果我们无法成功管理与我们对 AI 安全的专注和承诺相关的上述风险，我们的业务、财务状况和经营业绩可能受到不利影响。

If we are unable to successfully manage the foregoing risks related to our focus and commitment to AI safety, our business, financial condition, and results of operations could be adversely affected.

**如果我们无法维护和提升我们的品牌和声誉，我们的业务、财务状况和经营业绩可能受到不利影响。**

**If we are unable to maintain and enhance our brand and reputation, our business, financial condition, and results of operations may be adversely affected.**

我们认为，维护和提升我们的品牌形象与声誉，对于我们与客户、合作伙伴及员工的关系，以及我们吸引和留住他们的能力至关重要。我们的品牌和声誉不仅受到我们自身行为的影响，也受到我们的合作伙伴、客户以及与我们开展业务的其他第三方行为的影响，还受到公众对 AI 行业更广泛认知的影响；我们可能被与其他行业参与者归为一类并受到类似评判，无论我们的方法或行为存在何种差异。品牌的成功推广取决于多项因素，包括我们持续开发和交付可靠、高质量且负责任的模型、平台和应用以满足客户需求的能力；我们的销售和营销工作，包括我们通过参与行业活动和获得关键媒体报道，在 AI 行业内打造强势品牌和积极形象的有效性；我们的企业客户和个人客户的认知与体验，包括通过客户证言、用例和口碑；我们维持模型、平台和应用的安全性和可靠性的能力；我们管理层的行为；以及我们将我们的模型、平台和应用与竞争对手区分开来的能力，包括通过产品设计选择、防护措施、商业模式和政策，包括我们与某些竞争对手不同的变现策略。此外，我们的品牌在 AI 技术被感知到的社会、环境、劳工、健康和安全相关影响方面受到更严格的审视，一次被感知到的失误就可能造成过大的声誉损害。例如，随着 AI 系统能力增强或日益普及，公众若认为我们的模型、平台和应用助长了岗位流失或经济扰动，就可能产生大量负面媒体报道、客户或员工反弹，或有组织的反对，无论我们的模型、平台和应用对就业的实际影响如何。我们维护和提升品牌与声誉的能力还取决于我们内部沟通和声誉管理能力的有效性和可扩展性，包括我们支持全球运营的能力，而这些方面的局限可能随着我们的成长对我们的品牌产生不利影响。我们的危机应对和声誉管理能力可能有限或发展不足，尤其是在我们规模扩张时，这可能削弱我们有效应对不利事件和减轻声誉损害的能力。

We believe that maintaining and enhancing our brand identity and reputation is critical to our relationships with, and to our ability to attract and retain, customers, partners, and employees. Our brand and reputation are influenced not only by our actions, but also by the actions of our partners, our customers, and other third parties with whom we do business, and by broader public perceptions of the AI industry, and we may be grouped with other industry participants and judged similarly, regardless of differences in our approach or conduct. The successful promotion of our brand depends on a number of factors, including our ability to continue to develop and deliver reliable, high-quality, and responsible models, platforms, and applications that meet the needs of our customers; our sales and marketing efforts, including our effectiveness at developing a strong brand name and positive presence within the AI industry through participation in industry events and key media coverage; the perceptions and experiences of both our enterprise and individual customers, including through testimonials, use cases, and word-of-mouth; our ability to maintain security and reliability of our models, platform, and applications; the actions of our management; and our ability to differentiate our models, platform, and applications from those of our competitors, including through product design choices, safeguards, business models, and policies, including our approach to monetization strategies that differ from those of certain competitors. In addition, our brand is subject to heightened scrutiny with respect to perceived societal, environmental, labor, health, and safety-related impacts of AI technologies, and a single perceived failure could result in outsized reputational harm. For example, as AI systems become more capable or prevalent, public perception that our models, platform, and applications contribute to job displacement or economic disruption could generate significant negative media coverage, customer or employee backlash, or organized opposition, regardless of the actual impact of our models, platform, and applications on employment. Our ability to maintain and enhance our brand and reputation also depends on the effectiveness and scalability of our internal communications and reputation-management capabilities, including our ability to support global operations, and limitations in these areas could adversely affect our brand as we grow. Our crisis response and reputation-management capabilities may be limited or underdeveloped, particularly as we scale, which could impair our ability to respond effectively to adverse events and mitigate reputational harm.

提升我们的品牌需要我们进行大量支出，我们预计随着市场竞争加剧，这些支出将会增加。我们过去曾面临、未来也可能面临建立更广泛品牌认知度的挑战，并可能落后于拥有更成熟或更广泛认可品牌的竞争对手。我们的品牌推广活动可能不会成功，也可能无法产生我们预期的认知度或收入增长；即使产生了，任何收入增长也可能无法抵消我们为打造品牌所 incurred 的巨额费用。

The promotion of our brand requires us to make substantial expenditures, which we anticipate will increase as our market becomes more competitive. We have in the past, and may in the future, face challenges in building broader brand awareness and may fall behind competitors with more established or widely recognized brands. Our brand promotion activities may not be successful or generate the awareness or increased revenue we expect, and even if they do, any increase in revenue may not offset the significant expenses we incur in the efforts to build our brand.

如果我们未能成功维护和提升我们的品牌，我们的业务可能无法增长，我们相对于竞争对手的定价能力可能下降，我们可能失去客户或无法吸引潜在客户，或者我们可能无法招聘和留住员工，所有这些都可能对我们的业务、财务状况和经营业绩产生不利影响。

If we do not successfully maintain and enhance our brand, our business may not grow, we may have reduced pricing power relative to competitors, we could lose customers or fail to attract potential customers or we could fail to hire and retain employees, all of which could adversely affect our business, financial condition, and results of operations.

**我们几乎全部收入来自有限数量的产品和应用，若我们未能维护和扩展我们的产品组合，可能对我们的业务、财务状况和经营业绩产生不利影响。**

**We derive substantially all of our revenue from a limited number of products and applications, and our failure to maintain and expand our product portfolio could adversely affect our business, financial condition, and results of operations.**

我们目前几乎全部收入来自有限数量的产品和应用，主要是我们的 Claude 模型以及基于 Claude 平台构建的应用组合。这种对较窄产品系列的依赖使我们面临各种风险，可能对我们的业务、财务状况和经营业绩产生不利影响 [__] 。

We currently derive substantially all of our revenue from a limited number of products and applications, primarily our Claude models and portfolio of applications that sit on top of the Claude Platform. This dependence on a narrower set of offerings subjects us to various risks that could adversely affect our business, financial condition, and results of operations [__] .

我们集中于有限数量的产品和应用，以及在更广泛 AI 领域中特定细分方向的聚焦式开发战略，削弱了我们通过多元化来缓解业务风险的能力。尽管这种聚焦方式可能使我们能够高效配置资源，并在优先领域有效竞争，但它也带来了风险，即重大市场机遇或最大的可服务市场可能出现在我们当前战略重点之外的领域。我们的许多竞争对手在多个业务线上提供多样化的产品组合，或在多种 AI 模态上开展更广泛的开发，使其能够抵消某一特定领域的劣势。相比之下，对我们核心产品的需求若出现任何下滑，无论是由于竞争、技术变化、定价压力、客户需求变化还是其他因素，都将对我们的收入和实现并维持盈利能力的能力产生直接且不成比例的影响。我们的集中度还反映了一种战略，即将模型能力作为主要差异化来源予以优先考虑，并在很大程度上依赖自然采用，而非庞大的直销组织。该战略的风险，包括先进模型之间的差异化收窄、客户基于能力以外的因素选择供应商，或竞争对手抢占个人用户（我们的企业采用往往源自这些个人用户）等风险，已在“——我们面临激烈竞争，如果我们无法有效竞争，我们的业务、财务状况和经营业绩可能受到不利影响”和“——我们在当前市场进入战略下的运营历史有限，我们扩大和演进客户获取、参与和留存模式的努力可能不会成功”两节中描述。

Our concentration in a limited number of products and applications, as well as our focused development strategy within specific areas of the broader AI landscape, reduces our ability to mitigate business risks through diversification. While this focused approach may enable us to allocate resources efficiently and compete effectively in our prioritized areas, it also creates the risk that significant market opportunities or the largest addressable markets may emerge in areas outside our current strategic focus. Many of our competitors offer diverse product portfolios across multiple business lines or pursue broader development across AI modalities, enabling them to offset weaknesses in a particular area. In contrast, any decline in demand for our core offerings, whether due to competition, technological changes, pricing pressure, changes in customer demand, or other factors, would have a direct and disproportionate impact on our revenue and ability to achieve and sustain profitability. Our concentration also reflects a strategy that prioritizes model capability as a principal source of differentiation and relies substantially on organic adoption rather than a large direct sales organization. The risks of that strategy, including the risks that differentiation among advanced models narrows, that customers select providers based on factors other than capability, or that competitors capture the individual users from whom our enterprise adoption often originates, are described in the sections titled “—We face intense competition, and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected” and “—We have a limited history under our current go-to-market strategy, and our efforts to scale and evolve our customer acquisition, engagement, and retention model may not be successful.”

AI 行业正在快速演变，难以预测哪些模态或应用将获得最持久的商业价值，或竞争格局将如何变化。如果 AI 模型、平台和应用市场的发展方式与我们所选择的重点领域不一致，或者如果竞争对手在最终证明市场机遇最大的领域处于更有利的位置，我们维持收入增长和有效竞争的能力可能受到不利影响。如果我们核心产品的需求出现下滑，我们可能无法成功扩展我们的产品和应用组合，而且即使我们做到了，我们的新产品和应用也可能无法获得市场认可或产生足够收入以抵消现有业务的任何下滑。此外，影响我们模型、平台和应用的技术问题、安全事件、监管限制或声誉损害，可能由于我们的产品集中度而对我们的业务产生直接且不成比例的影响，而在此情况下可能没有替代收入来源来抵消此类影响。

The AI industry is rapidly evolving, and it is difficult to predict which modalities or applications will capture the most durable commercial value or how the competitive landscape will shift. If the market for AI models, platforms, and applications develops in ways that do not align with our chosen areas of focus, or if competitors are better positioned to address the areas where the market opportunity ultimately proves largest, our ability to sustain revenue growth and compete effectively could be adversely affected. If we experience a decline in demand for our core offerings, we may not be able to successfully expand our product and application portfolio, and even if we do, our new products and applications may not achieve market acceptance or generate sufficient revenue to offset any decline in our existing business. Further, technical issues, security incidents, regulatory restrictions, or reputational harm affecting our models, platform, and applications could have an immediate and disproportionate impact on our business due to our product concentration where alternative revenue streams may not be available to offset such impact.

AI 模型、平台和应用市场正在快速演变，客户的需求和期望也在迅速变化。客户可能日益要求我们目前未提供、也可能不计划提供的专业化解决方案或专业化集成与工具，或可能寻求更深度嵌入企业工作流的 AI 解决方案。企业可能更倾向于在内部自行开发 AI 能力，或选择能够提供更全面产品套件的竞争对手。此外，由于我们的几乎所有模型和应用均构建于我们的前沿 AI 模型之上，底层前沿 AI 模型中的任何缺陷、漏洞、安全问题或性能下降，都可能同时影响多个产品、应用及客户部署，从而放大任何此类问题对我们整体业务的影响。如果我们未能有效预判或应对这些不断变化的客户需求，我们可能将客户流失给竞争对手，或无法获取新客户。

The market for AI models, platforms, and applications is evolving quickly, and customer requirements and expectations are changing rapidly. Customers may increasingly demand specialized solutions or specialized integration and tooling that we do not currently offer and may not plan to offer, or may seek AI solutions embedded more deeply into enterprise workflows. Enterprises may prefer to develop their own AI capabilities internally or choose competitors that offer more comprehensive product suites. Moreover, because substantially all of our models and applications are built on top of our frontier models, any defect, vulnerability, safety issue, or performance degradation in an underlying frontier model could simultaneously affect multiple products and applications and customer deployments, amplifying the impact of any such issue across our business. If we fail to anticipate or respond effectively to these evolving customer needs, we may lose customers to competitors or fail to acquire new customers.

此外，我们目前与部分自身客户存在竞争，且这种竞争可能日益加剧。随着我们扩展产品组合或推出新能力，我们的产品可能与客户提供的模型、平台和应用发生重叠或直接竞争。这一风险在软件即服务及其他软件公司中尤为突出，其产品可能包含与我们提供的能力相似或依赖于该等能力的 AI 功能。这些客户可能将我们的产品扩张视为对其商业模式的竞争威胁，并可能减少向我们采购、限制采用我们的新产品、终止与我们的关系、寻求替代供应商、限制我们获取从其处获得的算力、对我们提起知识产权或其他诉讼，或加速在内部开发竞争性解决方案以避免依赖直接竞争对手。这一态势可能导致客户流失、现有客户群内扩张减少、定价压力或声誉挑战，其中任何一项均可能对我们的收入增长和业务前景产生不利影响。

In addition, we currently compete, and may increasingly compete, with some of our own customers. As we expand our product portfolio or introduce new capabilities, our offerings may overlap with or directly compete with the models, platforms, and applications that our customers provide. This risk is particularly acute with software-as-a-service and other software companies, whose offerings may incorporate AI functionality similar to, or dependent on, the capabilities we provide. These customers may view our product expansion as a competitive threat to their business models and may reduce their purchases from us, limit their adoption of new offerings, terminate their relationships with us, seek alternative providers, restrict our access to the compute we obtain from them, initiate intellectual property or other litigation against us, or accelerate efforts to develop competing solutions internally in order to avoid relying on a direct competitor. This dynamic could result in customer attrition, reduced expansion within our existing customer base, pricing pressure, or reputational challenges, any of which could adversely affect our revenue growth and business prospects.

扩大我们的产品组合需要大量时间和投资。我们必须投入大量资源用于研发、算力基础设施、工程人才、销售与营销以及市场推广能力，以开发新的模型、平台和应用并推动其持续被采用。我们可能寻求拓展至新产品和新市场，包括我们当前核心能力之外的领域或我们经验有限的领域，而我们可能无法成功开发、商业化或支持此类产品。AI 模型、平台和应用的开发时间表具有不确定性，而新能力即使持续改进并发布到我们的模型、平台和应用中，也可能需要较长时间才能实现商业规模。我们可能在无法获得市场认可、遭遇技术困难、面临意外竞争、导致与我们的价值观不符的意外伤害或社会影响，或产生的回报不足以证明投资合理的产品或服务上投入大量资源。此外，我们扩大产品供给的能力还面临其他制约，包括能否招聘、留住并激励合格的 AI 研究人员、工程师和技术人员；开发和运营 AI 模型、平台和应用所需的资本密集度，这需要大量算力和基础设施投资；以及我们有限的产品组合可能难以提供客户所期望的全面、集成化解决方案。

Expanding our product portfolio requires substantial time and investment. We must make significant investments in research and development, compute infrastructure, engineering talent, sales and marketing, and go-to-market capabilities to develop new models, platforms, and applications and enable continued adoption. We may seek to expand into new products and markets, including areas outside of our current core competencies or where we have limited experience, and we may not successfully develop, commercialize, or support such offerings. Development timelines for AI models, platforms, and applications are uncertain, and new capabilities, even when continuously improved and released into our models, platform, and applications, may take significant time to achieve commercial scale. We may invest significant resources in products or services that fail to gain market traction, experience technical difficulties, face unexpected competition, lead to unexpected harm or societal impacts that do not align with our values, or generate insufficient returns to justify the investment. Additionally, we face other constraints on our ability to expand our offerings, including the ability to hire, retain, and motivate qualified AI researchers, engineers, and technical personnel; the capital intensity of developing and operating AI models, platforms, and applications which require substantial compute and infrastructure investment; and our limited portfolio may make it difficult to provide the comprehensive, integrated solutions that customers may expect.

如果我们无法成功扩大我们的产品和服务组合，如果我们未能与现有产品有效竞争，或者如果客户偏好偏离我们的模型、平台和应用，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we are unable to successfully expand our product and service portfolio, if we fail to compete effectively with our current offerings, or if customer preferences shift away from our models, platform, and applications, our business, financial condition, and results of operations could be adversely affected.

**我们收入的很大一部分以及应收账款由数量有限的客户和分销渠道驱动，失去一个或多个主要客户或其主要客户支出大幅减少，或这些渠道出现中断，都可能对我们的前景、业务和财务状况造成不利影响。**

**A substantial portion of our revenue and accounts receivable is driven by a limited number of customers and distribution channels, and the loss of, or a significant reduction in, spend from one or more of our top customers or disruption through those channels could adversely affect our prospects, business, and financial condition.**

我们收入的很大一部分由数量有限的客户驱动。尽管在截至 2026 年 9 月 30 日的九个月内，没有任何单一客户占我们收入的 10% 以上，但我们的前五大客户在截至 2026 年 9 月 30 日的九个月内约占我们收入的 25%。我们的许多主要客户与我们之间没有长期合同，或合同临近到期，并且能够随时以任何理由减少甚至在某些情况下停止支出。此外，我们与某些大客户签订的协议在财务承诺、终止权、赔偿和安全义务方面提供了灵活性。我们的主要客户在各期间的支出水平可能有所不同，且无法保证我们的大客户将继续保持与以往期间相似的支出水平。

A substantial portion of our revenue is driven by a limited number of customers. While no single customer represented more than 10% of our revenue for the nine months ended September 30, 2026, our top five customers represented approximately 25% of our revenue for the nine months ended September 30, 2026. Many of our top customers are not subject to long-term contracts with us or have contracts with near-term expiration dates and are able to reduce or in some cases cease spending at any time and for any reason. Further, we have agreements with certain large customers which provide flexibility around financial commitments, termination rights, indemnification, and security obligations. Our top customers may vary spend levels period to period, and there can be no assurances that our large customers will continue to spend at levels similar to prior periods.

我们预计，在可预见的未来，我们仍将从数量有限的客户中获得相当大一部分收入，并且在某些情况下，归属于特定客户的收入占比未来可能上升。鉴于我们的客户构成已经发生变化，并且随着我们业务的持续演进和规模化以及 AI 用例的持续发展，预计客户构成将继续发生重大变化，我们的客户基础（包括主要客户）的构成可能在各期间出现波动。

We anticipate that we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future, and in some cases, the portion of our revenue attributable to certain customers may increase in the future. The composition of our customer base, including our top customers, may fluctuate from period to period given that our customer composition has evolved and is expected to continue to evolve significantly as our business continues to evolve and scale and as the use cases for AI continue to develop.

此外，我们的收入和应收账款中有相当大一部分与通过数量有限的云服务商（CSP）进行的交易相关，这些云服务商作为我们模型的销售和计费渠道。在截至 2023 年、2024 年和 2025 年 12 月 31 日的年度以及截至 2026 年 6 月 30 日的六个月期间，通过 CSP 市场向客户销售所产生的收入分别约占总收入的 [__] 11%、32%、47% 和 48%。截至 2024 年 12 月 31 日和 2025 年 12 月 31 日以及 2026 年 6 月 30 日，通过 CSP 市场向客户销售产生的应收账款净额分别占我们应收账款净额的 [__] 42%、60% 和 [__] 58%。这些平台向最终客户开具账单、代我们收取款项，并在扣除适用的平台费用及其他费用后将该等款项汇付给我们。我们任何一项重要分销关系的变更或终止，都可能扰乱客户对我们模型的访问、降低使用量或增加客户获取、入驻和迁移成本，从而对我们的业务造成不利影响。在此类第三方安排中，我们通常与最终客户另行签订合同安排，就我们模型的访问和定价作出约定，该等安排独立于相关平台，某一分销关系的变更或终止本身并不会消除该等合同关系。然而，在发生中断后，客户可能不愿或无法按商业上可接受的条款或时间表（或根本无法）转向其他访问渠道，这可能导致收入损失、成本增加，或对我们的增长、利润率和经营业绩造成不利影响。此外，任何影响平台收取或汇付客户款项的延迟、争议或运营问题，都可能对我们的现金流和营运资金造成不利影响。

In addition, a significant portion of our revenue and accounts receivable is associated with transactions conducted with a limited number of CSPs that act as distribution and billing channels for our models. During the years ended December 31, 2023, 2024, and 2025 and the six months ended June 30, 2026, revenue generated from sales to customers through CSP marketplaces represented approximately [__] 11%, 32%, 47%, and 48%, respectively, of total revenue. As of December 31, 2024 and 2025 and June 30, 2026, net accounts receivable from sales through CSP marketplaces to customers represented [__] 42%, 60%, and [__] 58%, respectively, of our net accounts receivable. These platforms bill end customers, collect payments on our behalf, and remit such amounts to us, net of applicable platform and other fees. Any change to, or termination of, one of our significant distribution relationships could adversely affect our business by disrupting customer access to our models, reducing usage, or increasing customer acquisition, onboarding, and migration costs. In these third-party arrangements, we generally maintain separate contractual arrangements with end customers governing access to, and pricing for, our models, independent of the applicable platform, and changes in, or termination of, a particular distribution relationship would not independently eliminate those contractual relationships. However, customers may be unwilling or unable to transition to alternative access points on commercially acceptable terms or timelines, or at all, following a disruption, which could result in revenue loss, increased costs, or adverse impacts to our growth, margins, and results of operations. In addition, any delay, dispute, or operational issue affecting a platform’s collection or remittance of customer payments could adversely affect our cash flows and working capital.

由于多种原因，我们可能无法维持或增加来自主要客户的收入，包括但不限于以下各项：

We may not be able to maintain or increase revenue from our top customers for a variety of reasons, including but not limited to the following:

- 客户可能开发出与我们模型、平台和应用相竞争的自有解决方案；

- customers may develop their own solutions that compete with our models, platform, and applications;

- 我们的一些客户可能在仅向我们发出有限通知的情况下重新设计其系统，以减少对我们服务的使用，并可能选择不再续购或增加对我们模型、平台和应用的采购；

- some of our customers may redesign their systems to require fewer of our services with limited notice to us and may choose not to renew or increase their purchases of our models, platform, and applications;

- 我们模型、平台和应用的变更可能不符合客户的需求或预期，此类变更可能降低客户对我们的信任；

- changes to our models, platform, and applications may not align with the needs or expectations of our customers and such changes may reduce customer trust in us;

- 我们的客户可能与我们当前或潜在的竞争对手存在既有或并行的关系，或者其本身即为我们的当前或潜在竞争对手，这可能影响此类客户购买我们的模型、平台和应用的决策；

- our customers may have pre-existing or concurrent relationships with, or may be, current or potential competitors that may affect such customers’ decisions to purchase our models, platform, and applications;

- 高度依赖我们产品与服务的客户和合作伙伴可能希望降低此类依赖程度、寻求竞争性产品，或完全转向其他供应商；以及

- our customers and partners that heavily rely on our offerings may want to reduce such levels of reliance, seek out competing offerings, or transition to other providers altogether; and

- 我们的客户，尤其是早期阶段和高增长公司，可能依赖风险投资或其他外部融资来为其运营提供资金，如果此类融资被延迟、减少或无法获得，或其获取资本的成本变得更高，他们可能会减少或停止向我们支出。

- our customers, particularly early-stage and high-growth companies, may depend on venture capital or other external financing to fund their operations, and may reduce or cease spending with us if such funding is delayed, reduced, or unavailable or if their access to capital becomes more costly.

我们最大客户的需求、其履行与我们签订的合同的能力或意愿、适用的法律或法规，或我们与此类客户更广泛的战略关系若发生任何不利变化，均可能对我们的业务和前景产生不利影响。因此，若一个或多个最大客户的支出大幅减少或流失，且未能通过新客户关系或其他现有客户的业务增长予以抵消，则可能对我们的业务、财务状况和经营业绩产生不利影响。有关我们依赖企业客户和政府客户的额外风险，包括更长的销售周期、复杂的采购流程、更高的合同、合规和安全要求，以及预算和政策限制，请参见标题为“——向企业客户销售涉及复杂性和风险，可能对我们的业务、财务状况和经营业绩产生不利影响”和“——我们向政府实体和高度受监管组织销售面临挑战和风险”的章节。

Any adverse change in demand from our largest customers, in their ability or willingness to perform under their contracts with us, in applicable laws or regulations, or in our broader strategic relationships with such customers could adversely affect our business and prospects. As a result, a significant reduction in spending by, or the loss of, one or more of our largest customers, if not offset by new customer relationships or increased business from our other existing customers, could adversely affect our business, financial condition, and results of operations. For additional risks related to our reliance on enterprise customers and government customers, including longer sales cycles, complex procurement processes, heightened contractual, compliance, and security requirements, and budgetary and policy constraints, see the sections titled “—Sales to enterprise customers involve complexities and risks that could adversely affect our business, financial condition, and results of operations” and “—Our sales to government entities and highly regulated organizations are subject to challenges and risks.”

**我们已产生大量债务以运营和发展我们的业务，包括为我们的巨额算力承诺提供资金，而我们偿还该等债务的能力可能受到我们的现金流和流动性的制约。**

**We have incurred significant indebtedness in order to operate and grow our business, including to fund our substantial compute commitments, and our ability to service this indebtedness may be constrained by our cash flows and liquidity.**

为运营和发展我们的业务，包括为我们的重大算力承诺提供资金，我们已承担了大量债务，这需要支付高额的利息和本金。截至 2026 年 6 月 30 日，我们的债务总额为 $6.2 billion，反映的是根据我们与 Amazon 于 2023 年 9 月 19 日签订的《可转换票据购买协议》（“Amazon 2023 NPA”）以及我们与 Amazon 于 2024 年 11 月 22 日签订的新《可转换票据购买协议》（“Amazon 2024 NPA”）向 Amazon（通过 Amazon Web Services, Inc.）发行的可转换本票项下未偿还本金总额（据此发行的所有该等票据，统称“Amazon Notes”）。我们还可能承担额外债务以满足未来的融资需求。我们已为若干子公司的义务提供担保，这些子公司是 AI 基础设施安排的当事方，同时我们也根据与第三方合作伙伴 Broadcom Inc.（“Broadcom”）于 2026 年 3 月就采购专用 AI 加速器及相关组件签订的设备租赁相关协议（根据该协议，Broadcom 拟将其转让给指定的财务合作伙伴）（“2026 Lease Arrangement”）提供担保。此外，如有需要，我们可根据与 Broadcom 于 2026 年 3 月签订的票据购买协议（“Infrastructure Partner 2026 NPA”），向 Broadcom 或经我们同意（不得无理拒绝）的指定财务合作伙伴发行本金总额最高达 $42.0 billion 的可转换本票，以为 2026 Lease Arrangement 项下的义务提供资金。我们可能被要求将经营活动现金流量的很大一部分用于支付债务的利息、本金或其他应付款项。

In order to operate and grow our business, including to fund our substantial compute commitments, we have incurred a substantial amount of debt, which requires significant interest and principal payments. As of June 30, 2026, our total indebtedness was $6.2 billion, reflecting the aggregate principal amount outstanding under the convertible promissory notes issued to Amazon (through Amazon Web Services, Inc.) pursuant to the Convertible Note Purchase Agreement, dated as of September 19, 2023, by and between us and Amazon (the “Amazon 2023 NPA”) and the New Convertible Note Purchase Agreement, dated as of November 22, 2024, by and between us and Amazon (the “Amazon 2024 NPA”) (all such notes issued thereunder, collectively, the “Amazon Notes”). We may also incur additional indebtedness to meet our future financing needs. We have guaranteed the obligations of certain of our subsidiaries that are party to AI infrastructure arrangements, as well as pursuant to agreements we entered into in connection with an equipment lease with a third-party partner, Broadcom Inc. (“Broadcom”) in March 2026 to procure specialized AI accelerators and associated components (under which Broadcom intends to assign to a designated financial partner) (the “2026 Lease Arrangement”). In addition, we have the ability to issue, if needed, up to $42.0 billion in aggregate principal amount of convertible promissory notes to Broadcom or, subject to our consent (not to be unreasonably withheld), a designated financial partner pursuant to a note purchase agreement that we entered into with Broadcom in March 2026 (the “Infrastructure Partner 2026 NPA”) to finance obligations under the 2026 Lease Arrangement. We may be required to use a substantial portion of our cash flows from operations to pay interest, principal, or other required payments on our indebtedness.

在我们未偿还的可转换本票转换后交付我们的 N 类普通股股份，可能会导致对我们现有股东的稀释。本次发行后，假设我们未偿还的可转换本票转换为合计 [__] 股我们的 N 类普通股，基于截至 2026 年 9 月 30 日该等本票的合计本金及应计未付利息，以及假设的每股 $[__] 的首次公开发行价格（即本招股说明书封面所载估计发行价格区间的中点），我们未偿还的可转换本票持有人将合计持有我们 N 类普通股约 [__]%，占本次发行后我们全部已发行普通股的 [__]%。根据 Amazon 本票的条款，若因适用于 Amazon 本票的所有权上限（Amazon 可自行选择豁免）导致该等本票的全部金额无法在本次发行相关情况下转换为我们的 N 类普通股股份，则该等本票的剩余余额将在本次发行后每个财季末按适用转换价格自动转换为我们的 N 类普通股股份（受 Amazon 所有权上限约束），或者，若因适用的所有权上限导致该等本票的该等剩余余额在适用到期日之前未能转换，则该余额将在该到期日以现金偿还。有关我们可转换本票的更多信息，请参见标题为“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——可转换本票”的章节。

The delivery of shares of our Class N common stock upon conversion of our outstanding convertible promissory notes could result in dilution to our existing stockholders. Following this offering, assuming the conversion of our outstanding convertible promissory notes into an aggregate of [__] shares of our Class N common stock, based upon the aggregate principal and accrued and unpaid interest on such notes as of September 30, 2026, and an assumed initial public offering price of $ [__] per share (which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus), holders of our outstanding convertible promissory notes would collectively hold in the aggregate approximately [__] % of our Class N common stock, which represents [__] % of our total outstanding common stock following this offering. Pursuant to the terms of the Amazon Notes, to the extent that the full amount of such notes cannot convert into shares of our Class N common stock in connection with this offering as a result of the ownership cap applicable to the Amazon Notes, which may be waived at Amazon’s election, the remaining balance of such notes will automatically convert, subject to Amazon’s ownership cap, into shares of our Class N common stock at the applicable conversion price at the end of each fiscal quarter following this offering or, if such remaining balance of such notes does not convert before the applicable maturity date because of the applicable ownership cap, such balance will be repaid in cash at such maturity date. For more information about our convertible promissory notes, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Notes.”

我们按期支付、支付利息或再融资我们的债务（包括 A&R 信贷协议和未偿还的可转换本票）的能力取决于我们的未来业绩，而未来业绩受经济、财务、竞争及其他我们无法控制的因素影响。此类付款将减少我们可用于营运资金、资本支出和其他公司用途的资金，并可能限制我们为营运资金、资本支出、扩张计划和其他投资获取额外融资的能力。我们的业务未来可能无法产生足以偿还债务和进行必要资本支出的经营现金流。如果我们无法产生此类现金流，我们可能被要求采取一项或多项替代方案，例如出售资产，或以可能繁重或高度稀释的条款获得额外债务融资或股权资本。我们为债务再融资的能力将取决于当时的资本市场和我们的财务状况。我们可能无法开展任何此类活动，或无法以理想条款开展此类活动，这可能导致我们违反债务义务并对其财务状况产生不利影响。此外，A&R 信贷协议和 Infrastructure Partner 2026 NPA 的条款包含多项契约，限制我们及我们子公司（其中包括）产生额外债务、设立留置权、进行资产出售或投资、进行合并或其他根本性变更、支付股息或分配、回购或赎回股权权益，以及与关联方进行交易的能力。A&R 信贷协议的条款可能限制我们当前和未来的运营，并可能对我们为未来运营或资本需求融资的能力产生不利影响。有关更多信息，请参阅标题为“——我们可能需要额外资本来履行我们大量的持续义务并支持我们的业务增长，而我们产生足够收入并以可接受条款获得额外资本的能力对我们的持续运营和竞争地位至关重要”和“——如果我们模型、平台和应用程序的市场发展速度慢于我们的预期或出现下滑，我们的增长可能会放缓或停滞，我们的业务、财务状况和经营业绩可能会受到不利影响。”的章节。

Our ability to make scheduled payments in respect of, to pay interest on, or to refinance our indebtedness, including the A&R Credit Agreement and our outstanding convertible promissory notes, depends on our future performance, which is subject to economic, financial, competitive, and other factors beyond our control. Such payments will reduce the funds available to us for working capital, capital expenditures, and other corporate purposes and may limit our ability to obtain additional financing for working capital, capital expenditures, expansion plans, and other investments. Our business may not be able to generate cash flows from operations in the future that are sufficient to service our debt and make necessary capital expenditures. If we are unable to generate such cash flows, we may be required to adopt one or more alternatives, such as selling assets or obtaining additional debt financing or equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations and adversely affect our financial condition. Further, the terms of the A&R Credit Agreement and the Infrastructure Partner 2026 NPA include a number of covenants that limit our ability and our subsidiaries’ ability to, among other things, incur additional indebtedness, create liens, make asset sales or investments, engage in mergers or other fundamental changes, pay dividends or distributions, repurchase or redeem equity interests, and enter into transactions with affiliates. The terms of the A&R Credit Agreement may restrict our current and future operations and could adversely affect our ability to finance our future operations or capital needs. For more information, see the sections titled “—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” and “—If the market for our models, platform, and applications develops more slowly than we expect or declines, our growth may slow or stall, and our business, financial condition, and results of operations could be adversely affected.”

我们还面临浮动利率风险，因为 A&R 信贷协议项下的利率根据指数利率加一定利差或调整后基准利率而浮动。若与我们浮动利率债务相关的利率上升，即使借款金额不变，我们在 A&R 信贷协议项下的偿债义务也会增加，我们的可用现金将相应减少。我们庞大的债务规模，加之浮动利率，可能限制我们规划或应对业务及所处市场变化的灵活性，包括限制我们未来的投资或进行收购和战略合作的能力，以及为此类交易获取融资的能力。

We are also subject to variable interest rate risk because the interest rate under the A&R Credit Agreement varies based on a margin over an indexed rate or an adjusted base rate. If interest rates associated with our floating rate debt increase, our debt service obligations in connection with the A&R Credit Agreement would increase even though the amount borrowed remained the same, and our available cash would correspondingly decrease. Our substantial amount of debt, combined with variable interest rates, could limit our flexibility in planning for, or reacting to, changes in our business and the markets in which we operate, including limiting our future investments or our ability to enter into acquisitions and strategic partnerships, and obtain financing for such transactions.

此外，我们的债务连同其他财务义务和合同承诺，可能带来其他重要后果。例如，它们可能：

In addition, our indebtedness, combined with our other financial obligations and contractual commitments, could have other important consequences. For example, they could:

- 使我们更易受到美国及非美国总体经济、行业和竞争状况的不利变化以及政府监管不利变化的影响；

- make us more vulnerable to adverse changes in general U.S. and non-U.S. economic, industry, and competitive conditions and adverse changes in government regulation;

- 限制我们规划或应对业务及行业变化的灵活性；

- limit our flexibility in planning for, or reacting to, changes in our business and our industry;

- 使我们相对于债务较少或债务为固定利率的竞争对手处于劣势；

- place us at a disadvantage compared to our competitors that have less or fixed rate indebtedness;

- 限制我们借入额外款项以资助收购、满足营运资金需求及其他一般公司用途的能力；以及

- limit our ability to borrow additional amounts to fund acquisitions, for working capital, and for other general corporate purposes; and

- 使对我们公司的收购变得不那么有吸引力或更加困难。

- make an acquisition of our company less attractive or more difficult.

上述任何因素都可能对我们的业务、财务状况和经营业绩产生不利影响。此外，如果我们产生额外债务，与我们业务相关的风险以及我们偿付或偿还债务的能力方面的风险将会增加。

Any of these factors could adversely affect our business, financial condition, and results of operations. In addition, if we incur additional indebtedness, the risks related to our business and our ability to service or repay our indebtedness would increase.

若我们未能遵守 A&R 信贷协议或我们未偿还可转换本票（视情况而定）项下的契约（包括部分与运营及业绩指标挂钩的契约）或付款义务，无论该等违约是因财务约束、运营挑战、缺乏管理复杂基础设施和大规模资本承诺的经验，还是其他原因所致，均可能导致上述工具项下发生违约事件。一旦 A&R 信贷协议项下发生违约事件，贷款人将有权加速全部未偿金额到期，并行使其他可用的救济措施，包括对为 A&R 信贷协议提供担保的抵押物强制执行其权利。我们未偿还可转换本票项下发生违约事件同样会赋予票据持有人权利，宣布我们未偿还可转换本票项下的全部未偿金额立即到期应付。若 A&R 信贷协议和/或未偿还可转换本票项下的债务被加速到期，我们可能没有足够的现金，或无法借入足够的资金为该等债务再融资，或无法出售足够的资产以偿还该等债务，这可能对我们的业务、现金流、财务状况和经营业绩产生不利影响。即使我们能够获得新的融资，其条款也可能并非商业上合理的条款，或并非我们可接受的条款。

A failure by us to comply with the covenants, including those tied, in part, to operational and performance-based metrics, or payment obligations under the A&R Credit Agreement or our outstanding convertible promissory notes, as applicable, whether as a result of financial constraints, operational challenges, inexperience managing complex infrastructure and large-scale capital commitments, or otherwise, could result in an event of default under these instruments. Upon an event of default under the A&R Credit Agreement, the lenders would have the right to accelerate all amounts outstanding and exercise other remedies available to them, including enforcing their rights against the collateral securing the A&R Credit Agreement. An event of default under our outstanding convertible promissory notes would similarly give the noteholders the right to declare all amounts outstanding under our outstanding convertible promissory notes immediately due and payable. If the indebtedness under the A&R Credit Agreement and/or outstanding convertible promissory notes were to be accelerated, we may not have sufficient cash or be able to borrow sufficient funds to refinance such indebtedness or sell sufficient assets to repay such indebtedness, which could adversely affect our business, cash flows, financial condition, and results of operations. Even if we were able to obtain new financing, it may not be on commercially reasonable terms or on terms that are acceptable to us.

**当未偿还可转换本票或 A&R 信贷协议（视情况而定）的条款要求时，或在其到期时，我们可能无力筹集必要的资金以现金偿还我们未偿还可转换本票或 A&R 信贷协议的本金及应计利息。**

**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 by the terms of the notes or the A&R Credit Agreement, as applicable, or at their maturity.**

与本次发行完成相关，Amazon 票据将转换为 N 类普通股，但在每种情况下均受 Amazon 票据所载所有权上限的约束，该上限可由 Amazon 选择豁免。若构成 Amazon 票据的任何票据在不超过该等票据适用的所有权上限的情况下无法全部转换，则任何该等票据的余额将继续存续，并受 Amazon 所有权上限的约束，在本次发行完成后的每个财政季度末按适用的转换价格自动转换为我们 N 类普通股的股份。若我们的任何可转换本票仍未偿还，或若我们在本次发行完成后发行任何额外的可转换本票，我们将被要求在到期时以现金偿还该等票据，除非根据该等票据的条款提前转换或偿还。此外，我们将被要求在 A&R 信贷协议到期时全额偿还其项下所有未偿金额。然而，在我们被要求对未偿还可转换本票或 A&R 信贷协议项下款项进行任何偿还时，我们可能没有足够的可用库存现金，或无法获得融资。

In connection with the completion of this offering, the Amazon Notes will convert into Class N common stock, subject, in each case, to an ownership cap as set forth in the Amazon Notes, which may be waived at Amazon’s election. In the event that any of the notes comprising the Amazon Notes cannot be fully converted without exceeding the ownership cap applicable to such notes, the balance of any such notes will remain outstanding and will automatically convert, subject to Amazon’s ownership cap, into shares of our Class N common stock at the applicable conversion price at the end of each fiscal quarter following the completion of this offering. To the extent any of our convertible promissory notes remain outstanding, or if we issue any additional convertible promissory notes following the completion of this offering, we will be required to repay such note in cash at its maturity, unless earlier converted or repaid pursuant to the terms of such note. In addition, we will be required to repay in full all amounts outstanding under the A&R Credit Agreement upon its maturity. However, we may not have enough available cash on hand or be able to obtain financing at the time we are required to make any repayments on outstanding convertible promissory notes or under the A&R Credit Agreement.

若我们未能在需要偿还时偿还任何未偿还可转换本票或《修订及重述信贷协议》项下的未偿款项（如适用），或未能在任何未偿还可转换本票转换时按各票据条款或适用 NPA 的要求支付现金（如适用），即构成该等协议项下的违约。未偿还可转换本票和/或适用 NPA 以及《修订及重述信贷协议》项下的违约，亦可能导致我们违反管辖现有及未来债务的协议。若相关债务在适用通知期或宽限期届满后被加速到期，我们可能没有足够资金偿还该等债务，亦无法在适用到期日或票据条款另行要求偿还时偿还《修订及重述信贷协议》项下的未偿款项或未偿还可转换本票。

Our failure to repay any outstanding convertible promissory notes or amounts outstanding under the A&R Credit Agreement, as applicable, at a time when the repayment is required, or to pay cash upon any conversion of outstanding convertible promissory notes, as applicable, as required pursuant to the terms of each note or the applicable NPA, would constitute a default thereunder. A default under an outstanding convertible promissory note and/or the applicable NPA as well as the A&R Credit Agreement could also lead to a default under agreements governing our existing and future indebtedness. If the payment of the related indebtedness were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay such indebtedness and repay the amounts outstanding under the A&R Credit Agreement or outstanding convertible promissory notes at the applicable maturity, or when repayment is otherwise required pursuant to the terms of the note.

**我们模型、平台和应用的定价结构会不时变化，这可能对我们的业务、财务状况和经营业绩产生不利影响。**

**Our pricing structures for our models, platform, and applications change from time to time, which could adversely affect our business, financial condition, and results of operations.**

我们过去曾调整定价模式，并预计未来可能继续调整，原因包括竞争、宏观经济状况、为遵守日益增多的监管障碍、AI 模型、平台和应用市场的成熟，或我们的模型、平台和应用的广泛消费方式发生变化。因此，我们可能被迫降价、提供更短的合同期限或提供替代定价模式（如按结果或按任务定价），其中任何一项都可能对我们的业务产生不利影响。此外，我们的智能体产品在结构上比非智能体产品更算力密集。若我们无法实施足以反映这些智能体工作负载更高算力强度的定价模式，或竞争态势限制我们将这些产品定价至足以覆盖其成本的水平，我们的算力效率可能随着智能体使用量增长而恶化，这可能对我们实现或维持盈利能力产生不利影响。

We have in the past changed, and we expect that in the future we may change, our pricing models, including as a result of competition, macroeconomic conditions, compliance with increased regulatory hurdles, the maturation of the market for AI models, platforms, and applications, or changes in how our models, platform, and applications are broadly consumed. As a result, we may be required to reduce our prices, offer shorter contract durations or offer alternative pricing models, such as outcome or task-based pricing, any of which could adversely affect our business. In addition, our agentic offerings are structurally more compute-intensive than our non-agentic offerings. If we are unable to implement pricing models that adequately reflect the higher compute intensity of these agentic workloads, or if competitive dynamics constrain our ability to price these products at levels sufficient to cover their costs, our compute efficiency could deteriorate as agentic usage grows, which could adversely affect our ability to achieve or sustain profitability.

此外，随着我们持续将模型、平台和应用销售给企业客户，这些客户可能要求不同的定价结构、价格优惠或在相同价格水平下提供额外功能。若我们无法修改或制定对现有及潜在客户具有吸引力的有效定价模式和策略，我们的业务、财务状况和经营业绩可能受到不利影响。

Additionally, as we continue to target selling our models, platform, and applications to our enterprise customers, these customers may demand different pricing structures, price concessions, or additional functionality at the same price levels. If we are unable to modify or develop effective pricing models and strategies that are attractive to existing and prospective customers, our business, financial condition, and results of operations may be adversely affected.

**若我们无法吸引、留住或激励高技能人才，我们可能无法实现增长或有效运营。**

**If we are unable to attract, retain, or motivate highly skilled personnel, we may not be able to grow or operate effectively.**

我们的业绩和业务增长能力取决于高技能人才的才干和努力，而我们未来的成功取决于我们能否持续识别、招聘、培养、激励和留住组织各领域的高技能人员。我们的业务尤其依赖于数量有限的研究人员、工程师和技术人员，这些人员需具备设计、训练、部署和运营前沿模型及支撑这些模型的基础设施方面的专业经验。我们不时遇到、并预计将继续遇到难以按我们运营所需的速度招聘和留住具备适当资质的高技能员工的问题。我们行业中围绕以有竞争力的经济条件招聘和留住具备适当资质员工的竞争异常激烈，且近期已显著升级，尤其是在我们总部所在地、我们拥有大量业务存在并需要高技能人员的旧金山湾区。少数资金雄厚的人工智能实验室、大型科技公司和新市场进入者正激烈争夺相对固定的具备必要专业能力的人才供给。我们的某些竞争对手已直接招揽、并将继续直接招揽我们的员工。我们的前员工通常也能在离职后立即加入或创办竞争公司，并在遵守其保密义务和其他法律义务的前提下，使用其在我们任职期间积累的一般技能、专有技术和经验。此外，我们过去曾、未来也可能面临与招揽或聘用员工相关的索赔或争议，包括有关此类聘用违反竞业限制、禁止招揽、知识产权、保密或其他与雇佣相关义务的指控。

Our performance and ability to grow our business depend on the talents and efforts of highly skilled individuals, and our future success depends on our continuing ability to identify, hire, develop, motivate, and retain highly skilled personnel for all areas of our organization. Our business is particularly dependent on a limited pool of researchers, engineers, and technical personnel with specialized experience in designing, training, deploying, and operating frontier models and the underlying infrastructure that supports them. We have from time to time experienced, and we expect to continue to experience, difficulty in hiring and retaining highly skilled employees with appropriate qualifications at the pace that our operations require. Competition in our industry relating to hiring and retaining employees with appropriate qualifications and on competitive economic terms is exceptionally intense and has escalated significantly in recent periods, especially in the San Francisco Bay Area, where our headquarters is located and where we have a substantial presence and need for highly skilled personnel. A small number of well-capitalized AI labs, large technology companies, and new market entrants compete aggressively for a relatively fixed supply of individuals with the requisite expertise. Certain of our competitors have directly solicited, and continue to directly solicit, our employees. Our former employees are also generally able to join or found competing companies immediately following their departure, and, subject to their confidentiality and other legal obligations, use the general skills, know-how, and experience they developed while employed by us. In addition, we have in the past, and may in the future, be subject to claims or disputes relating to the solicitation or hiring of employees, including allegations that such hires violated non-compete, non-solicitation, intellectual property, confidentiality, or other employment-related obligations.

随着公司持续增长和行业不断演变，我们通过现金及股权奖励或未来安排所提供的吸引、留任和激励员工的激励措施，可能不如过去有效。与我们争夺高素质人才的许多公司拥有比我们更多的资源，并可能愿意提供更具吸引力的薪酬方案。我们可能需要投入大量现金和股权以吸引和留任员工，从而产生大量额外的股份支付费用并稀释现有股东的所有权，而我们可能永远无法从这些投资中获得与支出水平相称的回报。如果我们的薪酬方案感知价值下降或出现大幅波动，可能对我们吸引和留任高技能员工的能力产生不利影响。此外，我们有许多在职员工（包括我们的联合创始人）持有本公司股权，或其股权奖励在本次发行完成时已经或将要大幅归属。对于我们某些任职时间较长的早期员工而言尤其如此，其持有的股权可能占其个人财富的很大一部分。因此，我们可能难以继续留任和激励这些员工，而其持股价值可能影响他们是否继续为我们工作的决定。

As our company continues to grow and our industry evolves, the incentives to attract, retain, and motivate employees provided by our cash and equity awards or by future arrangements may not be as effective as in the past. Many of the companies with which we compete for highly qualified personnel have greater resources than we have and may be willing to offer more attractive compensation packages. We may need to invest significant amounts of cash and equity to attract and retain employees, resulting in substantial additional share-based compensation expense and dilution to the ownership of our existing stockholders, and we may never realize returns on these investments that are commensurate with the level of our expenditures. If the perceived value of our compensatory package declines or is subject to significant value fluctuations, it may adversely affect our ability to attract and retain highly skilled employees. In addition, we have a number of current employees, including our co-founders, who hold equity in our company or whose equity awards are or will become substantially vested upon the completion of this offering. This may be particularly true for certain of our longer-tenured and early employees, whose equity holdings may represent a significant portion of their personal wealth. As a result, it may be difficult for us to continue to retain and motivate these employees, and the value of their holdings could affect their decisions about whether or not they continue to work for us.

从历史上看，我们成功吸引、留任和激励人员的能力在很大程度上归功于我们的公司文化以及对安全、负责任地扩展和开发的承诺。如果我们无法维持我们的文化，如果我们作为公司做出的决策被员工认为不符合我们的价值观，或者如果发生无论过错与否、令人质疑我们是否按照自身价值观行事的事件，我们吸引、留任和激励人员的能力可能受到不利影响。快速增长还带来了劳动力规划和执行方面的挑战，包括我们准确预测人员需求的能力受限、加速招聘后随之采取可能扰乱运营或降低士气的纠正措施，以及对管理者在超出其以往经验的更大规模下运作的依赖增加，随着组织持续扩张，这会带来额外的运营、法律、声誉和执行风险。如果我们进入新的地区，我们将需要在这些地区吸引和招聘熟练人员，但我们可能难以在这些地区与传统本地雇主争夺人才。如果我们未能吸引新人员，或未能留任和激励能够满足我们日益增长的技术、运营和管理要求的现有人员，我们的业务可能受到不利影响。

Historically, our ability to successfully attract, retain, and motivate our personnel has in large part been due to our company culture and commitment to safety and responsible scaling and development. If we are unable to maintain our culture, if we make decisions as a company that our employees do not believe align with our values, or if events take place, regardless of fault, that call into question whether we have operated in accordance with our values, our ability to attract, retain, and motivate our personnel may be adversely affected. Rapid growth has also created workforce-planning and execution challenges, including limitations in our ability to accurately forecast headcount needs, periods of accelerated hiring followed by corrective actions that may disrupt operations or reduce morale, and increased reliance on managers operating at greater scale than in their prior experience, which introduces additional operational, legal, reputational, and execution risk as the organization continues to expand. If we move into new geographies, we will need to attract and recruit skilled personnel in those geographic areas, but it may be challenging for us to compete with traditional local employers in these regions for talent. If we fail to attract new personnel or fail to retain and motivate our current personnel who are capable of meeting our growing technical, operational, and managerial requirements, our business may be adversely affected.

此外，公众对 AI 的高度关注增加了物理和信息安全风险，我们曾遭遇员工安全威胁以及通过物理或数字手段获取机密信息的企图，尽管我们在某些设施实施了安全措施，但我们的全球化和灵活工作安排可能加剧这些风险，并可能对员工士气、生产力以及我们吸引、留住和激励高技能人员的能力产生不利影响。应对这些风险还需要我们吸引和留住更多专业安保人员，而招聘合格安全工程师的困难可能进一步加剧这些挑战。

In addition, heightened public attention on AI has increased physical and informational security risks, and we have experienced threats to employee safety and attempts to obtain confidential information through physical or digital means, which, despite the security measures we have implemented at certain facilities, may be exacerbated by our global and flexible working arrangements and could adversely affect employee morale, productivity, and our ability to attract, retain, and motivate highly skilled personnel. Addressing these risks also requires us to attract and retain additional specialized security personnel, and difficulties in recruiting qualified security engineers could further exacerbate these challenges.

此外，限制专业和技术人才流动的移民政策变化，包括但不限于美国移民政策，可能抑制我们招聘和留住高素质员工的能力。如果我们无法有效管理上述风险，我们的前景、业务、财务状况和经营业绩可能受到不利影响。

Further, changes to immigration policies that restrain the flow of professional and technical talent, including but not limited to U.S. immigration policies, may inhibit our ability to recruit and retain highly qualified employees. If we are unable to effectively manage the foregoing risks, our prospects, business, financial condition, and results of operations could be adversely affected.

**我们在一个不断演变的新兴行业中运营历史有限，这使得难以评估我们的未来前景，并可能增加我们无法成功的风险。**

**We have a limited operating history in an evolving and nascent industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.**

我们成立于 2021 年，并于 2023 年第一季度公开推出我们的首个商业产品 Claude。在此期间，我们的业务快速增长。我们所在的行业以快速且不可预测的技术变革、不断演变的安全和监管期望、巨大的资本和算力需求以及不确定的商业采用模式为特征。我们有限的运营历史以及我们不断演变的新兴业务和行业使得难以评估我们的未来前景以及我们可能遇到的风险和挑战。这些风险和挑战包括我们以下方面的能力：

We were founded in 2021 and launched our first commercial product, Claude, publicly in the first quarter of 2023. During this time, our business has grown rapidly. We operate in an industry characterized by rapid and unpredictable technological change, evolving safety and regulatory expectations, significant capital and compute requirements, and uncertain commercial adoption patterns. Our limited operating history and our evolving and nascent business and industry make it difficult to evaluate our future prospects and the risks and challenges we may encounter. These risks and challenges include our ability to:

- 及时且具有成本效益地开发和发布新模型和产品；

- develop and release new models and products on a timely and cost-effective basis;

- 在技术快速变革和使用模式可能以非线性或指数方式扩展的环境中，准确预测我们的收入、运营费用和算力需求；

- accurately forecast our revenue, operating expenses, and compute requirements in an environment characterized by rapid technological change and usage patterns that may scale in nonlinear or exponential ways;

- 确保获得足够的算力以满足我们所有工作负载的需求，并管理与获取算力相关的风险；

- secure access to sufficient compute to meet the needs of all our workloads and manage the risks related to securing compute;

- 有效管理我们的增长，包括我们的现金流和资本需求；

- effectively manage our growth, including our cash flows and capital needs;

- 准确预测客户需求、期望或要求；

- accurately predict customer demands, expectations, or requirements;

- 维护和提升我们的品牌和声誉；

- maintain and enhance our brand and reputation;

- 吸引、留住、利用和激励我们的高技能人员；

- attract, retain, utilize, and motivate our highly skilled personnel;

- 建立和维护我们的战略合作伙伴关系；

- build and maintain our strategic partnerships;

- 预测并应对宏观经济变化以及我们所处行业和市场的变化；

- anticipate and respond to macroeconomic changes and changes in the industry and markets in which we operate;

- 预测并应对不断演变的监管要求和政治动态；

- anticipate and respond to evolving regulatory requirements and political dynamics;

- 在满足市场需求的同时保持我们以安全为核心的做法；

- maintain our safety-focused approach while meeting market demands;

- 成功实现我们的模型、平台和应用的商业化；以及

- successfully monetize our models, platform, and applications; and

- 有效应对竞争威胁。

- respond effectively to competitive threats.

如果我们未能有效应对我们所面临的风险和挑战，包括本“风险因素”章节其他部分所述的风险和挑战，我们的业务、财务状况和经营业绩可能会受到不利影响。我们过去曾遇到、未来也将遇到处于快速变化行业中、经营历史有限的高增长公司经常经历的风险和不确定性。如果我们用于规划和运营业务的有关该等风险和不确定性的假设不正确或发生变化，或者我们未能成功应对该等风险，我们的经营业绩可能与我们的预期存在重大差异，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we fail to effectively address the risks and challenges we face, including those described elsewhere in this “Risk Factors” section, our business, financial condition, and results of operations could be adversely affected. We have encountered in the past, and will encounter in the future, risks and uncertainties frequently experienced by growing companies with limited operating histories in rapidly changing industries. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results of operations could differ materially from our expectations and our business, financial condition, and results of operations could be adversely affected.

**我们正处于收入增长的早期阶段，近年来经历了快速增长，我们的历史增长率并不预示未来业绩或我们维持或预测未来收入增长的能力。**

**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 or our ability to sustain or forecast future revenue growth.**

过去几年我们增长迅速，因此我们近期的收入增长和财务表现不应被视为我们未来业绩的指示。2023 年、2024 年和 2025 年，我们的收入分别为 $41 million、$386 million 和 $4.6 billion，同比增速分别为 841% 和 1,088%。截至 2026 年 6 月 30 日的六个月，我们的收入为 $16.3 billion，同比增速为 [__] 1,300% [__] 。[__] 我们预计我们的收入不会继续以可比的速度增长，我们也无法向您保证收入将继续增长。我们近期的增长可能反映了早期阶段的采用动态、AI 市场的初生阶段以及可能无法长期持续的快速初始客户扩张，并且随着我们收入基数的增加、市场的成熟以及下文所述其他因素的影响，增长可能会显著下降且下降速度快于我们的预期。我们预计我们的收入增长率将随时间推移而下降。此外，由于 AI 行业非常初生，我们过去难以准确预测我们的收入，未来也可能难以做到。

We have grown rapidly over the last several years, and therefore our recent revenue growth and financial performance should not be considered indicative of our future performance. In 2023, 2024, and 2025, our revenue was $41 million, $386 million, and $4.6 billion, respectively, representing year-over-year growth rates of 841% and 1,088%, respectively. In the six months ended June 30, 2026, our revenue was $16.3 billion, representing a year-over-year growth rate of [__] 1,300% [__] . [__] We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all. Our recent growth may reflect early-stage adoption dynamics, the nascency of the AI market, and rapid initial customer expansion that may not be sustainable over time, and it may decline significantly and more rapidly than we anticipate, as our revenue base increases, as the market matures, and as a result of the other factors described below. We expect our revenue growth rate to decline over time. In addition, because the AI industry is very nascent, we have struggled to accurately forecast our revenue in the past and may struggle to do so in the future.

我们的收入增长率可能因多种因素而下降，包括：

We may experience declines in our revenue growth rate as a result of a number of factors, including:

- 对我们模型、平台和应用或整个市场的需求放缓或发生变化；

- the slowing or shifting demand for our models, platform, and applications or the market as a whole;

- 我们无法获得足够的算力并在整个组织内高效调配算力；

- our inability to secure sufficient compute and direct it efficiently across our organization;

- 我们模型、平台和应用的用户及付费客户数量增长不足，或未能提高现有客户对我们模型、平台和应用的销售额；

- insufficient growth in the number of users and paying customers of our models, platform, and applications or the failure to increase sales of our models, platform, and applications to existing customers;

- 我们的模型出现故障、错误或性能局限，包括意外行为、输出质量下降、服务中断，或无法满足客户期望或用例要求；

- failures, errors, or performance limitations in our models, including unexpected behavior, degraded outputs, outages, or inability to meet customer expectations or use-case requirements;

- 现有竞争对手之间以及新市场进入者带来的竞争加剧；

- increasing competition among existing competitors and new market entrants;

- 我们在开发和发布模型时实施的安全与风险缓解措施，包括由此导致的模型开发或发布延迟，或影响前沿 AI 模型开发或发布方式与时机的法律、法规或标准的出台；

- the safety and risk mitigation measures we implement in developing and releasing our models, including any resulting delays in model development or release, or the adoption of laws, regulations, or standards that affect how and when frontier AI models may be developed or released;

- 我们未能继续把握增长机会；

- our failure to continue to capitalize on growth opportunities;

- 我们向客户收取应收款项的能力，包括因客户信用风险、账单争议或付款延迟而导致的情况；

- our ability to collect amounts owed to us from customers, including as a result of customer credit risk, billing disputes, or delays in payment;

- 我们对关键合作伙伴和分销渠道关系的依赖及该等关系的条款，以及此类安排的任何变更或终止；

- our reliance on, and the terms of, relationships with key partners and distribution channels, and any changes to, or termination of, such arrangements;

- 影响 AI 开发、部署或使用的新增或更严格的法律、法规或监管行动，包括专门适用于 AI 公司或 AI 相关劳动力替代的税费、收费或其他措施；以及

- new or more restrictive laws, regulations, or regulatory actions affecting AI development, deployment, or use, including taxes, fees, or other measures specifically applicable to AI companies or AI-related labor displacement; and

- 声誉损害、负面宣传或更严格的审视，导致客户采用或扩展减少。

- reputational harm, adverse publicity, or heightened scrutiny that reduces customer adoption or expansion.

我们预计将继续对业务的发展和扩张进行投资，而这可能不会带来收入或增长的增加。如果我们的收入或收入增长率下降，或我们的收入增长率在特定市场或客户类别中下降，我们的业务、经营业绩以及投资者对我们业务的看法可能受到不利影响，进而可能对我们 A 类普通股的市场价格产生负面影响。

We expect to continue to make investments in the development and expansion of our business, which may not result in increased revenue or growth. If our revenue or revenue growth rate declines, or our revenue growth rate declines with respect to certain markets or customer categories, our business, results of operations, and investors’ perceptions of our business could be adversely affected, which could in turn negatively impact the market price of our Class A common stock.

**如果我们未能有效管理增长，我们的品牌、业务、财务状况和经营业绩可能受到不利影响。**

**If we fail to manage our growth effectively, our brand, business, financial condition, and results of operations could be adversely affected.**

自 2021 年以来，我们的员工人数、客户数量、地理覆盖范围和运营均经历了快速增长，我们预计这一增长将持续。例如，我们的员工人数从截至 2024 年 12 月 31 日的约 940 人增加至截至 2026 年 9 月 30 日的约 5,300 人，

Since 2021, we have experienced rapid growth in our employee headcount, number of customers, geographic reach, and our operations, and we expect this growth to continue. For example, the number of our employees increased from approximately 940 as of December 31, 2024 to approximately 5,300 as of September 30, 2026,

我们的收入从截至 2024 年 12 月 31 日止三个月的 $197 million 增加至截至 2026 年 9 月 30 日止三个月的 $ [__] [__] 。 [__] 这一增长已经并可能继续对我们的管理层以及我们的运营和财务资源造成重大压力。

and our revenue increased from $197 million for the three months ended December 31, 2024 to $ [__] for the three months ended September 30, 2026 [__] . [__] This growth has placed, and may continue to place, a significant strain on our management and our operational and financial resources.

我们能否成功管理这一增长，取决于我们能否在扩展和整合运营、员工队伍、技术、模型、平台和应用以及任何未来收购的同时，保持我们公司文化的有益方面。持续增长可能会削弱我们开发和加强运营、合规、技术、财务和管理控制、改进报告系统和程序、招聘、培训和留住高技能人员以及维持客户满意度的能力。如果我们无法做到这一点，我们的运营、对适用法律的合规、模型、平台和应用的开发与部署以及客户体验可能会受到不利影响。

Our ability to successfully manage this growth depends on our ability to scale and integrate our operations, workforce, technologies, models, platform, and applications, and any future acquisitions while preserving the beneficial aspects of our company culture. Continued growth may strain our ability to develop and enhance our operational, compliance, technical, financial, and management controls, improve our reporting systems and procedures, recruit, train, and retain highly skilled personnel, and maintain customer satisfaction. If we are unable to do so, our operations, compliance with applicable laws, development and deployment of our models, platform, and applications, and customer experience could be adversely affected.

随着我们的扩张，我们还必须管理与战略合作伙伴、客户、供应商和其他对我们业务至关重要的第三方之间日益增多的关系，包括那些提供算力、数据中心基础设施、网络、软件工具以及开发、训练、部署和运营我们模型所需的其他服务的第三方。如果这些关系恶化，或者如果我们的第三方提供商无法按照我们的增长规模扩展其服务，我们可能会遭遇延迟、服务中断、对新客户的销售减少或现有客户流失，这可能会对我们的收入增长和声誉造成不利影响。此外，我们管理增长的能力部分取决于我们能否准确规划并高效管理开发、训练、部署和运营我们模型所需的算力。对此类资源的任何重大投资不足或投资过度都可能导致服务受限、成本增加、运营效率低下或模型开发延迟，其中任何一项都可能对我们的业务造成不利影响。

As we expand, we must also manage an increasing number of relationships with strategic partners, customers, vendors, and other third parties that are critical to our business, including those that provide compute, data center infrastructure, networking, software tools, and other services necessary to develop, train, deploy, and operate our models. If these relationships deteriorate, or if our third-party providers are unable to scale their services in line with our growth, we may experience delays, service disruptions, reduced sales to new customers, or the loss of existing customers, which could adversely affect our revenue growth and reputation. In addition, our ability to manage our growth depends in part on our ability to accurately plan for and efficiently manage the compute required to develop, train, deploy, and operate our models. Any material underinvestment or overinvestment in such resources could result in service limitations, increased costs, operational inefficiencies, or delays in model development, any of which could adversely affect our business.

如果我们未能有效管理业务和运营的增长，我们可能无法维持有效的内部控制、报告系统和合规流程，可能面临更严格的监管审查，并可能损害我们的品牌以及吸引和留住客户的能力。因此，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we fail to effectively manage the growth of our business and operations, we may be unable to maintain effective internal controls, reporting systems, and compliance processes, may face increased regulatory scrutiny, and may suffer harm to our brand and our ability to attract and retain customers. As a result, our business, financial condition, and results of operations could be adversely affected.

**我们历来存在净亏损，未来可能无法产生足够的收入来实现或维持盈利。**

**We have a history of net losses and may not generate sufficient revenue to achieve or sustain profitability in the future.**

自成立以来，我们每年都发生净亏损，包括净亏损 $1.5 billion、$8.3 billion、

We have incurred net losses in each year since our founding, including a net loss of $1.5 billion, $8.3 billion,

以及截至 2023 年、2024 年和 2025 年 12 月 31 日止年度的 $42.0 billion，以及截至 2026 年 6 月 30 日止六个月的 $80.7 billion，且我们未来可能无法实现或维持盈利。这些净亏损包括截至 2023 年、2024 年和 2025 年 12 月 31 日止年度的可转换票据、衍生负债和 SAFE 公允价值变动 $1.0 billion、[__] $5.4 billion 和 $34.3 billion，以及 [__] $72.4

and $42.0 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $80.7 billion for the six months ended June 30, 2026, and we may not achieve or sustain profitability in the future. These net losses included change in fair value of convertible notes, derivative liabilities, and SAFEs of $1.0 billion, [__] $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and [__] $72.4

十亿美元，截至 2026 年 6 月 30 日止六个月，主要由于各相应期间内我们企业估值上升导致我们未偿可转换本票的公允价值增加。尽管我们近期经历了显著的收入增长，但我们的业务属于高度资本密集型，我们能否保持在 AI 能力的前沿并确保充足的算力，在很大程度上取决于我们能否产生并维持可观的收入并提升运营效率。此外，我们的收入增长可能不可持续，且我们的增长率可能下降。我们预计我们的成本将随时间推移而增加，且由于我们预计将投入大量资源用于发展业务及作为上市公司运营，我们的亏损将持续存在。

billion for the six months ended June 30, 2026, primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods. While we have experienced significant revenue growth in recent periods, our business is highly capital intensive, and our ability to remain at the frontier of AI capabilities and secure sufficient compute depends in meaningful part on our ability to generate and sustain substantial revenue and improve our operating efficiencies. Further, our revenue growth may not be sustainable, and our rate of growth may decrease. We expect our costs will increase over time and our losses will continue as we expect to invest significant resources towards growing our business and operating as a public company.

我们已支出并预计将继续支出大量财务及其他资源用于业务增长，包括：

We have expended and expect to continue to expend substantial financial and other resources related to the growth of our business, including:

- 用于增强我们获取和确保算力的渠道与能力的投资；

- investments to enhance our access and ability to secure compute;

- 持续投资于研发，以保持在 AI 模型开发的前沿，并为我们的模型、平台和应用引入新功能与增强特性；

- continued investments in research and development to remain at the frontier of AI model development and introduce new features and enhancements to our models, platform, and applications;

- 扩大我们的销售与营销活动；

- expansion of our sales and marketing activities;

- 招聘更多员工；

- hiring additional employees;

- 在多个地区扩展我们的运营；

- expansion of our operations across our multiple geographies;

- 对我们不断扩大的一般及行政组织的投资；

- investments in our expanding general and administrative organization;

- 与遵守适用于 AI、数据保护、隐私和安全等方面的现行及不断演变的法律、法规和行业标准相关的成本；

- costs associated with complying with existing and evolving laws, regulations, and industry standards applicable to AI, data protection, privacy, and security, among other things;

- 在 AI 安全、风险管理、监控、评估和缓解工作方面的投资；

- investments in AI safety, risk management, monitoring, evaluation, and mitigation efforts;

- 与作为上市公司运营相关的额外费用；以及

- additional expenses associated with operating as a public company; and

- 与法律诉讼相关的成本。

- costs related to legal proceedings.

例如，截至 2026 年 9 月 30 日及之后，我们已签订采购承诺和租赁协议，包括短期承诺以及尚未开始的租赁，合计承诺支出超过 $[__]，这可能大幅增加我们的经营费用和现金需求。这些支出和投资可能比我们预期的成本更高，且可能不会带来收入增长或业务增长。如果我们无法在遇到这些风险和挑战时成功应对，我们的业务、财务状况和经营业绩可能会受到不利影响。

For example, as of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ [__] , which may substantially increase our operating expenses and cash requirements. These expenditures and investments may be more costly than we expect and may not result in increased revenue or growth in our business. If we are unable to successfully address these risks and challenges as we encounter them, our business, financial condition, and results of operations could be adversely affected.

此外，我们已向员工及其他服务提供者授予 RSU，该类 RSU 在同时满足服务条件与业绩条件后归属。其中大多数 RSU 的服务条件在四年期间内满足。该类 RSU 的业绩条件将在本招股说明书所属注册声明生效时满足。我们在弃权发生时确认奖励弃权。截至 2026 年 6 月 30 日，由于上述合格事件并非很可能发生，我们尚未就此类 RSU 确认任何股权激励费用。在本次发行完成的季度，我们将采用加速归属法，按 RSU 的授予日公允价值开始确认股权激励费用。若本次发行已于 2026 年 6 月 30 日完成，我们将在该日确认与该等 RSU 相关的累计股权激励费用 $2.9 billion，以及与 RSU 相关的额外未确认股权激励费用 $23.7 billion，该费用将在约 2.1 年的加权平均期间内确认 [__] 。[__] 除与 RSU 相关的股权激励费用外，截至 2026 年 6 月 30 日，我们还有与其他未行权股权奖励相关的未确认股权激励费用约 $3.1 billion，我们预计将在约 1.3 年的加权平均期间内确认 [__] 。2026 年 6 月 30 日之后，我们的董事会批准授予 [__] 份 RSU，该等授予将自本招股说明书所属注册声明生效日的前一日起生效。该等奖励项下每份 RSU 的授予日公允价值将等于本次发行中所售股份的每股价格。该等 RSU 将在同时满足上述服务条件与业绩条件后归属。假设每股授予日公允价值为 $ [__]，即本招股说明书封面所载估计发行价格区间的中点，我们预计将就该等 RSU 确认股权激励费用 $ [__] billion，并在约 [__] 年的加权平均期间内确认，自本次发行完成的季度开始。本次发行完成后，与 RSU 及其他未行权股权奖励相关的股权激励费用将导致我们未来各期费用增加，尤其是在本次发行完成的季度。

In addition, we have granted RSUs to our employees and other service providers, which vest upon the satisfaction of both a service-based condition and a performance-based condition. The service-based condition for a majority of such RSUs is satisfied over a period of four years. The performance-based condition of such RSUs will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part. We account for award forfeitures as they occur. As of June 30, 2026, no stock-based compensation expense had been recognized for such RSUs because a qualifying event as described above was not probable. In the quarter in which this offering is completed, we will begin recording stock-based compensation expense based on the grant-date fair value of the RSUs using the accelerated attribution method. If this offering had been completed on June 30, 2026, we would have recorded $2.9 billion of cumulative stock-based compensation expense related to the RSUs on that date, and an additional $23.7 billion of unrecognized stock-based compensation expense related to the RSUs, would be recognized over a weighted-average period of approximately 2.1 years [__] . [__] In addition to stock-based compensation expense associated with the RSUs, as of June 30, 2026, we had unrecognized stock-based compensation expense of approximately $3.1 billion related to other outstanding equity awards, which we expect to recognize over a weighted-average period of approximately 1.3 years [__] . Subsequent to June 30, 2026, our board of directors approved the grant of [__] RSUs, which grants will become effective as of the day prior to the effectiveness of the registration statement of which this prospectus forms a part. The grant-date fair value of each RSU subject to these awards will be equal to the price per share of the shares sold in this offering. These RSUs will vest upon the satisfaction of both a service-based condition and a performance-based condition as described above. Assuming a grant-date fair value of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, we would expect to record stock-based compensation expense of $ [__] billion related to such RSUs, over a weighted-average period of approximately [__] years, commencing in the quarter in which this offering is completed. Following the completion of this offering, the stock-based compensation expense related to RSUs and other outstanding equity awards will result in increases in our expenses in future periods, in particular, in the quarter in which this offering is completed.

如果我们未能产生足够的收入以抵消经营费用的增加、提高经营效率，或在投资业务的过程中以其他方式管理成本，我们未来可能继续产生重大亏损，并可能无法实现或维持盈利。

If we fail to generate adequate revenue to offset increases in our operating expenses, improve our operating efficiencies, or otherwise manage our costs as we invest in our business, we may continue to incur significant losses in the future and may not be able to achieve or sustain profitability.

**我们的经营业绩可能在各期间之间大幅波动，包括因战略投资决策和与算力相关的大额支出所致，这可能导致我们 A 类普通股的市场价格下跌。**

**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, which could cause the market price of our Class A common stock to decline.**

我们的经营业绩历来在各期间之间有所波动，我们预计未来我们的经营业绩将继续在季度之间和年度之间大幅波动，因此不应将任何单一期间的业绩作为未来业绩的指示。特别是，我们的财务表现可能受到我们所作战略决策的重大影响，这些决策涉及资源分配以及我们为维持和扩展业务与运营并保持竞争力而可能发生的运营费用和资本支出的金额与时间安排。我们可能在研发、算力及相关基础设施、产品开发、安全与安保举措以及市场拓展等领域进行重大且有时是离散的投资，这些投资在规模和时点上可能不均衡。这些投资可能在特定期间大幅增加我们的费用，并导致我们的经营业绩大幅波动或在各期间之间出现显著差异，且即使我们的基础业务趋势保持不变或继续改善，也可能导致利润率下降或亏损增加的期间。因此，我们的财务表现可能不会遵循任何一致的规律，且先前或中期经营业绩改善的期间不应被视为我们未来业绩的指示。

Our results of operations have historically varied from period to period, and we expect that our results of operations will continue to vary significantly from quarter to quarter and from year to year in the future, such that the results of any one period should not be relied upon as an indication of future performance. In particular, our financial performance may be significantly influenced by strategic decisions we make regarding the allocation of resources and the amount and timing of operating expenses and capital expenditures that we may incur to maintain and expand our business and operations and to remain competitive. We may make significant and, at times, discrete investments in areas such as research and development, compute and related infrastructure, product development, safety and security initiatives, and go-to-market expansion, which may be uneven in size and timing. These investments may materially increase our expenses in a given period and cause our results of operations to fluctuate significantly or vary meaningfully from period to period, and may result in periods of reduced margins or increased losses even if our underlying business trends remain unchanged or continue to improve. As a result, our financial performance may not follow any consistent pattern, and prior or interim periods of improved results of operations should not be viewed as indicative of our future performance.

我们在任何期间的收入中已经包含、并且我们预计将继续包含来自客户的金额，这些客户我们随后认定其使用我们的模型、平台和应用程序违反了我们的使用政策或商业条款，且在其访问被限制或终止后，其收入预计不会再次发生。我们认为这一动态在我们的行业中很常见。检测、调查和执法需要时间，我们无法向您保证我们将及时发现此类使用，或及时限制或终止客户的访问，或根本无法做到。客户可能规避我们的控制，而被限制或终止访问的客户可能以新账户重新注册。因此，尽管我们开展了执法工作，此类客户的收入可能继续或再次发生。我们持续的检测和执法工作，特别是 2026 年 8 月和 9 月对此类工作的加强，以及由此产生的任何限制或终止的时点，预计将降低来自违反我们使用政策或商业条款使用我们模型、平台和应用程序的客户的收入占比，并可能在未来期间降低我们的整体收入和增长率，并导致我们各期间业绩的波动。

Our revenue in any period has also included, and we expect will continue to include, amounts from customers that we subsequently determine are using our models, platform, and applications in violation of our usage policy or commercial terms, and whose revenue would not be expected to recur following restriction or termination of their access. We believe this dynamic is common in our industry. Detection, investigation, and enforcement take time, and we cannot assure you that we will identify such usage, or restrict or terminate a customer’s access, on a timely basis or at all. Customers may evade our controls, and customers whose access is restricted or terminated may re-register under new accounts. As a result, revenue from such customers may continue or recur notwithstanding our enforcement efforts. Our continued detection and enforcement efforts, and in particular, the enhancement of such efforts in August and September 2026, and the timing of any resulting restrictions or terminations, are expected to reduce the percentage of revenue from customers using our models, platform, and applications in violation of our usage policy or commercial terms, and may reduce our overall revenue and growth rates in future periods and contribute to variability in our results from period to period.

我们的经营业绩还受到我们模型、平台和应用程序使用量季节性波动的影响。由于我们的收入主要基于用量，我们在夏季和冬季的假期和休假期间已经经历并预计将继续经历使用量下降，此时某些客户的工作流程放缓，整体客户活动减少。我们的经营业绩还可能因我们模型和产品发布的时间与节奏而波动，这些发布在各期间并不均衡，可能导致使用量以及收入在各期间之间增加或下降。我们的历史增长率可能掩盖了季节性趋势对我们业绩的影响。随着我们的增长率随时间下降，我们预计季节性效应将在我们的期间业绩中变得更加明显，并对其产生更大的影响。此外，随着我们继续扩大规模，其他季节性趋势可能出现，而我们目前经历的季节性趋势可能变得更加显著。

Our results of operations are also affected by seasonal variations in the usage of our models, platform, and applications. Because our revenue is primarily consumption-based, we have experienced, and expect to continue to experience, lower usage around holiday and vacation periods in the summer and winter, when certain customer workflows slow down and overall customer activity declines. Our results of operations may also vary with the timing and cadence of our model and product releases, which are uneven from period to period and may cause usage, and therefore revenue, to increase or decline between periods. Our historical growth rates may have masked the impact of seasonal trends on our results. As our growth rate declines over time, we expect seasonal effects to become more apparent in, and to have a greater effect on, our period-to-period results. In addition, other seasonal trends may develop, and the seasonal trends that we currently experience may become more pronounced, as we continue to scale.

我们的经营业绩还可能因多种其他因素而波动，其中许多因素超出我们的控制范围且难以预测，包括但不限于：

Our results of operations may also fluctuate due to a variety of additional factors, many of which are outside of our control and difficult to predict, including, but not limited to:

- 对我们模型、平台和应用程序的需求水平，以及我们预测此类需求的能力；

- the level of demand for our models, platform, and applications, and our ability to forecast such demand;

- 我们预测所需算力并按需获取额外算力的能力，以及相关成本的任何增加；

- our ability to forecast required compute and to obtain additional compute as needed, and any increase in costs thereof;

- 我们在组织内部扩大使用量的能力；

- our ability to expand usage within organizations;

- 我们吸引和留住客户并增加向现有客户销售我们模型、平台和应用程序的能力；

- our ability to attract and retain customers and increase sales of our models, platform, and applications to existing customers;

- 我们有效管理与第三方服务提供商关系的能力，以及我们对这些提供商在关键基础设施和服务方面的依赖；

- our ability to effectively manage our relationships with our third-party service providers and our reliance on such providers for critical infrastructure and services;

- 我们或我们的竞争对手在其产品中推出新功能、集成、能力和增强功能的时间安排及成功程度；

- the timing and success of new features, integrations, capabilities, and enhancements by us to our models, platform, and applications, or by our competitors to their products;

- 我们在开发和发布模型时实施的安全和风险缓解措施，包括由此导致的模型开发或发布延迟，或影响前沿 AI 模型开发和发布方式及时间的法律、法规或标准的出台；

- the safety and risk mitigation measures we implement in developing and releasing our models, including any resulting delays in model development or release, or the adoption of laws, regulations, or standards that affect how and when frontier AI models may be developed or released;

- 我们实现模型、平台和应用程序广泛接受和使用的能力；

- our ability to achieve widespread acceptance and use of our models, platform, and applications;

- 竞争格局的变化以及竞争性公司、模型、平台和应用程序的推出；

- changes in the competitive landscape and introduction of competitive companies, models, platforms, and applications;

- 安全漏洞、技术困难或对我们模型、平台或应用程序的中断；

- security breaches, technical difficulties, or interruptions to our models, platform, or application;

- 实际或被认为存在不当或未经授权使用、披露或访问机密、专有、个人或敏感数据的行为；

- real or perceived improper or unauthorized use of, disclosure of, or access to confidential, proprietary, personal, or sensitive data;

- 因竞争或其他原因导致的价格压力；

- pricing pressure as a result of competition or otherwise;

- 不利的诉讼判决、其他争议相关和解付款或其他诉讼相关成本；

- adverse litigation judgments, other dispute-related settlement payments, or other litigation-related costs;

- 招聘员工的人数；

- the number of employees hired;

- 向员工、董事或顾问授予或归属股权奖励的时间安排；

- the timing of the grant or vesting of equity awards to employees, directors, or consultants;

- 股权奖励的归属与结算，包括与 RSU 结算相关的、代员工缴纳税款所使用的任何现金，以及股权激励费用的确认；

- the vesting and settlement of equity awards, including any cash used to remit taxes on behalf of employees in connection with the settlement of RSUs and the recognition of stock-based compensation expense;

- 我们维护、保护和提升品牌的能力；

- our ability to maintain, protect, and enhance our brand;

- 外币兑美元贬值；

- declines in the values of foreign currencies relative to the U.S. dollar;

- 与我们行业相关的立法或监管环境的变化及持续不确定性；

- changes in, and continuing uncertainty in relation to, the legislative or regulatory environment with respect to our industry;

- 政府监管机构的执法，包括调查、程序、罚款、命令、认定或同意令；

- enforcement by government regulators, including investigations, proceedings, fines, orders, designations, or consent decrees;

- 在新市场和现有市场增加的法律与监管合规成本；

- increased legal and regulatory compliance costs in new and existing markets;

- 与潜在收购业务、人才、技术或知识产权相关的成本和费用时间安排，包括可能重大的摊销成本和可能的减值；

- costs and timing of expenses related to the potential acquisition of businesses, talent, technologies, or intellectual property, including potentially significant amortization costs and possible write-downs;

- 灾难性事件，以及由此导致的我们模型、平台和应用程序可用性中断；以及

- catastrophic events, and resulting interruptions in the availability of our models, platform, and applications; and

- 美国或非美国市场的一般经济状况，包括地缘政治的不确定性和不稳定性及其对软件支出的影响。

- general economic conditions in either U.S. or non-U.S. markets, including geopolitical uncertainty and instability and their effects on software spending.

上述任何一项或多项因素，或本“风险因素”部分中的其他因素，可能导致我们的经营业绩或其他关键指标出现重大波动，进而可能使该等业绩低于我们的财务指引或其他预测，或低于分析师或投资者的预期，并导致我们 A 类普通股的市场价格下跌。

Any one or more of the factors above, or other factors in this “Risk Factors” section, may result in significant fluctuations in our results of operations or other key metrics, which may cause such results to fall below our financial guidance or other projections or the expectations of analysts or investors, and cause the market price of our Class A common stock to decline.

**我们的某些经营指标受假设和局限性的影响。因此，这些指标可能无法准确反映我们的实际业绩或未来业绩。**

**Certain of our operating metrics are subject to assumptions and limitations. As a result, these metrics may not provide an accurate indication of our actual performance or future results.**

我们的某些经营指标，例如年化运行收入（Run-Rate Revenue）、净收入留存率、客户数量和 Claude 的成功率，基于大量假设和局限性，使用来自内部系统和工具的数据计算，未经第三方独立验证，受制于测量固有的局限性，可能无法准确反映实际结果，也无法准确预示未来或预期结果。

Certain of our operating metrics, such as Run-Rate Revenue, Net Revenue Retention, customer counts, and Claude’s success rate, are based on numerous assumptions and limitations, are calculated using data from internal systems and tools, have not been independently verified by third parties, are subject to inherent limitations in measurement, and may not accurately reflect actual results or provide an accurate indication of future or expected results.

Run-Rate Revenue 不能替代按照 GAAP 编制的收入，也不能替代收入预测。由于 Run-Rate Revenue 将我们基于消费的费用按过去 28 天期间年化、将基于订阅的费用按单月年化，它假设这些计量期间内的活动以相同速率持续了整整一年。由于它是对较短计量期间进行年化，在季节性使用量较高或较低的期间（例如我们在夏季和冬季假期及休假期间通常经历的使用量下降）所计量的 Run-Rate Revenue，可能与其他时点计量的 Run-Rate Revenue 存在显著差异，且在每种情况下都可能与我们最终在任何季度或财年确认的收入不相对应。我们的实际历史收入和未来收入可能与该指标存在重大差异。我们基于消费的收入和基于订阅的收入均可能逐期波动，尤其是，如果客户减少、限制或不扩大其使用量或支出，或将使用转向价格更低的模型（包括因应竞争性产品、定价变化、客户预算变化或有关 AI 投资的战略优先级变化、季节性因素或总体经济状况），我们基于消费的收入可能大幅波动或下降。此外，维持并增长该收入取决于我们能否持续提供处于 AI 能力前沿的模型，而我们可能无法做到。我们保持在前沿的能力或决定也可能受到我们在开发和发布模型时实施的安全与风险缓解措施的影响。我们近期的 Run-Rate Revenue 增长也部分得益于早期采用期和 AI 市场尚处初期阶段所常见的客户快速初始采用和扩张，而这种增长可能不可持续；我们预计 Run-Rate Revenue 增长率将随时间下降，并且随着我们的收入基数增加、市场趋于成熟以及其他因素，该增长率可能显著且快于我们预期地下降。此外，我们的 Run-Rate Revenue 已经包含、且我们预计将继续包含来自我们随后认定其违反使用政策或商业条款使用我们的模型、平台和应用的客户的金额。当我们识别出此类使用时，我们会设法限制或终止该客户的访问；然而，由于我们的检测、调查和执法需要时间，截至任何计量日期的 Run-Rate Revenue 均包含尚未被限制或终止的客户的金额，而这些客户在被限制或终止访问后其收入预计不会再次发生。我们持续的执法工作可能在未来期间减少我们的收入、Run-Rate Revenue 和增长率。参见“——我们的经营业绩可能逐期大幅波动，包括因战略投资决策和与算力相关的重大支出所致，这可能导致我们的 A 类普通股市场价格下跌。”因此，截至任何计量日期的 Run-Rate Revenue 并不代表历史收入，也可能不代表我们任何未来期间的收入。

Run-Rate Revenue is not a substitute for revenue prepared in accordance with GAAP or a forecast of revenue. Because Run-Rate Revenue annualizes our consumption-based fees for a trailing 28-day period and our subscription-based fees for a single month, it assumes that activity during those measurement periods has continued at the same rate for a full year. Because it annualizes a short measurement period, Run-Rate Revenue measured during a period of seasonally higher or lower usage, such as the reduced usage we have typically experienced around holiday and vacation periods in the summer and winter, may differ significantly from Run-Rate Revenue measured at other times, and in each case may not correspond to the revenue we ultimately recognize over any quarter or fiscal year. Our actual historical revenue and future revenue may differ materially from this measure. Both our consumption-based and subscription-based revenue may fluctuate from period to period, and in particular, our consumption-based revenue may fluctuate significantly or decline if customers reduce, limit, or do not expand their usage or spend, or shift usage to lower-priced models, including in response to competitive offerings, pricing changes, changes in customer budgets or strategic priorities regarding AI investment, seasonality, or general economic conditions. In addition, sustaining and growing this revenue depends on our ability to continue to offer models at the frontier of AI capability, which we may not be able to do. Our ability or decision to remain at the frontier may also be affected by the safety and risk mitigation measures we implement in developing and releasing our models. Our recent Run-Rate Revenue growth has also been driven in part by rapid initial customer adoption and expansion often characteristic of an early-adoption period and the nascency of the AI market that may not be sustainable, and we expect our Run-Rate Revenue growth rate to decline over time, and it may decline significantly and more rapidly than we anticipate, as our revenue base increases, as the market matures, and as a result of other factors. In addition, our Run-Rate Revenue has included, and we expect will continue to include, amounts from customers that we subsequently determine are using our models, platform, and applications in violation of our usage policy or commercial terms. When we identify such usage, we seek to restrict or terminate the customer’s access; however, because our detection, investigation, and enforcement take time, our Run-Rate Revenue as of any measurement date includes amounts from customers that have not yet been restricted or terminated and whose revenue would not be expected to recur following restriction or termination of their access. Our continued enforcement efforts may reduce our revenue, Run-Rate Revenue, and growth rates in future periods. See “—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, which could cause the market price of our Class A common stock to decline.” Accordingly, our Run-Rate Revenue as of any measurement date is not indicative of historical revenue and may not be indicative of our revenue for any future period.

以过去十二个月（TTM）为基准、收入达到或超过 $100,000 的客户数量的确定，基于我们的内部记录并涉及判断，包括在确定哪些账户应被合并并视为属于同一组织时所作的判断。我们在计算该指标时采用最新的客户记录，且我们对哪些账户属于同一组织的认定可能随时间变化，包括因收购和账户合并而发生变化。我们并未单独定义或内部跟踪“企业”客户这一类别，我们的客户在内部也不以某一客户是否为“企业”作为细分或衡量依据。由于在我们产品上的支出达到或超过 $100,000 通常体现的是组织而非个人使用特征，因此我们在本招股说明书中通篇以过去十二个月（TTM）为基准、收入达到或超过 $100,000 的客户数量及其收入，作为衡量企业采用及对 Claude 参与程度的指标，包括在提及“企业客户”和“企业采用”时。因此，该衡量指标可能并不精确对应原本会被界定为企业的组织群体，并可能高估或低估该群体。

The determination of the number of customers with $100,000 or more of revenue on a TTM basis is based on our internal records and involves judgment, including in determining which accounts should be aggregated and treated as belonging to the same organization. We apply our most current customer records in calculating this metric, and our determination of which accounts belong to a single organization may change over time, including as a result of acquisitions and account consolidations. We do not separately define or internally track a category of “enterprise” customers, and our customers are not segmented or measured internally by reference to whether a given customer is an “enterprise.” Because spending $100,000 or more on our products is generally characteristic of organizational rather than individual usage, we use the number of and revenue from customers with $100,000 or more of revenue on a TTM basis as our measure of enterprise adoption and engagement with Claude throughout this prospectus, including in references to “enterprise customers” and “enterprise adoption.” As a result, this measure may not precisely correspond to the population of organizations that would otherwise be characterized as enterprises, and may over-or understate that population.

本招股说明书中提及的关于 Claude 的某些成功率及类似 AI 性能指标，采用由我们开发和维护的内部基准进行衡量。这些基准反映我们专有的测试方法，并基于我们选定的任务、数据集和评估标准。由这些内部基准得出的性能结果，可能无法被使用不同任务、数据集、评估标准或计算环境评估我们模型的客户、研究人员或其他第三方所复现。因此，此类指标可能与任何特定客户或用户在其具体部署环境或用例中所获得的性能结果存在重大差异，且不应被依赖为任何客户或用户将取得的结果的指示。由于不同开发者的 AI 性能基准方法差异显著，我们所衡量的此类性能指标也可能无法与其他 AI 开发者报告的类似名称或类似指标相比较，跨公司对此类指标进行直接比较可能具有误导性。

Certain success rates and similar AI performance metrics with respect to Claude referenced in this prospectus are measured using internal benchmarks developed and maintained by us. These benchmarks reflect our proprietary testing methodology and are based on tasks, data sets, and evaluation criteria selected by us. Performance results derived from these internal benchmarks may not be replicable by customers, researchers, or other third parties who evaluate our models using different tasks, data sets, evaluation criteria, or computing environments. Accordingly, such metrics may differ materially from performance outcomes experienced by any particular customer or user in their specific deployment environment or use case, and should not be relied upon as indicative of the results any customer or user will achieve. Because AI performance benchmarking methodologies vary significantly across developers, such performance metrics as we measure them may also not be comparable to similarly titled or analogous metrics reported by other AI developers, and direct comparison of such metrics across companies may be misleading.

投资者在考量这些指标时，应结合计算此类指标所采用的假设和流程以及由此产生的局限性。此外，我们的内部系统和工具存在若干局限性，可能导致我们的指标（包括我们公开披露的指标）发生意外变化。再者，我们的某些经营指标部分基于第三方合作伙伴向我们报告的数据。如果我们用于跟踪这些指标的内部系统和工具，或第三方合作伙伴向我们报告的数据，出现少计或多计业绩的情况，或包含算法或其他技术错误，我们报告的数据可能不准确。尽管我们的经营指标基于我们认为对适用计量期间而言合理的估计，但这些计量本身存在固有的挑战。我们还可能不时在切实可行的范围内完善或改变跟踪某些经营指标的方法，包括为提高整体准确性、与管理层对业务和经营业绩的看法保持一致，以及因收购而进行调整。任何此类更新都可能导致某些业务和经营趋势发生变化，并可能影响这些指标在不同期间的可比性。投资者不应过度依赖这些指标作为我们未来或预期业绩的指标。此外，这些指标可能与其他公司列示的同名指标不同，且可能无法与这些其他指标进行比较。有关我们经营指标的更多信息，请参见“管理层对财务状况和经营业绩的讨论与分析”和“业务”章节。

Investors should consider these metrics in light of the assumptions and processes used in calculating such metrics and the limitations as a result thereof. In addition, our internal systems and tools have a number of limitations, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. Further, certain of our operating metrics are based in part on data reported to us by our third-party partners. If the internal systems and tools we use to track these metrics or if the data reported to us by our third-party partners undercount or overcount performance, or contain algorithmic or other technical errors, the data we report may not be accurate. While our operating metrics are based on what we believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in these measurements. We may also refine or change our methodology for tracking certain operating metrics from time to time, to the extent practicable, including to improve overall accuracy and alignment with management’s view of business and operating performance and as a result of acquisitions. Any of these updates may result in changes in certain business and operating trends and may impact comparability of these metrics across periods. Investors should not place undue reliance on these metrics as an indicator of our future or expected results. Moreover, these metrics may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics. See the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” for more information regarding our operating metrics.

**我们的业务受制于不断演变且不确定的监管和政治环境，这可能增加我们的成本、限制我们的运营，或对我们模型、平台和应用的需求产生不利影响。**

**Our business is subject to an evolving and uncertain regulatory and political environment, which could increase our costs, restrict our operations, or adversely affect demand for our models, platform, and applications.**

AI 技术的开发、部署和使用受到多个司法管辖区快速演变且日益复杂的法律、法规和政府审查的约束。美国以及我们开展业务或分发模型、平台和应用程序的其他国家的政府和监管机构，已提出、颁布或正在考虑与 AI 模型开发和部署、数据使用与隐私、透明度、安全性、消费者保护、内容生成、知识产权、网络安全、出口管制和竞争相关的立法、法规和指引。例如，欧盟《2024/1689 号人工智能条例》（“欧盟 AI 法案”）于 2024 年 8 月生效，并将在过渡期结束后全面适用，该法案对投放欧盟市场或投入使用的 AI 系统和通用目的 AI 模型施加了一系列义务，包括透明度、风险管理和治理要求，并规定了不合规的重大处罚。在美国，AI 的监管框架仍然分散且不确定，联邦政策举措不断演变，关于行政措施的范围和持久性的争论持续存在，且越来越多州级法律和提案涉及 AI 的开发和使用。例如，包括纽约州和加利福尼亚州在内的多个美国州已通过 AI 安全法。更广泛而言，美国的立法提案设想对 AI 实施更广泛的政府监督，包括潜在的国家化、对前沿 AI 系统的强制关停或停用要求，或其他旨在防止或管理人工超级智能发展的战略措施。此外，2026 年 6 月，美国联邦政府发布了一项行政命令，为前沿 AI 模型开发者建立自愿框架，使其在此类 AI 技术部署前与政府接触，指示联邦机构加强网络防御，并优先执法打击 AI 的犯罪滥用；尽管该框架是自愿性的，并未对 AI 模型的开发或部署设定强制性的政府许可、预先批准或审批要求，但它反映出联邦政府对前沿 AI 的国家安全影响日益关注，且该命令之后可能伴随进一步的行政或立法行动。如果此类行政或立法行动得以颁布以监管 AI 技术，可能会限制我们经营业务的方式。

The development, deployment, and use of AI technologies are subject to rapidly evolving and increasingly complex laws, regulations, and governmental scrutiny across multiple jurisdictions. Governments and regulatory authorities in the United States and in other countries in which we operate or distribute our models, platform, and applications have proposed, enacted, or are considering legislation, regulations, and guidance relating to AI model development and deployment, data usage and privacy, transparency, safety, consumer protection, content generation, intellectual property, cybersecurity, export controls, and competition. For example, the EU AI Regulation 2024/1689 (“EU AI Act”), which came into force in August 2024 and will become fully applicable following a transitional period, imposes a range of obligations on AI systems and general-purpose AI models placed on the market or put into service in the EU, including transparency, risk management, and governance requirements, and provides for significant penalties for non-compliance. In the United States, the regulatory framework for AI remains fragmented and uncertain, with evolving federal policy initiatives, continued debate regarding the scope and durability of executive actions, and a growing number of state-level laws and proposals addressing the development and use of AI. For example, several U.S. states, including New York and California, have passed AI safety laws. More generally, proposed legislation in the United States contemplates more expansive governmental oversight of AI, including potential nationalization, mandatory shutdown or discontinuation requirements for frontier AI systems or other strategic measures to prevent or manage the development of artificial superintelligence. Further, in June 2026, the U.S. federal government issued an executive order establishing a voluntary framework for developers of frontier AI models to engage with the government prior to the deployment of such AI technologies, directing federal agencies to strengthen cyber defenses, and prioritizing enforcement against criminal misuse of AI; although that framework is voluntary and does not establish a mandatory governmental licensing, preclearance, or permitting requirement for the development or deployment of AI models, it reflects increasing federal attention to the national security implications of frontier AI and the order may be followed by further executive or legislative action. If executive or legislative action of this nature were enacted to regulate AI technologies, it could constrain how we operate our business.

我们还一直倡导、并预计将继续倡导对前沿 AI 进行监管与监督，包括主要与利用 AI 加速 AI 开发相关的全行业标准，以使 AI 能力的推进速度不超过支撑这些能力所需的安全性、对齐与安全实践的发展速度，并且我们已提议与美国政府及其他前沿 AI 开发者合作制定安全标准。我们所倡导的此类监管或其他措施若获通过，将适用于我们，并可能增加我们的合规负担、限制我们的产品开发或部署灵活性、影响我们开发和发布新模型的方式与时机，或以其他方式拖慢我们的增长。任何此类措施对 AI 能力推进速度以及对我们业务的影响均不确定，将取决于所采纳的具体要求，以及安全性、对齐与安全实践与模型能力同步发展的程度。无法保证政策制定者会采纳我们所支持的做法，且我们的倡导在过去曾招致、未来可能继续招致批评、更严格的审视或其他挑战。

We have also advocated, and expect to continue to advocate, for regulation and oversight of frontier AI, including industry-wide standards primarily relevant to the use of AI to accelerate AI development, so that AI capabilities do not advance faster than the safety, alignment, and security practices needed to support them, and we have proposed working with the U.S. government and other frontier AI developers to establish safety standards. Regulatory or other measures of the kind we advocate, if adopted, would apply to us and could increase our compliance burdens, limit our product development or deployment flexibility, affect how and when we develop or release new models, or otherwise slow our growth. The effect that any such measures would have on the rate at which AI capabilities advance, and on our business, is uncertain and would depend on the specific requirements adopted and on the extent to which safety, alignment, and security practices advance together with model capabilities. There is no assurance that policymakers will adopt the approaches we support, and our advocacy has in the past drawn, and may continue to draw, criticism, heightened scrutiny, or other challenges.

AI 的监管方式也因地域而存在显著差异，并可能受到当地政治、经济、社会或环境因素的影响。在某些司法管辖区，公众对 AI 系统可能取代劳动力、对自动化的社会影响之认知，或对 AI 开发与部署相关环境足迹的担忧，已经导致或可能导致限制性立法或其他政府行动。特别是，若因 AI 的采用或相关原因（无论实际存在还是被感知到）导致岗位替代速度迅速加快，政府或其他监管机构可能介入，以放缓 AI 的采用速度、限制其使用，或采取其他增加 AI 系统开发、部署或商业化成本的行动。即使不存在任何法律或监管要求，我们也可能不时自愿选择采取旨在缓解此类岗位替代影响的行动。任何此类行动都将构成额外成本与支出，而我们可能无法获得相应的商业利益，且无法保证任何此类行动能有效减少与岗位替代相关的损害，或缓解相关的声誉、监管或政治风险。

Regulatory approaches to AI also vary significantly by geography and may be influenced by local political, economic, social, or environmental considerations. In some jurisdictions, public concern regarding the potential displacement of labor by AI systems, the perceived societal impacts of automation, or the environmental footprint associated with AI development and deployment, has led, or could lead, to restrictive legislation or other governmental actions. In particular, to the extent the rate of job displacement rapidly increases due to the adoption of AI or for related reasons, whether actual or perceived, governments or other regulatory authorities may intervene to slow the rate of adoption of AI, restrict its use, or take other actions that increase the cost of developing, deploying, or commercializing AI systems. Even in the absence of any legal or regulatory requirements, we may from time to time voluntarily elect to take actions intended to ameliorate the impact of such displacement. Any such actions would represent additional costs and expenditures for which we may not receive a corresponding commercial benefit, and there can be no assurance that any such actions would be effective in reducing displacement-related harms or in mitigating the associated reputational, regulatory, or political risks.

美国及其他西方司法辖区日益收紧的 AI 监管，可能使在监管较宽松环境中运营的竞争对手得以更快速地创新、扩展和部署 AI 技术，从而可能使此类竞争对手随着时间推移变得更为先进，并构成更大的竞争或战略威胁。特别是，美国与中国在 AI 发展方面日益加剧的战略竞争可能导致监管路径分化，美国有可能对 AI 公司与中国实体或市场的互动施加限制，而中国则可能采取对等措施，限制对美国原产 AI 模型、平台和应用的获取或需求。

Increasingly restrictive AI regulation in the United States and other western jurisdictions could enable competitors operating in less regulated environments to innovate, scale, and deploy AI technologies more rapidly, potentially allowing such competitors to become more advanced and pose greater competitive or strategic threats over time. In particular, increasing strategic competition between the United States and China in AI development may lead to divergent regulatory approaches, with the potential for the United States to impose restrictions on AI companies’ interactions with Chinese entities or markets, and for China to impose reciprocal measures that limit access to or demand for U.S.-origin AI models, platforms, and applications.

由于上述及其他监管动态，我们的业务可能受到广泛的监管限制、义务或约束，其中包括：

As a result of these and other regulatory developments, our business could be subject to a wide range of regulatory limitations, obligations, or restrictions, including, among other things:

- 对某些 AI 用例、应用或部署场景的限制、条件或禁止；

- limitations, conditions, or prohibitions on certain AI use cases, applications, or deployment contexts;

- 要求在特定市场或针对特定客户修改、限制、延迟或撤回特定模型、功能或特性；例如，2026 年初，美国战争部曾表示可能援引《国防生产法》强制我们取消对模型用于自主武器和大规模监控所设置的限制；

- requirements to modify, restrict, delay, or withdraw specific models, features, or functionalities in particular markets or for specific customers; for example, in early 2026, the U.S. Department of War suggested it could invoke the Defense Production Act to compel us to remove the limitations we have placed on the use of our models for autonomous weapons and mass surveillance;

- 更高的透明度、文档记录、审计、治理或人工监督义务；

- heightened transparency, documentation, auditing, governance, or human-oversight obligations;

- 基于知识产权、隐私或其他框架，对用于训练或运行 AI 系统的数据的收集、使用、传输、本地化或保留施加限制；

- restrictions on the collection, use, transfer, localization, or retention of data used to train or operate AI systems, based on intellectual property, privacy, or other frameworks;

- 强制性的安全、风险管理或评估框架、认证或批准，包括要求在模型开发、训练或发布之前进行独立的第三方审查或批准；例如，2026 年 9 月，某州总检察长在一起指控对未成年人造成损害的待决诉讼中请求法院禁止某 AI 公司在没有独立第三方防护措施和批准的情况下开发新的 AI 模型；

- mandated safety, risk-management, or evaluation frameworks, certifications, or approvals, including requirements for independent, third-party review or approval prior to model development, training, or release; for example, in September 2026, a state attorney general asked a court, in pending litigation alleging harm to minors, to enjoin an AI company from developing new AI models without independent, third-party guardrails and approval;

- 对数据中心开发或扩建的限制，包括许可、分区或能源或用水限制；

- restrictions on data center development or expansion, including permitting, zoning, or limits on energy or water usage;

- 更高的能效、可持续性或环境合规要求；

- heightened energy efficiency, sustainability, or environmental compliance requirements;

- 对 AI 模型跨境部署、访问或商业化的限制，包括通过出口管制、国家安全认定或其他政府措施，可能限制我们在某些市场或向某些客户销售我们的模型、平台和应用的能力；例如，2026 年 6 月，美国商务部对我们的 Fable 5 和 Mythos 5 模型实施了全球出口限制，该限制在我们更新保障措施后随后被解除，其他模型未来可能受到这些或类似出口限制的约束；如需更多信息，请参阅标题为“——政府贸易管制，包括出口和进口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失合同特权，或限制我们在某些市场的竞争能力。”的章节；

- limitations on cross-border deployment, access, or commercialization of AI models, including through export controls, national security determinations, or other governmental measures that could restrict our ability to sell our models, platform, and applications in certain markets or to certain customers; for example, in June 2026, the U.S. Department of Commerce imposed worldwide export restrictions on our Fable 5 and Mythos 5 models, which were subsequently lifted after we updated our safeguards, and other models may be subject to these or similar export restrictions in the future; for more information, see the section titled “—Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets.”;

- 针对 AI 的专项税费、费用、报告义务或其他财务负担；或

- AI-specific taxes, fees, reporting obligations, or other financial burdens; or

- 对我们业务或我们客户和合作伙伴的业务具有重大意义的活动实施彻底禁令或暂停。

- outright bans or moratoria on activities material to our business or the businesses of our customers and partners.

由于 AI 监管正在以快速且碎片化的方式发展，包括受政治考量、公众情绪和地缘政治动态的影响，我们将无法完全预见现有法律将如何被解释或执行、新的法律框架将如何演变，或各司法管辖区的监管制度随时间推移将趋于一致还是分化。遵守新的或不断变化的要求可能需要在研发、合规系统、运营流程或本地化产品方面进行大量投资，我们可能需要调整或限制我们在某些司法管辖区的活动，以应对相互冲突或不一致的法律义务。此外，影响我们客户或合作伙伴的监管行动，包括限制其开发、部署或商业化 AI 赋能的模型、平台或应用的能力，可能间接减少对我们模型、平台和应用的需求。任何未能或被认为未能遵守适用法律法规，或合规成本或复杂性的任何显著增加，都可能导致诉讼、执法行动、处罚、声誉损害、我们产品的采用延迟或减少，或对我们的业务、财务状况和经营业绩产生其他不利影响。

Because AI regulation is developing rapidly and in a fragmented manner, including as a result of political considerations, public sentiment, and geopolitical dynamics, we will not be able to fully anticipate how existing laws will be interpreted or enforced, how new legal frameworks will evolve, or whether regulatory regimes across jurisdictions will converge or diverge over time. Compliance with new or changing requirements may require substantial investment in research and development, compliance systems, operational processes, or localized offerings, and we may need to adjust or limit our activities in certain jurisdictions to address conflicting or inconsistent legal obligations. In addition, regulatory actions affecting our customers or partners, including restrictions on their ability to develop, deploy, or commercialize AI-enabled models, platforms, or applications, could indirectly reduce demand for our models, platform, and applications. Any failure, or perceived failure, to comply with applicable laws and regulations, or any significant increase in the cost or complexity of compliance, could result in litigation, enforcement actions, penalties, reputational harm, delayed or reduced adoption of our offerings, or other adverse effects on our business, financial condition, and results of operations.

此外，随着 AI 系统日益复杂，关于 AI 系统是否具备或可能发展出某种感知能力或道德地位的新兴争论，可能引发监管要求、公众压力或倡导行动，从而限制我们开发、训练、部署或修改模型的方式，增加我们的成本，或影响我们的声誉，无论这些哲学与科学问题最终如何解决。此外，鉴于我们专注于开发前沿 AI，以及我们对待模型感知能力和道德地位的方式，我们可能在这些争论中面临更严格的审视或压力，并可能选择在模型开发、部署或修改方面采取超出既有法律要求的政策、保障措施或限制，这可能制约我们的运营、增加成本，或限制我们模型、平台和应用的商业潜力。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能受到不利影响。

Additionally, as AI systems become more sophisticated, emerging debates regarding whether AI systems possess or could develop forms of sentience or moral status may lead to regulatory requirements, public pressure, or advocacy efforts that could constrain how we develop, train, deploy, or modify our models, increase our costs, or affect our reputation, regardless of the ultimate resolution of these philosophical and scientific questions. In addition, given our focus on developing frontier AI, and the way we approach model sentience and moral status, we may face heightened scrutiny or pressure in connection with these debates and could elect to adopt policies, safeguards, or limitations regarding model development, deployment, or modification that go beyond existing legal requirements, which could constrain our operations, increase costs, or limit the commercial potential of our models, platform, and applications. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**我们向政府实体和受高度监管组织进行的销售面临挑战和风险。**

**Our sales to government entities and highly regulated organizations are subject to challenges and risks.**

我们的客户包括美国和非美国政府机构。在本招股说明书中列示的各个期间，来自政府机构合同的收入合计约占我们收入的 1%；但是，下文所述的风险（包括本风险因素中所述的政府行为）并不限于直接来自政府机构的收入，且可能影响我们与商业客户和合作伙伴的关系。向政府机构销售涉及额外风险，包括但不限于：

Our customers include U.S. and non-U.S. government agencies. Revenue from government agency contracts represented, in aggregate, approximately 1% of our revenue in each of the periods presented in this prospectus; however, the risks described below, including the governmental actions described in this risk factor, are not limited to revenue generated directly from government agencies and could affect our relationships with commercial customers and partners. Sales to government agencies involve additional risks, including, but not limited to:

- 政府财政或采购政策的变化，或可用于一般商品和服务采购、或专门用于我们联邦政府合同的政府资金减少；

- changes in government fiscal or procurement policies, or decreases in government funding available for procurement of goods and services generally, or for our federal government contracts specifically;

- 政府计划或适用要求的变化；

- changes in government programs or applicable requirements;

- 我们与政府实体就商业条款达成一致的能力，包括就我们模型、平台和应用的许可使用达成一致；

- our ability to agree on commercial terms with government entities, including with respect to the permitted use of our models, platform, and applications;

- 向我们员工授予人员安全许可方面的限制；

- restrictions in the grant of personnel security clearances to our employees;

- 我们维持为履行美国政府和（如适用）非美国政府机构涉密合同所需设施许可的能力；

- our ability to maintain facility clearances required to perform on classified contracts for U.S. government and non-U.S. government agencies, as applicable;

- 政治环境的变化，包括在政府行政部门领导层变动之前或之后，以及由此产生的政策或优先事项的任何不确定性或变化及相应的资金变化；

- changes in the political environment, including before or after a change to the leadership within the government administration, and any resulting uncertainty or changes in policy or priorities and resultant funding;

- 政府对我们公司或我们技术的态度变化；

- changes in the government’s attitude towards us as a company or our technology;

- 与政府采购相关的上诉、争议或诉讼，包括但不限于未中标方针对政府可能或实际向我们或我们的合作伙伴授予合同而提出的投标抗议；

- appeals, disputes, or litigation relating to government procurement, including but not limited to bid protests by unsuccessful bidders on potential or actual awards of contracts to us or our partners by the government;

- 新法律或法规的通过，或现行法律或法规的变更；

- the adoption of new laws or regulations or changes to existing laws or regulations;

- 预算约束、政府支出削减、在持续决议下运营、政府停摆造成的干扰，或联邦政府或其某些部门和机构拨款中断所施加的类似措施和限制；

- budgetary constraints, reductions in government spending, operating under continuing resolutions, disruptions from government shutdowns, or similar measures and constraints imposed by any lapses in appropriations for the federal government or certain of its departments and agencies;

- 与政府客户的待定、新签或现有合同方面受到第三方的影响或来自第三方的竞争；

- influence by, or competition from, third parties with respect to pending, new, or existing contracts with government customers;

- 与安全或隐私问题相关的法律义务或政治或社会态度的变化；

- changes in legal obligations or political or social attitudes with respect to security or privacy issues;

- 政府拨款或采购流程的潜在延迟或变化，包括因战争、恐怖主义事件、自然灾害和公共卫生关切等事件导致的变化；以及

- potential delays or changes in the government appropriations or procurement processes, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns; and

- 由我们无法控制的其他因素造成的成本增加或意外成本或未预见的延迟。

- increased or unexpected costs or unanticipated delays caused by other factors outside of our control.

任何此类事件或活动（其中包括其他事件或活动）可能导致政府和政府机构延迟、暂停或取消合同，或寻求修改其合同，或避免在未来与我们签订合同或购买我们的模型、平台和应用程序，损害我们争取未来合同的能力，损害我们与同样向政府销售模型、平台或应用程序的合作伙伴和客户的关系，或减少我们就向现有或新政府客户提供的服务或从现有或新政府客户处获得的采购所涉付款的规模或时间。上述任何一项均可能对我们的前景、业务、财务状况和经营业绩产生不利影响。

Any such event or activity, among others, could cause governments and government agencies to delay, pause, or cancel contracts or seek to modify their contracts, or refrain from entering into contracts with us or purchasing our models, platform, and applications in the future, undermine our ability to pursue future contracts, damage our relationships with partners and customers who also sell models, platforms, or applications to governments, or reduce the size or timing of payment with respect to our services to or purchases from existing or new government customers. Any of the foregoing could have an adverse effect on our prospects, business, financial condition, and results of operations.

例如，2026 年 2 月，针对我们公开表明的立场——我们的技术不应被用于大规模国内监控或完全自主武器——美国总统表示，他已指示所有联邦行政机构停止使用我们的技术。与此同时，战争部长指示战争部将我们认定为“国家安全供应链风险”，并表示“即刻生效，任何与美国军方有业务往来的承包商、供应商或合作伙伴均不得”与我们“开展任何商业活动”。2026 年 3 月 4 日，战争部向我们发出两封信函——一封依据《美国法典》第 10 编第 3252 条，另一封依据《联邦采购供应链安全法》（“FASCSA”）第 4713 条——主张我们的模型、平台和应用程序构成供应链风险。上述行为在本文中定义为“受质疑行为”。我们在 Anthropic PBC 诉战争部等案（加利福尼亚州北区联邦地区法院）及 Anthropic PBC 诉战争部等案（哥伦比亚特区巡回上诉法院）中对这些受质疑行为提出了强烈质疑。在首先获得美国加利福尼亚州北区联邦地区法院的命令，初步禁止战争部的指令及依据第 3252 条对我们作出的供应链风险认定，并初步禁止其他被告机构执行总统指令直至诉讼最终解决之后，我们随后于 2026 年 8 月 27 日获得美国加利福尼亚州北区联邦地区法院的命令，该命令在很大程度上作出了有利于我们的简易判决。法院裁定，受质疑行为系报复行为，旨在因我们受美国宪法第一修正案保护的言论而惩罚我们，并侵犯了我们依据美国宪法第五修正案正当程序条款享有的权利。法院还认定，战争部长的行为，特别是涉及《美国法典》第 10 编第 3252 条的行为，因超越法定权限、违反法律以及任意专断，违反了《行政程序法》。法院作出了在很大程度上有利于我们的最终判决。被告就初步禁令提交了上诉通知。然而，哥伦比亚特区巡回上诉法院驳回了我们要求在实体审查期间中止战争部长依据第 4713 条对我们作出的供应链风险认定的动议。2026 年 9 月 25 日，哥伦比亚特区巡回上诉法院以 2 比 1 的分歧裁决驳回了我们的复审申请，裁定战争部依据第 4713 条作出的供应链风险认定适当，且我们依据第一修正案和第五修正案正当程序条款享有的权利未受侵犯。我们提交了全院庭审重审申请，请求哥伦比亚特区巡回上诉法院全体法官审查合议庭的裁决。我们无法预测这些诉讼的最终结果。尽管我们继续与政府机构合作，但我们无法确定这些诉讼的解决不会对我们向政府机构以及向美国政府销售产品和服务的其他客户进行销售的能力产生不利影响，进而对我们的业务、财务状况和经营业绩产生不利影响。

For example, in February 2026, in response to our publicly stated position that our technology should not be used for mass domestic surveillance or fully autonomous weapons, the President of the United States stated that he had directed that all federal executive agencies cease using our technology. At the same time, the Secretary of War directed the Department of War to designate us as a “supply-chain risk to national security” and stated that “effective immediately, no contractor, supplier, or partner that does business with the United States military may conduct any commercial activity” with us. On March 4, 2026, the Department of War sent us two letters—one pursuant to 10 U.S.C. § 3252 and the other pursuant to Section 4713 of the Federal Acquisition Supply Chain Security Act (“FASCSA”)—asserting that our models, platform, and applications present a supply-chain risk. These actions referenced above are defined herein as “Challenged Actions.” We vigorously challenged these Challenged Actions in Anthropic PBC v. Department of War, et al. (N.D. Cal.) and Anthropic PBC v. Department of War, et al. (D.C. Cir.). After first obtaining an order from the United States District Court for the Northern District of California that preliminarily enjoined the Department of War’s directive and Section 3252 supply-chain risk designation of us and preliminarily enjoined the other defendant agencies from implementing the Presidential directive until final resolution of the lawsuit, we subsequently, on August 27, 2026, obtained an order from the United States District Court for the Northern District of California that largely granted summary judgment in our favor. The court ruled that the Challenged Actions were retaliatory acts meant to punish us for speech protected under the First Amendment to the United States Constitution and violated our rights under the Due Process Clause of the Fifth Amendment to the United States Constitution. The court also held that the Secretary of War’s actions, particularly with respect to 10 U.S.C. § 3252, violated the Administrative Procedure Act because they were in excess of statutory authority, contrary to law, and arbitrary and capricious. The court entered final judgment largely in our favor. The defendants filed a notice of appeal of the preliminary injunction. The D.C. Circuit Court of Appeals, however, denied our motion to stay the Secretary of War’s Section 4713 designation of us as a supply-chain risk pending review on the merits. On September 25, 2026, in a 2-1 split decision, the D.C. Circuit Court of Appeals denied our petition for review, ruling that the Department of War’s Section 4713 supply-chain risk designation was proper, and that our rights under the First Amendment and Due Process Clause of the Fifth Amendment were not violated. We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel’s decision. We cannot predict the ultimate outcome of these lawsuits. While we continue to work with government agencies, we cannot be certain that the resolution of these lawsuits will not adversely affect our ability to sell to government agencies and other customers that sell products and services to the U.S. government, and in turn adversely affect our business, financial condition, and results of operations.

此外，2026 年 6 月，美国商务部对我们的 Fable 5 和 Mythos 5 模型实施了全球出口限制，在相关限制解除之前，我们已对所有客户停用上述模型，详见“——政府贸易管制，包括出口和进口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失合同权利，或限制我们在某些市场的竞争能力”一节。未来可能再次实施类似限制。

Further, in June 2026, the U.S. Department of Commerce imposed worldwide export restrictions on our Fable 5 and Mythos 5 models, which we disabled for all customers until those restrictions were lifted, as described in the section titled “—Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets.” Similar restrictions could be imposed again in the future.

上述各项均可能造成重大声誉损害，包括不利的媒体报道、公众审视，以及现有和潜在客户、合作伙伴、员工和投资者的负面看法，无论诉讼的最终结果如何。此类看法可能导致客户（包括商业企业和国际客户）推迟或放弃购买我们的模型、平台和应用，或在与我们的合作中施加额外的尽职调查要求、合同限制或终止权。此外，这些事态发展可能在更广泛的市场中对我们能否在某些行业长期经营造成不确定性，进而可能导致对我们模型、平台和应用的需求波动加剧、交易对手与我们订立长期或战略安排的意愿降低，以及投资者情绪波动，其中任何一项均可能对我们的业务、财务状况和经营业绩造成不利影响。

Each of the foregoing may result in significant reputational harm, including adverse media coverage, public scrutiny, and negative perceptions among existing and prospective customers, partners, employees, and investors, regardless of the ultimate outcome of the litigation. Such perceptions may lead customers, including commercial enterprises and international customers, to delay or forgo purchasing our models, platform, and applications, or to impose additional diligence, contractual restrictions, or termination rights in connection with engagements with us. Further, these developments may create uncertainty in the broader market regarding our long-term ability to operate in certain sectors, which could result in increased volatility in demand for our models, platform, and applications, reduced willingness of counterparties to enter into long-term or strategic arrangements with us, and fluctuations in investor sentiment, any of which could adversely affect our business, financial condition, and results of operations.

政府合同的招标过程可能竞争激烈、成本高昂且耗时漫长，往往需要投入大量前期时间和费用，且无法保证这些努力能够产生收入。政府机构通常会进行大量评估流程，导致销售周期漫长。与政府机构签订的某些合同采用分阶段结构或包含选择权，每一阶段均须满足特定条件，且选择权的行使具有酌情性。因此，根据任何此类合同实际执行的工作范围以及相关合同收入可能低于合同总价值。此外，此类机构的产品采购经常受到预算限制、多重审批以及意外的行政、处理和其他延误的影响。所有这些因素都可能增加与这些客户开展业务的风险，并可能导致收入低于最初预期。

The bidding process for government contracts can be highly competitive, expensive, and time-consuming, often requiring significant upfront time and expense without any assurance that these efforts will generate revenue. Government agencies often undertake a significant evaluation process that results in a lengthy sales cycle. Some contracts with government agencies are structured in phases or include options, where each phase is subject to satisfaction of certain conditions and where the exercise of options is discretionary. As a result, the actual scope of work performed pursuant to any such contracts, in addition to related contract revenue, could be less than total contract value. In addition, product purchases by such organizations are frequently subject to budget constraints, multiple approvals, and unanticipated administrative, processing, and other delays. All of these factors can add further risk to business conducted with these customers and could lead to lower revenue results than originally anticipated.

我们还必须遵守与合同的订立、管理和履行相关的本地及国际法律法规。与政府机构签订的合同须遵守广泛、不断演变且有时较为复杂的法规，这些法规赋予公共部门客户诸多权利，其中许多权利在商业合同中通常并不存在。例如，政府合同通常包含政府机构以便利为由终止合同的权利，若该权利被行使，将导致合同价值降低，并使此类安排产生的收入低于预期。适用于政府合同的政府法规的任何变化，都可能影响我们与政府实体签订合同的能力或此类合同的盈利能力。

We also must comply with both local and international laws and regulations relating to the formation, administration, and performance of contracts. Contracts with government agencies are subject to extensive, evolving, and sometimes complex regulations which provide public sector customers rights, many of which are not typically found in commercial contracts. For example, government contracts generally include the ability of government agencies to terminate for convenience, which if exercised, would result in a lower contract value and lower than anticipated revenue generated by such arrangement. Any changes to the government regulations applicable to government contracts could affect our ability to enter into, or the profitability of, contracts with government entities.

我们的子公司 Anthropic Public Institutions, LLC 须持有设施安全许可，方可为美国联邦政府执行涉密合同，并且必须遵守《国家工业安全计划》的要求。未能遵守该等要求可能导致 Anthropic Public Institutions, LLC 的设施安全许可被撤销。若 Anthropic Public Institutions, LLC 无法维持其设施安全许可，我们可能无法投标或赢得新的涉密合同，而需要设施安全许可的现有合同可能被终止，上述任一情形均可能对我们的业务、财务状况和经营业绩产生不利影响。

Our subsidiary, Anthropic Public Institutions, LLC, is required to maintain a facility security clearance to perform on classified contracts for the U.S. federal government and must comply with National Industrial Security Program requirements. Failure to comply with these requirements may result in Anthropic Public Institutions, LLC’s facility clearance being revoked. To the extent Anthropic Public Institutions, LLC, is not able to maintain its facility security clearance, we may not be able to bid on or win new classified contracts, and existing contracts requiring a facility security clearance could be terminated, either of which could have an adverse impact on our business, financial condition, and results of operations.

与政府机构签订的合同还须接受对承包商行政流程及其他合同相关合规义务的审计和审查。违反政府合同、未能遵守适用法规、未能取得并维持所需的设施和/或安全许可，或政府审计或审查得出不利结论，均可能导致合同终止、声誉受损或其他不利后果，包括丧失未来向政府机构销售的资格、政府拒绝继续购买我们的订阅，或罚款或民事或刑事责任，这可能对我们的经营业绩产生不利影响。

Contracts with government agencies are also subject to audits and reviews of contractors’ administrative processes and other contract-related compliance obligations. Breaches of government contracts, failure to comply with applicable regulations, failure to obtain and maintain required facility and/or security clearances, or unfavorable findings from government audits or reviews could result in contract terminations, reputational harm, or other adverse consequences, including ineligibility to sell to government agencies in the future, government refusal to continue buying our subscriptions, or fines or civil or criminal liability, which could adversely affect our results of operations.

**我们对数量有限的云服务商（CSP）和供应商的依赖——其中部分与我们存在战略和投资关系并且是我们的客户——形成了复杂的动态关系，可能引发利益冲突，并对我们获取算力产生不利影响。**

**Our reliance on a limited number of CSPs and suppliers, some of which have strategic and investment relationships with us and are our customers, creates complex dynamics that could give rise to conflicts of interest and adversely affect our access to compute.**

我们依赖数量有限的云服务商（CSP）——Amazon.com, Inc.（连同其关联方，简称“Amazon”）、Google 和 Microsoft Corporation（简称“Microsoft”）——以及供应商（如 Broadcom）提供算力及我们算力基础设施的关键组件。这些关系受合同安排约束，此类安排虽为我们提供了大量承诺算力，但也形成了依赖关系和潜在脆弱性。这些 CSP 可能发生服务中断、安全事件或容量限制，从而影响我们的运营。我们各项安排的条款（包括定价、算力承诺和服务水平）在续约时须经谈判确定，我们可能无法以与现有安排同样有利的条款获得续约。将工作负载迁移至替代供应商将成本高昂、耗时且运营复杂，并且可能无法在可避免对我们的模型开发路线图或客户服务能力造成重大干扰的时间范围内实现。为在新的硬件环境中维持我们统一算力平台的性能所需的工程投入意味着，任何此类迁移都可能降低我们的算力效率，从而在任何此类迁移期间及之后，提高为支撑特定业务活动水平所需的算力和基础设施成本。

We rely on a limited number of CSPs—Amazon.com, Inc. (together with its affiliates, “Amazon”), Google, and Microsoft Corporation (“Microsoft”)—and suppliers, such as Broadcom, for compute and critical components of our compute infrastructure. These relationships are governed by contractual arrangements that, while providing us with significant committed compute, also create dependencies and potential vulnerabilities. These CSPs may experience service outages, security incidents, or capacity constraints that affect our operations. The terms of our arrangements, including pricing, compute commitments, and service levels, are subject to negotiation upon renewal, and we may be unable to secure renewals on terms as favorable as our current arrangements. Migrating workloads to alternative providers would be costly, time-consuming, and operationally complex, and may not be feasible within timeframes that would avoid material disruption to our model development roadmap or our ability to serve customers. The engineering investment required to maintain the performance of our unified compute platform across new hardware environments means that any such migration could degrade our compute efficiency, increasing the compute and infrastructure costs required to support a given level of business activity during and following any such migration period.

我们与这些云服务商（CSP）的关系是多层面且复杂的。Amazon、Google 和 Microsoft 通过各自的关联方对我们的公司进行了重大股权投资。与此同时，它们可能已经、并且未来可能对与我们模型、平台或应用存在竞争关系的公司进行股权投资、提供融资或以其他方式提供支持。这些云服务商（CSP）同时也是我们的客户，为其内部使用或自身产品和服务购买我们的智能服务。它们的采购决策可能受到其自身竞争性产品的影响，从而可能影响它们对我们智能服务的需求。此外，Amazon、Google 和 Microsoft 是全球最大的科技公司之一，各自拥有庞大的 AI 研发计划、与我们的产品存在竞争关系的 AI 驱动模型、平台和应用，以及可能与我们并不完全一致的战略利益。Amazon、Google 和 Microsoft 各自通过其云平台提供 AI 服务并开发和部署具有竞争关系的 AI 模型。我们通过上述云平台提供我们的部分模型，我们与 Amazon、Google 和 Microsoft 的分销关系为我们带来收入，但同时也形成了依赖关系，使它们能够了解我们在其运营的各平台上的定价和商业条款，并可能影响它们在定价、算力分配、服务质量、销售优先级和薪酬结构方面的激励。若这些云服务商（CSP）推广、整合、优先安排或向客户提供我们的模型、平台和应用时所依据的条款，不如适用于其自身竞争性产品或其他公司产品的条款有利，包括在定价、商业条款、产品展示位置、整合或算力获取或销售激励方面，则我们的竞争地位、客户采用情况和业务成果可能受到不利影响。

Our relationships with these CSPs are multifaceted and complex. Amazon, Google, and Microsoft, through their respective affiliates, have made significant equity investments in our company. At the same time, they may have made, and may in the future make, equity investments in, provide financing to, or otherwise support companies whose models, platforms, or applications compete with ours. These CSPs are also our customers, purchasing our intelligence service for internal use or for their own products and services. Their purchasing decisions may be influenced by their own competing offerings, which could affect their demand for our intelligence service. Additionally, Amazon, Google, and Microsoft are among the largest technology companies in the world, each with substantial AI research and development programs, AI-powered models, platforms, and applications that compete with ours, and strategic interests that may not be fully aligned with our own. Amazon, Google, and Microsoft each offer AI services and develop and deploy competing AI models through their respective cloud platforms. We make certain of our models available through these cloud platforms, and our distribution relationships with Amazon, Google, and Microsoft generate revenue for us, but they also create dependencies, give them visibility into our pricing and commercial terms across the platforms they operate, and may influence their incentives regarding pricing, compute allocation, service quality, sales prioritization, and compensation structures. To the extent these CSPs promote, integrate, prioritize, or provide customer access to our models, platform, and applications on terms that are less favorable than those applicable to their own competing offerings or to the offerings of other companies, including with respect to pricing, commercial terms, product placement, integration, or access to compute or sales incentives, our competitive position, customer adoption, and business results could be adversely affected.

我们与战略合作伙伴的关系——无论是与这些同时担任我们投资者、客户、分销合作伙伴和竞争对手的 CSP 的关系，还是与同时担任供应商和出租方的 Broadcom 的关系——都会产生难以完全预见或缓解的潜在利益冲突。这些 CSP 可能会优先考虑自身的算力需求或其其他客户（包括其已投资的竞争对手）的需求，可能会通过其作为提供商的身份了解我们的运营和算力需求，从而为其竞争战略提供参考，或者可能会就其平台做出不利于我们的模型、平台和应用程序相对于其自身产品或其所支持的其他公司产品的商业决策。同样，Broadcom 可能会优先向其他客户供应 AI 加速器和基础设施容量，改变我们设备租赁的条款或我们专用设施的运营方式，或就硬件的可用性或定价做出不利于我们获取其提供的算力基础设施的决定。这些关系的任何恶化，或 Amazon、Google、Microsoft 或 Broadcom 做出的任何减少对我们模型、平台和应用程序的支持或限制我们获取算力的决定，都可能对我们的业务产生不利影响。此外，此类关系（包括任何排他性或优惠安排、投资关系、服务捆绑或合作举措）已经并可能在未来引起美国或其他非美国司法管辖区监管机构和私人原告的反垄断或竞争法审查，由此产生的任何调查、执法行动或对我们业务安排要求的修改都可能代价高昂、分散精力并对我们的业务造成损害。

Our relationships with our strategic partners—whether with these CSPs, who simultaneously serve as our investors, customers, distribution partners, and competitors, or with Broadcom, which simultaneously serves as a supplier and lessor—create potential conflicts of interest that are difficult to fully anticipate or mitigate. These CSPs may prioritize their own compute needs or those of their other customers, including competitors in which they have invested, may gain insight into our operations and compute requirements through their roles as providers that could inform their competitive strategies, or may make business decisions regarding their platforms that disadvantage our models, platform, and applications relative to their own offerings or the offerings of other companies they support. Similarly, Broadcom may prioritize the supply of AI accelerators and infrastructure capacity to other customers, alter the terms of our equipment lease or the operation of our dedicated facilities, or make decisions regarding the availability or pricing of hardware that adversely affect our access to the compute infrastructure they provide. Any deterioration in these relationships, or any decision by Amazon, Google, Microsoft, or Broadcom to reduce their support for our models, platform, and applications or limit our access to compute, could adversely affect our business. In addition, such relationships, including any exclusive or preferential arrangements, investment ties, bundling of services, or cooperative initiatives, have attracted and may in the future attract antitrust or competition law scrutiny from regulators and private plaintiffs in the United States or other non-U.S. jurisdictions, and any resulting investigations, enforcement actions, or required modifications to our business arrangements could be costly, distracting, and harmful to our business.

如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能会受到不利影响。

If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**我们正在推进开发自有数据中心基础设施的举措，这涉及重大资本承诺、运营复杂性和执行风险，可能对我们的业务、财务状况和经营业绩产生不利影响。**

**We are pursuing initiatives to develop our own data center infrastructure, which involves significant capital commitments, operational complexities, and execution risks that could adversely affect our business, financial condition, and results of operations.**

为帮助降低我们对云服务商（CSP）的依赖、应对可用算力的约束，并确保以开发前沿模型所需的规模获得算力，我们正在推进各项举措，以开发我们自有的专用本地数据中心基础设施。这些努力包括与第三方合作伙伴签订长期租赁和建立合作关系，以获取底层房地产、电力和数据中心设施，同时我们租赁这些设施中的容量，并与专业第三方运营商签约，由其负责设施的持续管理。我们还直接采购某些算力和基础设施设备，并在按我们的规格、由他人代我们租赁和运营的专用数据中心设施中运行这些设备。例如，根据 2026 年租赁安排，五年期设备租赁的租金付款合计约为 $125.2 billion（不含利息），租金按季度分期支付，付款义务通常在 AI 基础设施设备在相应数据中心设施“可供使用”时开始。2026 年租赁安排在相应租赁期内不可由该协议各方取消，违约情形除外。此外，我们于 2026 年 4 月将现金存入一个受限账户，受益人为 Broadcom，以担保算力容量，该金额可根据特定条件的满足情况予以释放或用于抵充租赁项下的义务。在某些情况下，我们可能被要求向该受限账户存入额外现金，以支付 2026 年租赁安排项下未来到期金额。一旦发生某些未获补救的违约事件，例如根据 2026 年租赁安排条款发生的某些付款或履约失败，我们在 2026 年租赁安排项下的大部分义务将被加速到期；尽管我们拥有多种资本来源，且并不依赖我们为 2026 年租赁安排而签订的基础设施合作伙伴 2026 年 NPA 所提供的潜在融资能力，但我们可能不被允许选择根据基础设施合作伙伴 2026 年 NPA 发行可转换本票来为此类义务提供融资。此外，我们未来可能继续直接采购此类数据中心基础设施，我们也可能采取其他举措来建设我们自己的算力和基础设施，并更深入地投资于算力供应链，这可能导致前期成本大幅增加，并对我们的财务状况和经营业绩产生不利影响。有关此类租赁安排的更多信息，请参见“管理层对财务状况和经营业绩的讨论与分析——流动性与资本资源——合同义务”和“——如果我们的实际算力需求与我们的预测存在重大差异，我们可能无法获得足够的算力来满足我们的需求，或者我们可能承诺了过剩的算力而该等算力仍未得到充分利用”等章节。我们在规模化管理此类数据中心基础设施项目方面经验有限。要成功执行这些数据中心基础设施举措，我们需要招聘具有相关经验的人员，并管理复杂的多年部署时间表以及与开发商、承包商和服务提供商的关系。

To help reduce our dependence on CSPs, address constraints on available compute, and secure access to compute at the scale necessary for frontier model development, we are pursuing initiatives to develop our own dedicated on-premise data center infrastructure. These efforts include long-term leases and partnerships with third-party partners to procure the underlying real estate, power, and data center facilities while we lease capacity in those facilities and contract with specialized third-party operators for ongoing facility management. We also procure certain compute and infrastructure equipment directly and operate them in dedicated data center facilities leased and operated on our behalf, to our specification. For example, under the 2026 Lease Arrangement, the rent payments over the five-year equipment lease are equal to an aggregate of approximately $125.2 billion excluding interest, with rent payable in quarterly installments and payment obligations typically commencing upon AI infrastructure equipment becoming “ready for service” at the applicable data center facility. The 2026 Lease Arrangement is non-cancelable by the parties to such agreement during the applicable lease period except in the case of a default. In addition, we deposited cash into a restricted account in April 2026 for the benefit of Broadcom to secure compute capacity, which amount may be released or applied toward obligations under the lease depending on the satisfaction of specified conditions. Under certain circumstances, we may be required to place additional cash into this restricted account for future amounts due under the 2026 Lease Arrangement. Upon the occurrence of certain uncured events of default, such as certain payment or performance failures pursuant to the terms of the 2026 Lease Arrangement, a substantial portion of our obligations under the 2026 Lease Arrangement would be accelerated and, while we have access to multiple sources of capital and are not dependent on the potential financing capacity provided in the Infrastructure Partner 2026 NPA that we entered into in connection with the 2026 Lease Arrangement, we may not be permitted to elect to issue the convertible promissory notes under the Infrastructure Partner 2026 NPA to finance such obligations. Furthermore, we may in the future continue to directly procure such data center infrastructure and we may also undertake other efforts to build out our own compute and infrastructure and invest more deeply in the compute supply chain, which could result in significantly higher upfront costs and adversely affect our financial condition and results of operations. For more information about such lease arrangements, see the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” and “—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.” We have limited experience in managing such data center infrastructure projects at scale. Successfully executing on these data center infrastructure initiatives requires us to recruit personnel with relevant experience and manage complex multi-year deployment timelines and relationships with developers, contractors, and service providers.

随着我们持续建设自有算力和基础设施，并在算力供应链上进一步垂直整合，这类多方结构将变得更加普遍，并使我们面临与以往算力安排不同的、在付款义务上的结构性时间与流动性风险。以往，我们通常从数量有限的云服务商（CSP）处获取算力，相关安排下我们的算力和基础设施费用在算力可供我们使用时支付。未来，我们预计将越来越多地与更多不同的交易对手方分别达成安排，每一方负责算力供应链上各自独立的服务或投入。在这类安排中的许多情形下，我们可能须在交易对手方履行其独立义务后即向其付款，即使其他方的延迟或失败导致我们无法将这些独立服务或投入组装成可部署用于创收的可用算力。此外，交易对手方可能晚于计划交付其服务或投入，或完全未能交付，而任一交易对手方的任何此类延迟或未交付都可能推迟或阻止我们对相关算力的部署。因此，我们可能在未能及时获得可用算力的情况下产生重大现金流出，这可能对我们的流动性、财务状况和经营业绩产生不利影响。

As we continue to build out our own compute and infrastructure and further vertically integrate across the compute supply chain, these multi-party structures will become more prevalent and will expose us to a structural timing and liquidity risk in our payment obligations that differs from our historical compute arrangements. Historically, we have generally obtained compute from a limited number of CSPs under arrangements in which our compute and infrastructure expenses are paid as compute becomes available to us. In the future, we expect we will increasingly enter into separate arrangements with a greater number of different counterparties, each responsible for discrete services or inputs across the compute supply chain. Under many of these arrangements, we may be obligated to pay a counterparty once it performs its discrete obligation, even if delays or failures by others prevent us from assembling those discrete services or inputs into usable compute we can deploy to generate revenue. In addition, counterparties may deliver their services or inputs later than scheduled, or may fail to deliver them at all, and any such delay or non-delivery by a single counterparty could postpone or prevent our deployment of the associated compute. As a result, we could incur significant cash outflows without obtaining usable compute on a timely basis, which could adversely affect our liquidity, financial condition, and results of operations.

我们的部分数据中心基础设施安排涉及复杂的多方结构，其中芯片由我们的云服务商（CSP）采购或通过其采购，由第三方融资实体租赁给我们，安装在其他第三方合作伙伴采购或通过其采购的数据中心设施中，并由另一组第三方服务提供商运营。此类安排的复杂性增加了执行风险，因为链条中任一参与方的延迟或失败都可能影响最终算力的可用性或性能。

Certain of our data center infrastructure arrangements involve complex multi-party structures in which chips are procured from or through our CSPs, leased to us by third-party financing entities, installed in data center facilities procured by or through other third-party partners, and operated by yet another set of third-party service providers. The complexity of these arrangements increases execution risk, as delays or failures by any participant in the chain could affect the availability or performance of the resulting compute.

此外，为满足大规模 AI 工作负载的巨大能源需求，我们已达成并可能在未来达成涉及专用发电资产和/或发电站或其他能源基础设施的开发、运营或控制的安排。此类安排使我们面临新的运营、监管和环境责任，并要求具备与我们核心能力不同的专业知识和能力。成功执行这些电力基础设施项目，要求我们招募具有相关经验的人员，并管理复杂的多年部署时间表以及与开发商、承包商、服务提供商和监管机构的关系，包括使项目完工时间表与这些项目预计服务的数据中心相协调，以避免时间延迟制约我们利用该算力并产生收入及收回此类投资成本的能力。

In addition, to meet the substantial energy demands of large-scale AI workloads, we have entered into, and may in the future enter into, arrangements involving dedicated power generation assets and/or the development, operation, or control of power stations or other energy infrastructure. Such arrangements expose us to new operational, regulatory, and environmental liabilities, and require expertise and capabilities that differ from our core competencies. Successfully executing on these power infrastructure projects requires us to recruit personnel with relevant experience and manage complex multi-year deployment timelines and relationships with developers, contractors, service providers, and regulators, including aligning project completion schedules with the data centers such projects are expected to serve in order to avoid timing delays that constrain our ability to utilize this compute and to generate revenue and recoup costs from such investments.

我们数据中心和电力基础设施项目的部署涉及执行风险，包括因许可问题、法律变更、不可抗力、设施之间缺乏网络连接、供应链中断、劳动力短缺或承包商履约问题而导致的延误；因设备价格变动、设计修改或未预期需求而导致的成本超支；以及设施可能无法按规格运行或无法达到预期可靠性或效率水平的技术风险。我们的某些安排还受制于在施工开始前必须满足的先决条件，以及可能在施工完成前因贷款人止赎而终止的完工担保，从而使我们失去强制要求完工的合同救济途径。其中某些安排还依赖于第三方（该第三方同时也是竞争对手）持续提供信用支持，该信用支持的丧失或受损可能危及相关基础安排。向第三方数据中心开发商或硬件提供商提供的此类信用支持（我们并未由此获得任何直接合同权利或义务）也可能影响数据中心容量和硬件的总体可用性和成本。此外，在某些安排生效日期之后颁布的新关税或进口费用可能作为额外成本转嫁给我们。向我们交付的算力出现任何延迟或数量限制，都可能对我们的业务造成不利影响。

Deployment of our data center and power infrastructure projects involves execution risks, including delays due to permitting issues, change in law, force majeure, lack of network connectivity between facilities, supply chain disruptions, labor shortages, or contractor performance; cost overruns due to equipment pricing changes, design modifications, or unanticipated requirements; and technical risks that facilities may not perform as specified or achieve expected reliability or efficiency levels. Certain of our arrangements are also subject to conditions precedent that must be satisfied before construction can commence, and completion guarantees that may terminate upon a lender foreclosure before construction is complete, leaving us without contractual recourse to compel completion. Certain of these arrangements also depend on the continued performance of credit support provided by a third party that is also a competitor, the loss or impairment of which could jeopardize the underlying arrangements. Such credit support provided to third-party data center developers or hardware providers, from which we derive no direct contractual rights or obligations, may also affect the availability and cost of data center capacity and hardware generally. Additionally, new tariffs or import fees enacted after the effective date of certain arrangements may be passed through to us as additional costs. Any delay in or limitation on the amount of compute delivered to us could adversely affect our business.

租赁和配置数据中心容量具有资本密集和长期性的特点，会带来财务风险，因为必须在设施全面投入运营前数月进行大额前期投资并作出长期付款承诺。如果我们的算力需求或技术需求发生变化，我们可能会发现自己租赁或专用的基础设施与实际需求并不匹配，而 AI 硬件或训练方法的技术变革可能使此类基础设施的效率低于更新的替代方案。与算力可以相对动态调整的 CSP 安排不同，长期租赁、预留算力和专用基础设施投资的灵活性要低得多，并且无论容量是否继续满足我们的需求，都会产生长期财务义务。例如，我们的某些专用电力和数据中心基础设施安排的初始期限为 20 年，包含年度递增条款，并包含照付不议的算力付款义务以及无上限的燃料成本转嫁，这些义务在整个期限内无论实际使用情况如何均适用。

The capital-intensive and long-term nature of leasing and equipping data center capacity creates financial risk, as large upfront investments and long-term payment commitments must be made months before facilities become fully operational. If our compute requirements or technology needs change, we may find ourselves with leased or dedicated infrastructure that is poorly suited to our actual needs, and technological changes in AI hardware or training methodologies could render such infrastructure less efficient than newer alternatives. Unlike CSP arrangements where compute can be adjusted relatively dynamically, long-term leases, reserved compute, and dedicated infrastructure investments are much less flexible and create long-term financial obligations regardless of whether the capacity continues to meet our needs. For example, certain of our dedicated power and data center infrastructure arrangements have initial terms of 20 years with annual escalators and include take-or-pay compute payment obligations and uncapped fuel cost pass-throughs that apply for the duration of the term regardless of actual utilization.

我们为构建算力和基础设施而不断加大的投入需要大量资本支出，并且正在改变我们业务的现金流特征。通过我们的云服务商（CSP）安排购买的算力通常在算力可供我们使用时才付款，而我们预计，我们的算力和基础设施投资中越来越大的部分将以资本支出及其他承诺（包括租赁义务）的形式出现，这些支出需要在相关算力投入运营之前很早就进行大额预付款。我们现有的承诺规模庞大，并且随着我们继续扩大算力和基础设施建设，我们预计资本支出将大幅增加。更多信息请参见“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源”一节。因此，我们预计这些投资将在可预见的未来导致经营活动和投资活动产生大量净现金流出，并且无论我们的财务表现是否改善，这些活动使用的净现金都可能增加。这些投资的规模和时点本身具有不确定性，并可能在短期内发生重大变化，包括因决定加速或扩大我们的建设而发生的变化，而此类变化可能迅速且显著地改变我们在某一期间的预期经营成果和现金流。如果我们的经营活动现金流和可用资本不足以支持这些投资，我们可能被要求以不利条件筹集额外资本，或减少、推迟或放弃计划中的投资，其中任何一项都可能对我们的业务、财务状况和经营成果产生不利影响。

Our increasing efforts to build out our compute and infrastructure require substantial capital expenditures and are changing the cash flow profile of our business. Whereas the compute purchased through our CSP arrangements is generally paid as the compute becomes available to us, we expect an increasing portion of our compute and infrastructure investment to take the form of capital expenditures and other commitments, including lease obligations, that require significant upfront payments well in advance of the related compute becoming operational. Our existing commitments are substantial, and we expect our capital expenditures to increase significantly as we continue to expand our compute and infrastructure build-out. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” for more information. As a result, we expect these investments to result in significant net cash used in operating and investing activities for the foreseeable future, and our net cash used in these activities may increase regardless of whether our financial performance improves. The magnitude and timing of these investments are inherently uncertain and may change materially over short periods, including as a result of decisions to accelerate or expand our build-out, and such changes could rapidly and significantly alter our expected results of operations and cash flows for a given period. If our cash flows from operations and available capital are insufficient to fund these investments, we may be required to raise additional capital on unfavorable terms or to reduce, defer, or forgo planned investments, any of which could adversely affect our business, financial condition, and results of operations.

如果我们无法成功执行我们的数据中心基础设施计划、遭遇重大延迟或成本超支，或发现我们租赁、部署或建设的基础设施无法满足我们不断变化的需求，我们可能无法实现这些投资的预期收益，这可能对我们的业务、财务状况和经营成果产生不利影响。

If we are unable to successfully execute on our data center infrastructure initiatives, experience significant delays or cost overruns, or find that the infrastructure we lease, deploy, or build does not meet our evolving needs, we may not realize the expected benefits of these investments, which could adversely affect our business, financial condition, and results of operations.

**我们可能无法及时成功建立、扩展和部署我们的销售与营销组织，或者我们可能无法成功招聘、留住、培训和激励我们的销售人员。**

**We may not successfully build, expand, and deploy our sales and marketing organization in a timely manner, or we may not successfully hire, retain, train, and motivate our sales personnel.**

我们已扩大并将继续扩大我们的直销团队。我们能否增加对现有客户的销售、识别并接触新客户、进入新的美国及非美国市场（每个市场的重点均在于推动我们的模型、平台和应用程序在各部门及整个组织中的更广泛使用），除其他因素外，将取决于我们能否成功测试新的细分市场和客户类型、通过早期客户互动验证产品与市场的契合度、及时有效地扩大销售动作，并在市场状况变化时迅速适应。我们在组建、管理和扩大直销团队方面经验有限。我们已投入并计划继续投入大量资源用于销售和营销项目，并扩展我们的销售和营销能力，以瞄准潜在客户并实现我们的模型、平台和应用程序更广泛的市场采用，但无法保证我们将成功吸引并留住更多客户。此外，识别、招聘、培训和管理销售人员需要大量时间、费用和精力，包括我们高级管理层和其他关键人员的投入，因为对于具备我们所要求的技能和技术知识的销售人员（包括理解和传达复杂且不断演变的 AI 用例、监管考量、客户风险敏感性以及快速变化的产品能力），存在激烈竞争。这些挑战在国际扩张中尤为突出，因为国际扩张需要具备国际经验、语言技能、目标地理市场文化能力以及契合的使命导向文化的合格人员。如果我们无法成功管理上述风险，我们的前景、业务、财务状况和经营业绩可能会受到不利影响。

We have grown, and will continue to grow, our direct sales force. Whether we are able to increase our sales to existing customers, identify and engage new customers, and enter new U.S. and non-U.S. markets, each with a focus on broadening use of our models, platform, and applications across departments and entire organizations, will depend, among other things, on our ability to successfully test new market segments and customer types, validate product-market fit through early customer engagement, timely and effectively scale our sales motions, and adapt quickly when market conditions change. We have limited experience building, managing, and scaling a direct sales force. We have dedicated and plan to continue to dedicate significant resources to sales and marketing programs and to expand our sales and marketing capabilities to target potential customers and achieve broader market adoption of our models, platform, and applications, but there is no guarantee that we will be successful in attracting and maintaining additional customers. Moreover, identifying, recruiting, training, and managing sales personnel requires significant time, expense, and attention, including from our senior management and other key personnel, as there is significant competition for sales personnel with the skills and technical knowledge that we require, including the ability to understand and communicate complex and evolving AI use cases, regulatory considerations, customer risk sensitivities, and rapidly changing product capabilities. These challenges are particularly acute for international expansion, which requires qualified personnel with international experience, language skills, cultural competencies in the geographic markets which we target, and an aligned mission-oriented culture. If we are unable to successfully manage the foregoing risks, our prospects, business, financial condition, and results of operations could be adversely affected.

我们会定期对销售和营销组织进行调整，以应对市场机会、产品推出或增强、收购以及其他内部和外部考量。未来任何销售和营销组织的变动都可能导致生产力暂时下降，从而可能对我们的增长率产生负面影响。此外，对我们销售和营销组织的薪酬结构和实施方式进行的任何重大变更都可能具有破坏性，或可能无法奏效，并可能对我们的收入增长产生不利影响。如果我们无法吸引、聘用、培养、留住和激励合格的销售和营销人员，如果我们的新销售人员无法在合理时间内达到足够的销售生产力水平或根本无法达到，如果我们的营销项目无效，或者如果我们无法有效组建、扩展和管理我们的销售组织及运营，我们的销售和收入增长可能会慢于预期或出现下降，我们的前景、业务、财务状况和经营业绩可能会受到不利影响。

We periodically make adjustments to our sales and marketing organization in response to market opportunities, product introductions or enhancements, acquisitions, and other internal and external considerations. Any future sales and marketing organization changes may result in a temporary reduction of productivity, which could negatively affect our rate of growth. In addition, any significant change to the way we structure and implement the compensation of our sales and marketing organization may be disruptive or may not be effective and may adversely affect our revenue growth. If we are unable to attract, hire, develop, retain, and motivate qualified sales and marketing personnel, if our new sales personnel are unable to achieve sufficient sales productivity levels in a reasonable period of time or at all, if our marketing programs are not effective, or if we are unable to effectively build, expand, and manage our sales organization and operations, our sales and revenue may grow more slowly than expected or decline, and our prospects, business, financial condition, and results of operations could be adversely affected.

**在我们当前的上市策略下，我们的经营历史有限，我们为扩大和演进客户获取、互动与留存模式所做的努力可能不会成功。**

**We have a limited history under our current go-to-market strategy, and our efforts to scale and evolve our customer acquisition, engagement, and retention model may not be successful.**

在我们当前的商业模式下，我们销售基于用量的模型、平台和应用访问权限及订阅服务的经营历史有限，我们仍在持续扩大运营规模和上市策略。我们未来的成功部分取决于我们能否在这一模式下持续吸引、引导入驻、扩展并留存客户，包括确定是否、何时以及如何随着时间推移锁定、发展并深化与个人客户的关系。扩大运营规模（包括招聘、培训和留任更多销售、销售工程及面向客户的人员）以及演进我们的上市策略，可能比预期耗费更多时间和精力，且这些努力的结果难以预测。我们的业务和运营模式尚未得到充分验证，加之我们采用当前方式的经营历史有限，使得我们难以评估自身前景、规划未来增长并预测经营业绩。

We have a limited history selling consumption-based access and subscriptions to our models, platform, and applications under our current business model, and we are continuing to scale our operations and go-to-market strategy. Our future success depends in part on our ability to continue attracting, onboarding, expanding, and retaining customers under this model, including determining whether, when, and how to target, develop, and deepen relationships with individual customers over time. Scaling our operations, including hiring, training, and retaining additional sales, sales engineering, and customer-facing personnel, and evolving our go-to-market strategy may take more time and require more effort than anticipated, and the results of these efforts are difficult to predict. Our business and operating models have not been fully proven, and our limited history with our current approach makes it difficult to evaluate our prospects, plan for future growth, and forecast our results of operations.

此外，随着 AI 市场持续演变，我们的战略和客户结构使我们面临竞争与执行风险。我们围绕企业用例来组织研究优先级、产品路线图以及市场推广团队和应用 AI 团队，而迄今为止 Claude 的许多扩散都是有机发生的——由个人用户（包括软件开发者和专业消费者）推动，他们采用 Claude，并往往在其组织内部成为推动更广泛采用的内部倡导者——而非由庞大的直销组织推动。这种方式使我们能够以相对于其他大型企业技术公司更小的团队实现规模化，但它假设我们的应用和分发足以将模型能力交付给客户，并且个人采用将持续转化为组织采用和扩展。拥有更强面向消费者业务、更大消费者用户基础、更成熟品牌、更广泛分发渠道或更深客户关系的公司，可能选择加大对企业的客户或企业用例的关注，并可能利用其规模、资源和市场影响力与我们更有效地竞争。特别是，如果此类竞争对手获取了我们的企业采用往往源自的个人用户——无论是通过其消费者应用、将 AI 功能集成到这些用户已在使用的产品中，还是其他方式——我们的企业机会管道可能会以我们当前规模的直销组织可能无法抵消的方式减少。建立规模大得多的销售组织，或将投资转向消费者和应用层产品以争夺这些用户，将需要超出我们当前计划的大量时间和资源，并会涉及标题为“——我们面临激烈竞争，如果我们无法有效竞争，我们的业务、财务状况和经营业绩可能会受到不利影响”一节中所述的权衡。由于我们以当前商业模式和市场推广策略运营的历史有限，我们在预测客户采用、扩展和留存模式方面经验较少，客户采用我们的模型、平台和应用或扩大使用的速度可能慢于预期。任何未能成功扩展我们的运营或未能有效执行和优化我们的市场推广策略的情况，都可能对我们的业务、财务状况和经营业绩产生不利影响。

In addition, our strategy and customer mix expose us to competitive and execution risks as the AI market continues to evolve. We have organized our research priorities, our product roadmap, and our go-to-market and Applied AI teams around enterprise use cases, and much of the diffusion of Claude to date has been organic— driven by individual users, including software developers and prosumers, who adopt Claude and often serve as internal champions for its broader adoption within their organizations—rather than by a large direct sales organization. This approach has allowed us to scale with a smaller team relative to other large enterprise technology companies, but it assumes that our applications and distribution will be sufficient to deliver the capabilities of our models to customers and that individual adoption will continue to translate into organizational adoption and expansion. Companies with stronger consumer-facing businesses, larger consumer user bases, more established brands, broader distribution, or deeper customer relationships may choose to increase their focus on enterprise customers or enterprise use cases and could leverage their scale, resources, and market presence to compete more effectively with us. In particular, if such competitors capture the individual users from whom our enterprise adoption often originates, whether through their consumer applications, by integrating AI functionality into products those users already use, or otherwise, our pipeline of enterprise opportunities could be reduced in ways that a direct sales organization of our current scale may not be able to offset. Building a substantially larger sales organization, or shifting investment toward consumer and application-layer products to compete for those users, would require significant time and resources beyond our current plans and would involve the trade-offs described in the section titled “—We face intense competition, and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected.” Because we have a limited operating history with our current business model and go-to-market strategy, we have less experience predicting customer adoption, expansion, and retention patterns, and customers may be slower than expected to adopt our models, platform, and applications or expand usage. Any failure to successfully scale our operations or effectively execute on and refine our go-to-market strategy could adversely affect our business, financial condition, and results of operations.

**向企业客户销售涉及复杂性和风险，可能对我们的业务、财务状况和经营业绩产生不利影响。**

**Sales to enterprise customers involve complexities and risks that could adversely affect our business, financial condition, and results of operations.**

我们的很大一部分收入来自向企业客户的销售。我们吸引、留存并拓展与企业客户关系的能力，在很大程度上取决于我们能否满足其普遍更高的运营、技术、安全、可靠性和合规要求。企业通常期望高水平的系统正常运行时间、性能一致性、数据安全、可审计性、内部控制和可扩展性，以及有力的支持和服务水平。对于我们的智能体产品，这些要求可能更高，因为企业客户可能要求提供自主智能体在其环境中采取的每一项操作的详细日志，包括智能体的推理过程、工具调用以及与外部系统的交互。如果我们无法按客户要求的细粒度提供此类日志，可能会限制企业对我们智能体产品的采用，或导致客户流失。如果我们无法交付满足这些企业级要求的模型、平台和应用，或者如果我们遭遇服务中断、性能下降、安全事件或其他运营故障，我们留存并拓展企业客户的能力可能会受到不利影响。特别是，当我们在企业环境中部署 Claude Code 和 Claude Cowork 等虚拟协作者时，这些系统需要广泛的权限，并与客户的内部工具、数据和工作流深度集成，才能有效运行。在企业环境中进行长时间自主运行所需的访问范围，会放大任何安全事件、未经授权的操作或系统错误的潜在后果；如果客户无法确信此类系统的安全性、可靠性和可控性，他们可能不愿授予这些系统按设计运行所需的访问权限。

We derive a large portion of our revenue from sales to enterprise customers. Our ability to attract, retain, and expand relationships with enterprise customers depends in significant part on our ability to meet their generally heightened operational, technical, security, reliability, and compliance requirements. Enterprises typically expect high levels of system uptime, performance consistency, data security, auditability, internal controls, and scalability, as well as robust support and service levels. These requirements may be heightened for our agentic offerings, where enterprise customers may require detailed logs of each action taken by an autonomous agent within their environment, including the agent’s reasoning, tool invocations, and interactions with external systems. Any inability on our part to provide such logs at the level of granularity customers require could limit adoption of our agentic offerings by enterprises or result in customer attrition. If we are unable to deliver models, platforms, and applications that satisfy these enterprise-grade requirements, or if we experience outages, performance degradation, security incidents, or other operational failures, our ability to retain and expand with enterprise customers could be adversely affected. In particular, as we deploy our Virtual Collaborators, like Claude Code and Claude Cowork, within enterprise environments, these systems will require broad permissions and deep integrations with customers’ internal tools, data, and workflows in order to operate effectively. The scope of access required for extended autonomous operation within enterprise environments increases the potential consequences of any security incident, unauthorized action, or system error, and customers may be reluctant to grant the level of access necessary for these systems to operate as designed if they are unable to satisfy themselves regarding the security, reliability, and controllability of such systems.

我们针对企业客户的销售工作还涉及一些风险和挑战，这些风险和挑战在向个人或较小组织销售时可能并不存在，或存在的程度较低。这类客户通常决策周期更长，要求更高的安全性、功能性和可扩展性，期望更广泛的服务范围，要求供应商承担更大比例的风险，要求更高水平的客户服务和支持，并期望供应商提供更大的付款灵活性。我们往往需要投入大量时间和资源，使潜在客户了解我们模型、平台和应用的价值主张，而这一过程在企业客户处可能耗时显著更长。企业还可能要求大量定制化、集成支持以及供应商评估，并要求我们提供比目前所提供或比我们能在其期望的时间范围内交付的更多功能，包括审计日志、合规功能、安全控制和监控工具等企业级功能，这可能要求我们在承诺购买之前对产品开发或服务能力进行额外投资。由于上述因素，与企业客户的销售机会要求我们为每一家此类企业客户投入更多的销售和行政支持以及专业服务资源，这增加了我们的成本、延长了我们的销售周期，并使我们的销售和客户服务资源被分流至数量较少的企业客户。我们可能在销售工作上投入大量时间、精力和资金，却未能成功实现任何销售。此外，许多企业客户通过第三方云服务商（CSP）市场采购和部署我们的模型、平台和应用，这可能给销售和部署流程带来额外的复杂性，包括依赖 CSP 的采购、安全和计费工作流程以及与多个交易对手方的协调。因此，我们吸引、留住企业客户并扩大与其关系的能力，也可能部分取决于我们无法直接控制的因素，包括此类 CSP 的政策、优先事项和运营要求。

Our sales efforts targeted at enterprise customers also involve risks and challenges that may not be present, or that are present to a lesser extent, with sales to individuals or smaller organizations. These customers typically have longer decision-making cycles, require greater security, functionality, and scalability, expect a broader range of services, demand that providers take on a larger share of risks, require higher levels of customer service and support, and expect greater payment flexibility from vendors. We are often required to spend significant time and resources to familiarize potential customers with the value proposition of our models, platform, and applications, and this process can take substantially longer with enterprise customers. Enterprises may also require extensive customization, integration support, and vendor evaluations and demand more features than we currently offer or than we can deliver within their expected timeframes, including enterprise-grade functionality such as audit logs, compliance features, security controls, and monitoring tools, which may require us to make additional investments in product development or services capabilities, before committing to a purchase. As a result of these factors, sales opportunities with enterprises require us to devote greater sales and administrative support and professional services resources to each such enterprise customer, which increases our costs, lengthens our sales cycle, and diverts our sales and customer service resources to a smaller number of enterprise customers. We may spend substantial time, effort, and money in our sales efforts without successfully producing any sales. In addition, many enterprise customers procure and deploy our models, platform, and applications through third-party CSP marketplaces, which can introduce additional complexity into the sales and deployment process, including reliance on the CSPs’ procurement, security, and billing workflows and coordination with multiple counterparties. As a result, our ability to attract, retain, and expand relationships with enterprise customers may also depend in part on factors outside of our direct control, including the policies, priorities, and operational requirements of such CSPs.

诸多因素影响我们销售周期的长度和波动性。需要让潜在客户了解我们模型、平台和应用的用途与优势、采购和预算周期的自主决定性质、竞争性评估和采购审批流程、采购要求、合同条款的法律审查以及内部预算授权程序，都会导致销售周期的波动性。我们的销售周期从识别机会到交易完成，可能因客户不同而存在显著差异。与企业客户的销售通常比向个人或较小组织的销售需要更长时间才能完成。

A number of factors influence the length and variability of our sales cycle. The need to educate potential customers about the uses and benefits of our models, platform, and applications, the discretionary nature of purchasing and budget cycles, competitive evaluation and purchasing approval processes, procurement requirements, legal review of contract terms, and internal budget authorization procedures all contribute to sales cycle variability. The length of our sales cycle, from identification of the opportunity to deal closure, may vary significantly from customer to customer. Sales to enterprises typically take longer to complete than sales to individuals or smaller organizations.

我们收入的相当一部分来自相对少数此类企业客户关系，这增加了我们财务业绩的波动性。若这些客户决定大幅削减支出，我们在任何特定季度的收入都可能受到重大影响。

A meaningful portion of our revenue is attributable to a relatively small number of such enterprise customer relationships, which increases the variability of our financial results. Our revenue in any given quarter could be substantially affected if these customers decide to significantly reduce their spend.

企业客户可能已与我们竞争对手在模型、平台及我们未提供的应用方面建立了深厚关系，或与生态系统中的其他方存在关系，这可能延迟我们的销售流程，或导致我们无法成功赢得此类企业客户。

Enterprises may have deep existing relationships with our competitors for models, platforms, and applications we do not offer, or relationships with others in the ecosystem, which may delay our sales process or cause us to not succeed with such enterprises.

企业客户尤其关注我们维持模型、平台和应用正常运行时间的能力，正常运行时间的任何下降都可能不利于我们留住并拓展企业客户。维持企业客户所期望的正常运行时间、性能和规模，可能对我们的整体算力提出额外需求，若我们的容量管理系统未能调配足够算力来支持此类需求，可能不利于我们服务所有工作负载的能力。有关前述内容的更多信息，请参见标题为“——如果我们未能管理好技术运营基础设施，或我们的模型、平台和应用的部署出现服务中断、中断或延迟，我们的经营业绩可能受到不利影响”的章节。

Enterprise customers are particularly sensitive to our ability to maintain the uptime of our models, platform, and applications, and any degradation in uptime could adversely affect our ability to retain and expand with our enterprise customers. Sustaining the uptime, performance, and scale that enterprise customers expect can place additional demands on our overall compute, and any failure of our capacity management systems to direct sufficient compute to support such demands could adversely affect our ability to serve all workloads. For more information about the foregoing, see the section titled “—If we fail to manage our technical operations infrastructure, or experience service outages, interruptions, or delays in the deployment of our models, platform, and applications, our results of operations may be adversely affected.”

我们针对这些企业客户的销售策略还取决于我们建立并维持有效销售组织的能力。如果我们未能有效管理与向企业销售相关的这些风险，我们的业务、财务状况和经营业绩可能受到不利影响。有关我们人员相关风险的更多讨论，请参见标题为“——我们可能无法及时成功建立、扩展和部署我们的销售与营销组织，或者我们可能无法成功招聘、留住、培训和激励我们的销售人员”的章节。

Our sales strategy for these enterprise customers also depends on our ability to build and maintain an effective sales organization. If we fail to effectively manage these risks associated with sales to enterprises, our business, financial condition, and results of operations could be adversely affected. For additional discussion of our personnel related risks, see the section titled “—We may not successfully build, expand, and deploy our sales and marketing organization in a timely manner, or we may not successfully hire, retain, train, and motivate our sales personnel.”

**如果我们的营销策略（例如免费试用和免费层级）未能产生我们预期的收益，或其成本超过这些收益，我们增长收入的能力可能受到不利影响。**

**If our marketing strategies, such as our free trials and free tiers, fail to generate the benefits we expect, or if their costs exceed those benefits, our ability to grow our revenue could be adversely affected.**

我们的部分用户通过免费层级或促销优惠访问我们的模型、平台和应用程序，我们力求随着时间推移将这些用户转化为付费客户。我们未必总能成功实现这一转化，因为免费用户可能对免费层级所提供的有限功能感到满意，可能没有预算支持付费订阅，也可能选择无限期使用我们的免费产品而不转化为付费计划。免费层级的提供可能会蚕食潜在的付费订阅，因为部分原本会为我们的服务付费的用户可能转而完全依赖免费访问。此外，向用户免费提供我们的模型、平台和应用程序涉及成本，包括算力和基础设施、客户支持以及其他运营成本。此外，我们提供免费访问在很大程度上是为了建立对我们产品的认知、熟悉度和参与度，并作为触达在企业或组织情境之外从事知识工作的个人的一种方式[__]。[__]然而，这些益处本质上难以衡量，免费使用可能无法产生我们预期的认知度或倡导效应，个人对我们产品的采用也可能无法转化为组织层面的采用或扩展。参见标题为“——我们在当前市场推广策略下的经营历史有限，我们扩大和演进客户获取、参与和留存模式的努力可能不会成功。”的章节。如果支持免费用户的成本超过我们从其最终转化或其他益处（如网络效应和口碑推荐）中获得的价值，我们的业务、财务状况和经营业绩可能会受到不利影响。

A portion of our users access our models, platform, and applications through free tiers or promotional offerings, and we seek to convert these users into paying customers over time. We may not always be successful in doing so, as free users may be satisfied with the limited functionality available in free tiers, may not have budgets to support paid subscriptions, or may choose to use our free offerings indefinitely without converting to paid plans. The availability of free tiers may cannibalize potential paid subscriptions, as some users who would have otherwise paid for our services may instead rely exclusively on free access. Additionally, providing free access to our models, platform, and applications involves costs, including compute and infrastructure, customer support, and other operational costs. In addition, we offer free access in significant part to build awareness of, familiarity with, and engagement with our products, and as a means of reaching individuals engaged in knowledge work outside of a business or organizational context [__] . [__] However, these benefits are inherently difficult to measure, free usage may not generate the awareness or advocacy we expect, and individual adoption of our products may not translate into organizational adoption or expansion. See the section titled “—We have a limited history under our current go-to-market strategy, and our efforts to scale and evolve our customer acquisition, engagement, and retention model may not be successful.” If the costs of supporting free users exceed the value we derive from their eventual conversion or other benefits such as network effects and word-of-mouth referrals, our business, financial condition, and results of operations could be adversely affected.

**如果我们未能维持高质量的客户支持，我们留存和扩展客户的能力可能会受损，这可能会对我们的前景、业务、财务状况和经营业绩产生不利影响。**

**If we fail to maintain high-quality customer support, our ability to retain and expand customers could suffer, which may adversely affect our prospects, business, financial condition, and results of operations.**

我们的客户依赖我们的客户支持服务来解决问题，并充分实现我们的模型、平台和应用程序所带来的全部效益。为提供高质量的客户支持与互动，我们必须成功协助客户部署并持续使用我们的模型、平台和应用程序，解决性能问题，在新的使用场景中发现并部署我们的模型、平台和应用程序，提供现场技术实施、定制化和解决方案工程支持，提供培训和指导以帮助客户有效采用并扩大对我们模型、平台和应用程序的使用，解决互操作性挑战，并应对不时出现的安全威胁和网络攻击以及性能和可靠性问题。随着我们扩展业务并争取新客户，我们支持职能的重要性将会提升。许多企业拥有复杂的内部系统，需要高度专注的支持才能充分实现我们模型、平台和应用程序的效益。如果我们不能帮助客户快速解决问题并提供有效的持续支持和赋能，或者市场形成一种看法认为我们未能维持高质量的客户支持与体验，那么我们维持并扩大现有客户和新客户订阅的能力可能会受到损害，尤其是在企业客户方面。

Our customers rely on our customer support services to resolve issues and realize the full benefits that our models, platform, and applications provide. In order to deliver high-quality customer support and engagement, we must successfully assist our customers in deploying and continuing to use our models, platform, and applications, resolve performance issues, discover and deploy our models, platform, and applications in new use cases, provide hands-on technical implementation, customization and solution engineering support, provide training and guidance to help customers effectively adopt and scale their use of our models, platform, and applications, address interoperability challenges, and respond to security threats and cyberattacks and performance and reliability problems that may arise from time to time. The importance of our support function will increase as we expand our business and pursue new customers. Many enterprises have complex internal systems and require high levels of focused support to fully realize the benefits of our models, platform, and applications. If we do not help our customers quickly resolve issues and provide effective ongoing support and enablement, or a market perception develops that we do not maintain high-quality customer support and experience, our ability to maintain and expand our subscriptions to existing and new customers could suffer, particularly with respect to our enterprise customers.

此外，我们的增长模式在很大程度上取决于推动现有客户群更深入的采用和扩展使用场景。如果我们无法有效提供支持和集成工作，使客户能够识别、部署并扩展更多高价值使用场景、展示可衡量的投资回报，或将我们的模型、平台和应用程序整合到其核心工作流程中，客户可能会限制使用、无法按预期水平续订或减少支出，这可能会实质性放缓我们的收入增长。

In addition, our growth model depends significantly on driving deeper adoption and expanded use cases within our existing customer base. If we are unable to effectively provide support and integration efforts that enable customers to identify, deploy, and scale additional high-value use cases, demonstrate measurable return on investment, or integrate our models, platform, and applications into their core workflows, customers may limit usage, fail to renew at expected levels, or reduce their spend, which could materially slow our revenue growth.

此外，无法保证我们能够在需要时聘用足够的支持人员，尤其是在我们的销售超出内部预测的情况下。我们预计将继续扩大客户群，而这种增长可能会给我们的客户支持团队带来额外压力，可能需要增加人员来响应客户需求。我们可能无法足够迅速地响应客户对服务的短期需求增长。若我们未能成功招聘、培训和留住足够的支持人员，我们向客户提供高质量、及时支持的能力将受到负面影响，客户的满意度及其对我们模型、平台和应用程序的使用和订阅可能会受到不利影响。

Further, there can be no assurance that we will be able to hire sufficient support personnel as and when needed, particularly if our sales exceed our internal forecasts. We expect to continue to increase our customer base, and that growth may put additional pressure on our customer support teams, which may require additional personnel to respond to customer demand. We may be unable to respond quickly enough to accommodate short-term increases in customer demand for services. To the extent that we are unsuccessful in hiring, training, and retaining adequate support personnel, our ability to provide high-quality and timely support to our customers will be negatively impacted, and our customers’ satisfaction and their use and subscription of our models, platform, and applications could be adversely affected.

此外，随着我们持续扩大运营规模并触达规模更大、日益全球化的客户群体，我们需要能够在全球范围内大规模提供满足客户需求的高效服务，而我们的客户支持团队可能面临更多挑战，包括以英语以外的语言提供支持、培训和文档，以及在更多时区提供服务所带来的挑战。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能受到不利影响。

In addition, as we continue to grow our operations and reach a larger and increasingly global customer base, we need to be able to provide efficient services that meet our customers’ needs globally at scale, and our customer support teams may face additional challenges, including those associated with delivering support, training, and documentation in languages other than English and providing services across expanded time-zones. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**我们的产品和投资决策可能不会优先考虑短期财务业绩，也可能与投资者的预期或偏好不一致，这可能对我们的 A 类普通股市场价格产生不利影响。**

**Our product and investment decisions may not prioritize short-term financial results and may not align with investor expectations or preferences, which could adversely affect the market price of our Class A common stock.**

我们的产品和投资决策在很大程度上以我们对 AI 安全的承诺为指导，即安全、负责任地扩展我们的模型、平台和应用，并提供高质量的客户支持；除我们作为 PBC 的身份外，所有这些未必能最大化短期财务业绩。尽管我们普遍认为我们的产品和投资策略将改善我们的长期财务业绩，但我们经常做出可能或被认为可能对我们的短期收入或实现并维持盈利能力产生负面影响的产品和投资决策。例如，我们过去曾推迟发布新模型或功能、限制其可用性、施加使用限制或约束某些功能，直至我们确定已完成充分的安全测试、评估或缓解措施，例如通过 Project Glasswing 对 Mythos 所做的处理，这可能对我们的短期收入产生了负面影响，我们未来也可能再次这样做。

Our product and investment decisions are informed in large part by our commitment to AI safety, expanding our models, platform, and applications securely and responsibly, and providing high quality customer support, all of which, in addition to our status as a PBC, may not necessarily maximize short term financial results. While we generally believe that our product and investment strategy will improve our long-term financial results, we regularly make product and investment decisions that may or may be perceived to negatively impact our short-term revenue or ability to achieve and sustain profitability. For example, we have in the past delayed the release of new models or features, limited their availability, imposed usage restrictions, or constrained certain functionality until we determined that sufficient safety testing, evaluations, or mitigations were completed, such as with Mythos through Project Glasswing, which may have had a negative impact on our short-term revenue, and we may do so again in the future.

我们对 AI 安全和负责任部署的关注还可能要求我们承担大量额外成本，包括增加的研发费用、额外的人员和基础设施，以及相对于可能优先考虑上市速度、更广泛可及性或对其产品采取更宽松使用政策的竞争对手而言放弃或延迟的收入机会。这些决策可能降低客户采用率、限制某些客户或使用场景的使用，或使我们的产品吸引力下降，尤其是在与不采取类似限制的竞争对手相比时。

Our focus on AI safety and responsible deployment may also require us to incur significant additional costs, including increased research and development expenses, additional personnel and infrastructure, and foregone or delayed revenue opportunities relative to competitors that may prioritize speed to market, broader access, or more permissive use of their products. These decisions may reduce customer adoption, limit usage by certain customers or use cases, or make our offerings less attractive, particularly when compared to competitors that do not adopt similar constraints.

此外，在我们专注于以负责任的方式扩大客户群以及提升我们模型、平台和应用程序的用户参与度时，我们可能会做出产品、定价或访问权限方面的决策，这些决策可能导致我们的短期利润或用户参与度低于竞争对手。客户、合作伙伴或投资者可能不认同或无法完全理解这些决策，并可能认为这些决策限制了我们的竞争力或商业潜力，从而可能对我们的声誉、客户关系、市场采用或估值产生不利影响。我们无法向您保证，我们的长期战略最终将带来卓越的财务业绩，也无法保证这些决策的预期长期收益将按我们预期的时间表实现，或根本无法实现。上述任何风险均可能对我们的业务、财务状况和经营业绩产生不利影响。

In addition, as we focus on responsibly growing our customer base and engagement across our models, platform, and applications, we may make product, pricing, or access decisions that lead to less short-term profits or engagement compared to our competitors. Customers, partners, or investors may not agree with or fully understand these decisions and may perceive them as limiting our competitiveness or commercial potential, which could adversely affect our reputation, customer relationships, market adoption, or valuation. We cannot assure you that our long-term strategy will ultimately result in superior financial performance or that the anticipated long-term benefits of these decisions will be realized on the timeline we expect, or at all. Any of the foregoing risks could adversely affect our business, financial condition, and results of operations.

**我们在新产品、新技术和新业务举措上的投资可能不会产生预期收益，并可能对我们的业务产生不利影响。**

**Our investments in new products, technologies, and business initiatives may not produce the expected benefits and could adversely affect our business.**

我们定期做出投资于新产品、新技术、业务线和战略举措的决策，包括在我们当前核心产品之外的领域进行投资，而这些投资的结果本质上是不确定的。这些举措通常需要大量的前期资本投入、研发资源和管理层的关注，其结果可能无法获得广泛的市场采用，可能无法产生预期水平的收入，可能需要比预期更长的时间才能成熟，或者可能完全失败。此外，如果这些举措不成功，从我们的核心产品中重新分配资源以追求新举措可能会减缓现有产品的增长、降低运营效率或削弱我们的竞争地位。如果我们对新产品的投资或业务线未能产生我们预期的长期收益，我们的业务、财务状况、经营业绩和前景可能会受到不利影响。

We regularly make decisions to invest in new products, technologies, business lines, and strategic initiatives, including in areas outside our current core offerings, and the outcomes of these investments are inherently uncertain. These initiatives often require significant upfront investments of capital, research and development resources, and management attention, and their outcomes may not achieve widespread market adoption, may not generate revenue at anticipated levels, may take longer than expected to mature, or may fail entirely. In addition, reallocating resources from our core offerings to pursue new initiatives could slow growth in existing products, reduce operating efficiency, or weaken our competitive position if those initiatives do not succeed. If our investments in new products or business lines do not produce the long-term benefits we anticipate, our business, financial condition, results of operations, and prospects could be adversely affected.

其中某些举措，包括我们的生命科学研究项目（涉及运营实验室设施）以及我们在机器人和物理 AI 方面的研究，要求我们从事超出我们作为软件和研究机构历史经验的活动，例如处理生物和化学材料、操作实验室和机器人设备，以及遵守生物安全、职业健康与安全、环境、危险材料以及可能涉及的临床前和临床研究法规。这些活动使我们面临与核心业务不同的责任类别，包括工伤和环境污染责任，并且这些努力产生的任何候选药物或其他发现都将面临生命科学行业特有的漫长、昂贵且不确定的开发和监管路径，且可能永远无法产生收入。

Certain of these initiatives, including our life sciences research program, which involves operating laboratory facilities, and our research in robotics and physical AI, require us to engage in activities outside our historical experience as a software and research organization, such as handling biological and chemical materials, operating laboratory and robotic equipment, and complying with biosafety, occupational health and safety, environmental, hazardous materials, and, potentially, preclinical and clinical research regulations. These activities expose us to categories of liability, including for workplace injury and environmental contamination, that differ from those associated with our core business, and any drug candidates or other discoveries resulting from these efforts would face the lengthy, costly, and uncertain development and regulatory pathways characteristic of the life sciences industry, and may never generate revenue.

**如果我们未能管理我们的技术运营基础设施，或在我们模型、平台和应用程序的部署过程中遇到服务中断、中断或延迟，我们的经营业绩可能会受到不利影响。**

**If we fail to manage our technical operations infrastructure, or experience service outages, interruptions, or delays in the deployment of our models, platform, and applications, our results of operations may be adversely affected.**

我们的系统和运营会受到技术基础设施变更所导致的中断影响。我们曾经经历、并且未来可能继续经历因软件部署、配置变更、系统更新和新模型引入而导致的服务中断或性能下降。这些中断可能对我们服务客户的能力造成不利影响，并可能导致收入损失、客户流失或声誉损害。此外，我们的缓解措施和流程可能不足以预防或最小化系统变更对服务可用性的影响，我们可能缺乏充分的测试、回滚程序或监控能力，以及时发现并修复系统变更引发的问题。例如，2026 年 3 月，我们经历了一次服务中断和多次性能下降，其成因包括使用需求大幅且快速上升、我们基础设施中某些组件的算力受限以及其他因素。尽管我们已采取并将继续采取措施解决这些问题，包括迁移至更具可扩展性的基础设施并改进运营流程，未来仍可能发生类似事件。

Our systems and operations are subject to disruptions resulting from changes to our technology infrastructure. We have experienced, and may continue to experience, service interruptions or degraded performance due to software deployments, configuration changes, system updates, and new model introductions. These disruptions may adversely affect our ability to service customers and could result in lost revenue, customer attrition, or reputational harm. Further, our mitigation efforts and processes may be insufficient to prevent or minimize the impact of system changes on service availability, and we may lack adequate testing, rollback procedures, or monitoring capabilities to detect and remediate issues arising from system changes in a timely manner. For example, in March 2026, we experienced a service outage and periods of degraded performance resulting from a combination of factors, including a significant and rapid increase in usage demand, compute constraints in certain components of our infrastructure, and other factors. Although we have taken and continue to take steps to address these issues, including migrating to more scalable infrastructure and enhancing our operational processes, similar incidents may occur in the future.

此外，我们客户群的持续增长可能对我们的模型、平台和应用提出额外需求，并可能导致或加剧我们的模型、平台和应用的运行放缓或可用性中断。如果我们的模型、平台和应用的使用量大幅增加，我们将需要进一步扩展和升级我们的技术和基础设施。使用量的任何大幅增加也将需要更多算力。由于我们的算力是根据所有工作负载的预计需求提前采购的，客户需求的显著加速可能导致总容量不足以支撑我们所有工作负载同时以我们预期的规模运行。如果我们已承诺的算力被证明不足，或者我们已承诺算力组合的构成与我们的需求预测存在重大差异，我们可能会遭遇服务中断、响应时间下降，或客户和用户访问我们的模型、平台和应用受到限制，同时还可能面临可用于支持持续模型开发的算力受限。无法保证我们能够准确预测我们的模型、平台和应用使用量的增长速率或时间（如有），或及时扩展和升级我们的系统和基础设施以适应此类增长。如果我们的用户无法访问我们的模型、平台和应用，或遇到运行放缓，我们可能会失去客户或合作伙伴。为保持竞争力，我们必须继续增强和改进我们的模型、平台和应用以及支撑它们的底层算力基础设施的响应能力、功能和特性。我们的灾难恢复计划可能不足以应对所有方面或任何未预见的后果或事件，我们的保险也可能不足以补偿我们可能发生的损失。

In addition, continued growth in our customer base could place additional demands on our models, platform, and applications and could cause or exacerbate slowdowns or interrupt the availability of our models, platform, and applications. If there is a substantial increase in the volume of usage of our models, platform, and applications, we will be required to further expand and upgrade our technology and infrastructure. Any substantial increase in usage will also require increased compute. Because our compute is procured well in advance based on projected demand across all workloads, a significant acceleration in customer demand could cause aggregate capacity to fall short of the levels required to support all of our workloads concurrently at the scale we intend. If our committed compute proves insufficient, or the composition of our committed compute portfolio differs materially from our demand forecasts, we may experience service disruptions, degraded response times, or limitations on customer and user access to our models, platform, and applications, while also experiencing constraints on the compute available to support ongoing model development. There can be no assurance that we will be able to accurately project the rate or timing of increases, if any, in the use of our models, platform, and applications or expand and upgrade our systems and infrastructure to accommodate such increases on a timely basis. If our users are not able to access our models, platform, and applications or encounter slowdowns, we may lose customers or partners. In order to remain competitive, we must continue to enhance and improve the responsiveness, functionality, and features of our models, platform, and applications and the underlying compute infrastructure supporting them. Our disaster recovery plan may not be sufficient to address all aspects or any unanticipated consequence or incidents, and our insurance may not be sufficient to compensate us for the losses that could occur.

此外，Amazon、Google 和 Microsoft 提供了我们用于托管模型、平台和应用的大量算力基础设施，以及我们用于运营业务的许多内部工具。对此类基础设施的任何重大中断、我们访问受限或其他干扰都将对我们的运营产生负面影响，降低我们的模型、平台和应用的可用性和性能，并可能导致我们失去无法访问或难以访问我们的模型、平台和应用的客户。即使没有完全中断，Amazon、Google 和 Microsoft 提供的服务水平也可能影响我们的模型、平台和应用的可用性或速度，这也可能影响我们的模型、平台和使用的使用情况以及客户满意度，并可能严重损害我们的业务和声誉。

Moreover, Amazon, Google, and Microsoft provide substantial portions of the compute infrastructure that we use to host our models, platform, and applications and many of the internal tools we use to operate our business. Any significant disruption of, limitation of our access to, or other interference with this infrastructure would negatively impact our operations, degrade the availability and performance of our models, platform, and applications, and could cause us to lose customers who are unable to access or experience difficulties accessing our models, platform, and applications. Even absent a full disruption, the level of service provided by Amazon, Google, and Microsoft could affect the availability or speed of our models, platform, and applications, which may also impact the usage of, and our customers’ satisfaction with, our models, platform, and applications and could seriously harm our business and reputation.

将目前由 Amazon、Google 和 Microsoft 提供的服务和基础设施迁移至其他 CSP，将需要大量时间和费用，并可能进一步扰乱或降低我们模型、平台和应用程序的交付。此类迁移可能要求我们重新设计部分基础设施架构、重新训练或迁移模型及大型数据集、产生数据传输与复制成本，并使我们的系统适配新的工具和配置，从而可能在迁移期间导致运营延迟和性能下降。如果 Amazon、Google 或 Microsoft 提高定价条款、终止或寻求终止我们的合同关系（无论出于竞争原因还是其他原因）、与我们的竞争对手建立更有利的关系，或以对我们不利的方式变更或解释其服务条款或政策，我们的业务、财务状况和经营业绩可能会受到不利影响。

Any transition of the services and infrastructure currently provided by Amazon, Google, and Microsoft to another CSP would require significant time and expense and could further disrupt or degrade delivery of our models, platform, and applications. Such a transition could require us to re-architect portions of our infrastructure, retrain or migrate models and large datasets, incur data transfer and duplication costs, and adapt our systems to new tools and configurations, which could result in operational delays and reduced performance during the transition period. If Amazon, Google, or Microsoft increases pricing terms, terminates or seeks to terminate our contractual relationship, whether for competitive reasons or otherwise, establishes more favorable relationships with our competitors, or changes or interprets its terms of service or policies in a manner that is unfavorable with respect to us, our business, financial condition, and results of operations could be adversely affected.

此外，我们越来越多的算力托管在由第三方（而非我们的 CSP）代表我们租赁和运营的专用数据中心设施中，我们预计这一比例将会增长。其中部分运营商运营历史有限，且这些设施在地理冗余、故障转移能力或运营工具方面可能不如大规模云环境，因此单一设施的设备故障、冷却或网络中断或操作员失误可能影响我们可用容量的相当一部分。此外，我们模型、平台和应用程序的持续可用性取决于为我们基础设施所在设施（无论由我们的 CSP 运营还是代表我们运营）提供可靠的电力和水供应。公用事业停电、短缺、价格上涨或在用电高峰期间被要求限电（无论是否与自然灾害或其他灾难性事件相关），都可能在日常经营过程中中断或降低我们服务的提供。请参阅标题为“——支撑算力的关键投入受限可能限制我们获取充足算力的能力”和“——我们的业务、财务状况和经营业绩可能受到战争、恐怖主义、自然灾害、公共卫生危机、政治危机或其他意外事件的不利影响”的章节。

In addition, an increasing portion of our compute is hosted in dedicated data center facilities that are leased and operated on our behalf by third parties rather than by our CSPs, and we expect this portion to grow. Certain of these operators have a limited operating history, and these facilities may have less geographic redundancy, failover capacity, or operational tooling than those of large-scale cloud environments, such that an equipment failure, cooling or network disruption, or operator error at a single facility could affect a meaningful portion of our available capacity. Moreover, the continuous availability of our models, platform, and applications depends on the reliable supply of electrical power and water to the facilities that host our infrastructure, whether operated by our CSPs or on our behalf. Utility outages, shortages, price increases, or required curtailment of power during periods of peak demand, whether in connection with or outside of natural disasters or other catastrophic events, could interrupt or degrade the provision of our services in the ordinary course of our business. See the sections titled “—Constraints on the critical inputs supporting compute could limit our ability to secure adequate compute.” and “—Our business, financial condition, and results of operations may be adversely affected by war, terrorism, natural disasters, public health crises, political crises, or other unexpected events.”

**如果我们无法进行收购和投资，或无法成功将其整合到我们的业务中，我们的业务、财务状况和经营业绩可能会受到不利影响。**

**If we are unable to make acquisitions and investments, or successfully integrate them into our business, our business, financial condition, and results of operations could be adversely affected.**

作为我们业务战略的一部分，我们将继续考虑广泛的潜在战略交易，包括收购与我们的业务互补的企业、新技术、服务及其他资产和战略投资。我们此前已进行过收购，并将继续评估在相对新兴市场中运营的目标，且无法保证此类被收购企业将成功整合入我们的业务或产生可观收入。此外，我们可能为收购目标支付过高对价，或以最终无法被目标公司的业绩、战略价值或市场状况证明合理的估值进行投资，这可能对我们的财务状况产生不利影响。

As part of our business strategy, we will continue to consider a wide array of potential strategic transactions, including acquisitions of businesses, new technologies, services, and other assets and strategic investments that complement our business. We have previously acquired and continue to evaluate targets that operate in relatively nascent markets, and there is no assurance that such acquired businesses will be successfully integrated into our business or generate substantial revenue. In addition, we may overpay for acquisition targets or make investments at valuations that do not ultimately prove justified by the targets’ performance, strategic value, or market conditions, which could adversely affect our financial condition.

由于诸多原因，我们可能无法识别或完成具有前景且具吸引力的战略交易，包括来自其他潜在收购方的竞争、我们所在行业的整合效应，以及收购候选对象可能较高的估值。即使我们识别出战略交易或就此类交易订立协议，适用的反垄断法及其他法规可能限制我们收购目标的能力，或迫使我们剥离全部或部分业务或已收购业务。如果我们无法识别合适的目标或完成收购，我们的增长前景可能受损，且我们可能无法实现足够的规模和技术优势以有效竞争。

We may be unable to identify or complete prospective and attractive strategic transactions for many reasons, including competition from other potential acquirers, the effects of consolidation in our industry, and potentially high valuations of acquisition candidates. Even if we identify strategic transactions or enter into agreements with respect to such transactions, applicable antitrust laws and other regulations may limit our ability to acquire targets or force us to divest all or a portion of our business or an acquired business. If we are unable to identify suitable targets or complete acquisitions, our growth prospects may suffer, and we may not be able to realize sufficient scale and technological advantages to compete effectively.

收购涉及诸多风险，其中任何一项均可能对我们的业务、财务状况和经营成果产生不利影响，包括：

Acquisitions involve many risks, any of which could adversely affect our business, financial condition, and results of operations, including:

- 对合适收购目标的激烈竞争，这可能推高价格并对我们以有利或可接受条款完成交易的能力产生不利影响；

- intense competition for suitable acquisition targets, which could increase prices and adversely affect our ability to consummate deals on favorable or acceptable terms;

- 交易未能完成或出现重大延迟；

- failure or material delay in closing a transaction;

- 与交易相关的诉讼或索赔；

- transaction-related lawsuits or claims;

- 整合被收购公司的技术、运营、现有合同和人员方面存在困难；

- difficulties in integrating the technologies, operations, existing contracts, and personnel of an acquired company;

- 留住被收购公司的关键员工、业务合作伙伴或客户方面存在困难；

- difficulties in retaining key employees, business partners, or customers of an acquired company;

- 将被收购公司的品牌形象与我们自身品牌进行整合面临挑战；

- challenges with integrating the brand identity of an acquired company with our own;

- 财务和管理资源从现有运营或替代收购机会中被分流；

- diversion of financial and management resources from existing operations or alternative acquisition opportunities;

- 完全未能实现或未能在预期时间内实现交易的预期收益或协同效应；

- failure to realize the anticipated benefits or synergies of a transaction at all or within the expected timeframe;

- 就交易产生债务或与股权发行相关的稀释；

- the incurrence of debt or dilution related to equity issuances in connection with a transaction;

- 未能识别或解决被收购公司或技术存在的问题、负债或其他缺陷或挑战，包括与版权及其他知识产权、监管合规实践、诉讼、收入确认或其他会计实践、或员工或用户问题相关的事项；

- failure to identify or address the problems, liabilities, or other shortcomings or challenges of an acquired company or technology, including issues related to copyrights and other intellectual property, regulatory compliance practices, litigation, revenue recognition, or other accounting practices, or employee or user issues;

- 被收购公司可能对我们的公司文化产生负面影响的风险；

- risks that the acquired company could have a negative impact on our company culture;

- 监管机构可能制定新法律或颁布新法规，对被收购公司或业务不利的风险；

- risks that regulatory bodies may enact new laws or promulgate new regulations that are adverse to an acquired company or business;

- 监管机构不批准我们的收购或业务合并，或延迟此类批准的风险；

- risks that regulatory bodies do not approve our acquisitions or business combinations or delay such approvals;

- 我们与潜在收购候选方共享的商业秘密或机密信息被盗取；

- theft of our trade secrets or confidential information that we share with potential acquisition candidates;

- 被收购公司或对新服务的投资蚕食我们现有业务一部分的风险；以及

- risk that an acquired company or investment in new services cannibalizes a portion of our existing business; and

- 市场对收购的负面反应。

- adverse market reaction to an acquisition.

如果我们未能解决上述风险，或在与过去或未来的业务、新技术、服务及其他资产收购、战略投资及其他战略交易相关中遇到的其他问题，或如果我们未能实现此类收购或投资的预期收益，我们的业务、财务状况和经营成果可能会受到不利影响。

If we fail to address the foregoing risks or other problems encountered in connection with past or future acquisitions of businesses, new technologies, services, and other assets, strategic investments, and other strategic transactions, or if we otherwise fail to realize the expected benefits of such acquisitions or investments, our business, financial condition, and results of operations could be adversely affected.

**关于我们的业务、我们的模型、平台和应用、AI 的影响以及更广泛的 AI 行业的不利媒体报道可能会对我们的业务、财务状况和经营成果产生不利影响。**

**Unfavorable media coverage regarding our business, our models, platform, and applications, the impacts of AI, and the AI industry more broadly could adversely affect our business, financial condition, and results of operations.**

随着我们业务的增长，以及外界对我们和整个 AI 行业的关注度上升，我们不时吸引并可能继续吸引大量媒体报道、公众评论和审视。这些报道和评论已经包含、且我们预计将继续包含关于 AI 潜在负面社会影响的反复出现的叙事，包括 AI 可能取代或消除工作岗位、可能被滥用或以其他方式造成损害，以及可能对人类构成灾难性或生存性风险。我们一直是、且可能继续是此类叙事的特别关注对象，而对 AI 行业整体的不利报道可能会被归因于我们，在每种情况下无论相关担忧是否有充分依据或是否具体适用于我们的模型、平台或应用。有关我们、我们的合作伙伴或更广泛 AI 行业的不利宣传可能对我们的声誉和品牌造成不利影响，详见标题为“——如果我们无法维护和提升我们的品牌和声誉，我们的业务、财务状况和经营业绩可能受到不利影响”的章节。负面媒体报道，包括公众人物对我们公司发表负面或威胁性言论，无论是否准确，也可能对我们的品牌和声誉造成不利影响，并可能降低市场对我们模型、平台和应用的接受度，或损害我们吸引和留住客户的能力。随着我们品牌公众知名度的提高，任何引起媒体关注的问题都可能对我们的声誉产生放大的不利影响。如果不利媒体报道或负面公众看法持续存在或加剧，对我们模型、平台和应用的需求可能下降，我们的品牌、业务、财务状况和经营业绩可能受到不利影响。

As our business has grown and as interest in us and the AI industry overall has increased, we have attracted, and may continue to attract, significant media coverage, public commentary, and scrutiny from time to time. This coverage and commentary have included, and we expect will continue to include, recurring narratives concerning the potential adverse societal impacts of AI, including that AI may displace or eliminate jobs, may be misused or otherwise cause harm, and may pose catastrophic or existential risks to humanity. We have been, and may continue to be, a particular focus of such narratives, and unfavorable coverage of the AI industry generally may be attributed to us, in each case regardless of whether the underlying concerns are well-founded or specifically applicable to our models, platform, or applications. Unfavorable publicity regarding us, our partners, or the AI industry more broadly could adversely affect our reputation and brand, as described in the section titled “—If we are unable to maintain and enhance our brand and reputation, our business, financial condition, and results of operations may be adversely affected.” Negative media coverage, including public figures making negative or threatening statements about our company, whether accurate or not, could also adversely affect our brand and reputation and may reduce market acceptance of our models, platform, and applications or impair our ability to attract and retain customers. As public awareness of our brand increases, any issues that draw media attention may have an amplified adverse effect on our reputation. If unfavorable media coverage or adverse public perceptions persist or intensify, the demand for our models, platform, and applications could decline and our brand, business, financial condition, and results of operations could be adversely affected.

**由于遵守适用于上市公司的法律法规，我们将产生增加的成本并对管理层提出更高的要求，这可能对我们的业务、财务状况和经营业绩造成不利影响。**

**We will incur increased costs and demands upon management as a result of complying with the laws and regulations affecting public companies, which may adversely affect our business, financial condition, and results of operations.**

作为一家上市公司，我们将产生比作为私营公司时更高的法律、会计及其他费用。例如，我们须遵守经修订的 1934 年《证券交易法》（“《交易法》”）、2002 年《萨班斯-奥克斯利法案》（“《萨班斯-奥克斯利法案》”）、多德-弗兰克华尔街改革与消费者保护法案、SEC 的规则与规定以及纳斯达克全球精选市场的上市标准。除其他事项外，《交易法》要求我们就业务和经营业绩提交年度、季度和当期报告。遵守这些要求将增加我们的法律、会计和财务合规成本，并增加对我们系统的需求，使某些活动更加耗时和昂贵。此外，与报告义务和公司治理披露相关的法律、法规和标准不断变化，正给上市公司带来不确定性，这可能导致合规事项持续存在不确定性并带来更高成本。我们预计这些规则和规定将使我们获取董事和高级管理人员责任保险的成本更高，我们可能被迫接受较低的保单限额和承保范围，或承担大幅更高的成本以维持相同或类似的承保范围。因此，我们可能更难吸引和留住合格人士担任我们的董事会成员或高级管理人员。

As a public company, we will incur greater legal, accounting, and other expenses than we incurred as a private company. For example, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (“Exchange Act”), the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules and regulations of the SEC, and the listing standards of the Nasdaq Global Select Market. The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and results of operations. Compliance with these requirements will increase our legal, accounting, and financial compliance costs, and increase demand on our systems, making some activities more time-consuming and costly. In addition, changing laws, regulations, and standards relating to reporting obligations and corporate governance disclosure are creating uncertainty for public companies, which could result in continued uncertainty regarding compliance matters and higher costs. We expect these rules and regulations to make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to maintain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as our executive officers.

作为一家上市公司，我们预计将产生重大费用并投入大量管理精力，以确保遵守《萨班斯-奥克斯利法案》第 404 条的审计师鉴证要求。在这方面，我们将需要聘用具备适当上市公司经验和技术会计知识的额外会计和财务人员。此外，作为一家上市公司，我们可能面临股东积极主义，这可能导致重大成本、分散管理层注意力，并以我们目前无法预见的方式影响我们的业务经营方式。

As a public company, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. In that regard, we will need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge. In addition, as a public company, we may be subject to stockholder activism, which can lead to substantial costs, distract management, and impact the manner in which we operate our business in ways we cannot currently anticipate.

由于本招股说明书以及我们作为上市公司按要求向 SEC 提交的公开文件披露了相关信息，我们的业务和财务状况将变得更加透明，我们认为这可能导致威胁或实际诉讼，包括来自竞争对手和其他第三方的诉讼。如果此类索赔获得成功，我们的业务、财务状况和经营业绩可能受到不利影响；即使此类索赔未导致诉讼或以对我们有利的方式解决，这些索赔以及解决它们所需的时间和资源也可能分散我们管理层和董事会的资源，并对我们的业务、财务状况和经营业绩产生不利影响。

As a result of disclosure of information in this prospectus and in our public filings with the SEC as required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business, financial condition, and results of operations may be adversely affected, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, may divert the resources of our management and our board of directors, and adversely affect our business, financial condition, and results of operations.

此外，我们管理团队的许多成员在管理上市公司、与上市公司投资者互动以及遵守与上市公司相关的日益复杂的法律法规方面经验有限。我们的管理团队可能无法成功或高效地管理我们向上市公司的转型，而上市公司须遵守联邦证券法下重大的监管监督和报告义务，并持续受到证券分析师和投资者的审视。这些新的义务和利益相关方将需要我们的管理层投入大量精力，并可能分散其对日常业务管理的注意力，从而可能对我们的业务、财务状况和经营业绩产生不利影响。

Further, many members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws and regulations pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our management and may divert their attention away from the day-to-day management of our business, which may adversely affect our business, financial condition, and results of operations.

**我们的业务、财务状况和经营业绩可能受到战争、恐怖主义、自然灾害、公共卫生危机、政治危机或其他意外事件的不利影响。**

**Our business, financial condition, and results of operations may be adversely affected by war, terrorism, natural disasters, public health crises, political crises, or other unexpected events.**

战争、恐怖袭击及其他政治暴力行为，或任何重大自然灾害（如地震、火灾、飓风、龙卷风、洪水或重大停电），可能扰乱我们的运营、移动网络、互联网、数据中心，或我们的合作伙伴或第三方服务提供商的运营，而气候变化的影响可能加剧这些风险。特别是，我们的公司总部位于旧金山湾区，该地区以地震活动著称，且日益面临火灾威胁。此外，任何公共卫生危机、流行病、政治危机、恐怖袭击、战争及其他政治或社会动荡、其他地缘政治事态发展或其他灾难性事件，无论发生在美国还是美国以外地区，都可能对我们的运营或宏观经济状况产生不利影响。例如，恐怖主义行为、武装冲突或地缘政治紧张局势升级，可能导致数据中心及其他关键基础设施（无论由我们或我们的第三方提供商拥有或运营）遭受物理损坏或毁坏，并可能导致运营此类设施所需的电力、冷却或网络连接中断。上述任何情况或其他对我们、我们的合作伙伴或其他第三方造成的干扰，可能导致系统中断和性能下降、声誉受损、产品开发延迟、服务长时间中断、数据泄露、恶意软件及其他安全或黑客事件，所有这些都可能对我们的业务、财务状况和经营业绩产生不利影响。如果我们灾难恢复计划被证明不充分，上述所有风险可能进一步加剧。此外，我们维持的保险可能不足以覆盖此类业务中断造成的损失，任何事件都可能导致此类保险的丧失或成本增加 [__] 。

War, terrorist attacks, and other acts of political violence, or any significant natural disaster, such as an earthquake, fire, hurricane, tornado, flood, or significant power outage, may disrupt our operations, mobile networks, the internet, data centers, or the operations of our partners or third-party service providers, and the impact of climate change may increase these risks. In particular, our corporate headquarters are located in the San Francisco Bay Area, a region known for seismic activity and increasingly for the threat of fires. In addition, any public health crises, pandemics, political crises, terrorist attacks, war and other political or social instability, other geopolitical developments, or other catastrophic events, whether in the United States or in non-U.S. geographies, may adversely affect our operations or macroeconomic conditions. For example, an act of terrorism, armed conflict, or escalation of geopolitical tensions could result in physical damage to or destruction of data centers and other critical infrastructure, whether owned or operated by us or our third-party providers, as well as disruptions to power, cooling, or network connectivity necessary to operate such facilities. The impact of any of the foregoing or other disruption to us, our partners, or other third parties may result in system interruptions and degradation, reputational harm, delays in our product development, lengthy interruptions in our services, data breaches, malware, and other security or hacking incidents, all of which may adversely affect our business, financial condition, and results of operations. All of the aforementioned risks may be further increased if our disaster recovery plans prove to be inadequate. Further, the insurance we maintain may be insufficient to cover our losses resulting from such business interruptions, and any incidents may result in loss of, or increased costs of, such insurance [__] .

**如果我们无法确保我们的模型、平台和应用程序与由他人（包括我们的集成合作伙伴）开发的各种软件应用程序实现互操作，我们可能会失去竞争力，我们的业务、财务状况和经营业绩可能会受到不利影响。**

**If we are unable to ensure that our models, platform, and applications interoperate with a variety of software applications that are developed by others, including our integration partners, we may become less competitive and our business, financial condition, and results of operations may be adversely affected.**

我们的模型、平台和应用程序必须与各种硬件和软件平台集成，我们需要不断修改和增强我们的模型、平台和应用程序，以适应硬件、软件和浏览器技术的变化。特别是，我们开发的模型、平台和应用程序能够通过 API 的交互，轻松地与第三方应用程序集成，包括与我们竞争的软件提供商的应用程序以及我们合作伙伴的应用程序。总体而言，我们依赖此类软件系统的提供商允许我们访问其 API 以实现这些集成。我们通常受此类提供商的标准条款和条件的约束，这些条款和条件管辖此类软件系统的分发、运营和费用，并且此类提供商可能不时对其进行变更。如果任何此类软件系统的提供商出现以下情况，我们的业务将受到损害：

Our models, platform, and applications must integrate with a variety of hardware and software platforms, and we need to continuously modify and enhance our models, platform, and applications to adapt to changes in hardware, software, and browser technologies. In particular, we have developed our models, platform, and applications to be able to easily integrate with third-party applications, including the applications of software providers that compete with us as well as our partners, through the interaction of APIs. In general, we rely on the providers of such software systems to allow us access to their APIs to enable these integrations. We are typically subject to standard terms and conditions of such providers, which govern the distribution, operation, and fees of such software systems, and which are subject to change by such providers from time to time. Our business will be harmed if any provider of such software systems:

- 停止或限制我们对其软件或 API 的访问；

- discontinues or limits our access to its software or APIs;

- 修改其服务条款或其他政策，包括向我们或其他软件开发者收取的费用或其他限制；

- modifies its terms of service or other policies, including fees charged to, or other restrictions on us, or other software developers;

- 改变我们或我们的客户获取信息的方式；

- changes how information is accessed by us or our customers;

- 与我们的一个或多个竞争对手建立更有利的关系；或

- establishes more favorable relationships with one or more of our competitors; or

- 开发或偏向其自身的竞争性产品，而非我们的模型、平台和应用程序。

- develops or otherwise favors its own competitive offerings over our models, platform, and applications.

此外，我们部分依赖操作系统（包括 iOS 和 Android 等移动操作系统）及其各自的应用商店（如 Apple 的 App Store 和 Google 的 Play Store）来推动我们 Claude 应用的下载量。如果此类操作系统或应用商店限制我们应用的可用性、做出降低我们应用功能的变更、增加我们应用的使用成本、施加令我们不满意的使用条款，或以对我们不利的方式修改其搜索或评级算法，或者如果我们的竞争对手在此类移动操作系统应用商店中的展示位置比我们应用的展示位置更突出，我们的用户增长可能会受到不利影响。此类操作系统和应用商店中任何降低我们应用功能或给予我们竞争对手应用优惠待遇的变更，都可能对我们平台在各类设备上的使用产生不利影响。一些应用市场已探索改变其关于应用内可接受内容的政策。如果我们无法适应此类变化，这可能对我们平台在这些生态系统中的访问和使用产生不利影响。随着新的移动设备和移动平台的发布，无法保证某些移动设备将继续支持我们的平台或有效推出我们应用的更新。此外，为提供高质量的应用，我们需要确保我们的模型、平台和应用在设计上能够与一系列移动技术、系统、网络和标准有效配合。我们可能无法成功建立或维持与移动行业关键参与者的关系以提升用户体验。如果用户在移动设备上访问或使用我们的应用时遇到任何困难，或者如果我们无法适应主流移动操作系统的变化，我们的前景、业务、财务状况和经营业绩可能会受到不利影响。

Further, we depend in part on operating systems, including mobile operating systems such as iOS and Android, and their respective application stores, such as Apple’s App Store and Google’s Play Store, to drive downloads of our Claude app. If such operating systems or application stores limit the availability of our app, make changes that degrade the functionality of our app, increase the cost of using our app, impose terms of use unsatisfactory to us, or modify their search or ratings algorithms in ways that are detrimental to us, or if our competitors’ placement in such mobile operating systems’ application store is more prominent than the placement of our app, our user growth could be adversely affected. Any changes in such operating systems and application stores that degrade the functionality of our app or give preferential treatment to our competitors’ apps could adversely affect our platform’s usage across devices. Some marketplaces have explored changing their policies regarding what content is acceptable within an application. If we are unable to adapt to such changes, this could adversely affect our platform’s access to and usage within those ecosystems. As new mobile devices and mobile platforms are released, there is no guarantee that certain mobile devices will continue to support our platform or effectively roll out updates to our apps. Additionally, in order to deliver a high-quality app, we need to ensure that our models, platform, and applications are designed to work effectively with a range of mobile technologies, systems, networks, and standards. We may not be successful in developing or maintaining relationships with key participants in the mobile industry that enhance users’ experience. If users encounter any difficulty accessing or using our apps on their mobile devices or if we are unable to adapt to changes in popular mobile operating systems, our prospects, business, financial condition, and results of operations could be adversely affected.

第三方模型、平台和应用程序在不断演变，我们可能无法修改我们的模型、平台和应用程序以确保其与其他第三方的兼容性。此外，我们的一些竞争对手可能能够干扰我们的模型、平台和应用程序与其模型、平台或应用程序的运营或兼容性，或对我们的运营能力以及我们运营模型、平台和应用程序所依据的条款施加强大的商业影响。如果我们的任何竞争对手以降低我们模型、平台和应用程序功能或给予竞争性模型、平台或应用程序优惠待遇的方式修改其产品或标准，无论是为了增强其竞争地位还是出于任何其他原因，我们的模型、平台和应用程序与这些产品的互操作性都可能下降，我们的业务、财务状况和经营业绩可能受到不利影响。此外，如果我们未来不被允许或无法与这些及其他第三方应用程序集成，我们的业务、财务状况和经营业绩可能受到不利影响。

Third-party models, platforms, and applications are constantly evolving, and we may not be able to modify our models, platform, and applications to assure their compatibility with that of other third parties. In addition, some of our competitors may be able to disrupt the operations or compatibility of our models, platform, and applications with their models, platforms, or applications, or exert strong business influence on our ability to, and terms on which we operate our models, platform, and applications. Should any of our competitors modify their products or standards in a manner that degrades the functionality of our models, platform, and applications or gives preferential treatment to competitive models, platforms, or applications, whether to enhance their competitive position or for any other reason, the interoperability of our models, platform, and applications with these products could decrease and our business, financial condition, and results of operations could be adversely affected. Further, if we are not permitted or able to integrate with these and other third-party applications in the future, our business, financial condition, and results of operations could be adversely affected.

**我们面临的许多风险相互关联，并可能在我们业务中叠加或引发连锁不利影响，从而放大其整体影响。**

**Many of the risks we face are interconnected and may compound or trigger cascading adverse effects across our business, which could amplify their overall impact.**

我们的业务和运营面临众多风险和不确定性，如本“风险因素”章节所述，其中许多风险相互关联，以致某一风险事件的发生可能加剧或触发其他风险事件，其综合影响可能远大于任何单一风险事件单独发生的影响。例如，知识产权法律的不利发展或版权或其他诉讼的不利结果，可能要求我们修改、重新训练或限制我们模型的能力，从而增加成本并降低我们模型、平台和应用的性能或竞争力，进而可能损害客户需求、收入和我们的声誉与品牌。此外，算力的可用性或成本方面的限制同样可能限制我们开发和部署先进模型的能力，延迟产品发布，降低服务可靠性，并对我们的收入增长产生不利影响，同时还会影响客户信任和对我们产品的认知。如果我们的收入增长受限且没有足够的额外资本来源，我们可能无法获取必要的算力或投资于人才以保持在技术前沿或支持我们的客户，或者我们可能面临违反 A&R 信贷协议及我们某些商业协议项下契约或违约的情形。如果我们违反 A&R 信贷协议或我们某些商业协议项下的契约或发生违约，此类事件可能触发交叉违约、加速还款义务、限制我们获取资本，并进一步制约我们的运营和增长，从而可能放大其他财务、运营和声誉风险。由于这些及其他风险可能以复杂且不可预测的方式相互作用，尤其是在一个以技术变革、监管演变和新兴商业模式为特征的快速发展的行业中，我们可能无法预见或有效管理所有潜在后果。如果某一风险触发或加剧其他风险，或者如果多个不利事件同时或接连发生，我们的前景、声誉、业务、财务状况和经营业绩可能受到不利影响。

Our business and operations are subject to numerous risks and uncertainties, as described in this “Risk Factors” section, many of which are interrelated, such that the occurrence of one risk event may exacerbate or trigger additional risk events, and the combined effect may be materially greater than the impact of any individual risk event in isolation. For example, unfavorable developments in intellectual property laws or adverse outcomes in copyright or other litigation could require us to modify, retrain, or limit the capabilities of our models, increasing costs and reducing the performance or competitiveness of our models, platform, and applications, which could in turn harm customer demand, revenue, and our reputation and brand. In addition, constraints on the availability or cost of compute could similarly limit our ability to develop and deploy advanced models, delay product launches, reduce service reliability, and adversely affect our revenue growth, while also affecting customer trust and perception of our offerings. If our revenue growth is limited and we do not have sufficient additional sources of capital, we may be unable to acquire necessary compute or invest in our talent to remain at the technological frontier or to support our customers, or we may face breaches of covenants or defaults under the A&R Credit Agreement and certain of our commercial agreements. If we were to breach covenants or default under the A&R Credit Agreement or certain of our commercial agreements, such an event could trigger cross-defaults, accelerate repayment obligations, restrict our access to capital, and further constrain our operations and growth, potentially magnifying other financial, operational, and reputational risks. Because these and other risks may interact in complex and unpredictable ways, particularly in a fast-moving industry characterized by technological change, evolving regulation, and emerging business models, we may not be able to foresee or effectively manage all potential consequences. If one risk triggers or intensifies others, or if multiple adverse events occur concurrently or in close succession, our prospects, reputation, business, financial condition, and results of operations could be adversely affected.

与隐私、网络安全和知识产权相关的风险 Risks Related to Privacy, Cybersecurity, and Intellectual Property

**某些版权法原则以及对开源许可证的合同解释在适用于现代 AI 模型训练时存在不确定性。**

**The application of certain copyright law doctrines and contractual interpretations of open-source licenses to modern AI model training are uncertain.**

截至本日期，美国及非美国法院尚未就某些版权法原则以及对开源许可证的合同解释在适用于现代 AI 模型训练时作出权威性裁决。我们善意地认为，我们拥有或持有对我们的 AI 模型、平台和应用中所使用或与之相关的训练数据的全部充分法律权利和/或抗辩理由，部分依据是我们认为，我们对我们的 AI 模型、平台和应用中所使用或与之相关的训练数据的使用或获取，构成版权法原则下对该等训练数据的“合理使用”。此外，美国以外某些司法管辖区的版权法通常不承认合理使用，我们对该等类似例外的依赖受制于不断变化的条件以及该等司法管辖区不利或未定的司法解释。如果法院不同意我们认为我们对上述训练数据的使用或获取构成合理使用的看法，或以其他方式认定其违反版权法，例如采纳 Bartz（定义见下文）中的推理，包括但不限于在目前针对我们或我们行业内另一家公司提起的诉讼中，我们的业务可能会受到不利影响。特别是，涉及其他 AI 开发者的诉讼中的不利裁决，无论这些案件所涉的具体事实、数据实践或法律理论如何，都可能确立广泛适用于整个行业的法律先例或版权法解释，并限制我们训练、开发或部署 AI 模型的能力，即使我们自身的数据获取和使用实践有所不同。此类结果可能限制对某些类别训练数据的获取、缩小可用法律抗辩的范围，或在 AI 行业内施加新的许可、合规或运营要求。例如，如果我们无法依据合理使用原则获取受版权保护的作品以训练我们的模型，我们可能被要求支付高额费用以获得该等训练数据的许可，或者我们进一步开发我们的模型、平台和应用以及分发以该等争议数据训练的模型的能力可能受到不利影响。此外，针对我们或我们行业内另一家公司的不利裁决可能导致禁令救济，限制我们使用或分发以争议数据训练的模型的能力，或可能要求我们以高额成本从头重新训练受影响的模型。如果我们无法管理上述风险，我们的业务、财务状况和经营业绩可能会受到不利影响。

The application of certain copyright law doctrines and contractual interpretations of open-source licenses to modern AI model training has not been authoritatively resolved by U.S. and non-U.S. courts as of this date. We have a good faith belief that we own or possess all sufficient legal rights and/or defenses to the training data used in or with our AI models, platform, and applications, which is based in part on our belief that our use or acquisition of the training data used in or with our AI models, platform, and applications constitutes “fair use” of such training data under copyright law doctrine. In addition, copyright laws in some jurisdictions outside the United States generally do not recognize fair use, and our reliance on analogous exceptions is subject to evolving conditions and to adverse or unsettled judicial interpretation in those jurisdictions. If a court of law disagrees with our belief that our use or acquisition of such training data constitutes fair use or otherwise concludes that it violates copyright law, for example, by adopting the reasoning in Bartz (as defined below), including without limitation in currently active litigation against us or another company in our industry, our business may be adversely affected. In particular, adverse rulings in litigation involving other AI developers, regardless of the specific facts, data practices, or legal theories at issue in those cases, could establish legal precedents or interpretations of copyright law that apply broadly across the industry and limit our ability to train, develop, or deploy AI models, even if our own data procurement and usage practices differ. Such outcomes could restrict access to certain categories of training data, narrow the scope of available legal defenses, or impose new licensing, compliance, or operational requirements across the AI industry. For example, if we cannot rely on the fair use doctrine to access copyrighted work for training our models, we may be required to pay significant fees to obtain a license to such training data or our ability to further develop our models, platform, and applications and distribute models trained on such data at issue could be adversely affected. In addition, an adverse ruling against us or another company in our industry could result in injunctive relief that restricts our ability to use or distribute models trained on the data at issue or could require us to retrain affected models from scratch at substantial cost. If we are unable to manage the foregoing risks, our business, financial condition, and results of operations could be adversely affected.

**我们受制于与隐私和数据保护相关的复杂且不断演变的法律、法规和其他法律义务，任何实际或被认为未能遵守该等义务的情况都可能对我们的业务、财务状况和经营业绩产生不利影响。**

**We are subject to complex and evolving laws, regulations, and other legal obligations related to privacy and data protection, and any actual or perceived failure to comply with such obligations could adversely affect our business, financial condition, and results of operations.**

我们在欧盟、美国及其他司法管辖区须遵守一系列与隐私、数据保护以及数据的收集、使用、传输、存储和其他处理相关的法律法规及其他法律义务。这些法律法规及其他法律义务因司法管辖区而异，包括《2016/679 通用数据保护条例》（“GDPR”）等综合性框架、规定特定行业义务的法律，以及对特定类型数据（例如被视为敏感的个人数据）的处理施加特定要求或限制的法律。这些义务并未统一，其范围持续演变，带来技术和运营上的复杂性与挑战，且可能相互冲突或施加重叠或不一致的义务。此外，这些法律法规以及最初并非为解决隐私或数据保护问题而制定的其他法律法规，在适用于包括 AI 在内的新技术时持续演变，其解释或执行方式可能不一致、不明确、新颖或受制于监管机构的重大自由裁量权。此外，原告、集体诉讼律师、州总检察长及其他索赔人持续针对人工智能公司提起与数据处理、隐私和网络安全相关的索赔；我们亦可能面临类似争议，其形式可能为隐私、网络安全、违约、侵权或其他索赔。新的或不断演变的法律、法规、监管解释、索赔，以及现有法律法规对我们新颖或不一致的适用，或我们不断演变的合同或其他法律义务（包括因我们寻求进入新市场或推出新产品而产生的义务），可能要求我们修改模型、平台和应用程序、政策及实践，延迟或限制某些功能的开发或部署，增加合规和诉讼成本，并导致罚款或处罚。

We are subject to a range of laws and regulations in the EU, the United States, and other jurisdictions, and other legal obligations relating to privacy, data protection, and the collection, use, transfer, storage, and other processing of data. These laws, regulations, and other legal obligations vary across jurisdictions, and include comprehensive frameworks such as the General Data Protection Regulation 2016/679 (“GDPR”), laws that impose sector-specific obligations, and those that impose specific requirements or restrictions on the handling of particular types of data, such as personal data that is considered sensitive. These obligations are not harmonized, continue to evolve in scope, present technical and operational complexities and challenges, and may conflict or impose overlapping or inconsistent obligations. Further, these laws and regulations, as well as other laws and regulations not originally enacted to address privacy or data protection, continue to evolve as they are applied to new technologies, including AI, and may be interpreted or enforced in ways that are inconsistent, unclear, novel, or subject to significant regulatory discretion. Additionally, plaintiffs, class action counsel, state Attorneys’ General, and other claimants continue to pursue claims against artificial intelligence companies relating to data handling, privacy, and cybersecurity; similar disputes could arise against us and they could take the form of privacy, cybersecurity, breach of contract, tort, or other claims. New or evolving laws, regulations, regulatory interpretations, claims, and novel or inconsistent application of existing laws and regulations to us, or our evolving contractual or other legal obligations, including those that arise as we seek to enter into new markets or product offerings, may require us to modify our models, platform, and applications, policies, and practices, delay or limit the development or deployment of certain features, increase compliance and litigation costs, and result in fines or penalties.

我们的合规义务和支出以及我们在其项下的风险敞口，可能因客户访问和使用我们模型、平台和应用程序的方式（包括通过我们的第一方产品供应或第三方分销渠道）以及因与这些产品供应相关的数据处理性质而有所不同。例如，我们的成本和监管风险敞口可能因我们收到来自个人、监管机构及其他寻求行使隐私或数据保护法项下权利的主体所提出的要求而有所不同。我们可能因处理适用法律项下被视为敏感的数据而承担额外义务、限制或风险敞口。在开发、部署和改进我们的服务（包括模型训练、改进和推理）过程中，我们已面临且未来可能面临运营错误，或面临关于我们对数据（例如个人、敏感或机密数据）的使用或处理不符合我们义务的索赔或主张。

Our compliance obligations and expenditures, and our exposure thereunder, may vary depending on both how customers access and use our models, platform, and applications, including through our first-party offerings or third-party distribution channels, and on the nature of data processed in connection with those offerings. For example, our costs and regulatory exposure may vary based on the demands we receive from individuals, regulators, and other parties seeking to exercise rights under privacy or data protection laws. We may be subject to additional obligations, restrictions, or exposure in connection with the processing of data that is considered sensitive under applicable laws. In connection with the development, deployment, and improvement of our services, including model training, improvement, and inference, we have faced, and may face in the future, operational errors or claims or assertions that our use or processing of data, such as personal, sensitive, or confidential data, is inconsistent with our obligations.

未能保障数据免遭机密性、完整性或可用性方面的风险，可能导致法律义务，例如对个人、监管机构或客户的通知义务，进而带来额外的法律和声誉风险。

Failure to secure data against risks to its confidentiality, integrity, or availability may result in legal obligations, such as notification obligations to individuals, regulators, or customers, which could result in additional legal and reputational risk.

我们、我们的人员或代表我们行事的第三方实际或被认为未能或无法遵守适用的隐私或数据保护要求、我们的合同承诺或我们关于数据实践的公开声明，可能导致调查、诉讼、罚款、处罚或其他责任；要求我们改变我们的模型、平台和应用程序、政策或实践；降低客户需求或损害我们的声誉；要求我们作出可能使我们面临声誉和法律风险的公开披露；以及以其他方式对我们的业务、财务状况和经营成果产生不利影响。

Any actual or perceived failure or inability by us, our personnel, or third parties acting on our behalf to comply with applicable privacy or data protection requirements, our contractual commitments, or our public statements regarding our data practices could result in investigations, litigation, fines, penalties, or other liability; require us to change our models, platform, and applications, policies, or practices; reduce customer demand or harm our reputation; require us to make public disclosures that could expose us to reputational and legal risks; and otherwise adversely affect our business, financial condition, and results of operations.

**我们为 AI 安全处理个人数据和敏感数据，任何实际或被认为未能遵守适用于此类处理的法律和监管义务的情况，都可能对我们的业务、财务状况和经营成果产生不利影响。**

**We process personal and sensitive data for AI safety, and any actual or perceived failure to comply with the legal and regulatory obligations applicable to such processing could adversely affect our business, financial condition, and results of operations.**

我们对 AI 安全的承诺要求我们在某些情况下访问、收集和处理个人数据和敏感数据。尽管我们处理个人数据和敏感数据的方法和机制旨在提升 AI 安全，但它们也使我们须遵守不断演变的行业实践、法律和法规，并面临与敏感数据处理相关的更高风险，例如在我们发生安全事件或数据遭到未经授权的访问或处理时，面临更高的损害或诉讼风险。此外，最初并非为应对 AI 安全而制定的法律和法规正被适用于 AI 安全，并可能日益以不一致、不明确、新颖或受重大监管自由裁量权约束的方式被解释或执行。任何实际或被认为未能遵守 AI 安全要求，或我们为 AI 安全处理个人数据或敏感数据，或任何涉及此类数据的实际或被认为的安全事件，都可能导致调查、诉讼、罚款、处罚或其他责任；要求我们改变我们的政策或实践；降低客户需求或损害我们的声誉；要求我们作出可能使我们面临声誉和法律风险的公开披露；以及以其他方式对我们的业务、财务状况和经营成果产生不利影响。

Our commitment to AI safety requires us in some cases to access, collect, and process personal and sensitive data. While our approach and mechanisms relating to handling personal and sensitive data are designed to improve AI safety, they also subject us to compliance with evolving industry practices, laws and regulations, and increased risks related to the processing of sensitive data, such as increased risks of harm or litigation if we experience a security incident or unauthorized access to or processing of data. Further, laws and regulations not originally enacted to address AI safety are being applied to AI safety and may be increasingly interpreted or enforced in ways that are inconsistent, unclear, novel, or subject to significant regulatory discretion. Any actual or perceived failure to comply with AI safety requirements or our processing of personal or sensitive data for AI safety, or any actual or perceived security incident involving such data, could result in investigations, litigation, fines, penalties, or other liability; require us to change our policies or practices; reduce customer demand or harm our reputation; require us to make public disclosures that could expose us to reputational and legal risks; and otherwise adversely affect our business, financial condition, and results of operations.

**任何安全漏洞或其他事件，包括影响我们的网络、系统或数据，或影响我们的服务提供商、供应商或客户的网络、系统或数据的事件，都可能对我们的业务、财务状况和经营成果产生不利影响。**

**Any security breaches or other incidents, including those that affect our networks, systems, or data, or the networks, systems, or data of our service providers, suppliers, or customers, could adversely affect our business, financial condition, and results of operations.**

我们存储、处理并以其他方式处理机密信息、专有信息和个人信息，我们的客户使用我们的模型、平台和应用程序处理同样敏感的信息。我们面临安全风险、数据意外泄露或被访问、网络攻击以及其他试图未经授权访问我们的信息、网站、网络、系统、模型、平台和应用程序的行为。这些情况已经导致、且未来可能继续导致：我们的安全措施或我们第三方服务提供商的安全措施遭到破坏；我们的网站、网络、系统和账户遭到未经授权访问；属于我们、我们的客户或他人的个人、机密或专有信息遭到未经授权访问和盗用；病毒、蠕虫、间谍软件或其他恶意软件从我们的模型、平台和应用程序、网络或系统中被传播；内容被删除或修改；我们的模型、平台和应用程序上显示未经授权的内容；运营中断、扰乱或故障；以及其他风险。

We store, handle, and otherwise process confidential, proprietary, and personal information, and our customers use our models, platform, and applications to process similarly sensitive information. We experience security risks, unintended exposure of or access to data, cyberattacks, and other attempts to gain unauthorized access to our information, sites, networks, systems, models, platform, and applications. These have resulted in, and may in the future result in, breaches of our security measures or those of our third-party service providers; unauthorized access to our sites, networks, systems, and accounts; unauthorized access to, and misappropriation of, personal, confidential, or proprietary information belonging to us, our customers, or others; viruses, worms, spyware, or other malware being served from our models, platform, and applications, networks, or systems; deletion or modification of content; the display of unauthorized content on our models, platform, and applications; interruption, disruption, or malfunction of operations; and other risks.

我们过去曾面临、未来可能继续面临钓鱼计划和其他网络攻击的风险，包括由民族国家和国家支持的行为者实施的攻击，这些攻击的复杂程度和数量持续演变，且本质上可能难以检测。我们的专有模型权重、公司及财务数据和其他核心知识产权是国家支持的间谍活动和窃取行为尤其高价值的目标，安全研究人员已将前沿 AI 公司认定为非美国情报机构的优先目标。此类国家支持的行为者针对我们的行动很可能随时间推移而增加，尤其是随着我们开发具有下一代能力的模型，他们可能特别针对尚未或尚未向公众发布的模型。例如，鉴于其先进的网络漏洞发现能力，国家支持的行为者可能专门针对 Mythos 实施网络攻击。

We have in the past faced and in the future may face risks of phishing schemes and other cyberattacks, including by nation-states and state-sponsored actors, that continue to evolve in sophistication and volume, and may inherently be difficult to detect. Our proprietary model weights, corporate and financial data, and other core intellectual property represent particularly high-value targets for state-sponsored espionage and theft, and security researchers have identified frontier AI companies as priority targets for non-U.S. intelligence services. The efforts of such state-sponsored actors to target us will likely increase over time, especially as we develop models with next-generation capabilities, and they may specifically target models which have not, or have not yet, been released to the general public. For example, in light of its advanced cyber vulnerability discovery capabilities, state-sponsored actors may conduct cyberattacks specifically targeting Mythos.

我们的安全能力持续演进，而我们安全计划的某些方面可能不足以完全应对最老练的恶意行为者，包括资源雄厚的民族国家或国家支持的组织，尤其是当这些组织开发或获取更强大的技术时，其中可能包括具有与 Mythos 所展现的类似攻击能力的 AI 技术。尽管我们正在积极投资并加强我们的安全基础设施和控制措施，但随着我们持续完善安全态势，我们过去曾在、未来也可能在一段时间内于防御存在已知局限或缺口的情况下运营，且没有任何信息安全计划能够被期望阻止所有可能的事件。无法保证我们能够阻止或充分检测并防御影响我们系统的所有网络攻击或其他网络安全事件，包括由民族国家和国家支持的行为者引发的事件。未经授权窃取我们的模型权重可能使对手得以绕过大量研究投入、消除关键竞争优势，并且如果此类技术被恶意行为者获取，还可能引发国家安全担忧。此外，如果我们的模型权重被未经授权的行为者获取，此类行为者可能能够在我们使用政策、安全机制或监控框架之外部署此类模型，这可能促成我们的保障措施旨在防止的有害或滥用情形，并可能使我们因开发此类能力而面临监管、声誉或公众审视。

Our security capabilities continue to evolve, and certain aspects of our security program may not be sufficient to fully address the most sophisticated malicious actors, including well-resourced nation-state or state-sponsored groups, especially as those groups develop or obtain more powerful technology, which may include AI technology with offensive capabilities similar to those displayed by Mythos. While we are actively investing in and enhancing our security infrastructure and controls, we have operated in the past, and may in the future operate, for periods of time with known limitations or gaps in our defenses as we continue to mature our security posture, and no information security program can be expected to prevent all possible incidents. There can be no assurances that we will be able to prevent or adequately detect and defend against all cyberattacks or other cybersecurity incidents affecting our systems, including incidents caused by nation-state and state-sponsored actors. An unauthorized exfiltration of our model weights could enable adversaries to bypass significant research investment, eliminate key competitive advantages, and potentially raise national security concerns if such technology is acquired by malicious actors. Further, if our model weights were obtained by unauthorized actors, such actors may be able to deploy such models outside of our usage policies, safety mechanisms, or monitoring frameworks, which could enable harmful or misuse scenarios that our safeguards are designed to prevent and could subject us to regulatory, reputational, or public scrutiny for having developed such capabilities.

我们已面临并预计将继续面临与招聘流程、身份验证、远程办公环境以及设备被入侵相关的内部威胁风险和漏洞，这些风险和漏洞可能使未经授权者得以访问敏感系统或信息。我们过去曾成为、并预计未来仍将成为以下人员的攻击目标：以虚假身份寻求就业的人员，或怀有不可告人的目的或恶意动机而寻求在我们及我们所依赖的第三方处就业的人员。我们还面临以下风险：有权访问我们系统、模型权重或其他敏感信息的员工、承包商或其他人员在入职后可能被策反，包括因国家支持的势力、竞争对手或其他方招募、贿赂、胁迫或以其他方式诱导此类人员，或入侵其凭证或设备，以窃取敏感信息、实现未经授权的访问，或在我们系统、模型或产品中植入漏洞。由于有权访问我们模型权重及其他核心知识产权的人员尤其容易成为攻击目标，且我们的远程和分布式办公环境以及在某些关键流程上对第三方供应商的依赖可能限制我们对这类行为的可见度，我们可能无法阻止或及时发现这些内部威胁。此外，在我们开展业务的某些司法管辖区，或我们的供应商或托管我们基础设施的设施运营方所在的某些司法管辖区，此类人员、供应商或运营方可能被法律强制要求以违背我们利益的方式与政府机关（包括情报和安全机构）合作，例如提供对我们系统、数据或模型权重的访问权限。这些司法管辖区的法律可能禁止受影响方就此等要求通知我们，且我们可能仅有有限能力或完全无能力对此提出异议；又由于此类合作在发生地可能属合法行为且涉及在其授权访问范围内行事的人员，我们的内部威胁及其他安全控制措施可能无法发现此类行为。

We have faced and expect to face insider threat risks and vulnerabilities related to hiring processes, identity verification, remote work environments, and compromised devices that could enable unauthorized access to sensitive systems or information. We have been and expect that we will continue to be targeted by individuals seeking employment under false identities, or with ulterior or malicious motives for seeking employment with us and the third parties on which we rely. We also face the risk that employees, contractors, or other personnel with authorized access to our systems, model weights, or other sensitive information may be compromised after joining us, including due to efforts by state-sponsored actors, competitors, or others to recruit, bribe, coerce, or otherwise induce such personnel, or to compromise their credentials or devices, in order to misappropriate sensitive information, enable unauthorized access, or introduce vulnerabilities into our systems, models, or products. Because personnel with authorized access to our model weights and other core intellectual property are particularly attractive targets, and because our remote and distributed work environment and our reliance on third-party vendors for certain key processes may limit our visibility into such conduct, we may be unable to prevent or timely detect these insider threats. In addition, in certain jurisdictions in which we operate or in which our vendors or the operators of facilities hosting our infrastructure are located, such personnel, vendors, or operators may be legally compelled to cooperate with government authorities, including intelligence and security agencies, in ways contrary to our interests, such as by providing access to our systems, data, or model weights. The laws of those jurisdictions may prohibit the affected parties from notifying us of such demands and may afford us limited or no ability to challenge them, and because such cooperation may be lawful where it occurs and involves personnel acting within their authorized access, our insider-threat and other security controls may not detect it.

我们还曾发现并预计将继续发现全行业范围的软件供应链漏洞和攻击，这些漏洞和攻击可能影响我们或第三方的系统，或影响我们模型、平台和应用程序的安全性。全球地缘政治紧张局势或武装冲突可能加剧这些风险。因此，我们可能无法阻止或及时发现所有访问或窃取敏感信息的企图，包括由拥有大量技术、财务或地缘政治资源的攻击者实施的此类企图。

We have also seen, and expect to continue to see, industry-wide software supply chain vulnerabilities and attacks, which could affect our or third parties’ systems, or the security of our models, platform, and applications. Geopolitical tensions or armed conflicts around the world may increase these risks. As a result, we may be unable to prevent or timely detect all attempts to access or exfiltrate sensitive information, including by actors with substantial technical, financial, or geopolitical resources.

随着我们持续开发和部署新功能（包括融入 AI 的功能），我们的系统面临额外或不断演变的安全风险，包括由新兴或尚未被充分理解的 AI 特有威胁向量所引发的风险。此类 AI 特有威胁包括：通过恶意输入操纵模型行为的提示注入攻击、通过系统性 API 查询试图复制或逆向工程我们专有模型的尝试、旨在导致模型故障或错误分类的对抗性输入、可能损害模型完整性的训练数据恶意污染，以及持续集成和部署流水线中的漏洞——此类漏洞可能使内部人员或其他行为者注入恶意代码，而该等代码随后通过 AI 辅助的开发工作流被传播或放大。此类攻击可能难以检测，可能无法通过传统网络安全防御手段加以应对，并且可能需要专业化的知识、技术和基础设施才能缓解。此外，随着我们以及更广泛市场对 AI 相关安全风险和缓解技术的理解不断发展，依赖 AI 的功能可能尤其容易受到意外漏洞的影响。我们为缓解上述风险所做的努力可能导致误报，并可能错误地限制或阻止某些用户访问我们的技术，从而可能引发潜在的诉讼或监管行动。

As we continue to develop and deploy new features, including those incorporating AI, our systems are exposed to additional or evolving security risks, including those arising from emerging or imperfectly understood AI-specific threat vectors. Such AI-specific threats include prompt injection attacks that manipulate model behavior through malicious inputs, attempts to replicate or reverse engineer our proprietary models through systematic API queries, adversarial inputs designed to cause model failures or misclassifications, malicious corruption of training data that could compromise model integrity, and vulnerabilities in continuous integration and deployment pipelines that could allow insiders or other actors to inject malicious code that is subsequently propagated or amplified through AI-assisted development workflows. Such attacks may be difficult to detect, may not be addressed by traditional cybersecurity defenses, and may require specialized expertise, techniques, and infrastructure to mitigate. Further, features that rely on AI may be particularly susceptible to unanticipated vulnerabilities as both our understanding and the broader market’s understanding of AI-related security risks and mitigation techniques continue to develop. Our efforts to mitigate the foregoing risks may result in false positives and our mistakenly limiting or blocking certain users from accessing our technology, which could result in potential litigation or regulatory action.

此外，我们的智能体产品会与外部工具、API、数据库、代码仓库及其他第三方系统交互，从而形成有别于传统 AI 模型所适用的网络安全攻击面。对手可能操纵由智能体处理的外部数据源、API 响应、文档或网页的内容，使智能体基于该等被操纵的输入采取有害或未经授权的行动。攻击者还可能试图入侵活跃的智能体会话，并利用客户已认证的凭证和权限将智能体重定向以执行恶意操作。由于我们的智能体产品旨在采取具有现实后果的自主行动，包括执行代码、修改文件、发送通信和完成交易，成功利用这些智能体攻击面可能导致数据外泄、未经授权的交易、代码注入或其他不利影响，且可能同时波及多个客户部署。传统网络安全防御手段（包括防火墙、输入验证和访问控制）可能无法完全有效应对这些新型威胁向量，而安全界对智能体特有攻击面的理解仍处于发展阶段。

In addition, our agentic offerings interact with external tools, APIs, databases, code repositories, and other third-party systems, creating cybersecurity attack surfaces that are distinct from those applicable to traditional AI models. An adversary could manipulate the content of an external data source, API response, document, or web page processed by an agent to cause the agent to take harmful or unauthorized actions based on that manipulated input. An attacker could also attempt to compromise an active agent session and redirect the agent to perform malicious actions using the customer’s authenticated credentials and permissions. Because our agentic offerings are designed to take autonomous actions with real-world consequences, including executing code, modifying files, sending communications, and completing transactions, a successful exploitation of these agentic attack surfaces could result in data exfiltration, unauthorized transactions, code injection, or other adverse effects, potentially across multiple customer deployments simultaneously. Traditional cybersecurity defenses, including firewalls, input validation, and access controls, may not be fully effective against these novel threat vectors, and the security community’s understanding of agentic-specific attack surfaces is still developing.

我们过去曾发现、未来也可能发现我们的模型、平台和应用程序中存在错误、漏洞或其他缺陷（例如幻觉），且往往是在部署之后才发现，包括在开发新功能、集成或能力的过程中发现。此类问题已经并可能在未来导致服务中断、性能下降、非预期或有害的输出，或未经授权披露个人或专有信息，包括通过影响我们客户网络、系统和数据的安全事件。此外，影响我们客户的事件可能由客户配置错误或误用引起，或由客户访问控制不足或其他安全实践不当引起。此类事件，即使是由客户配置错误或误用、或客户缺乏充分安全控制所引起，也可能影响我们或我们的模型、平台和应用程序的声誉，并可能使我们面临责任风险、商业关系中断或其他损害。

We have in the past discovered, and may in the future discover, errors, vulnerabilities, or other defects, such as hallucinations, in our models, platform, and applications only after deployment, including in connection with the development of new features, integrations, or capabilities. Such issues have resulted and may in the future result in service disruptions, degraded performance, unintended or harmful outputs, or the unauthorized disclosure of personal or proprietary information, including through security incidents that impact the networks, systems, and data of our customers. In addition, incidents impacting our customers may be caused by customer misconfiguration or misuse, or by inadequate access controls or other security practices by our customers. Such incidents, even if caused by customer misconfigurations or misuse, or by a customer’s lack of adequate security controls, may impact our reputation or the reputation of our models, platform, and applications, and may subject us to liability exposure, disruption of commercial relationships, or other damage.

网络攻击，包括针对我们的网络、我们客户的网络或与我们存在关系的第三方网络的网络攻击，已经并可能在未来继续因使用 AI（包括我们的模型、平台和应用程序）而被放大。此类能力可能被用于自动化或扩大攻击规模、冒充员工或高级管理人员，或以其他方式未经授权访问我们的系统或我们的客户、合作伙伴或供应商的系统。

Cyberattacks, including cyberattacks directed at our networks, our customers’ networks, or the networks of third parties with which we have relationships, have been, and may in the future continue to be, amplified through the use of AI, including our models, platform, and applications. Such capabilities may be used to automate or scale attacks, impersonate employees or members of senior management, or otherwise gain unauthorized access to our systems or those of our customers, partners, or vendors.

我们的内部系统或控制出现故障、安全漏洞、未能遵守我们的隐私或数据保护承诺，或其他事件，无论源于恶意活动、人为错误还是系统限制，都可能对我们的声誉、品牌和业务产生不利影响，并削弱我们吸引和留住客户的能力。我们的办公场所和承载我们基础设施的数据中心（其中许多由第三方运营）也面临物理威胁以及这些设施运营方出现故障的风险。物理入侵可能损坏设备、中断我们的服务，或提供一条绕过我们网络防御、进入我们的系统和数据（包括我们的模型权重）的路径。

Failures in our internal systems or controls, security breaches, failures to comply with our privacy or data protection commitments, or other incidents, whether resulting from malicious activity, human error, or system limitations, could adversely affect our reputation, brand, and business and impair our ability to attract and retain customers. Our offices and the data centers that host our infrastructure, many of which are operated by third parties, are also exposed to physical threats as well as failures by the operators of those facilities. A physical intrusion could damage equipment, interrupt our services, or provide a path to our systems and data, including our model weights, that bypasses our network defenses.

尽管我们已投入大量资源用于识别和应对这些安全风险，但我们无法保证我们的安全措施一定有效，也无法保证我们的恢复流程、备份及其他系统足以应对。即使我们发现了安全事件，我们的响应也可能不够充分，包括如果我们误判其严重程度、响应过慢或未能彻底修复根本原因。此外，发生时看似轻微的事件，在与其它事件或事后获知的信息一并考虑时，可能被证明是重大的；一系列相关事件单独来看均不重大，但合计起来可能具有重大性。我们持续投入大量资源防范安全漏洞及其他事件，未来可能还需投入大量资源以缓解和处理漏洞及其他事件造成的问题，这可能会分流我们业务增长和扩张所需的资源。

Although we have dedicated significant resources designed to identify and address these security risks, we cannot guarantee that our security measures will be effective or that our recovery protocols, backup, and other systems will be sufficient. Even where we detect an incident, our response may prove inadequate, including if we misjudge its severity, respond too slowly, or fail to fully remediate the underlying cause. In addition, incidents that appear minor when they occur may later prove significant when considered together with other incidents or with information learned afterward, and a series of related incidents, none of which is material on its own, could prove material in the aggregate. We continue to devote significant resources to protect against security breaches and other incidents, and we may need to devote significant resources in the future to mitigate and address problems caused by breaches and other incidents, which may divert resources from the growth and expansion of our business.

我们或与我们开展业务的第三方（尤其是我们的云服务商（CSP））所经历的任何实际或感知到的安全漏洞或其他事件，都可能损害我们的声誉和品牌，导致我们的业务受损，要求我们投入大量资本和其他资源，导致我们产生不断增加的成本（包括部署额外人员和防护技术、培训员工以及聘请第三方专家和顾问的成本），使我们面临诉讼或监管行动，导致我们违反适用的隐私、数据保护、安全及其他法律法规，使我们遭受负面舆论并丧失对我们安全措施的信任，并导致我们承担重大罚款、处罚及其他责任风险，从而可能对我们的业务、财务状况和经营业绩产生不利影响。我们已采取措施限制某些事件的责任，例如通过服务条款中的保证免责声明和责任限制，但这些合同保护措施可能不被支持，或可能不适用于某些索赔，或在适用法律下可能不足以限制我们的责任风险。

Any actual or perceived security breach or other incident experienced by us or third parties with whom we do business, particularly our CSPs, could damage our reputation and brand, cause our business to suffer, require us to expend significant capital and other resources, cause us to incur increasing costs, including costs to deploy additional personnel and protection technologies, train employees, and engage third-party experts and consultants, expose us to litigation or regulatory action, cause us to violate applicable privacy, data protection, security, and other laws and regulations, subject us to adverse publicity and a loss of confidence in our security measures, and cause us to incur significant fines, penalties, and other liability exposure, which could adversely affect our business, financial condition, and results of operations. We have taken steps to limit our liability for certain incidents, for example through warranty disclaimers and limitations of liability in our terms of service, but those contractual protections may not be upheld, or may not apply to certain claims, or may otherwise be insufficient to limit our liability exposure under applicable law.

在欧盟，我们面临日益严格的网络安全和 AI 相关事件的监管报告义务。根据 GDPR，我们必须就涉及个人数据且可能导致个人权利和自由风险的事件通知主管监管机构。同样，欧盟《网络与信息安全指令 2022/2555》（“NIS2”）要求我们通过分阶段流程向主管当局报告任何重大网络安全事件。此外，欧盟《人工智能法案》要求具有系统性风险的通用目的 AI 模型提供者跟踪、记录并及时向 AI 办公室和主管当局报告严重事件。今后，欧盟《人工智能法案》所定义的高风险 AI 系统的提供者和部署者，在特定情况下也必须及时报告严重事件或故障。

In the EU, we face increasingly stringent regulatory reporting obligations for cybersecurity and AI-related incidents. Under the GDPR, we must notify the competent regulators about incidents that involve personal data and are likely to result in a risk to the rights and freedoms of individuals. Similarly, the EU Network and Information Security Directive 2022/2555 (“NIS2”) requires us to notify the competent authorities of any significant cybersecurity incident through a staged process. In addition, the EU AI Act requires providers of general-purpose AI models with systemic risk to keep track of, document, and report serious incidents without undue delay to the AI Office and competent authorities. Going forward, providers and deployers of high-risk AI systems, as defined under the EU AI Act, will also have to report serious incidents or malfunctions without undue delay in certain circumstances.

在美国，公司日益受到类似的网络安全事件报告义务约束，包括联邦及各州的数据泄露通知法律，例如《纽约州停止黑客攻击与改进电子数据安全（SHIELD）法案》。此外，某些美国州已针对前沿模型提供商制定了专门的事件报告法律，例如《纽约州负责任人工智能安全与教育法案（RAISE 法案）》和《加州前沿人工智能透明度法案》。这些框架在事件披露延迟、不完整或不准确的情况下，会带来更高的合规要求和责任风险。

In the United States, companies are increasingly subject to analogous incident reporting obligations, including under federal and state data breach notification laws, such as the New York Stop Hacks and Improve Electronic Data Security (SHIELD) Act. In addition, certain U.S. states have adopted incident reporting laws specific to frontier model providers, such as the New York Responsible AI Safety and Education Act (RAISE Act) and the California Transparency in Frontier Artificial Intelligence Act. These frameworks create heightened compliance and liability exposure in case of delayed, incomplete, or inaccurate incident disclosures.

尽管我们目前持有可能覆盖与安全漏洞及其他事件相关的某些成本、责任和其他损失的保险，但此类损失的保险市场持续演变，我们可能无法以商业上合理的条件获得针对某些网络安全相关或数据相关责任的保险，或根本无法获得保险，从而使我们面临可能重大的未投保损失。此外，无法保证我们现有的保险覆盖足以补偿我们的潜在损失，也无法保证我们提交的任何保险索赔将获得承保、及时赔付，或由我们的承保人全额赔付。

While we currently maintain insurance that may cover certain costs, liabilities, and other losses in connection with security breaches and other incidents, the insurance market for such losses is continuously evolving, and we may be unable to obtain coverage for certain cybersecurity-related or data-related liabilities on commercially reasonable terms, or at all, leaving us exposed to potentially significant uninsured losses. Furthermore, there can be no guarantee that the insurance coverage we do maintain will be adequate to compensate us for the potential losses, or that any insurance claims we submit will be covered, paid in a timely manner, or paid at all by our insurance carrier or carriers.

**我们在全网采用自动化数据收集，并使用其他方法收集用于训练我们 AI 模型的数据，此类活动可能使我们承担责任或限制我们使用所收集数据的能力，从而可能对我们的业务、财务状况或经营业绩产生不利影响。**

**We employ automated data collection across the web and use other methods to collect data for training our AI models, and such activities may subject us to liability or limit our ability to use the collected data, which may adversely affect our business, financial condition, or results of operations.**

我们收集并使用各种数据源来训练我们的 AI 模型，包括来自互联网的公开可得信息、从第三方获得许可或委托第三方提供的数据集，以及由我们自有模型生成的合成数据。我们在模型开发的各个阶段使用此类数据，包括预训练和后训练。为收集公开可得信息，我们采用网络抓取或网络爬虫技术、图书扫描及其他方法。尽管我们采取措施以确保我们的活动符合适用法律、适用的 robots.txt 通知以及相关技术措施（如付费墙或登录要求），但我们的努力可能并非总能成功。此外，在某些情况下，我们可能无法核实通过此类技术收集的信息是否受隐私、版权或其他知识产权法律保护，而我们对此类受保护信息的使用可能使我们承担知识产权侵权或隐私侵犯的额外责任。更广泛而言，训练数据来源、出处或保管链的记录不充分可能产生法律风险，增加我们应对监管问询或诉讼证据开示请求的难度，或在投资者、合作伙伴或潜在收购方的尽职调查中引发疑虑，从而可能对我们的战略交易或业务关系产生不利影响。

We collect and use various data sources to train our AI models, including publicly available information from the internet, datasets licensed or commissioned from third parties, and synthetic data generated by our own models. We use such data across the stages of model development, including pre-training and post-training. To collect publicly available information, we utilize web scraping or web crawling techniques, book scanning, and other methods. While we take steps designed to ensure that our activities comply with applicable law, applicable robots.txt notices, and relevant technical measures such as paywalls or logins, our efforts may not always be successful. Further, we may not be able to verify whether information collected using such techniques is protected under privacy, copyright, or other intellectual property laws in certain cases, and our use of any such protected information may subject us to additional liability for intellectual property infringement or privacy violations. More broadly, inadequate documentation of training data sources, provenance, or chain of custody could create legal exposure, complicate our ability to respond to regulatory inquiries or litigation discovery requests, or raise concerns during due diligence by investors, partners, or potential acquirers that could adversely affect our strategic transactions or business relationships.

我们的数据收集活动过去曾导致、目前正涉及、且未来可能引发针对我们提起或发起的诉讼或其他法律行动，指控我们的抓取、网络爬虫及其他数据收集技术违反法律。例如，Reddit, Inc. 已对我们提起诉讼，案名为 Reddit, Inc. v. Anthropic PBC，指控我们不当访问存储在 Reddit, Inc. 平台上的帖子，侵犯其合法权益。2025 年 7 月 3 日，我们提交了将该案移送联邦法院的通知。该案于 2026 年 3 月 30 日被发回州法院。该诉讼目前仍在审理中，我们继续就相关指控进行抗辩。

Our data collection activities have in the past resulted, are presently the subject of, and may in the future result in litigation or other actions filed or instituted against us, alleging that our scraping, web crawling, and other techniques to collect data violate the law. For example, Reddit, Inc. has filed suit against us, captioned Reddit, Inc. v. Anthropic PBC, alleging we improperly accessed posts stored on Reddit, Inc.’s platform in violation of its legal rights. On July 3, 2025, we filed a notice of removal of the case to federal court. The case was remanded to state court on March 30, 2026. The lawsuit is currently pending, and we continue to defend ourselves against the allegations.

无论是否有理，为此类诉讼进行抗辩的成本均相当高昂，且此类诉讼可能分散管理层和关键人员的注意力与资源，从而可能严重损害我们的业务、财务状况和经营业绩。关于涉嫌非法抓取和网络爬虫技术的索赔可能极为宽泛，我们可能无法以能够避免所有此类索赔的方式开展业务。

The costs of defending against such litigation, regardless of merit, are considerable, and such litigation may divert management and key personnel’s attention and resources, which may seriously harm our business, financial condition, and results of operations. Claims of allegedly illegal scraping and web crawling techniques may be extremely broad, and it may not be possible for us to conduct our business in such a way as to avoid all such claims.

我们可能被要求以对我们不利的条件和解此类诉讼。例如，和解可能要求我们停止此类涉嫌非法的行为、禁止我们使用某些抓取和网络爬虫技术，和/或要求我们开发替代技术或做法。开发替代技术或做法将需要大量投入和费用，且可能无法成功。

We may be required to settle such litigation on terms that are unfavorable to us. For example, a settlement may require us to discontinue such allegedly illegal practices, preclude us from using certain scraping and web crawling techniques, and/or require us to develop alternative technology or practices. The development of alternative technology or practices would require significant effort and expense or may not be successful.

同样，如果我们可能作为一方的任何诉讼未能和解而进入审判，我们可能面临不利判决，且该判决可能无法通过上诉推翻。判决条款可能要求我们停止部分或全部运营，或要求支付巨额款项。任何此类事件均可能导致我们的业务、财务状况和经营业绩受到不利影响。

Similarly, if any litigation to which we may be a party fails to settle and we go to trial, we may be subject to an unfavorable judgment which may not be reversible upon appeal. The terms of a judgment may require us to cease some or all of our operations or require the payment of substantial amounts. Any of these events could cause our business, financial condition, and results of operations to be adversely affected as a result.

**我们通过协议从多个来源收集、整合和分析数据，包括我们的客户和用户提供的数据以及根据合同安排从第三方获取的数据，此类活动可能使我们承担责任或限制我们使用所收集数据的能力，从而可能对我们的业务、财务状况或经营业绩产生不利影响。**

**We collect, integrate, and analyze data via agreements from multiple sources, including data provided by our customers and users and data sourced from third parties under contractual arrangements, and such activities may subject us to liability or limit our ability to use the collected data, which may adversely affect our business, financial condition, or results of operations.**

如果我们或我们获取数据的客户、用户或第三方对某些第三方数据缺乏足够的收集、使用、处理、共享或分析权利——包括用于训练或改进分析模型或 AI 模型——我们可能面临法律索赔、监管审查或合同责任。此类索赔可能要求我们限制功能、隔离数据或重新训练模型，并可能对我们的业务、财务状况和经营业绩产生不利影响。

If we or the customers, users, or third parties from which we source data lack sufficient rights to collect, use, process, share, or analyze certain third-party data—including for training or improving analytical or AI models —we could be subject to legal claims, regulatory scrutiny, or contractual liability. Such claims could require us to limit functionality, segregate data, or retrain models, and could adversely affect our business, financial condition, and results of operations.

为此类诉讼进行抗辩的成本（无论其是否有理）都相当高昂，且此类诉讼可能分散管理层和关键人员的注意力与资源，从而可能对我们的业务、财务状况和经营业绩产生不利影响。关于侵占、滥用、侵权、侵犯隐私或其他违反知识产权或合同权利的索赔，以及与使用特定数据相关的其他索赔，可能范围极为宽泛，因此，我们很可能在日常经营过程中面临某些索赔。

The costs of defending against such litigation, regardless of merit, are considerable, and such litigation may divert management and key personnel’s attention and resources, which may adversely affect our business, financial condition, and results of operations. Claims of misappropriation, misuse, infringement, privacy violations, or other violations of intellectual property or contractual rights, as well as other claims related to using particular data, may be extremely broad, and as such, it is likely we will face certain claims in the ordinary course of business.

**我们过去曾、目前正在、且未来可能继续面临第三方的知识产权索赔，此类索赔的抗辩成本极高，可能要求我们支付巨额损害赔偿，并可能限制我们使用某些技术的能力，从而可能对我们的业务、财务状况和经营业绩产生不利影响。**

**We have been, are currently defending against, and may in the future be, subject to intellectual property rights claims by third parties, which are extremely costly to defend, may require us to pay significant damages and may limit our ability to use certain technologies, which may adversely affect our business, financial condition, and results of operations.**

我们所在行业存在大量的知识产权开发活动。我们的竞争对手以及许多其他实体（包括非执业实体和个人）可能拥有或声称拥有与我们行业或我们的技术相关的知识产权。随着我们面临的竞争日益激烈以及公众关注度不断提高，针对我们的知识产权索赔的可能性也可能随之增加。

There is considerable intellectual property development activity in our industry. Our competitors, as well as a number of other entities, including non-practicing entities and individuals, may own or claim to own intellectual property rights relating to our industry or our technology. As we face increasing competition and our public profile increases, the possibility of intellectual property rights claims against us may also increase.

为训练我们的模型，我们使用来自多种来源的材料，其中部分可能包含第三方受版权保护的内容或商标。无论该材料是否受版权保护或商标是否已注册，对该内容或商标享有权利的主体，或分发该内容的主体，均可能基于知识产权侵权或其他理论对我们提起诉讼。我们还面临关于我们模型生成的输出侵犯或助长侵犯第三方作品的索赔。主张此类索赔的诉讼已经提起、正在审理中，且未来可能在美国及国际上提起。例如，2025 年 9 月，我们达成协议，以$1.5 billion 和解一起版权侵权集体诉讼，案名为 Bartz, et al. v. Anthropic PBC（“Bartz”），该和解于 2026 年 7 月获地区法院批准。作为更多示例，多家出版商已对我们提起诉讼，指控侵犯歌词版权及非法移除版权管理信息，案名分别为 Concord Music Group, Inc., et al. v. Anthropic PBC、Concord Music Group, Inc., et al. v. Anthropic PBC et al.、BMG Rights Management (US) LLC v. Anthropic PBC、Round Hill Music LP, et al. v. Anthropic PBC、Sony Music Publishing (US) LLC v. Anthropic PBC et al.等。同样，第三方指控我们访问并复制存储在该第三方平台上的帖子，侵犯其合法权利，并已对我们提起诉讼，案名为 Reddit, Inc. v. Anthropic PBC。某些知识产权法律框架下的法定损害赔偿可能性为我们带来额外风险。我们正在这些待决诉讼中积极为自己辩护，并相信我们拥有有理有据的抗辩理由，尽管这些诉讼涉及新颖问题和法律领域，使结果具有不确定性。

To train our models, we use material from many sources, some of which may include third-party copyrighted content or trademarks. Regardless of whether the material is copyrighted or the trademarks are registered, parties who own the rights to that content or those trademarks, or distribute that content, may attempt to sue us based on intellectual property infringement or other theories. We also face claims that outputs generated by our models infringe, or facilitate infringement of, third-party works. Lawsuits asserting such claims have been filed, are pending, and may be filed in the future in the United States and internationally. For example, in September 2025, we reached an agreement to settle a copyright infringement class action, captioned Bartz, et al. v. Anthropic PBC (“Bartz”), for $1.5 billion, which was approved by the district court in July 2026. As additional examples, various publishers have filed suit against us alleging copyright infringement of song lyrics and unlawful removal of copyright management information in the cases captioned Concord Music Group, Inc., et al. v. Anthropic PBC, Concord Music Group, Inc., et al. v. Anthropic PBC et al., BMG Rights Management (US) LLC v. Anthropic PBC, Round Hill Music LP, et al. v. Anthropic PBC, Sony Music Publishing (US) LLC v. Anthropic PBC et al., and others. Similarly, a third party alleges we accessed and reproduced posts stored on the third party’s platform in violation of its legal rights and has filed suit against us, captioned Reddit, Inc. v. Anthropic PBC. The possibility of statutory damages under some intellectual property legal frameworks creates additional risk for us. We are vigorously defending ourselves in these pending lawsuits and believe we have meritorious defenses, though these lawsuits address novel issues and areas of law that make the results uncertain.

我们还面临专利侵权索赔，此类索赔可能寻求巨额损害赔偿或禁令救济，限制我们使用某些技术的能力，且我们预计随着我们的公众知名度提升，此类索赔可能会日益增多。此外，我们的某些竞争对手持有的专利组合规模远大于我们，他们可能据此对我们主张权利，这可能限制我们获得有效的交叉许可或利用自身专利权进行反制的能力。

We also face patent infringement claims, which may seek substantial damages or injunctive relief limiting our ability to use certain technologies, and we expect such claims may increasingly be asserted as our public profile grows. Moreover, certain of our competitors hold substantially larger patent portfolios than we do, which they could assert against us and which may limit our ability to obtain effective cross-licenses or to counter such assertions with our own patent rights.

无论是否有理，为此类诉讼进行辩护的成本都相当高昂，且此类诉讼可能分散管理层和关键人员的注意力与资源，从而可能对我们的业务、财务状况和经营业绩产生不利影响。关于盗用、滥用、侵权或其他侵犯知识产权的索赔，以及与使用特定内容相关的其他索赔，可能极为宽泛，因此，我们很可能在正常业务过程中面临某些索赔。

The costs of defending against such litigation, regardless of merit, are considerable, and such litigation may divert management and key personnel’s attention and resources, which may adversely affect our business, financial condition, and results of operations. Claims of misappropriation, misuse, infringement, or other violations of intellectual property rights, as well as other claims related to using particular content, may be extremely broad, and as such, it is likely we will face certain claims in the ordinary course of business.

我们可能被要求以对我们不利的条件了结此类诉讼。例如，和解可能要求我们取得许可才能继续被指控侵犯第三方权利的做法，而此类许可可能无法以合理条件获得，并可能大幅增加我们的经营费用。此类许可甚至可能完全无法获得。因此，我们可能被要求开发替代技术或做法，或停止此类被指控侵权的做法。开发替代技术或做法将需要大量投入和费用，且可能无法成功。

We may be required to settle such litigation on terms that are unfavorable to us. For example, a settlement may require us to obtain a license to continue practices alleged to violate a third party’s rights, which may not be available on reasonable terms and may significantly increase our operating expenses. Such a license may not be available to us at all. As a result, we may be required to develop alternative technology or practices or discontinue such allegedly infringing practices. The development of alternative technology or practices would require significant effort and expense or may not be successful.

同样，如果我们作为一方的任何诉讼未能和解并进入审判，我们可能面临不利判决，且该判决可能无法通过上诉推翻。判决条款可能要求我们停止部分或全部经营，或要求支付巨额款项。任何此类事件都可能对我们的业务、财务状况和经营业绩造成不利影响。

Similarly, if any litigation to which we may be a party fails to settle and we go to trial, we may be subject to an unfavorable judgment which may not be reversible upon appeal. The terms of a judgment may require us to cease some or all of our operations or require the payment of substantial amounts. Any of these events could cause our business, financial condition, and results of operations to be adversely affected as a result.

我们还承诺就第三方针对合同相对方提出的某些侵权索赔向其作出赔偿，且此类赔偿义务可能不受限制我们责任敞口的合同责任限制条款的约束。在某些情况下，我们的赔偿义务范围可能宽泛或不受限制，这可能使我们面临重大或有负债，尤其是考虑到知识产权法在适用于 AI 生成输出时的不确定性，以及索赔可能源于我们无法预测或控制的广泛客户使用场景。例如，我们的某些协议要求我们为合同相对方抗辩并作出赔偿，且不设责任上限，以应对第三方声称我们的模型或模型生成的输出侵犯第三方知识产权的索赔。此外，如标题为“——我们可能因与 AI 模型相关的危害而面临责任、诉讼和监管行动，且我们的合同保护和保险可能不足，其中任何一项均可能对我们的业务、财务状况和经营业绩产生不利影响”一节所述，我们与外部评估方和测试供应商的某些协议要求我们为评估方抗辩并作出赔偿，且不设责任上限，以应对某些第三方索赔，包括知识产权侵权索赔。第三方侵权索赔可能要求我们代表客户和分销合作伙伴提起或抗辩旷日持久且成本高昂的诉讼，无论这些索赔的实体理由如何。如果任何此类索赔获得支持，我们可能被迫代表客户和经销商合作伙伴支付损害赔偿，可能被要求修改被指控侵权的模型、平台和应用程序以使其不构成侵权，或可能被要求获得被侵权知识产权下的许可。如果我们无法以商业上合理的条款获得所有必要许可，或无法修改我们的模型、平台和应用程序或技术以使其不再构成侵权，我们的客户可能被迫停止使用我们的模型、平台和应用程序，我们的分销合作伙伴可能被迫停止销售我们的模型、平台和应用程序。即使我们未将这些事项诉讼至判决，我们也可能被要求以对我们不利的条款和解此类诉讼。

We also offer to indemnify our contract counterparties for certain third-party infringement claims against them, and such indemnification obligations may be excluded from contractual limitation of liability provisions that limit our exposure. In certain cases, our indemnification obligations may be broad or unlimited in scope, which could expose us to significant contingent liabilities, particularly given the unsettled nature of intellectual property law as applied to AI-generated outputs and the potential for claims to arise from a wide range of customer use cases that we cannot predict or control. For example, certain of our agreements require us to defend and indemnify the counterparty, without a cap on our liability, against third-party claims alleging that our models, or outputs generated by our models, infringe third-party intellectual property rights. In addition, as described in the section titled “—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, any of which could adversely affect our business, financial condition, and results of operations,” certain of our agreements with external evaluators and testing vendors require us to defend and indemnify the evaluator, without a cap on our liability, against certain third-party claims, including claims of intellectual property infringement. Third-party infringement claims may require us to initiate or defend protracted and costly litigation on behalf of our customers and distribution partners, regardless of the merits of these claims. If any of these claims succeed, we may be forced to pay damages on behalf of our customers and reseller partners, may be required to modify our allegedly infringing models, platform, and applications to make them non-infringing, or may be required to obtain licenses under the infringed intellectual property rights. If we cannot obtain all necessary licenses on commercially reasonable terms or are unable to modify our models, platform, and applications or technology so that they are no longer infringing, our customers may be forced to stop using our models, platform, and applications, and our distribution partners may be forced to stop selling our models, platform, and applications. Even if we do not litigate these matters to a judgment, we may be required to settle such litigation on terms that are unfavorable to us.

**如果我们未能充分保护我们的知识产权，我们的竞争地位可能受到损害，我们可能失去宝贵资产、产生减少的收入，并为保护我们的权利而承担高昂的诉讼费用，这可能对我们的业务、财务状况和经营业绩产生不利影响。**

**If we fail to adequately protect our intellectual property rights, our competitive position may be impaired, and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights, which may adversely affect our business, financial condition, and results of operations.**

我们的成功部分取决于对知识产权和专有信息的保护。我们依赖并预计将继续依赖商标、版权、专利和商业秘密保护法以及合同限制的组合来保护我们的知识产权和专有信息。然而，我们无法保证我们为保护知识产权和专有信息所采取的措施是充分的，也无法保证我们在此类失败发生时能够获得充分的救济。特别是，现任或前任员工、承包商或其他能够接触我们专有模型权重、训练数据、算法、研究洞见或其他专有信息的内部人员，可能盗用此类信息，无论是为了个人利益、为竞争对手谋利、损害本公司还是出于其他目的，而我们的保密协议和内部安全控制可能不足以防止或发现此类不当行为。

Our success is dependent, in part, upon protecting our intellectual property rights and proprietary information. We rely and expect to continue to rely on a combination of trademark, copyright, patent, and trade secret protection laws, along with contractual restrictions, to protect our intellectual property rights and proprietary information. However, we cannot guarantee that the steps we take to protect our intellectual property rights and proprietary information will be sufficient, or that we will have adequate remedies for any such failure. In particular, current or former employees, contractors, or other insiders with access to our proprietary model weights, training data, algorithms, research insights, or other proprietary information, could misappropriate such information, whether for personal gain, to benefit competitors, to harm our company, or for other purposes, and our confidentiality agreements and internal security controls may not be sufficient to prevent or detect such malfeasance.

此外，第三方过去曾、未来也可能在知情或不知情的情况下侵犯或规避我们的知识产权，而我们可能无法在不承担巨额费用的情况下阻止侵权。为保护和执行我们的知识产权而提起的诉讼过去是、将来也会是昂贵、耗时且分散管理层和关键人员注意力的，并可能导致我们部分知识产权的受损或丧失。此外，我们执行知识产权的努力可能遭遇抗辩、反诉和反请求，攻击我们知识产权的有效性和可执行性，并可能导致针对我们的禁令救济或金钱损害赔偿。如果知识产权保护不足以防止第三方的使用或盗用，我们品牌和其他无形资产的价值可能会被削弱，竞争对手可能能够更有效地模仿我们的模型、平台、应用和运营方法。此外，由于知识产权诉讼需要进行大量证据开示，我们的保密信息可能因诉讼过程中的披露而泄露。任何此类事件都将对我们的业务、财务状况和经营业绩产生不利影响。

Further, third parties have in the past, and may in the future, knowingly or unknowingly infringe or circumvent our intellectual property rights, and we may not be able to prevent infringement without incurring substantial expense. Litigation brought to protect and enforce our intellectual property rights has been, and would be, costly, time-consuming, and distracting to management and key personnel, and could result in the impairment or loss of portions of our intellectual property rights. Further, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of our intellectual property rights and may result in injunctive relief or monetary damages against us. If the protection of our intellectual property rights is inadequate to prevent use or misappropriation by third parties, the value of our brand and other intangible assets may be diminished and competitors may be able to more effectively mimic our models, platform, and applications and methods of operations. In addition, due to the significant amount of discovery required in connection with intellectual property litigation, our confidential information may be compromised by disclosure during litigation. Any of these events would have an adverse effect on our business, financial condition, and results of operations.

我们未来的成功和竞争地位部分取决于我们能否获得或维持用于我们模型、平台和应用的某些知识产权。尽管我们已获得授权专利并有待审专利申请，但我们可能无法就专利申请所涵盖的技术获得专利保护。此外，我们无法确保任何专利申请都将获得授权，也无法确保任何已授权专利所允许的权利要求范围足够宽泛，以保护我们的技术或模型、平台和应用并为我们提供竞争优势。此外，任何已授权专利都可能受到第三方的质疑、被宣告无效或被规避。

Our future success and competitive position depend in part upon our ability to obtain or maintain certain intellectual property rights used in our models, platform, and applications. While we have issued patents and have patent applications pending, we may be unable to obtain patent protection for the technology covered in our patent applications. In addition, we cannot ensure that any of the patent applications will be granted or that the claims allowed on any issued patents will be sufficiently broad to protect our technology or models, platform, and applications and provide us with competitive advantages. Further, any issued patents may be challenged, invalidated, or circumvented by third parties.

美国的许多专利申请在提交后的一段时间内可能不会公开，而且由于科学文献或专利文献中的发现披露往往比实际发现滞后数月，我们无法确定我们将是所提交的任何专利申请所涵盖发明的首个创造者，也无法确定我们将是就该等发明提交专利申请的首个申请人。由于部分专利申请可能在一段时间内不予公开，因此还存在这样的风险：我们可能在不知悉某项待审专利申请的情况下采用某项技术，而一旦该专利获得授权，该技术将侵犯第三方的专利权。

Many patent applications in the United States may not be public for a period of time after they are filed, and since publication of discoveries in the scientific or patent literature tends to lag behind actual discoveries by several months, we cannot be certain that we will be the first creator of inventions covered by any patent application we make or that we will be the first to file patent applications on such inventions. Because some patent applications may not be public for a period of time, there is also a risk that we could adopt a technology without knowledge of a pending patent application, which technology would infringe a third-party patent once that patent is issued.

我们还依赖未申请专利的专有技术。他人有可能独立开发出相同或类似的技术，或以其他方式获取我们的未申请专利技术。为保护我们的商业秘密和其他专有信息，我们的政策要求员工、顾问和独立承包商签订保密协议。我们无法保证，在发生任何未经授权使用、盗用或披露该等商业秘密、专有技术或其他专有信息的情形时，该等协议能够为我们的商业秘密、专有技术或其他专有信息提供充分保护，也无法保证员工、顾问或独立承包商不会违反其与我们签订的保密协议。如果我们无法维持我们技术的专有性，我们的业务可能会受到不利影响。

We also rely on unpatented proprietary technology. It is possible that others will independently develop the same or similar technology or otherwise obtain access to our unpatented technology. To protect our trade secrets and other proprietary information, our policy requires employees, consultants, and independent contractors to enter into confidentiality agreements. We cannot guarantee that these agreements will provide sufficient protection for our trade secrets, know-how, or other proprietary information in the event of any unauthorized use, misappropriation, or disclosure of such trade secrets, know-how, or other proprietary information, or that the employee, consultant or independent contractor will not breach their confidentiality agreements with us. If we are unable to maintain the proprietary nature of our technologies, our business could be adversely affected.

我们还依赖我们的商标、商号和品牌名称，将我们的模型、平台和应用与竞争对手的产品区分开来，并已在美国及美国以外某些国家注册或申请注册了其中许多商标。然而，第三方偶尔已经注册并取得、且未来可能注册或取得与我们的产品类似或相同标志的普通法权利，用于同样面向与我们相似市场的产品或解决方案，并曾试图主张此类权利。由于我们在一定程度上依赖品牌名称和商标保护来行使我们的知识产权，第三方限制我们使用品牌名称或商标的行为，以及在各国家/地区注册品牌名称和商标的障碍，可能限制我们在关键市场推广和维护统一品牌的能力。此外，无法保证待决或未来的美国或非美国商标申请将及时获得批准或获得批准，也无法保证此类注册将有效保护我们的品牌名称和商标。此外，第三方已经对我们的商标申请提出异议，且未来可能提出异议，或以其他方式质疑我们对商标的使用。如果我们的商标被成功质疑，我们可能被迫对我们的模型、平台和应用进行品牌重塑，这将导致品牌认知度丧失，并要求我们将资源投入到新品牌的广告和营销中。尽管我们采取措施保护我们的财产，但如果我们无法防止我们的知识产权被盗用或被利用，我们的投资价值可能会受到损害，我们的业务、财务状况和经营业绩可能会受到不利影响。

We also rely on our trademarks, trade names, and brand names to distinguish our models, platform, and applications from the products of our competitors and have registered or applied to register many of these trademarks in the United States and certain countries outside the United States. However, occasionally third parties have registered and acquired, and may in the future register or acquire, common law rights in identical or similar marks for products or solutions that also address similar markets to our own and have tried to enforce such rights. As we rely in part on brand names and trademark protection to enforce our intellectual property rights, efforts by third parties to limit use of our brand names or trademarks and barriers to the registration of brand names and trademarks in various countries may restrict our ability to promote and maintain a cohesive brand throughout our key markets. There can also be no assurance that pending or future U.S. or non-U.S. trademark applications will be approved in a timely manner or at all, or that such registrations will effectively protect our brand names and trademarks. Additionally, third parties have opposed, and may in the future oppose, our trademark applications or otherwise challenge our use of the trademarks. In the event that our trademarks are successfully challenged, we could be forced to rebrand our models, platform, and applications, which would result in loss of brand recognition and would require us to devote resources to advertising and marketing new brands. Although we take measures to protect our property, if we are unable to prevent the theft of our intellectual property or its exploitation, the value of our investments may be undermined and our business, financial condition, and results of operations may be adversely affected.

**我们在模型、平台和应用中整合了开源软件，这可能使我们面临诉讼或其他要求，其中任何一项都可能对我们的业务、财务状况和经营业绩产生不利影响。**

**We incorporate open-source software in our models, platform, and applications, which may subject us to litigation or other requirements, each of which may adversely affect our business, financial condition, and results of operations.**

我们在模型、平台和应用中使用的一部分技术包含开源软件，且我们未来可能在模型、平台和应用中引入开源软件。使用第三方开源软件的公司不时会面临质疑其对该等开源软件的使用以及其是否遵守适用开源许可条款的索赔。我们可能面临主张其拥有我们所认为的开源软件的所有权、或主张我们未遵守适用开源许可条款的当事方提起的诉讼。部分开源许可要求通过网络分发或提供包含开源软件的软件最终用户，免费提供该等软件的全部或部分（其中可能包含有价值的专有代码），或按特定开源许可条款对该等软件进行许可。尽管我们采取了旨在帮助确保遵守第三方开源软件许可并保护我们有价值的专有源代码的做法，我们仍可能无意中以使我们面临未遵守该等许可适用条款之索赔（包括侵犯知识产权或违约索赔）的方式使用第三方开源软件。我们在软件开发流程中使用自有 AI 工具（包括 Claude Code）可能会加剧这些风险，因为 AI 生成的代码可能包含或复制开源软件，从而使相关许可义务（包括披露或授权专有源代码的著佐权要求）在我们不知情的情况下适用于我们。有关 AI 生成代码的类似担忧也可能导致企业客户限制其对我们产品的使用。此外，开源软件许可类型日益增多，其中几乎没有任何一种经过法院检验，导致有关该等许可类型正确法律解释的司法指引匮乏。如第三方对我们提出索赔，指称我们未遵守适用开源许可的条件，我们可能因抗辩该等指称而产生重大法律费用，耗费大量时间和资源重新设计我们的部分或全部软件，并可能面临重大损害赔偿、被禁止销售包含该开源软件的模型、平台和应用，以及被要求遵守开源许可的条件（其中可能包括公开披露我们的部分专有源代码），上述各项均可能对我们的业务、财务状况和经营业绩产生不利影响。

A portion of the technologies we use in our models, platform, and applications incorporates open-source software, and we may incorporate open-source software in our models, platform, and applications in the future. From time to time, companies that use third-party open-source software have faced claims challenging the use of such open-source software and their compliance with the terms of the applicable open-source license. We may be subject to suits by parties claiming ownership of what we believe to be open-source software or claiming non-compliance with the applicable open-source licensing terms. Some open-source licenses require end-users who distribute or make available across a network software that includes open-source software to make available all or part of such software (which may include valuable proprietary code), at no cost, or license such software under the terms of the particular open-source license. While we employ practices designed to help ensure our compliance with the licenses of third-party open-source software and protect our valuable proprietary source code, we may inadvertently use third-party open-source software in a manner that exposes us to claims of non-compliance with the applicable terms of such license, including claims for infringement of intellectual property rights or for breach of contract. These risks may be heightened by our use of our own AI tools, including Claude Code, in our software development processes, as AI-generated code could incorporate or reproduce open-source software such that the associated license obligations, including copyleft requirements to disclose or license proprietary source code, apply to us without our knowledge. Similar concerns regarding AI-generated code could also lead enterprise customers to limit their use of our products. Further, there is an increasing number of open-source software license types, almost none of which have been tested in a court of law, resulting in a dearth of judicial guidance regarding the proper legal interpretation of such license types. If a third party makes a claim against us alleging that we have not complied with the conditions of the applicable open-source license, we could incur significant legal expenses defending against such allegations, expend substantial time and resources to re-engineer some or all of our software, and could be subject to significant damages, enjoined from the sale of our models, platform, and applications that contained the open-source software, and required to comply with the conditions of the open-source license, which may include the public release of certain portions of our proprietary source code, each of which may have an adverse impact on our business, financial condition, and results of operations.

除与许可要求相关的风险外，使用开源软件可能比使用第三方商业软件带来更大的风险，因为开源许可方通常不就盗用、滥用、侵权、所有权、错误归属或其他违规行为、代码质量或开源软件的来源提供保证或其他合同保护。与使用开源软件相关的许多风险无法消除，并可能对我们的业务、财务状况和经营成果产生不利影响。例如，开源软件由我们无法控制的程序员开发，可能存在我们尚未察觉的安全漏洞、缺陷或错误。即使我们察觉到任何此类漏洞、缺陷或错误，我们或相关程序员也可能需要花费大量时间才能解决此类漏洞、缺陷或错误。此类延迟可能对我们的模型、平台和应用产生负面影响，包括对市场对我们模型、平台和应用的看法产生不利影响、损害我们模型、平台和应用的功能，或延迟我们模型、平台和应用上新功能或新特性的推出，其中任何一项都可能对我们的业务、财务状况和经营成果产生不利影响。

In addition to risks related to license requirements, use of open-source software can lead to greater risks than use of third-party commercial software because open-source licensors generally do not provide warranties or other contractual protections regarding misappropriation, misuse, infringement, ownership, misattribution, or other violations, the quality of the code, or the origin of the open-source software. Many of the risks associated with the use of open-source software cannot be eliminated and may adversely affect our business, financial condition, and results of operations. For instance, open-source software is developed by programmers beyond our control and may have security vulnerabilities, defects, or errors of which we may not be aware. Even if we become aware of any such vulnerabilities, defects, or errors, it may take a significant amount of time for either us or the relevant programmers to address such vulnerabilities, defects, or errors. Such a delay may negatively impact our models, platform, and applications, including by adversely affecting the market’s perception of our models, platform, and applications, impairing the functionality of our models, platform, and applications, or delaying the launch of new features or functionality on our models, platform, and applications, any of which may adversely affect our business, financial condition, and results of operations.

**我们目前及未来可能从第三方获得技术许可，用于我们的模型、平台和应用，而我们若无法维持该等许可，可能对我们的业务、财务状况和经营成果产生不利影响，且我们对该等第三方技术的使用可能使我们面临诉讼。**

**We currently, and may in the future, license technology from third parties for use in our models, platform, and applications, and our inability to maintain those licenses could adversely affect our business, financial condition, and results of operations, and our use of such third-party technology could subject us to litigation.**

我们目前将第三方许可的技术整合进我们的模型、平台和应用中，未来也可能继续这样做。如果我们无法以合理条款获得或继续使用或获得这些技术的许可，或者如果这些技术变得不可靠、不可用或无法正常运行，我们可能无法及时或根本无法获得足够的替代方案，我们提供模型、平台和应用并在市场中保持竞争力的能力将受到损害。此外，从第三方获得技术许可使我们面临更高的风险，即成为知识产权侵权索赔的对象以及遭受漏洞影响，原因包括我们对这类技术的开发过程可见度较低，以及为防范风险所采取的谨慎程度不足。我们无法确定我们的许可方没有或不会侵犯第三方的知识产权，也无法确定我们的许可方在我们可能销售或提供模型、平台和应用的所有司法管辖区内已经或将会对许可技术或相关知识产权拥有充分的权利。我们与许可方签订的部分协议可能被其终止，或规定了有限的期限。如果我们因第三方对我们的许可方或对我们提起的知识产权侵权索赔而无法继续获得技术许可，或者如果我们无法继续履行许可协议或以商业上合理的条款签订新的许可，我们开发或销售包含该技术或依赖该技术的模型、平台和应用的能力将受到限制，我们的业务、财务状况和经营业绩可能受到不利影响。

We currently incorporate, and may in the future incorporate, technology that we license from third parties into our models, platform, and applications. If we are unable to obtain or continue to use or license these technologies on reasonable terms, or if these technologies become unreliable, unavailable, or fail to operate properly, we may not be able to secure adequate alternatives in a timely manner or at all, and our ability to offer our models, platform, and applications and remain competitive in our market would be harmed. Further, licensing technologies from third parties exposes us to increased risk of being the subject of intellectual property infringement claims and vulnerabilities due to, among other things, our lower level of visibility into the development process with respect to such technology and the care taken to safeguard against risks. We cannot be certain that our licensors do not or will not infringe on the intellectual property rights of third parties or that our licensors have or will have sufficient rights in the licensed technology or related intellectual property rights in all jurisdictions in which we may sell or offer our models, platform, and applications. Some of our agreements with our licensors may be terminated by them or otherwise provide for a limited term. If we are unable to continue to license technology because of intellectual property infringement claims brought by third parties against our licensors or against us, or if we are unable to continue our license agreements or enter into new licenses on commercially reasonable terms, our ability to develop and sell our models, platform, and applications containing or dependent on that technology would be limited, and our business, financial condition, and results of operations could be adversely affected.

此外，如果我们无法从第三方获得技术许可，我们可能被迫收购或开发替代技术，而我们可能无法以商业上可行的方式做到这一点，甚至根本无法做到，并且可能需要我们使用质量或性能标准较低的替代技术。这可能限制或延迟我们提供新的或具有竞争力的产品的能力，并增加我们的成本。我们依赖的第三方软件可能更新不频繁、不受支持，或包含可能无法及时解决的错误或漏洞，其中任何一项都可能导致我们自己的模型、平台和应用出现错误，或使我们的模型、平台和应用面临漏洞。技术或我们与这些第三方关系的任何损害都可能对我们的业务、财务状况或经营业绩产生不利影响。

Additionally, if we are unable to license technology from third parties, we may be forced to acquire or develop alternative technology, which we may be unable to do in a commercially feasible manner, or at all, and may require us to use alternative technology of lower quality or performance standards. This could limit or delay our ability to offer new or competitive offerings and increase our costs. Third-party software we rely on may be updated infrequently, unsupported, or include errors or vulnerabilities that may not be resolved in a timely manner, any of which may result in errors in our own models, platform, and applications or expose our models, platform, and applications to vulnerabilities. Any impairment of the technologies or of our relationship with these third parties could adversely affect our business, financial condition, or results of operations.

**我们开发替代或减少对第三方供应商依赖的解决方案，可能使我们面临诉讼和其他纠纷。**

**Our development of solutions that replace or reduce reliance on third-party vendors may expose us to litigation and other disputes.**

我们开发并部署自有及基于合作伙伴的解决方案，以替代、淘汰或减少我们对第三方供应商的依赖，包括历史上为支持我们业务而提供软件、服务或基础设施的供应商。这些供应商可能认为我们的行为对其商业利益造成不利影响，并可能对我们提出索赔，包括违约、知识产权侵权（包括专利、版权或商业秘密）、滥用保密或专有信息、侵权性干涉或不正当竞争等索赔。

We develop and deploy proprietary and partner-based solutions that replace, deprecate, or reduce our reliance on third-party vendors, including vendors that historically provided software, services, or infrastructure supporting our business. These vendors may perceive our actions as adversely affecting their business interests and may assert claims against us, including claims for breach of contract, intellectual property infringement (including patents, copyrights, or trade secrets), misuse of confidential or proprietary information, tortious interference, or unfair competition.

无论此类索赔是否有依据，均可能被提出，并可能导致代价高昂的诉讼、和解、禁令，或限制我们部署或扩展模型、平台及应用程序的能力。抗辩此类索赔可能分散管理层和关键人员的注意力与资源，需要大量法律支出，并对我们的业务、财务状况和经营业绩造成不利影响。

Such claims may be asserted regardless of their merit and could result in costly litigation, settlements, injunctions, or restrictions on our ability to deploy or expand our models, platform, and applications. Defending against these claims could divert management and key personnel’s attention and resources, require significant legal expenditures, and adversely affect our business, financial condition, and results of operations.

**我们或我们的员工可能被指控盗用其他公司的知识产权，尤其是在我们从其他 AI 和技术公司招聘员工的情况下。**

**We may be subject to claims that we or our employees have misappropriated the intellectual property of other companies, particularly as we hire employees from other AI and technology companies.**

我们的成功部分取决于我们吸引和留住高技能员工的能力，包括具有 AI 和机器学习经验的工程师、数据科学家和研究人员。随着 AI 人才竞争持续加剧，我们已聘用并可能在未来聘用曾在竞争对手或相关技术领域公司工作或以其他方式与之有关联的员工，且我们部分员工已离职、其他员工可能离职加入此类竞争对手。

Our success depends in part on our ability to attract and retain highly skilled employees, including engineers, data scientists, and researchers with experience in AI and machine learning. As competition for AI talent continues to intensify, we have hired and may in the future hire employees who previously worked for or have otherwise been involved with competitors or companies operating in related technology areas, and certain of our employees have left and others may leave to work for such competitors.

这些员工可能曾接触其前雇主的专有或保密信息，包括商业秘密。尽管我们要求员工遵守保密和知识产权义务，但我们或我们的员工仍可能被指控盗用或不当使用竞争对手或其他公司的商业秘密或其他知识产权。即使我们认为此类索赔缺乏依据，且即使不存在任何故意不当行为，此类索赔仍可能被提出。

These employees may have had access to proprietary or confidential information, including trade secrets, of their former employers. Although we require employees to comply with confidentiality and intellectual property obligations, we may nonetheless be subject to claims that we or our employees have misappropriated or improperly used trade secrets or other intellectual property of competitors or other companies. Such claims may be asserted even if we believe they are without merit and even in the absence of any intentional misconduct.

抗辩此类索赔可能代价高昂、耗时且具有干扰性，并可能分散管理层对我们业务的注意力和资源。此外，此类争议可能导致损害赔偿、和解、禁令救济、对我们使用某些技术的能力的限制、对某些员工职务的限制或声誉损害。上述任何一项均可能对我们的业务、财务状况和经营业绩造成不利影响。

Defending against these claims could be costly, time-consuming, and disruptive, and could divert management attention and resources away from our business. In addition, such disputes could result in damages, settlements, injunctive relief, restrictions on our ability to use certain technologies, limitations on the roles of certain employees, or reputational harm. Any of the foregoing could adversely affect our business, financial condition, and results of operations.

与法律和监管事项相关的风险 Risks Related to Legal and Regulatory Matters

**我们可能面临索赔、诉讼、调查、行政命令与指令、其他监管行动以及各类行动与程序，并可能承担潜在责任、法律索赔相关费用，并对我们的业务造成损害。**

**We are subject to claims, lawsuits, investigations, executive and administrative orders and directives, other regulatory actions, and various actions and proceedings, and face potential liability, expenses for legal claims, and harm to our business.**

我们可能面临索赔、诉讼、仲裁程序、政府问询与调查、行政命令与指令，以及其他法律、监管和行政行动与程序，包括涉及知识产权争议、监管合规、政府批准与授权、劳动与就业、反歧视、商业纠纷、竞争、隐私、消费者保护、客户投诉、广告以及与我们的技术、模型、平台和应用相关的其他事项；随着我们业务增长以及我们部署新技术、模型、平台和应用，我们可能面临更多类型的索赔、诉讼、仲裁程序、政府问询与调查、行政命令与指令，以及其他法律、监管和行政行动与程序。特别是，随着我们的模型、平台和应用日益包含能够采取具有现实后果的自主行动的代理式 AI 系统，我们可能面临尚未在自主 AI 系统背景下经过检验的、新颖的责任法律理论，包括知识产权侵权、产品责任、代理和过失索赔，且我们潜在风险敞口的范围尚不确定。此外，随着我们扩展医疗健康和生命科学产品，监管机构可能认定我们的某些产品或客户对其的使用受医疗健康监管或管辖医疗健康和健康信息的其他法律约束，这可能要求我们取得授权、修改或限制我们的产品，或产生重大合规成本。在这些情境下，我们的模型出现的错误或其他不良输出可能导致患者伤害、研究受损或客户监管违规，并可能使我们面临来自客户、患者和其他第三方的索赔，以及监管问询和执法行动。

We are subject to claims, lawsuits, arbitration proceedings, government inquiries and investigations, executive and administrative orders and directives, and other legal, regulatory, and administrative actions and proceedings, including those involving intellectual property disputes, compliance with regulatory requirements, government approvals and authorizations, labor and employment, anti-discrimination, commercial disputes, competition, privacy, consumer protection, customer complaints, advertising, and other matters relating to our technology, models, platform, and applications, and we may become subject to additional types of claims, lawsuits, arbitration proceedings, government inquiries and investigations, executive and administrative orders and directives, and other legal, regulatory, and administrative actions and proceedings as our business grows and as we deploy new technologies, models, platforms, and applications. In particular, as our models, platform, and applications increasingly include agentic AI systems capable of taking autonomous actions with real-world consequences, we may face novel legal theories of liability, including intellectual property infringement, product liability, agency, and negligence claims, that have not been tested in the context of autonomous AI systems and for which the scope of our potential exposure is uncertain. In addition, as we expand our healthcare and life sciences offerings, regulators may conclude that certain of our products, or our customers’ use of them, are subject to healthcare regulation or to other laws governing healthcare and health information, which could require us to obtain authorizations, modify or restrict our offerings, or incur significant compliance costs. Errors or other undesirable outputs from our models in these contexts could contribute to patient harm, compromised research, or regulatory failures by our customers, and could expose us to claims from customers, patients, and other third parties, as well as to regulatory inquiries and enforcement actions.

我们还面临反垄断与竞争法风险，该风险源于我们就 AI 安全及 AI 负责任的发展节奏所作的公开倡导，以及我们参与行业团体、安全合作和标准制定倡议。开发前沿 AI 模型的公司之间的沟通、倡导或合作，或据称反映此类公司之间协调的行为，可能被认定为受反垄断与竞争法（包括《谢尔曼法》第 1 条及类似的州法和非美国法律）规制的协同行为，即使该等行为系出于安全目的、以公开方式进行，或旨在倡导政府行动或行业标准。2026 年 9 月，一项推定集体诉讼在美国加利福尼亚北区联邦地区法院对我们及其他前沿 AI 模型开发者提起，指控我们与其他被告达成协议，通过放缓各自开发和改进 AI 模型的速度来限制竞争，涉嫌违反《谢尔曼法》第 1 条。该起诉状代表由被告付费消费者订阅购买者组成的推定集体，寻求三倍损害赔偿、禁令救济及其他救济。我们不同意上述主张，并打算积极抗辩，但本诉讼及任何类似程序的结果本质上具有不确定性。

We are also subject to antitrust and competition law risk arising from our public advocacy regarding AI safety and the responsible pace of AI development and from our participation in industry groups, safety collaborations, and standard-setting initiatives. Communications, advocacy, or collaboration among companies that develop frontier AI models, or conduct alleged to reflect coordination among such companies, may be characterized as concerted action subject to the antitrust and competition laws, including Section 1 of the Sherman Act and analogous state and non-U.S. laws, even where undertaken for safety purposes, conducted publicly, or intended as advocacy for governmental action or industry standards. In September 2026, a putative class action was filed against us and other developers of frontier AI models in the U.S. District Court for the Northern District of California, alleging that we and the other defendants agreed to restrain competition by slowing the pace at which we develop and improve our respective AI models, in purported violation of Section 1 of the Sherman Act. The complaint seeks treble damages, injunctive relief, and other relief on behalf of a purported class of purchasers of the defendants’ paid consumer subscriptions. We disagree with the claims and intend to defend the matter vigorously, but the outcome of this and any similar proceeding is inherently uncertain.

反垄断诉讼可能复杂、旷日持久、具有干扰性且成本高昂，不利结果可能导致三倍损害赔偿和禁令救济。我们还可能面临更多私人诉讼，或美国司法部、FTC、州总检察长或非美国竞争主管机构的调查或执法行动。我们已公开提议与美国政府及其他前沿 AI 模型开发者合作制定安全标准，包括在能力发展节奏方面，并表示此类合作可能有必要获得反垄断法的有限豁免或安全港。这些提议已招致政治领导人的公开反对，其中一些人将此类努力定性为反竞争，而不论该等豁免或安全港的目的为何。无法保证任何此类豁免或安全港会获得采纳。我们对此类豁免的倡导，以及在缺乏该等豁免的情况下我们与其他前沿 AI 开发者寻求达成的任何安全承诺，可能使我们面临额外的监管、诉讼及其他风险。这些风险可能导致我们限制或修改我们的公开倡导、我们对行业安全与标准制定倡议的参与，以及我们与其他前沿 AI 开发者的沟通，这可能对我们寻求我们认为对自身使命至关重要的 AI 安全协作方式的能力产生不利影响。

Antitrust litigation can be complex, protracted, disruptive, and expensive, and an adverse outcome could result in treble damages and injunctive relief. We could also become subject to additional private litigation or to investigations or enforcement actions by the U.S. Department of Justice, the FTC, state attorneys general, or non-U.S. competition authorities. We have proposed public efforts to work with the U.S. government and other developers of frontier AI models to establish safety standards, including with respect to the pace of capability development, and have suggested that such collaboration may warrant a narrow exemption or safe harbor from antitrust laws. These proposals have drawn public opposition from political leaders, some of whom have characterized such efforts as anticompetitive regardless of the purpose of such exemption or safe harbor. There is no assurance that any such exemption or safe harbor will be adopted. Our advocacy for such an exemption, and any safety commitments we pursue with other developers of frontier AI in its absence, could subject us to additional regulatory, litigation, and other risks. These risks may cause us to limit or modify our public advocacy, our participation in industry safety and standard-setting initiatives, and our communications with other developers of frontier AI, which could adversely affect our ability to pursue collaborative approaches to AI safety that we believe are important to our mission.

任何此类索赔、诉讼、仲裁程序、政府问询和调查、行政命令和指令，或其他法律、监管及行政行动和程序的结果，均无法以任何程度的确定性加以预测。任何针对我们的索赔、诉讼、调查、命令、指令、监管行动或程序，无论是否有正当理由，都可能对我们的收入产生不利影响，导致潜在客户暂停销售洽谈，导致现有客户延迟、暂停或取消合同或寻求修改其合同，削弱我们争取未来合同的能力，损害我们与合作伙伴和客户的关系，对我们的机构地位产生不利影响，削弱投资者信心，限制我们在某些行业销售我们的模型、平台和应用程序的能力，导致代价高昂的诉讼或监管或其他抗辩，对我们的声誉产生不利影响，需要管理层投入大量精力，耗费大量时间，并占用大量资源。

The results of any such claims, lawsuits, arbitration proceedings, government inquiries and investigations, executive and administrative orders and directives, or other legal, regulatory, and administrative actions and proceedings cannot be predicted with any degree of certainty. Any claims, lawsuits, investigations, orders, directives, regulatory actions, or proceedings against us, whether meritorious or not, could adversely affect our revenue, cause potential customers to pause sales discussions, cause existing customers to delay, pause or cancel contracts or seek to modify their contracts, undermine our ability to pursue future contracts, damage our relationships with partners and customers, adversely affect our institutional standing, undermine investor confidence, limit our ability to sell our models, platform, and applications in certain industries, result in costly litigation or regulatory or other defense, adversely affect our reputation, require significant management attention, consume significant time, and divert significant resources.

为我们的未决诉讼或其他争议确定准备金是一个复杂且高度依赖事实的过程，需要大量主观判断和推测。一项或多项此类程序的解决可能导致巨额损害赔偿、和解费用、罚款和处罚，从而可能对我们的业务、财务状况和经营成果产生不利影响。由于诉讼或其他争议解决程序存在潜在风险、费用和不确定性，我们可能不时通过签订和解协议来解决争议，即使我们拥有正当的索赔或抗辩理由，例如我们在 Bartz 案中所做的那样。此外，如同在 Bartz 案中一样，保险可能无法完全覆盖此类索赔，无法提供足够的赔付以覆盖解决一项或多项此类索赔的全部费用，或无法继续以我们可接受的条款提供。针对我们提出的未投保或投保不足的索赔可能导致意外费用。这些程序还可能导致我们的声誉和品牌受损、制裁、同意令、禁令或其他要求我们改变业务惯例的命令。此外，在某些情况下，我们有合同义务和其他法律义务，需为我们的业务和商业合作伙伴以及现任和前任董事和高级管理人员进行赔偿并承担法律费用。任何此类后果都可能对我们的业务、财务状况和经营成果产生不利影响。

Determining reserves for our pending litigation or other disputes is a complex and fact-intensive process that requires significant subjective judgment and speculation. It is possible that a resolution of one or more such proceedings could result in substantial damages, settlement costs, fines, and penalties that could adversely affect our business, financial condition, and results of operations. Because of the potential risks, expenses, and uncertainties of litigation or other dispute resolution processes, we may, from time to time, settle disputes, even where we have meritorious claims or defenses, by agreeing to settlement agreements, as we did, for example, in Bartz. Moreover, as in Bartz, insurance may not fully cover such claims, provide sufficient payments to cover all the costs to resolve one or more such claims, or continue to be available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result in unanticipated costs. These proceedings could also result in harm to our reputation and brand, sanctions, consent decrees, injunctions, or other orders requiring a change in our business practices. Further, under certain circumstances, we have contractual and other legal obligations to indemnify and to incur legal expenses on behalf of our business and commercial partners and current and former directors and officers. Any of these consequences could adversely affect our business, financial condition, and results of operations.

**我们受反腐败和反贿赂法律、反洗钱法律及类似法律的约束。**

**We are subject to anti-corruption and anti-bribery laws, anti-money laundering laws, and similar laws.**

我们需要遵守 1977 年《美国反海外腐败法》、2010 年《英国反贿赂法》，以及我们开展运营和业务所在美国及非美国国家的其他反腐败和反贿赂法律、反洗钱法律及类似法律。反腐败和反贿赂法律执行力度大且解释宽泛，禁止公司及其员工、代理人、中间人和其他第三方，除其他事项外，向政府官员以及公共和私营部门的其他人员承诺、授权、作出或提供不当付款或其他利益。

We are required to comply with the United States Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act 2010, and other anti-corruption and anti-bribery laws, anti-money laundering laws, and similar laws in the United States and non-U.S. countries where we have operations and conduct business. Anti-corruption and anti-bribery laws, which have been enforced aggressively and are interpreted broadly, prohibit companies and their employees, agents, intermediaries, and other third parties from, among other things, promising, authorizing, making, or offering improper payments or other benefits to government officials and other persons in the public and private sector.

我们借助第三方（包括中间人和代理人）开展业务并销售我们的模型、平台和应用程序，以及开展游说和其他活动。我们和这些第三方过去曾、未来也可能与政府机构（包括国有或国有附属实体）的官员和员工有直接或间接往来，我们可能因第三方业务伙伴和中间人、我们的员工、代表、承包商、合作伙伴、代理人和其他第三方的腐败或其他非法活动而被追究责任，即使我们并未明确授权该等方的活动。

We leverage third parties, including intermediaries and agents, to conduct our business and to sell our models, platform, and applications, and in connection with lobbying and other activities. We and these third parties have in the past and may in the future have direct or indirect interactions with officials and employees of government agencies, including state-owned or state-affiliated entities, and we potentially could be held liable for the corrupt or other illegal activities of third-party business partners and intermediaries, our employees, representatives, contractors, partners, agents, and other third parties, even if we do not explicitly authorize such parties’ activities.

我们无法确保我们为遵守这些反腐败和反洗钱法律而制定的政策和程序有效，也无法确保我们的所有员工、代表、承包商、合作伙伴、代理人、中间人或其他第三方未曾采取、且未来不会采取违反这些法律的行动，而我们可能最终为此承担责任。

We cannot ensure that our policies and procedures to address compliance with these anti-corruption and anti-money laundering laws will be effective, or that all of our employees, representatives, contractors, partners, agents, intermediaries, or other third parties have not taken, or will not take, actions that violate these laws, for which we may be ultimately held liable.

随着我们非美国销售和业务的增加，我们违反这些法律的风险可能增加。不遵守适用的反腐败和反贿赂法律、反洗钱及类似法律可能使我们面临刑事或民事制裁、和解、起诉、丧失出口特权、暂停或取消美国政府采购合同资格、其他执法行动、没收利润、重大罚款、损害赔偿、其他民事和刑事处罚或禁令、举报人投诉、不利媒体报道及其他后果。任何调查、行动或制裁都可能对我们的声誉、业务、财务状况和经营业绩产生不利影响。应对任何调查或行动可能导致管理层注意力和资源被大量转移，并产生重大辩护费用和其他专业费用。

As we increase our non-U.S. sales and business, our risk of violating these laws may increase. Noncompliance with applicable anti-corruption and anti-bribery laws, anti-money laundering, and similar laws could subject us to criminal or civil sanctions, settlements, prosecution, loss of export privileges, suspension or debarment from U.S. government contracts, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, whistleblower complaints, adverse media coverage, and other consequences. Any investigations, actions, or sanctions could adversely affect our reputation, business, financial condition, and results of operations. Responding to any investigation or action could result in a significant diversion of management’s attention and resources and significant defense costs and other professional fees.

**政府贸易管制，包括出口和进口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失签约特权，或限制我们在某些市场的竞争能力。**

**Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets.**

我们的模型、平台和应用受美国出口管制约束，我们当前或未来的模型、平台和应用可能受美国商务部管理的《出口管理条例》管制，或在更有限的情形下受美国国务院管理的《国际武器贸易条例》（“ITAR”）管制。由于我们 AI 模型的能力目前正通过持续训练和频繁的模型开发而快速演进，且相关法律对 AI 技术的出口管制处理仍在发展中，我们的模型、平台、应用和技术在这些制度下的分类及相关管制本质上具有不确定性，并可能随时间推移而变化。我们的某些模型、平台和应用，以及与我们的模型、平台和应用相关的基础技术和源代码，可能需要获得授权才能出口、再出口或在境内转移，且某些国籍的个人访问此类技术或源代码可能需要获得授权，包括在美国境内。

Our models, platform, and applications are subject to U.S. export controls, and our current or future models, platform, and applications may be controlled under the Export Administration Regulations administered by the U.S. Department of Commerce or, in more limited circumstances, under the International Traffic in Arms Regulations (the “ITAR”) administered by the U.S. Department of State. Because the capabilities of our AI models are currently evolving rapidly through ongoing training and frequent model development, and because the export control treatment of AI technologies under relevant laws is developing, the classification of, and controls related to, our models, platform, applications, and technologies under these regimes is inherently uncertain and is likely to change over time. Certain of our models, platform, and applications, and the underlying technology and source code associated with our models, platform, and applications, may require authorization for export, re-export, or transfer in-country, and for individuals of certain nationalities to access such technology or source code, including within the United States.

特别是，我们的核心模型、平台和应用利用加密技术进行数据保护，我们未来的一些模型、平台和应用可能能够生成受出口管制的软件，这可能使此类模型、平台和应用的出口、再出口和转移受到出口授权要求的约束。

In particular, our core models, platform, and applications leverage encryption for data protection, and some of our future models, platform, and applications may be able to produce export-controlled software, which may subject exports, re-exports, and transfer of such models, platform, and applications to export authorization requirements.

我们商业上可用的模型、平台和应用程序通常无需出口许可证即可出口。然而，某些出口可能需要我们从相关政府机构获得授权。在某些情况下，提供我们的模型、平台和应用程序可能构成受《国际武器贸易条例》（ITAR）约束的国防物品或国防服务的出口，只有在获得所需出口许可证或其他政府授权的情况下才能出口。遵守适用的出口管制可能会延迟我们的模型、平台和应用程序在美国境外的推出或销售，限制我们的客户在全球范围内部署我们的模型、平台和应用程序的能力，抑制我们开展某些研发活动的能力，限制我们的模型、平台和应用程序的性能，或完全禁止向某些司法管辖区出口。此类限制已经直接影响了我们的产品供应。例如，2026 年 6 月，美国商务部对我们的 Fable 5 和 Mythos 5 模型实施了全球出口限制。为确保合规，我们为所有客户禁用了 Fable 5 和 Mythos 5；对我们其他模型的访问未受影响。在与美国政府和行业合作伙伴协调更新我们的保障措施后，并在美国商务部解除限制后，我们重新部署了 Fable 5 和 Mythos 5 模型。类似的出口管制可能会再次出现，可能会持续更长时间，或可能扩展到更多模型或能力。此外，我们保障措施的未来更新或其他补救措施可能不足以获得此类限制的豁免，或者豁免可能不会在类似的时间线上获得，或根本无法获得。2026 年 6 月实施的限制以及未来的潜在限制也可能限制我们招募人才、充分利用现有员工队伍、持续改进我们的模型以及在国际上提供产品的能力。任何此类限制都可能对我们的财务业绩产生不利影响；损害我们的模型所代表的研究、算力和开发投资；并导致我们失去客户、合作伙伴和市场份额，包括流向不受类似限制约束的竞争对手。

Our commercially available models, platform, and applications generally can be exported without an export license. However, some exports may require us to obtain authorization from the cognizant government agency. In certain contexts, the provision of our models, platform, and applications may constitute export of defense articles or defense services subject to the ITAR, which can be exported only if we obtain required export licenses or other government authorizations. Compliance with applicable export controls may delay the introduction or sale of our models, platform, and applications outside the United States, restrict our customers’ ability to deploy our models, platform, and applications globally, inhibit our ability to engage in certain research and development activities, limit the performance of our models, platform, and applications, or prohibit exports to certain jurisdictions altogether. Such restrictions have already affected our offerings directly. For example, in June 2026, the U.S. Department of Commerce imposed worldwide export restrictions on our Fable 5 and Mythos 5 models. To ensure compliance, we disabled Fable 5 and Mythos 5 for all of our customers; access to our other models was not affected. We re-deployed the Fable 5 and Mythos 5 models after we updated our safeguards in coordination with the U.S. government and our industry partners and once the U.S. Department of Commerce lifted its restrictions. Similar export controls could recur, could remain in place longer, or could extend to additional models or capabilities. In addition, future updates to our safeguards or other remedial measures may not be sufficient to obtain relief from such restrictions or relief may not be granted on a similar timeline or at all. The restrictions imposed in June 2026 and potential restrictions in the future may also limit our ability to recruit talent, to fully utilize our existing workforce, to continue to improve our models, and to make our products available internationally. Any such restrictions could adversely affect our financial results; impair the research, compute, and development investment our models represent; and cause us to lose customers, partners, and market share, including to competitors not subject to similar restrictions.

此外，我们的活动受美国及其他国家实施的经济、金融和贸易制裁约束。经济、金融和贸易制裁限制或禁止向受该等制裁针对或作为该等制裁对象的个人、实体、组织、政府、领土和国家提供特定服务、开展特定交易或其他活动或往来。该等限制以及其他适用的国际贸易规则可能在几乎不发出通知或完全不发出通知的情况下发生变化。此外，美国法律日益授权美国政府限制或审查源自或被其认定为敌对国家的硬件、软件和服务的使用，包括纳入我们所依赖的数据中心和算力基础设施供应链中的此类技术。该等限制可能缩小我们的供应商选择范围、延迟我们的基础设施项目或增加我们的成本，任何不合规行为都可能导致处罚、丧失合同权利或声誉受损。

Further, our activities are subject to economic, financial, and trade sanctions administered by the United States and other countries. Economic, financial, and trade sanctions restrict or prohibit providing certain services and engaging in certain transactions or other activities or dealings with individuals, entities, organizations, governments, territories, and countries targeted by or the subject of these sanctions. These restrictions, as well as other applicable international trade rules, are subject to change with little to no notice. In addition, U.S. law increasingly authorizes the U.S. government to restrict or review the use of hardware, software, and services originating from, or linked to, countries it designates as adversaries, including such technology incorporated into the supply chains for the data centers and compute infrastructure on which we depend. Such restrictions could narrow our choice of suppliers, delay our infrastructure projects, or increase our costs, and any noncompliance could result in penalties, loss of contracting privileges, or reputational harm.

我们采取多种措施以遵守适用的出口管制和制裁，包括：维护全球贸易政策和支持地区政策，实施基于 IP 的地理封锁控制以限制来自特定司法管辖区对我们模型、平台和应用程序的访问，对特定客户和供应商进行受限方筛查，并在我们的客户服务条款和供应商协议中纳入制裁和出口合规条款。然而，我们无法保证我们所采取的合规措施和内部控制能够防止违反适用的出口管制和制裁。我们的合规措施和内部控制并非始终有效，未来也可能并非始终完全有效，我们过去曾自愿向相关主管部门披露，未来也可能自愿披露不合规情形。我们无法保证我们的措施能够防止未来违规或跟上出口管制和制裁不断变化的实质内容、适用和解释。此外，第三方过去曾采取、未来也可能采取行动规避我们的合规措施和控制，以获取我们的产品和服务。

We take various steps to comply with applicable export controls and sanctions, including: maintaining a global trade policy and a supported regions policy, implementing IP-based geo-blocking controls that restrict access from certain jurisdictions to our models, platform, and applications, conducting restricted party screening of certain customers and vendors, and including sanctions and export compliance provisions in our customer terms of service and vendor agreements. However, we cannot guarantee the compliance measures and internal controls we have adopted will prevent violations of applicable export controls and sanctions. Our compliance measures and internal controls have not always been and may not always be fully effective, and we have in the past voluntarily disclosed, and may in the future voluntarily disclose, instances of noncompliance to the relevant authorities. We cannot guarantee that our measures will prevent future violations or keep pace with the changing substance, application, and interpretation of export controls and sanctions. In addition, third parties have in the past and may in the future take action to circumvent our compliance measures and controls in order to gain access to our products and services.

如果我们对产品或服务进行错误分类，违反适用的出口管制或制裁规定出口、再出口、转让或提供对产品的访问权限，或提供服务，或以其他方式未能遵守适用的出口管制或制裁规定，我们可能面临刑事或民事制裁、和解、起诉、丧失出口特权、被暂停或取消参与美国政府合同的资格、其他执法行动、利润追缴、巨额罚款、损害赔偿、其他民事和刑事处罚或禁令、举报人投诉、负面媒体报道及其他后果。任何调查、行动或制裁均可能对我们的声誉、业务、财务状况和经营业绩造成不利影响。应对任何调查或行动可能导致管理层注意力和资源被大量转移，并产生巨额辩护费用和其他专业费用。

If we misclassify a product or service, export, re-export, transfer, or provide access to a product, or provide services in violation of applicable export controls or sanctions, or otherwise fail to comply with applicable export controls or sanctions, we could be subject to criminal or civil sanctions, settlements, prosecution, loss of export privileges, suspension or debarment from U.S. government contracts, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, whistleblower complaints, adverse media coverage, and other consequences. Any investigations, actions, or sanctions could adversely affect our reputation, business, financial condition, and results of operations. Responding to any investigation or action could result in a significant diversion of management’s attention and resources and significant defense costs and other professional fees.

美国境外客户对我们模型、平台和应用程序的使用减少，或我们向美国境外客户和其他方出口、提供访问权限或销售我们模型、平台和应用程序的能力受到限制，可能导致我们来自该等未获支持司法辖区的收入下降，并以其他方式对我们的业务和财务状况造成不利影响。

Decreased use of our models, platform, and applications by customers outside the United States or a limitation on our ability to export, provide access to, or sell our models, platform, and applications to customers and other parties outside the United States may cause our revenue from such unsupported jurisdictions to decline and otherwise adversely affect our business and financial condition.

如果我们或我们的业务合作伙伴或交易对手（包括许可方和被许可方、主承包商、分包商、再许可方、供应商、客户或承包商）违反出口管制或制裁规定，包括未能获得适当的进口、出口或再出口许可证或批准，或如果我们未能从该等方获得此类合同承诺，我们亦可能因声誉受损以及其他负面后果（包括政府调查或处罚）而受到不利影响。

If we or our business partners or counterparties, including licensors and licensees, prime contractors, subcontractors, sublicensors, vendors, customers, or contractors, violate export controls or sanctions, including by failing to obtain appropriate import, export, or re-export licenses or permits, or if we fail to secure such contractual commitments from such parties, we may also be adversely affected through reputational harm as well as other negative consequences, including government investigations or penalties.

违反或涉嫌违反出口管制或制裁规定所产生的负面后果可能包括丧失向美国政府或其他美国或非美国公共机构销售我们模型、平台和应用程序或服务的权利，或我们竞标涉及政府机构或其他公共机构的此类销售机会的能力下降。此外，确保我们遵守适用的出口管制和制裁法规可能耗时较长，并可能导致特定交易相关的销售机会延迟或丧失。

Negative consequences stemming from violations or apparent violations of export controls or sanctions may include the loss of the right to sell our models, platform, and applications or services to the U.S. government, or to other U.S. or non-U.S. public bodies, or a reduction in our ability to compete for such sales opportunities involving government agencies or other public bodies. Further, ensuring that we are complying with applicable export controls and sanctions regulations may be time-consuming and could result in the delay or loss of sales opportunities in connection with particular transactions.

此外，除美国之外，多个国家还对某些加密技术及其他技术的进出口实施监管，并已颁布法律，可能限制我们分发模型、平台和应用程序的能力，或限制我们的客户在这些国家部署我们的模型、平台和应用程序的能力。例如，在俄罗斯入侵乌克兰之后，美国及其他国家对俄罗斯、白俄罗斯以及乌克兰某些地区实施了金融和贸易制裁及出口管制，并且如果冲突进一步升级，美国及其他国家可能实施更广泛的制裁和出口限制并采取其他行动。任何新的出口限制、新的立法、制裁的变化，或现行法规在执行方式或适用范围上的转变，或此类法规所针对或约束的个人、实体、政府、地区、国家或技术发生变化，都可能导致美国境外的现有客户减少对我们模型、平台和应用程序的使用，非美国业务的新客户减少对我们模型、平台和应用程序的采用，限制我们向新市场的扩张，并导致收入下降。

Also, in addition to the United States, various countries regulate the import and export of certain encryption and other technology and have enacted laws that could limit our ability to distribute our models, platform, and applications or could limit our customers’ abilities to implement our models, platform, and applications in those countries. For example, following Russia’s invasion of Ukraine, the United States and other countries imposed financial and trade sanctions and export controls against Russia, Belarus, and certain regions of Ukraine, and the United States and other countries could impose wider sanctions and export restrictions and take other actions should the conflict further escalate. Any new export restrictions, new legislation, changes in sanctions, or shifting approaches in the enforcement or scope of existing regulations, or in the individuals, entities, governments, territories, countries, or technologies targeted by or subject to such regulations could result in decreased use of our models, platform, and applications by existing customers outside of the United States, reduced adoption of our models, platform, and applications by new customers with non-U.S. operations, limited expansion into new markets, and decreased revenue.

**为持续增长我们的业务，我们将需要继续在国际上扩张，而我们的非美国业务以及向美国境外客户进行的销售，使我们面临国际扩张、销售和运营所固有的风险。**

**To continue to grow our business, we will need to continue to expand internationally, and our non-U.S. operations and sales to customers outside of the United States expose us to risks inherent in international expansion, sales, and operations.**

我们是一家总部位于美国的公司，在美国拥有广泛的业务，并在其他多个国家和地区（包括英国、欧盟、加拿大和亚太地区）设有子公司和业务，我们预计未来的增长将在一定程度上取决于我们在更多司法管辖区扩展业务、客户群和市场影响力。在美国以外的市场运营需要大量资源和管理层的关注，并使我们必须面对与美国不同的监管、经济和政治风险。随着我们继续在国际上扩张，我们在开展国际业务时已经面临并将继续面临可能对我们的业务造成不利影响的风险，包括：

We are a U.S.-headquartered company with extensive U.S. operations, as well as subsidiaries and operations in several other countries and regions, including the UK, the EU, Canada, and Asia-Pacific, and we expect that our future growth will depend in part on expanding our operations, customer base, and market presence in additional jurisdictions. Operating in non-U.S. markets requires significant resources and management attention and subjects us to regulatory, economic, and political risks that are different from those in the United States. As we continue to expand internationally, we have faced and will continue to face risks in doing business internationally that could adversely affect our business, including:

- 需要针对特定国家对我们的模型、平台和应用程序进行本地化和适配，包括翻译成外语及相关费用；

- the need to localize and adapt our models, platform, and applications for specific countries, including translation into foreign languages and associated expenses;

- 隐私法、出口管制、制裁及其他国家安全法规，这些法规对个人数据的处理方式施加不同且可能相互冲突的义务，或要求客户数据存储在指定区域内；

- privacy laws, export controls, sanctions, and other national security regulations that impose different and potentially conflicting obligations with respect to how personal data is processed or require that customer data be stored in a designated territory;

- 某些司法管辖区的法律可能强制要求我们的人员、供应商或设施运营方为政府当局提供访问我们系统、数据或其他信息的权限，在某些情况下无需通知我们，且救济手段有限；

- laws in certain jurisdictions that may compel our personnel, vendors, or facility operators to provide governmental authorities with access to our systems, data, or other information, in some cases without notice to us and with limited means of recourse;

- 国家安全驱动的数据安全法规。例如，司法部发布了一项最终规则，于 2025 年 4 月生效，对向位于中国或与中国（及其他指定国家）有其他特定关联的合作伙伴、服务提供商和供应商、员工及投资者进行某些涵盖数据的传输施加限制，并在某些情况下予以禁止。我们可能被要求重新审查现有合同，或与协助代表我们处理数据或以其他方式访问涵盖数据的第三方进行新的合同谈判。这些规则还可能广泛要求我们从其他第三方服务提供商处取得承诺，即他们不会将我们与其共享的数据进一步传输给与受关注国家有关联的各方；

- national security-driven data security regulations. For example, the Department of Justice issued a final rule, effective in April 2025, that places limitations, and in some cases prohibitions, on certain transfers of covered data to partners, service providers, and vendors, employees, and investors located in China or with other specified links to China (and other designated countries). We may be required to re-examine current contracts or engage in new contract negotiations with third parties that aid in processing data on our behalf or otherwise have access to covered data. These rules also may broadly require us to extract promises from other third-party service providers that they will not transfer data we share with them onward to parties linked to countries of concern;

- 进口法规，包括美国和非美国政府的限制性贸易政策、关税及其他类似法规、关税和反制措施；

- import regulations, including U.S. and non-U.S. governments’ restrictive trade policies, customs duties and other parallel regulations, tariffs and counter-measures;

- AI、数据相关、网络安全和数字服务法律法规（如欧盟《人工智能法案》、NIS2、欧盟《数字服务法案》、英国《2023 年在线安全法案》和欧盟《数据法案》），这些法律法规快速演变，需要持续监测以确保合规成熟度始终保持，且通常规定违规时的重大处罚；

- AI, data-related, cybersecurity and digital service laws and regulations (such as the EU AI Act, NIS2, the EU Digital Services Act, the UK Online Safety Act 2023, and the EU Data Act) that are rapidly evolving, require continuous monitoring to ensure constant compliance maturity level, and often provide for substantial penalties in the event of a violation;

- 在非美国运营地进行人员配备和管理的困难，包括参与地理上分散的各种名义雇主安排的复杂性，以及这些安排或任何未能及时设立当地雇佣实体的情况可能不符合当地就业、劳动或税法，从而使我们面临罚款、处罚、重新分类或补缴索赔的风险；

- difficulties in staffing and managing non-U.S. operations, including the complexity of engaging in various employer-of-record arrangements that are geographically dispersed, and the risk that these arrangements, or any failure to establish local employing entities on a timely basis, may not comply with local employment, labor, or tax laws, exposing us to fines, penalties, reclassification or back-payment claims;

- 在各司法管辖区维护我们文化的困难；

- difficulties of maintaining our culture across various jurisdictions;

- 设立非美国运营地的监管及其他延迟和困难，包括设立、注册和获得当地子公司政府批准的延迟，建立当地银行、薪资和福利安排的延迟，以及与人员和信息安全相关的困难，其中任何一项都可能延迟当地招聘工作；

- regulatory and other delays and difficulties in setting up non-U.S. operations, including delays in forming, registering, and obtaining governmental approvals for local subsidiaries, delays in establishing local banking, payroll, and benefits arrangements, and difficulties relating to safety of personnel and information, any of which could delay local hiring efforts;

- 美国政府或非美国政府可能需要对与非美国实体的某些交易进行审查；

- the potential need for reviews by the U.S. government or non-U.S. governments of certain transactions with non-U.S. entities;

- 不同的定价环境、更长的销售周期、更长的应收账款付款周期和收款问题；

- different pricing environments, longer sales cycles, longer accounts receivable payment cycles, and collections issues;

- 新的和不同的竞争来源；

- new and different sources of competition;

- 与美国国内可获得的保护相比，美国以外对知识产权和其他法律权利的保护较弱且实际执行困难；

- weaker protection for, and practical difficulties in enforcing, intellectual property and other legal rights outside of the United States compared to protections available domestically;

- 有利于当地竞争者的法律和商业惯例；

- laws and business practices favoring local competitors;

- 与多重、相互冲突且不断变化的政府法律法规（包括版权、就业、税务、隐私和数据保护法律法规、出口管制和制裁）的复杂性相关的合规挑战；

- compliance challenges related to the complexity of multiple, conflicting, and changing governmental laws and regulations, including copyright, employment, tax, privacy, and data protection laws and regulations, export controls, and sanctions;

- 美国境外试图规避制裁和出口管制的各方；

- parties outside the United States seeking to circumvent sanctions and export controls;

- 财务会计和报告负担及复杂性的增加；

- increased financial accounting and reporting burdens and complexities;

- 在不同司法管辖区建立基础设施的成本增加；

- increased costs in establishing infrastructure across various jurisdictions;

- 外币兑美元贬值；

- declines in the values of foreign currencies relative to the U.S. dollar;

- 资金转移限制；

- restrictions on the transfer of funds;

- 潜在的不利税务后果；

- potentially adverse tax consequences;

- 任何索赔或诉讼的成本及潜在结果；

- the cost of and potential outcomes of any claims or litigation;

- 未来的会计公告和会计政策变更；

- future accounting pronouncements and changes in accounting policies;

- 税法或税务法规的变化；以及

- changes in tax laws or tax regulations; and

- 区域和地方经济及政治状况。

- regional and local economic and political conditions.

与非美国实体或个人进行某些交易可能受到政府法规和审查的约束，包括美国或非美国政府实体对拟议或过往外国直接投资（“FDI”）的审查。近年来，全球许多国家已采用 FDI 监管制度，旨在审查非本国主体对本国公司的投资和收购，赋予政府广泛的自由裁量权以审查拟议和过往的投资及收购交易。这些 FDI 制度可能限制我们吸引投资、投资或资助美国境外为我们建设或运营数据中心或供应基础设施的合作伙伴，或收购世界各地有前景的新技术、公司和人才的能力，从而可能限制我们执行商业战略的能力。

Entry into certain transactions with non-U.S. entities or persons may be subject to government regulations and review, including review by U.S. or non-U.S. government entities related to contemplated or past foreign direct investment (“FDI”). In recent years, many countries around the world have adopted FDI regulatory regimes that seek to scrutinize investments into, and acquisitions of, domestic companies by non-domestic parties, granting governments broad discretion to review contemplated and past investment and acquisition transactions. These FDI regimes may restrict our ability to attract investments, invest in or fund partners outside of the United States that build or operate data centers or supply infrastructure for us, or acquire promising new technologies, companies, and talent in countries around the world, potentially limiting our ability to carry out our business strategy.

更广泛而言，地缘政治紧张局势加剧、国家安全优先事项的转变，以及以技术为重点的贸易、出口管制、投资和数据治理制度的演变，可能导致对我们运营、销售产品、与客户合作或在某些司法管辖区或与某些交易对手部署我们模型的能力施加限制、加强审查或其他限制。政府可能采纳或扩大旨在保护国内技术生态系统、限制数据跨境流动或限制 AI 系统访问的政策，这可能缩小我们的可寻址市场、增加合规成本或要求运营调整。特别是，美国政府日益关注 AI 公司与中国国家行为者的关联，未来的行政命令、立法或监管行动可能限制我们为中国相关客户或用户提供服务的能力，施加新的合规义务，导致我们实施反滥用机制或其他技术访问限制，或以缩小我们可寻址市场的方式限制我们模型的部署。美中紧张局势的任何升级、任何一方政府的报复措施，或我们未能或被认为未能防止非美国国家行为者访问或滥用我们的技术，都可能使我们面临监管行动、声誉损害，并对我们的业务、财务状况和经营业绩产生不利影响。

More broadly, increasing geopolitical tensions, shifting national security priorities, and evolving technology-focused trade, export control, investment, and data-governance regimes may result in restrictions, heightened scrutiny, or other limitations on our ability to operate, sell products, partner with customers, or deploy our models in certain jurisdictions or with certain counterparties. Governments may adopt or expand policies aimed at protecting domestic technology ecosystems, restricting the cross-border flow of data, or limiting access to AI systems, which could reduce our addressable market, increase compliance costs, or require operational changes. In particular, the U.S. government has increasingly scrutinized AI companies’ exposure to Chinese state actors, and future executive orders, legislation, or regulatory actions could restrict our ability to serve customers or users connected to China, impose new compliance obligations, lead us to implement anti-abuse mechanisms or other technical access restrictions, or limit the deployment of our models in ways that reduce our addressable market. Any escalation of U.S.-China tensions, retaliatory measures by either government, or failure or perceived failure by us to prevent non-U.S. state-actor access to or misuse of our technology could subject us to regulatory action, reputational harm, and adverse effects on our business, financial condition, and results of operations.

随着我们持续在全球拓展业务，我们的成功将在很大程度上取决于我们预见并有效管理这些风险的能力。这些因素及其他因素可能对我们提升美国以外收入的能力造成不利影响，进而可能对我们的业务产生重大影响。我们现有美国以外业务的扩张以及进入更多美国以外市场，将需要大量的管理层关注和财务资源。若我们未能成功管理美国以外业务及相关风险并对其进行有效管控，可能会限制我们业务的未来增长。

As we continue to expand our business globally, our success will depend, in large part, on our ability to anticipate and effectively manage these risks. These factors and others could adversely affect our ability to increase non-U.S. revenue and, consequently, could materially impact our business. The expansion of our existing non-U.S. operations and entry into additional non-U.S. markets will require significant management attention and financial resources. Our failure to successfully manage our non-U.S. operations and the associated risks effectively could limit the future growth of our business.

**全球监管机构、我们的投资者、客户和员工对 ESG 日益严格的审视和不断变化的期望，可能带来额外的合规风险和成本，并可能影响我们的声誉和业务。**

**Increasing scrutiny and changing expectations from global regulations, our investors, customers, and employees with respect to ESG may result in additional compliance risk and costs and may impact our reputation and business.**

在美国及国际范围内，许多行业的公司在其环境、社会及治理（“ESG”）实践与报告方面正面临日益严格的审视。例如，与 ESG 事项（包括环境可持续性和气候变化）相关的美国及美国以外的新法律法规正处于审议、通过、或废止或修订之中，这可能影响我们必要的披露并增加合规成本。此外，人们尤其关注与 AI 及其对社会和环境的影响相关的问题，包括该行业的高耗电特性、公众对高耗水量的担忧，以及芯片制造对关键矿物和稀有元素的依赖。部分投资者可能利用这些非财务绩效因素来指导其投资策略，并在某些情况下，若其认为我们与 ESG 相关的政策和行动不足，可能选择不投资我们。

Companies across many industries are facing increasing scrutiny related to their environmental, social, and governance (“ESG”) practices and reporting, both in the United States and internationally. For example, new U.S. and non-U.S. laws and regulations relating to ESG matters, including environmental sustainability and climate change, are under consideration, being adopted, or being rolled back or revised, which may impact our necessary disclosures and increase compliance costs. Further, there is particular focus on concerns relating to AI and its impact on society and the environment, including the power-intensive nature of the industry, public concern regarding high consumption of water, and reliance on critical minerals and rare elements in the manufacture of chips. Some investors may use these non-financial performance factors to guide their investment strategies and, in some cases, may choose not to invest in us if they believe our policies and actions relating to ESG are inadequate.

我们的可持续发展举措、目标或承诺可能难以实现或实施成本高昂。此外，遵守近期通过及潜在即将出台的 ESG 要求，包括要求进行多项气候相关披露的加利福尼亚州立法、欧盟的《企业可持续发展报告指令》和《企业可持续发展尽职调查指令》，以及英国的《简化能源与碳报告》框架，将需要投入大量时间和资源。与此同时，反 ESG 情绪在美国各地、尤其是在联邦层面势头渐增，联邦及某些州政府已颁布或提出“反 ESG”政策或立法，或已发布相关法律意见。此类政策、立法、举措和审视可能使我们采取的任何可持续发展、雇佣、治理或其他公司实践面临诉讼、反垄断调查或联邦或州当局质疑的风险，并可能导致禁令、处罚和声誉损害。

Our sustainability initiatives, goals, or commitments could be difficult to achieve or costly to implement. Moreover, compliance with recently adopted and potential upcoming ESG requirements, including California legislation that requires various climate-related disclosures, the EU’s Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive, and the UK’s Streamlined Energy and Carbon Reporting framework will require the dedication of significant time and resources. At the same time, anti-ESG sentiment has gained momentum across the United States, particularly at the federal level, and the federal and certain state governments have enacted or proposed “anti-ESG” policies or legislation or have issued related legal opinions. Such policies, legislation, initiatives, and scrutiny could expose any sustainability, employment, governance, or other corporate practices we adopt to the risk of litigation, antitrust investigations or challenges by federal or state authorities, and result in injunctions, penalties, and reputational harm.

此外，如果我们的竞争对手在企业社会责任方面的表现被认为优于我们，潜在或现有投资者可能会选择投资我们的竞争对手。我们的业务可能会因这些活动及相关披露而面临更多审视，包括来自投资界和我们开展经营所在当地社区的审视；如果我们未能及时或完全未能取得进展，或未能妥善应对这些领域动态且有时相互冲突的公众情绪和法律环境，可能会对我们的声誉、业务和财务状况造成不利影响。此外，我们可能会遭到客户、政府实体、倡导团体、员工或其他利益相关方的反对，原因是他们不认同我们实际或被认为的立场，或不认同我们在社会、环境、治理、政治、公共政策、经济、地缘政治或其他敏感议题上缺乏立场。如果外界认为我们在这些事项上缺乏透明度，可能会对我们的品牌和声誉、员工的投入度和留任率，以及客户和合作伙伴与我们开展业务的意愿造成不利影响。ESG 相关议题的支持者和反对者都越来越多地诉诸各种形式的行动主义，包括媒体宣传和诉讼，以推进其观点。如果我们受到此类行动主义的影响，可能需要承担成本，或以其他方式对我们的业务、财务状况或经营业绩造成不利影响。

Additionally, if our competitors’ corporate social responsibility performance is perceived to be better than ours, potential or current investors may elect to invest with our competitors instead. Our business may face increased scrutiny related to these activities and our related disclosures, including from the investment community and the local communities in which we operate, and our failure to achieve progress or manage the dynamic, and at times conflicting, public sentiment and legal landscape in these areas on a timely basis, or at all, could adversely affect our reputation, business, and financial condition. Further, we may experience backlash from customers, government entities, advocacy groups, employees, or other stakeholders who disagree with our actual or perceived positions, or with our lack of position on social, environmental, governance, political, public policy, economic, geopolitical, or other sensitive issues. Any perceived lack of transparency about these matters could adversely affect our brand and reputation, our employees’ engagement and retention, and the willingness of our customers and partners to do business with us. Both advocates and opponents to ESG-related matters are increasingly resorting to a range of activism forms, including media campaigns and litigation, to advance their perspectives. To the extent we are subject to such activism, it may require us to incur costs or otherwise adversely affect our business, financial condition, or results of operations.

**如果我们或我们的支付处理合作伙伴未能管理与支付处理活动相关的风险，我们可能会面临罚款、监管审查、业务中断或声誉损害。**

**If we or our payment processing partners fail to manage the risks related to our payment processing activities, we could be subject to fines, regulatory scrutiny, disruptions to our business, or reputational harm.**

我们的一部分客户授权我们通过第三方支付处理合作伙伴，就其付费订阅向客户的信用卡账户收费。我们曾经遭遇并预计将继续遭遇欺诈活动，包括使用虚假身份创建账户以及使用被盗或其他未经授权的支付凭证；这些活动已经并可能在未来给我们造成损失，包括支付处理费、拒付费用以及支付处理商或卡组织施加的罚款和处罚，且我们可能无法获得补偿。我们设有欺诈检测和身份验证措施，但这些措施未能识别、且可能无法识别所有此类活动。此外，客户在线向我们提供信用卡账单信息，我们不会核实持卡人的真实身份，也不会在我们在线收集的信息之外进行额外验证，这增加了我们暴露于欺诈活动的风险。

A portion of our customers authorize us to bill their credit card accounts through our third-party payment processing partners for our paid subscriptions. We have experienced, and expect to continue to experience, fraudulent activity, including the creation of accounts using false identities and the use of stolen or otherwise unauthorized payment credentials, which has resulted, and may in the future result, in losses, including payment processing fees, chargeback fees, and fines and penalties imposed by our payment processors or card networks, for which we may not be reimbursed. We maintain fraud-detection and identity-verification measures, but these measures have not identified, and may not identify, all such activity. Further, our customers provide us with credit card billing information online, and we do not verify the physical identity of cardholders or conduct additional verification beyond what we collect online, which increases our risk of exposure to fraudulent activity.

当客户或发卡机构声称某笔交易未经授权或以其他方式不当，我们也会产生拒付。如果拒付量过大，我们可能会面临更高的处理费、额外罚款、欺诈缓解要求，或通过一家或多家支付处理商接受某些支付方式（包括信用卡）的能力被终止或暂停。

We also incur chargebacks when customers or card issuers claim that a transaction was unauthorized or otherwise improper. If the volume of chargebacks were to become excessive, we could be subject to higher processing fees, additional fines, fraud mitigation requirements, or the termination or suspension of our ability to accept certain payment methods, including credit cards, through one or more payment processors.

此外，支付处理商、卡组织及金融机构会不时修订其规则、标准与做法，包括使用其服务所需的数据保护与文档标准。我们遵守这些不断变化的要求，以及我们第三方支付处理合作伙伴的持续合规，可能需要额外的运营资源和费用。我们或我们的支付处理合作伙伴未能遵守适用标准，可能导致罚款、受到更严格的审查、业务中断以及我们为智能服务处理付款的能力受损，或造成声誉损害。

In addition, payment processors, card networks, and financial institutions periodically revise their rules, standards, and practices, including data protection and documentation standards, required to utilize their services from time to time. Our compliance with these evolving requirements, and the continued compliance of our third-party payment processing partners, may require additional operational resources and expense. Failure by us or our payment processing partners to comply with applicable standards could result in fines, increased scrutiny, disruptions to our business and our ability to process payments for our intelligence service, or reputational harm.

与税务和会计事项相关的风险 Risks Related to Tax and Accounting Matters

**税法或法规的变更可能被颁布，或者现行税法或法规可能以增加我们模型、平台和应用程序成本的方式适用于我们或我们的客户，从而对我们的业务产生不利影响。**

**Changes in tax laws or regulations could be enacted, or existing tax laws or regulations could be applied to us or our customers in a manner that could increase the costs of our models, platform, and applications and adversely affect our business.**

我们在多个司法管辖区运营，并受美国联邦、州和地方以及非美国政府税法和法规的约束。所得税、销售税、使用税或其他税法、法规、规则、规章或条例可能随时被颁布或修订（可能具有追溯效力），并可能仅或不成比例地适用于通过互联网提供的模型、平台和应用程序。这些颁布或修订可能因税收所代表的固有成本增加而减少我们的销售活动，并最终损害我们的经营业绩和现金流。此外，美国联邦、州、地方和非美国税法对以电子方式提供的服务的适用尚不明确且不断演变。现行税法、法规、规则、规章或条例可能被解释或适用于对我们不利的情形，可能具有追溯效力，这可能要求我们或我们的客户支付额外税款，以及罚款或处罚，以及过往金额的利息。如果我们未能成功向客户收取该等应缴税款，我们将对此类成本承担责任，从而对我们的经营业绩产生不利影响并损害我们的业务。

We operate in multiple jurisdictions and are subject to tax laws and regulations of U.S. federal, state, and local and non-U.S. governments. Income, sales, use, or other tax laws, statutes, rules, regulations, or ordinances could be enacted or amended at any time (possibly with retroactive effect) and could be applied solely or disproportionately to models, platforms, and applications provided over the internet. These enactments or amendments could reduce our sales activity due to the inherent cost increase the taxes would represent and ultimately harm our results of operations and cash flows. Further, the application of U.S. federal, state, local, and non-U.S. tax laws to services provided electronically is unclear and continuously evolving. Existing tax laws, statutes, rules, regulations, or ordinances could be interpreted or applied adversely to us, possibly with retroactive effect, which could require us or our customers to pay additional tax amounts, as well as fines or penalties, and interest for past amounts. If we are unsuccessful in collecting such taxes due from our customers, we would be held liable for such costs, thereby adversely affecting our results of operations and harming our business.

随着我们非美国业务活动规模的扩大，美国或非美国对此类活动征税方式的任何变化都可能提高我们的全球实际税率，并损害我们的业务、财务状况和经营业绩。我们可能在全球多个司法管辖区纳税，这些辖区的税法日益复杂，其适用可能存在不确定性。此外，我们在非美国司法管辖区聘用人员及聘请第三方名义雇主服务提供商，以及我们在美国境外的数据中心和其他基础设施活动，已经并可能在未来在这些司法管辖区构成常设机构或其他应税存在，这可能使我们承担额外的所得税、预提税和间接税，以及利息、罚款和额外的合规义务。在设立当地运营实体并获得批准之前，我们已通过现有实体的临时合同安排，就我们的国际算力和基础设施活动签订了意向书、租赁协议及其他协议，并预计将签订更多此类协议，而我们可能无法及时或根本无法将这些安排转移至当地实体。任何对这些临时安排的长期依赖，或未能将其迁移至当地实体，都可能增加我们被认定为常设机构或其他应税存在的风险，并可能导致无法收回的增值税或类似间接税，这在某些司法管辖区可能具有重大影响。尽管迄今为止我们除在某些司法管辖区缴纳了不重大的金额外无需缴纳所得税，但由于适用税收原则的变化（包括税率提高、新税法或对现有税法和判例的修订解释），我们在这些司法管辖区缴纳的税款金额可能大幅增加，这可能对我们的流动性和经营业绩产生不利影响。例如，多个国家和组织（如经济合作与发展组织（“OECD”））已提议修改现有税法或制定新法，可能影响我们的纳税义务，包括一项征收 15% 全球最低税的框架，该框架已在欧盟等一些司法管辖区的国内法中实施，其他国家正在考虑实施。2026 年 1 月 5 日，OECD 宣布了一项“并行”可选安全港，对选择适用的美国母公司跨国实体豁免全球最低税的某些条款，适用于 2026 年 1 月 1 日或之后开始的财政年度。此外，这些司法管辖区的税务机关可能审查我们的纳税申报表并征收额外税款、利息和罚款，且税务机关可能主张各种预提税要求适用于我们或我们的子公司，或主张我们或我们的子公司无法享受税收协定优惠，任何此类情况都将损害我们及我们的经营业绩。

As we expand the scale of our non-U.S. business activities, any changes in the U.S. or non-U.S. taxation of such activities may increase our worldwide effective tax rate and harm our business, financial condition, and results of operations. We may be subject to taxation in several jurisdictions around the world with increasingly complex tax laws, the application of which can be uncertain. In addition, our hiring of personnel and engagement of third-party employer-of-record providers in non-U.S. jurisdictions, as well as our data center and other infrastructure activities outside the United States, have created, and may in the future create, permanent establishments or other taxable presence in those jurisdictions, which could subject us to additional income, withholding, and indirect taxes, as well as interest, penalties, and additional compliance obligations. In advance of forming and obtaining approvals for local operating entities, we have entered into, and expect to enter into additional letters of intent, leases, and other agreements relating to our international compute and infrastructure activities through interim contracting arrangements with existing entities, and we may be unable to transfer these arrangements to local entities on a timely basis or at all. Any prolonged reliance on these interim arrangements, or any failure to migrate them to local entities, could increase our exposure to permanent establishment or other taxable-presence determinations and could result in non-recoverable value-added or similar indirect taxes, which could be material in certain jurisdictions. Although we have not been required to pay income taxes, other than in immaterial amounts in certain jurisdictions to date, the amount of taxes we pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws, or revised interpretations of existing tax laws and precedents, which could adversely affect our liquidity and results of operations. For example, a number of countries and organizations, such as the Organisation for Economic Co-operation and Development (“OECD”), have proposed changes to existing tax laws or new laws that could impact our tax obligations, including a framework that imposes a 15% global minimum tax, which has been implemented into the domestic laws of some jurisdictions in the EU, among other jurisdictions, and is being considered for implementation by other countries. On January 5, 2026, the OECD announced a “side-by-side” elective safe harbor that exempts electing U.S.-parented multinational entities from certain provisions of the global minimum tax for fiscal years beginning on or after January 1, 2026. In addition, the authorities in these jurisdictions could review our tax returns and impose additional tax, interest, and penalties, and the authorities could claim that various withholding requirements apply to us or our subsidiaries or assert that benefits of tax treaties are not available to us or our subsidiaries, any of which would harm us and our results of operations.

**如果我们被要求在历史上未曾征收销售税或其他相关税费的司法管辖区就我们模型、平台和应用程序的订阅收取销售税或其他相关税费，我们的业务、财务状况和经营成果可能会受到不利影响。**

**Our business, financial condition, and results of operations may be adversely affected if we are required to collect sales or other related taxes for subscriptions to our models, platform, and applications in jurisdictions where we have not historically done so.**

我们在多个司法管辖区征收销售税。销售税、使用税、增值税、数字服务税及类似税法的规定和税率因司法管辖区而异。一个或多个州或国家可能寻求对我们施加增量或新的销售税、使用税或其他税费代收义务。若某一州、国家或其他司法管辖区成功主张我们本应或应当代收额外的销售税、使用税或其他税费，除其他后果外，可能导致我们承担大额税款、给我们带来重大行政负担、因任何此类销售税或其他相关税费带来的增量成本而使潜在客户不愿订阅我们的模型、平台和应用程序，或以其他方式损害我们的业务、财务状况和经营成果。此外，我们开展业务的某些司法管辖区已颁布数字服务税，该税通常针对来自位于这些司法管辖区的用户或客户所产生的总收入征收，其他司法管辖区也正在考虑颁布类似法律。税务机关若成功采取任何行动，强制我们追溯、前瞻或同时追溯和前瞻地代收并缴纳销售税、使用税、增值税、数字服务税及类似税费，可能对我们的业务、财务状况和经营成果产生不利影响。

We collect sales tax in a number of jurisdictions. Sales, use, value added, digital service, and similar tax laws and rates vary by jurisdiction. One or more states or countries may seek to impose incremental or new sales, use, or other tax collection obligations on us. A successful assertion by a state, country, or other jurisdiction that we should have been or should be collecting additional sales, use, or other taxes could, among other things, result in substantial tax payments, create significant administrative burdens for us, discourage potential customers from subscribing to our models, platform, and applications due to the incremental cost of any such sales or other related taxes, or otherwise harm our business, financial condition, and results of operations. Further, certain jurisdictions in which we operate have enacted a digital services tax, which is generally a tax on gross revenue generated from users or customers located in those jurisdictions, and other jurisdictions are considering enacting similar laws. Any successful action by taxing authorities to compel us to collect and remit sales, use, value added, digital service, and similar tax laws, either retroactively, prospectively, or both, may adversely affect our business, financial condition, and results of operations.

**我们使用净经营亏损结转和某些其他税收属性的能力可能受到限制。**

**Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.**

我们在历史上已产生大额净经营亏损（“NOL”）。一般而言，根据经修订的 1986 年《国内税收法典》（“《法典》”）第 382 条和第 383 条，发生“所有权变更”的公司，其利用变更前美国联邦 NOL 结转额及某些其他税收属性（包括税收抵免结转额）抵减未来应纳税所得额或纳税义务的能力，须受年度限制。就此而言，若一名或多名“5%股东”所持公司股票（按价值计）的比例在滚动三年期内增加超过 50 个百分点，通常即发生所有权变更。我们过去曾经历所有权变更，未来也可能经历所有权变更，包括因本次发行或其后我们股票所有权的变动所致，其中部分变动可能超出我们的控制范围。我们已收购公司以及我们可能收购公司的 NOL 及其他税收属性，现在及将来可能受到类似限制。州税法及非美国司法辖区税法的类似规定也可能限制我们利用州及非美国 NOL 结转额和其他税收属性的能力。此外，包括加利福尼亚州在内的某些州已暂停或以其他方式限制 NOL 结转额和其他税收属性的使用，这可能加速或永久增加我们的州所得税负债。另外，根据现行法律，2017 年 12 月 31 日之后开始的纳税年度所产生的美国联邦 NOL，无论是否发生所有权变更，在任何年度均仅可用于抵减应纳税所得额的 80%。鉴于上述情况，即使我们实现盈利，我们也可能无法使用全部或重大部分的 NOL 及其他税收属性，这可能对我们的未来现金流量和经营业绩产生不利影响。

We have incurred substantial net operating losses (“NOLs”) during our history. In general, under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation that undergoes an “ownership change” is subject to annual limitations on its ability to utilize its pre-change U.S. federal NOL carryforwards and certain other tax attributes, including tax credit carryforwards, to offset its future taxable income or tax liabilities. For these purposes, an ownership change generally occurs if the percentage of a corporation’s stock (by value) owned by one or more “5-percent shareholders” increases by more than 50 percentage points over a rolling three-year period. We have experienced ownership changes in the past, and we may experience ownership changes in the future, including as a result of this offering or subsequent shifts in our stock ownership, some of which may be outside our control. NOLs and other tax attributes of companies we have acquired are, and of companies we may acquire may be, subject to similar limitations. Similar provisions of state tax law and the tax laws of non-U.S. jurisdictions may also limit our ability to utilize state and non-U.S. NOL carryforwards and other tax attributes. In addition, certain states, including California, have suspended or otherwise limited the use of NOL carryforwards and other tax attributes, which could accelerate or permanently increase our state income tax liabilities. Separately, under current law, U.S. federal NOLs arising in taxable years beginning after December 31, 2017 may be used to offset only 80% of taxable income in any year, whether or not an ownership change occurs. As a result of the foregoing, even if we attain profitability, we may be unable to use all or a material portion of our NOLs and other tax attributes, which could adversely affect our future cash flows and results of operations.

**我们的公司架构和公司间安排须受多个司法辖区税法的约束，我们可能被要求缴纳额外税款，这可能对我们的业务、财务状况和经营业绩产生不利影响。**

**Our corporate structure and intercompany arrangements are subject to the tax laws of multiple jurisdictions, and we could be required to pay additional taxes, which could adversely affect our business, financial condition, and results of operations.**

随着我们持续拓展非美国业务，我们目前且可能日益需要根据我们在全球各司法辖区的业务活动，在这些辖区申报应纳税所得额。我们的公司架构及相关转让定价政策反映了参与我们公司间交易各实体的职能、风险和资产。然而，我们的税务状况面临多种风险，包括税率上升、新制定或修订的税法（可能具有追溯效力），以及税务机关或法院对现行税法及政策作出新解释，其中任何一项都可能增加我们的整体纳税义务。

As we continue to expand our non-U.S. operations, we are, and may increasingly be, required to report taxable income in various jurisdictions around the world based on our business activities in those jurisdictions. Our corporate structure and associated transfer pricing policies reflect the functions, risks, and assets of the entities involved in our intercompany transactions. However, our tax position is subject to various risks, including increases in tax rates, new or revised tax laws (which may apply retroactively), and new interpretations of existing tax laws and policies by taxing authorities or courts, any of which could increase our overall tax obligations.

我们的公司间交易受我们经营所在司法管辖区的税务机关实施的复杂转让定价规则约束，其中许多税务机关适用不同、有时甚至相互冲突的法律标准。税务机关可能就独立交易原则的适用、我们知识产权的定性或估值，或公司间服务及其他交易的定价采取不一致的立场。如果税务机关成功质疑我们的转让定价或收入与费用在各司法管辖区之间的分配，我们可能被要求重新分配收入或支付额外税款、利息和罚款。如果收入被重新分配的司法管辖区不同意该调整，我们还可能面临双重征税。此外，我们的某些跨境合同安排，包括美国实体在地方子公司设立前签订的基础设施相关协议，可能产生不可抵扣的增值税或类似间接税或其他税务成本，视司法管辖区而定，这些成本可能重大。

Our intercompany transactions are subject to complex transfer pricing rules administered by tax authorities in the jurisdictions in which we operate, many of which apply divergent, and sometimes conflicting, legal standards. Tax authorities may take inconsistent positions regarding the application of the arm’s-length principle, the characterization or valuation of our intellectual property, or the pricing of intercompany services and other transactions. If a tax authority successfully challenges our transfer pricing or the allocation of income and expenses among jurisdictions, we could be required to reallocate income or pay additional taxes, interest, and penalties. If the jurisdiction from which income is reallocated does not agree with the adjustment, we could also be subject to double taxation. In addition, certain of our cross-border contracting arrangements, including infrastructure-related agreements entered into by U.S. entities pending the formation of local subsidiaries, may give rise to non-recoverable value-added or similar indirect taxes or other tax costs, which could be material depending on the jurisdiction.

尽管我们认为我们的税务立场合理、我们的税务准备金充足，且我们的转让定价实践反映独立交易条款，但税务机关可能不同意我们的假设、判断和估计。如果税务机关成功主张我们的公司间安排不满足适用的转让定价要求，我们可能被要求支付超出我们准备金的额外税款、利息和罚款。此类结果可能提高我们的实际税率、减少我们的现金流，并对我们实现和维持盈利能力的能力产生不利影响。

Although we believe our tax positions are reasonable, our tax reserves are adequate, and our transfer pricing practices reflect arm’s-length terms, tax authorities may disagree with our assumptions, judgments, and estimates. If a tax authority were to prevail in asserting that our intercompany arrangements do not satisfy applicable transfer pricing requirements, we could be required to pay additional taxes, interest, and penalties that exceed our reserves. Such an outcome could increase our effective tax rate, reduce our cash flows, and adversely affect our ability to achieve and sustain profitability.

**如果我们与关键会计政策相关的判断或估计被证明不正确，我们的经营业绩可能受到不利影响。**

**If our judgments or estimates relating to our critical accounting policies prove to be incorrect, our results of operations may be adversely affected.**

按照 GAAP 编制财务报表要求管理层在应用我们的会计政策时作出判断，并作出影响我们合并财务报表及附注所报告金额的估计和假设。我们的估计部分基于历史经验、可获取的市场可观察输入值，以及我们认为在相关情况下合理的各项其他假设，详见“管理层对财务状况和经营成果的讨论与分析——关键会计估计”一节。编制合并财务报表所采用的重要会计政策、估计和假设包括但不限于：收入确认、股权激励费用、普通股估值、可转换本票的公允价值、衍生负债及未来股权简单协议（SAFE）、租赁、所得税和或有损失。此外，我们会进行复杂且新颖的交易，可能被要求在我们的财务报表中合并某些资产或实体，这可能涉及重大判断，并可能导致我们报告的经营成果出现波动。如果我们的假设发生变化，或实际情况与假设不符，我们的经营成果可能受到不利影响，进而可能导致我们的经营成果低于证券分析师和投资者的预期，并导致我们 A 类普通股的市场价格下跌。

The preparation of financial statements in conformity with GAAP requires management to make judgments in applying our accounting policies and to make estimates and assumptions that affect the amounts reported on our consolidated financial statements and accompanying notes. We base our estimates in part on historical experience, market observable inputs, if available, and various other assumptions that we believe to be reasonable under the circumstances, as provided in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.” Significant accounting policies, estimates, and assumptions used in preparing our consolidated financial statements include, but are not limited to, revenue recognition, stock-based compensation, common stock valuations, fair value of convertible notes, derivative liabilities, and SAFEs, leases, income taxes, and loss contingencies. In addition, we engage in complex and novel transactions and may be required to consolidate certain assets or entities on our financial statements, which may involve significant judgment and could result in volatility in our reported results of operations. Our results of operations may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which may cause our results of operations to fall below the expectations of securities analysts and investors and cause a decline in the market price of our Class A common stock.

**如果我们未能维持有效的披露控制及财务报告内部控制体系，我们及时、准确编制财务报表或遵守适用法规的能力可能受到损害，进而可能对我们的业务、财务状况和经营成果产生不利影响。**

**If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations may be impaired, which may adversely affect our business, financial condition, and results of operations.**

作为一家上市公司，我们将受《交易法》、《萨班斯-奥克斯利法案》以及纳斯达克全球精选市场上市标准的报告要求约束。《萨班斯-奥克斯利法案》及《交易法》相关规则要求我们（其中包括）维持有效的披露控制与程序以及财务报告内部控制。我们正在持续制定和完善我们的披露控制及其他程序，旨在确保我们向 SEC 提交的报告中要求披露的信息在 SEC 规则和表格规定的期限内被记录、处理、汇总和报告，并确保根据《交易法》在报告中要求披露的信息被积累并传达给管理层（包括我们的主要执行官和财务官），以便及时就披露作出决策。我们也在持续改进财务报告内部控制。我们已投入并将继续投入大量资源，以维持并提高我们的披露控制与程序以及财务报告内部控制的有效性。

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the listing standards of the Nasdaq Global Select Market. The Sarbanes-Oxley Act and related Exchange Act rules require, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to assure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to management, including our principal executive and financial officers, to allow timely decisions regarding disclosure. We are also continuing to improve our internal control over financial reporting. We have expended, and anticipate that we will continue to expend, significant resources to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting.

我们现有的控制措施以及我们未来制定的任何新控制措施，都可能因业务状况的变化而变得不充分。此外，未来可能会发现我们的披露控制、程序或财务报告内部控制存在缺陷。任何未能制定或维持有效控制措施的情况，或在其执行或改进过程中遇到的任何困难，都可能对我们的经营业绩产生不利影响，或导致我们未能履行报告义务，并可能导致我们对前期财务报表进行重述。我们还依赖分销合作伙伴和其他第三方服务提供商来处理和存储我们财务报告所依据的数据。因此，我们维持有效内部控制的能力部分取决于这些第三方所维持控制措施的设计和运行有效性，而我们审计或整改此类第三方控制环境中缺陷的能力是有限的。

Our current controls and any new controls that we develop may become inadequate because of changes in the conditions in our business. Further, weaknesses in our disclosure controls, procedures, or internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation or improvement, may adversely affect our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. We also rely on distribution partners and other third-party service providers to process and store data underlying our financial reporting. Our ability to maintain effective internal controls therefore depends in part on the design and operating effectiveness of controls maintained by these third parties, and our ability to audit or remediate deficiencies in such third-party control environments is limited.

任何未能实施和维持有效的财务报告内部控制的情况，也可能对定期管理层评估以及独立注册会计师事务所关于我们财务报告内部控制有效性的年度鉴证报告产生不利影响，我们最终将被要求将这些内容纳入我们向 SEC 提交的定期报告中。无效的披露控制与程序以及财务报告内部控制也可能导致投资者对我们报告的财务及其他信息失去信心，这很可能对我们的 A 类普通股市场价格产生不利影响。此外，如果我们无法继续满足这些要求，我们可能无法继续在纳斯达克全球精选市场上市。我们目前无需遵守实施《萨班斯-奥克斯利法案》第 404 条的 SEC 规则，因此无需为此目的对我们的财务报告内部控制有效性进行正式评估。作为一家上市公司，我们将被要求自第二份 Form 10-K 年度报告起，提供关于我们财务报告内部控制有效性的年度管理层报告。

Any failure to implement and maintain effective internal control over financial reporting may also adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting may also cause investors to lose confidence in our reported financial and other information, which would likely adversely affect the market price of our Class A common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the Nasdaq Global Select Market. We are not currently required to comply with the SEC rules that implement Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we will be required to provide an annual management report on the effectiveness of our internal control over financial reporting commencing with our second annual report on Form 10-K.

**我们面临利率和汇率波动的风险，这可能对我们的业务、财务状况和经营业绩产生负面影响。**

**We are exposed to fluctuations in interest rates and currency exchange rates, which could negatively affect our business, financial condition, and results of operations.**

我们持有大量现金、现金等价物和投资，其中很大一部分投资于浮动利率或基于市场利率的工具。因此，我们的投资收益对现行利率的变化较为敏感。利率下降可能减少我们从这些投资中获得的收益，这可能对我们的财务状况和经营业绩产生不利影响。此外，利率波动可能影响我们投资组合的公允价值，并可能影响我们的整体财务表现。

We hold a significant amount of cash, cash equivalents, and investments, a substantial portion of which is invested in instruments with variable or market-based interest rates. As a result, our investment income is sensitive to changes in prevailing interest rates. A decline in interest rates could reduce the income we earn on these investments, which could adversely affect our financial condition and results of operations. In addition, volatility in interest rates may impact the fair value of our investment portfolio and could affect our overall financial performance.

我们目前的销售以美元、欧元和英镑计价，未来可能以其他货币计价。由于我们以美元报告经营业绩和收入，我们面临外币折算风险，未来还可能面临额外的外汇风险。例如，美元相对这些外币走强，可能提高我们的模型、平台和应用程序对美国以外客户的实际成本，从而可能降低对我们模型、平台和应用程序的需求，并对我们的经营业绩产生不利影响。此外，随着我们非美国业务的扩张，我们经营费用中可能有越来越大的部分以外币计价，并受外汇汇率变动引起的波动影响。如果我们无法有效管理这些风险（包括通过任何对冲活动），我们的财务状况和经营业绩可能受到不利影响。

Our sales are currently denominated in U.S. dollars, euros, and the pound sterling, and will likely be denominated in other currencies in the future. Because we report our results of operations and revenue in U.S. dollars, we are exposed to foreign currency translation risk and may in the future face additional foreign currency risks. For example, a strengthening of the U.S. dollar compared to these foreign currencies could increase the real cost of our models, platform, and applications to non-U.S. customers, which could reduce demand for our models, platform, and applications and adversely affect our results of operations. In addition, as our non-U.S. operations expand, an increasing portion of our operating expenses may be denominated in foreign currencies and subject to fluctuations due to changes in foreign currency exchange rates. If we are not able to effectively manage these risks, including through any hedging activities, our financial condition and results of operations could be adversely affected.

与我们的治理结构相关的风险 Risks Related to our Governance Structure

**我们的股本结构具有某些在拥有多类别结构的其他公司中并不常见或属新颖的条款，可能实际上消除我们 A 类普通股持有人影响重要决策（包括控制权变更）的能力。**

**Our capital stock structure features certain provisions that are novel or otherwise not common among other corporations with multiple-class structures, and may effectively eliminate the ability of holders of our Class A common stock to influence important decisions, including a change in control.**

我们拥有一种在上市公司中没有直接先例的新颖资本与公司治理结构。我们依据特拉华州法律注册为公益公司（PBC）。作为一家 PBC，我们必须平衡股东的金钱利益、受我们行为重大影响者的最佳利益，以及我们经修订和重述的公司章程中确定的公司宗旨。此外，LTBT 拥有某些权利，旨在帮助确保我们以负责任地平衡我们作为 PBC 的目标的方式进行管理。通过一个特殊类别的普通股——T 类普通股，LTBT 通常有权选举和罢免 T 类董事，这些董事合计将构成我们董事会授权成员的多数。更多信息请参见标题为“我们的治理结构及其目标——长期利益信托——董事的选举和罢免”的章节。LTBT 旨在作为一个由五名财务上无利害关系的受托人组成的独立机构运作，我们的 T 类普通股不享有任何经济权利。因此，LTBT 可能拥有与您不同的利益，并可能以您不同意的方式或以可能对您的利益不利的方式行使其权力。在本次发行完成之前，我们还将向创始人有限责任公司发行一股 F 类普通股，这是我们普通股的一个特殊类别。我们的 F 类普通股将有权获得相当于截至适用记录日我们已发行股本总投票权 50.1%的合计票数，涉及一般提交给股东的事项，包括选举除 T 类董事以外的我们的董事。在本次发行完成后，我们还将授权一个特殊类别的普通股——E 类普通股，我们将向我们的员工（不包括我们的联合创始人）发行该类别股票。我们的 E 类普通股仅有权就某些有限事项投票，且不享有任何经济权利。根据这一治理结构，我们预计 LTBT 和创始人有限责任公司将共同拥有选举我们董事会所有成员的能力，并且在可预见的未来，创始人有限责任公司将拥有决定所有一般提交给我们股东投票的事项的结果的能力。因此，我们 A 类普通股的持有人通常将无法影响提交给我们股东投票的任何事项的结果或我们董事的选举，无论他们如何投票，除非多数持续创始人（定义见下文）无法就我们的 F 类普通股将如何投票达成一致（在这种情况下，我们的 F 类普通股通常将按就该事项所投的 A 类普通股投票比例进行投票）。

We have a novel capital and corporate governance structure that has no direct public company precedent. We are incorporated as a PBC under Delaware law. As a PBC, we are required to balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose identified in our amended and restated certificate of incorporation. In addition, the LTBT possesses certain rights that are designed to help ensure that we are managed in a manner that responsibly balances our goals as a PBC. Through 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. See the section titled “Our Governance Structure and Its Goals—Long-Term Benefit Trust— Election and Removal of Directors” for more information. The LTBT is intended to operate as an independent body of five financially disinterested Trustees, and our Class T common stock has no economic rights. As a result, the LTBT may have interests that differ from yours, and it may exercise its power in a way with which you disagree or in a way that may be adverse to your interests. Immediately prior to the completion of this offering, we will also issue a single share of Class F common stock, a special class of our common stock, to the Founder LLC. 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 with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors. Upon the completion of this offering, we will also authorize a special class of our common stock, Class E common stock, which we will issue to our employees, excluding our co-founders. Our Class E common stock will be entitled to vote only on certain limited matters and will not have any economic rights. Under this governance structure, we expect that the LTBT and the Founder LLC will collectively have the ability to elect all members of our board of directors, and the Founder LLC will have the ability to determine the outcome of all matters submitted to a vote of our stockholders generally for the foreseeable future. Accordingly, holders of our Class A common stock generally will not be able to affect the outcome of any matter submitted to a vote of our stockholders or the election of our directors, regardless of how they vote, unless a majority of the Continuing Founders (as defined below) cannot agree on how our Class F common stock will be voted (in which case our Class F common stock will generally be voted proportionately with the votes of our Class A common stock cast on the matter).

我们的治理结构很可能产生限制未经请求的合并提议、未经请求的收购要约或罢免董事的委托书争夺战发生可能性的效果。因此，我们的治理结构可能使更换我们的董事和管理层变得更加困难，并可能产生剥夺我们股东以高于现行市场价格溢价出售其股份机会的效果。

Our governance structure is likely to have the effect of limiting the likelihood of an unsolicited merger proposal, unsolicited tender offer, or proxy contest for the removal of directors. As a result, our governance structure may make it more difficult to replace our directors and management and may have the effect of depriving our stockholders of an opportunity to sell their shares at a premium over prevailing market prices.

我们无法预测我们的结构是否会导致对我们 A 类普通股的需求下降、波动性增加、不利的媒体报道或其他不利后果。特别是，缺乏解释这一结构的司法先例增加了治理相关诉讼的风险和不可预测性，法院可能以我们无法预料的方式解释我们结构中固有的义务。

We cannot predict whether our structure will result in lower demand for our Class A common stock, increased volatility, adverse publicity, or other adverse consequences. In particular, the absence of judicial precedent interpreting this structure increases the risk and unpredictability of governance-related litigation, and courts may interpret the obligations inherent in our structure in ways that we might not anticipate.

**在可预见的未来，我们的资本结构将使投票权集中于 LTBT 和创始人有限责任公司，并将导致 LTBT 和创始人有限责任公司拥有并非源自或并不成比例于我们公司经济利益的投票权。**

**Our capital structure will concentrate voting power with the LTBT and the Founder LLC for the foreseeable future and will result in the LTBT and the Founder LLC having voting power that is not derived from or proportionate to economic interests in our company.**

我们的 T 类普通股通常将赋予 LTBT 选举和罢免 T 类董事的权利，这些董事合计将构成我们董事会授权成员的多数。我们的 T 类普通股将无限期存续，但须受我们董事会和受托人，或我们 A 类普通股、E 类普通股和 F 类普通股的特定多数股东修订或终止 LTBT 条款或我们 T 类普通股权利，或赎回我们 T 类普通股的权利的约束（在无 T 类普通股流通在外的时点，即“T 类日落时间”）。T 类普通股在获得修订、终止或赎回其所需的相同批准后，也可不受限制地转让。我们有意以这种方式构建 T 类普通股，以便在情况变化时保持长期灵活性。如果 T 类普通股被转让给与 LTBT 无关联或无需考虑公司宗旨的个人或实体，则只要我们仍为 PBC，我们所有董事，无论其如何当选，都将继续有义务按照特拉华州法律以及我们当时有效的公司注册证书、章程和其他治理文件行事，包括与我们公共利益宗旨相关的条款。《信托协议》（定义见下文）将受托人薪酬限制为受托人每年确定的合理现金金额。受托人薪酬不会随我们公司的利润或任何作为或不作为而变化，也不以其为条件。LTBT 的政策禁止受托人直接购买或持有我们的任何证券。

Our Class T common stock will generally entitle the LTBT to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors. Our Class T common stock will remain outstanding indefinitely, subject to the right of our board of directors and the Trustees or specified majorities of our Class A common stock, Class E common stock, and Class F common stock to amend or terminate the terms of the LTBT or the rights of our Class T common stock or to redeem our Class T common stock (such time as no share of Class T common stock is outstanding, the “Class T Sunset Time”). The Class T common stock may also be transferred without restriction upon the receipt of the same approvals required to amend, terminate, or redeem it. We intentionally structured the Class T common stock in this manner to preserve long-term flexibility if circumstances change. If the Class T common stock were transferred to a person or entity that is not affiliated with the LTBT or is not otherwise required to consider the Company Purpose, for so long as we remain a PBC, all of our directors, regardless of how they are elected, would continue to be obligated to act in accordance with Delaware law and our certificate of incorporation, bylaws, and other governing documents as then in effect, including those provisions relating to our public benefit purpose. The Trust Agreement (as defined below) limits Trustee compensation to a reasonable cash amount fixed annually by the Trustees. Trustee compensation will not vary with or be conditioned upon the profits or any action or inaction of our company. The policies of the LTBT prohibit a Trustee from directly purchasing or holding any of our securities.

我们的 F 类普通股将赋予创始人有限责任公司（Founder LLC）一项合计投票权，该投票权等于截至适用股权登记日，就一般提交股东表决的事项（包括选举我们的董事，但 T 类董事除外）而言，我们已发行股本总额总投票权的 50.1%。我们的 F 类普通股将持续存续，直至以下两者中较早发生者：(i) F 类转换期（定义见下文）届满，该转换期将在连续 90 个日历日内持续创始人（Continuing Founders，不包括任何属于创始人有限责任公司有限责任公司协议（“创始人有限责任公司协议”）所定义的“非合格成员”的继任成员）少于三名时开始；及(ii) 不存在任何已发行的 F 类普通股之时，包括因经持续创始人绝对多数（Supermajority，定义见下文）同意对其进行赎回，或创始人有限责任公司解散（“F 类日落时间”）所致。本次发行完成后，我们的联合创始人将合计持有：(i) 就一般提交股东表决的事项而言，我们已发行股本总额总投票权的约[__]%（不包括通过其在创始人有限责任公司中的权益所持有的部分）；及(ii) 就一般提交股东表决的事项而言，我们已发行股本总额总投票权的约[__]%（包括通过其在创始人有限责任公司中的权益所持有的部分）。

Our Class F common stock will entitle the Founder LLC 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 with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors. Our 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”). Upon the completion of this offering, our co-founders will collectively hold approximately (i) [__] % of the total voting power of our outstanding capital stock with respect to matters submitted to stockholders generally, excluding through their interests in the Founder LLC, and (ii) [__] % of the total voting power of our outstanding capital stock with respect to matters submitted to stockholders generally, including through their interests in the Founder LLC.

LTBT 与创始人有限责任公司的投票权并非源自或按比例对应其在我们公司的经济利益，且不会因增发 A 类普通股（包括因转换任何 N 类普通股而增发）或我们股本的任何其他股份而受到稀释或丧失权利。此外，LTBT、创始人有限责任公司及我们各位联合创始人的利益可能与您的利益不同，其投票方式可能您并不认同，并可能对您的利益不利。例如，尽管 LTBT、创始人有限责任公司及我们的联合创始人共同对我们的使命抱有长期承诺，这可能有利于与我们公共利益目标一致的股东，但投票权与经济利益的分离可能导致该等人士行使影响力时，优先考虑其认为符合公司宗旨（Company Purpose）及受我们行为重大影响者最佳利益的行动或结果，而非我们其他股东的金钱利益。这种投票权与我们公司经济利益的分离在可预见的未来很可能持续存在，且不会因我们增发股本而受到稀释，也不会因我们各位联合创始人出售或处置我们股本而减少。有关我们的 T 类普通股和 F 类普通股可能被赎回的情形的更多信息，请参见标题为“股本说明——普通股——赎回”的章节。

The voting power of the LTBT and the Founder LLC are not derived from or proportionate to economic interests in our company and will not be subject to dilution or the loss of rights upon the issuance of additional shares of Class A common stock (including upon conversion of any Class N common stock) or any other shares of our capital stock. Moreover, the LTBT, Founder LLC, and our individual co-founders may have interests that differ from yours and may vote in a way with which you disagree and that may be adverse to your interests. For example, while the LTBT, Founder LLC, and our co-founders share a long-term commitment to our mission that may benefit stockholders who share our public benefit goals, the separation between voting power and economic interests may result in such persons exercising their influence in a manner that prioritizes actions or outcomes they believe to be consistent with the Company Purpose and the best interests of those materially affected by our conduct over the pecuniary interests of our other stockholders. This divergence of voting power from economic interests in our company is likely to persist for the foreseeable future and will not be subject to dilution based on additional issuances of our capital stock or reduction for sales or dispositions of our capital stock by our individual co-founders. For additional information about the circumstances in which our Class T common stock and Class F common stock could be redeemed, see the section titled “Description of Capital Stock—Common Stock—Redemption.”

**我们的治理结构以及经修订和重述的公司章程的通过，可能会对某些机构投资者购买或持有我们 A 类普通股的决定产生负面影响。**

**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 of our Class A common stock.**

我们治理结构的某些方面，例如我们的多类别资本结构，可能会因某些机构投资者的投资政策而限制其投资于我们的能力，或可能使此类投资对某些机构投资者的投资组合经理而言吸引力降低。

Certain aspects of our governance structure, such as our multi-class capital structure, may limit the ability of certain institutional investors to invest in us as a result of their investment policies or may make such an investment less attractive to the portfolio managers of certain institutional investors.

此外，我们的多类别资本结构可能使我们不符合纳入指数的资格，因此，试图被动跟踪这些指数的共同基金、交易所交易基金和其他投资工具将不会投资于我们的股票。与其他能够被纳入此类指数的类似公司相比，这些政策可能会压低我们的估值。

In addition, our multi-class capital structure may make us ineligible for inclusion in indices, and as a result, mutual funds, exchange-traded funds, and other investment vehicles that attempt to passively track these indices would not invest in our stock. These policies may depress our valuation compared to those of other similar companies that are able to be included in such indices.

**根据纳斯达克全球精选市场公司治理要求，我们被视为“受控公司”，因此，我们符合并目前依赖于某些公司治理要求的豁免。**

**We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements, and, as a result, we qualify for, and currently rely on, exemptions from certain corporate governance requirements.**

根据纳斯达克全球精选市场公司治理要求，我们被视为“受控公司”，因为 LTBT 作为我们 T 类普通股的唯一持有人，通常有权选举我们董事会多数授权成员。因此，我们可能选择不遵守某些公司治理要求，包括：

We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements because the LTBT, as the sole holder of our Class T common stock, generally has the power to elect a majority of the authorized members of our board of directors. As a result, we may elect not to comply with certain corporate governance requirements, including:

- 要求我们董事会多数成员由独立董事组成；

- the requirement that a majority of our board of directors consist of independent directors;

- 要求我们董事会设有提名与公司治理委员会，该委员会完全由独立董事组成，并有一份说明委员会目的和职责的书面章程；以及

- the requirement that our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

- 要求我们设有薪酬委员会，该委员会完全由独立董事组成，并有一份说明委员会目的和职责的书面章程。

- the requirement that we have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.

如果我们选择不遵守某些要求，您将无法获得受所有纳斯达克全球精选市场公司治理要求约束的公司股东所享有的同等保护。尽管我们符合“受控公司”资格，但我们预计不会依赖此豁免，除非涉及我们的提名与公司治理委员会（NGC），该委员会将不会完全由独立董事组成。我们的董事会目前多数由独立董事组成，我们的审计委员会和薪酬委员会目前完全由独立董事组成。如果我们不再是一家“受控公司”且我们的 A 类普通股继续在纳斯达克全球精选市场上市，我们将被要求在适用的过渡期内遵守我们的提名与公司治理委员会完全由独立董事组成的规定。

If we elect not to comply with certain requirements, you will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq Global Select Market corporate governance requirements. Although we qualify as a “controlled company,” we do not expect to rely on this exemption except with respect to our NGC, which will not consist entirely of independent directors. Our board of directors currently consists of a majority of independent directors and our audit and compensation committees currently consist entirely of independent directors. In the event that we cease to be a “controlled company” and our Class A common stock continues to be listed on the Nasdaq Global Select Market, we will be required to comply with the provision that our NGC be comprised entirely of independent directors within the applicable transition period.

**我们作为特拉华州公益公司运营。作为公益公司，我们无法保证我们将实现我们的公司宗旨。**

**We operate as a Delaware public benefit corporation. As a public benefit corporation, we cannot provide any assurance that we will achieve our Company Purpose.**

作为一家公益公司（PBC），我们的宗旨是创造一项或多项公共利益，并以负责任和可持续的方式运营，在股东的金钱利益、受我们行为重大影响的各方的最佳利益，以及我们经修订和重述的公司章程所载明的公司宗旨之间实现平衡。我们无法向您保证我们将实现公司宗旨，也无法保证作为公益公司（PBC）所预期的积极影响将会实现，这可能对我们的声誉、业务、财务状况和经营业绩产生不利影响。作为一家公益公司（PBC），根据《特拉华州普通公司法》（“DGCL”）第 366 条以及我们经修订和重述的公司章程细则，我们必须至少每两年向股东披露一份报告，说明我们在促进经修订和重述的公司章程所载明的公共利益、受我们行为重大影响的各方的最佳利益方面的整体表现，以及我们对实现公司宗旨和促进上述利益方面所获成功的评估。如果我们未能及时或无法提供该报告，或者该报告未获得与我们开展业务的各方、监管机构、审查我们资质的其他方或其他利益相关方（包括我们 A 类普通股持有人）的正面评价，我们作为公益公司（PBC）的声誉可能会受到不利影响。

As a PBC, we are intended to produce a public benefit or benefits and to operate in a responsible and sustainable manner, balancing our stockholders’ pecuniary interests, the best interests of those materially affected by our conduct, and the Company Purpose identified in our amended and restated certificate of incorporation. We cannot assure you that we will achieve our Company Purpose or that the expected positive impact from being a PBC will be realized, which could adversely affect our reputation, business, financial condition, and results of operations. As a PBC, we are required, under Section 366 of the Delaware General Corporation Law (“DGCL”) and pursuant to our amended and restated bylaws, to disclose to stockholders a report at least biennially on our overall performance in promoting the public benefit identified in our amended and restated certificate of incorporation and the best interests of those materially affected by our conduct and on our assessment of our success in achieving our Company Purpose and in promoting those interests. If we are not timely or are unable to provide this report, or if the report is not viewed favorably by parties doing business with us, regulators, others reviewing our credentials, or other stakeholders, including holders of our Class A common stock, our reputation as a PBC may be adversely affected.

**我们作为公益公司（PBC）对公司长期最佳利益的关注，以及我们的董事在平衡股东金钱利益、受我们行为重大影响的利益相关方的最佳利益与公司宗旨方面的职责，可能与短期、中期或长期财务利益及业务表现相冲突，从而可能对我们 A 类普通股的价值产生负面影响。**

**Our focus on the long-term best interests of our company as a PBC, and the duty of our directors to balance the pecuniary interests of our stockholders, the best interests of those stakeholders materially affected by our conduct, and our Company Purpose, may conflict with short-, medium-, or long-term financial interests and business performance, which may negatively impact the value of our Class A common stock.**

我们已作出、并可能在未来作出我们认为能够平衡股东经济利益、受我们行为重大影响各方的最佳利益以及我们经修订和重述的公司章程所载公司宗旨的决策，即使此类决策可能对我们业务、财务状况和经营业绩的短期、中期或长期表现，或对我们 A 类普通股的短期、中期或长期表现产生负面影响。这可能影响我们 A 类普通股的价值，并使持有我们 A 类普通股对注重回报的投资者而言吸引力下降。我们为追求长期成功而作出的决策和采取的行动可能不会带来我们预期的长期利益，这可能对我们的业务、财务状况和经营业绩以及我们 A 类普通股的市场价格产生不利影响。此类决策和行动可能包括：变更我们的模型、平台和应用；限制我们的模型、平台和应用的某些用途；出于安全相关原因放缓我们模型的开发节奏；调整新产品的推出时间；变更我们提供客户支持的方式；投资于我们与合作伙伴和员工的关系；投资于并推出新的模型、平台和应用；投资于符合我们公益目标的社會影响倡议；以及变更我们与地方或国家司法管辖区就规范我们业务的法律法规开展合作的方式。

We have made, and may in the future make, decisions that we believe balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose set forth in our amended and restated certificate of incorporation, even if such decisions may negatively impact the short-, medium-, or long-term performance of our business, financial condition, and results of operations or the short-, medium-, or long-term performance of our Class A common stock. This may impact the value of our Class A common stock and make owning our Class A common stock less appealing to investors who are focused on returns. Our decisions and actions in pursuit of long-term success may not result in the long-term benefits we expect, which could adversely affect our business, financial condition, and results of operations, as well as the market price of our Class A common stock. Such decisions and actions may include changes to our models, platform, and applications; limitations on certain uses of our models, platform, and applications; moderating the pace of the development of our models for safety-related reasons; adjustments to the timing of new offerings; changes in how we deliver customer support; investments in our relationships with partners and employees; investments in and introductions of new models, platforms, and applications; investments in social impact initiatives consistent with our public benefit objectives; and changes in our approach to working with local or national jurisdictions on laws and regulations governing our business.

我们的政策（包括有关使用方式的政策）目前禁止、或未来可能修订以禁止某些使用方式或其他行为，这可能对我们产生不利的商业后果。例如，我们的使用政策禁止利用我们的模型、平台和应用程序开发或运行完全自主武器，或进行大规模监控（包括大规模国内监控）；基于我们的公司宗旨，我们已拒绝允许此类用途，尽管这些或类似用途本可带来收入。维持这些限制已经并可能继续产生不利的商业和财务后果。我们还出于安全原因限制或延迟了某些能力的可用性。例如，我们最初仅通过 Project Glasswing 以受限研究预览的形式发布 Mythos 模型，而未向公众广泛提供。同样，我们选择不开发某些具有商业吸引力的产品（例如图像和视频生成模型），以便将算力投向我们的研究和安全优先事项。我们的公开倡导，以及我们为调节 AI 发展节奏、延迟或限制模型或功能的发布、或出于安全相关原因放弃商业机会而作出的决定，可能无法实现股东价值最大化，可能对我们 A 类普通股的价值产生负面影响，并可能引发诉讼。上述每一项决定都体现了我们的董事在平衡股东的金钱利益、受我们行为重大影响者的最佳利益以及公司宗旨之后所作出的权衡。

Our policies, including those on usage, currently prohibit, or may be revised in the future to prohibit, certain usage or other actions, which may have adverse commercial consequences to us. For example, our usage policy prohibits the use of our models, platform, and applications to develop or operate fully autonomous weapons or to conduct mass surveillance, including mass domestic surveillance, and we have declined to permit such uses based on our Company Purpose, notwithstanding the revenue those or similar uses could generate. Maintaining these limitations has had, and may continue to have, adverse commercial and financial consequences. We have also restricted or delayed the availability of certain capabilities for safety reasons. For example, we initially released our Mythos model only as a gated research preview through Project Glasswing rather than making it broadly available to the public. Similarly, we have chosen not to develop certain commercially attractive offerings, such as image and video generation models, in order to direct our compute toward our research and safety priorities. Our public advocacy, and the decisions we make to moderate the pace of AI development, delay or restrict the release of models or features, or forgo commercial opportunities for safety-related reasons, may not maximize stockholder value, could have a negative impact on the value of our Class A common stock, and could result in litigation. Each of these decisions reflects our directors’ balancing of the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose.

尽管我们认为这些决定符合公司宗旨，但由於这些决定，我们可能会放弃一家仅为实现股东价值最大化而管理的公司本会追求的收入、客户或增长机会。

While we believe these decisions are consistent with the Company Purpose, as a result of these decisions, we may forgo revenue, customers, or growth opportunities that a corporation managed solely to maximize stockholder value might pursue.

此外，传统公司的董事通常负有专注于实现股东价值最大化的信义义务，而公益公司（PBC）的董事不仅有义务考虑股东的财务利益，还有义务考虑公司特定的公共利益宗旨，以及受公司行为重大影响的利益相关方的最佳利益。因此，我们的董事不仅被允许、而且有义务考虑我们的公司宗旨及其他利益相关方的利益。根据特拉华州法律，只要董事作出知情且无利害关系的、服务于合理目的的决定，即可免于因违反上述义务而承担责任。若我们的股东利益、公司宗旨或其他利益相关方利益之间发生冲突，我们的董事只需作出知情且无利害关系的、服务于合理目的的决定；因此，我们无法保证此类冲突会以有利于股东金钱利益的方式解决，这可能对我们的业务、财务状况和经营成果产生不利影响，并导致我们的 A 类普通股市场价格下跌。此外，解释特拉华州法律下适用于公益公司（PBC）的平衡要求的司法先例非常有限，尤其是对于具有显著规模或知名度、或公益公司（PBC）宗旨范围与我们类似的公司。因此，董事义务的范围、其决定所受审查的标准，以及股东就涉嫌未能负责任地平衡上述利益而寻求救济的性质和可获得性，仍存在不确定性。未来对这些条款的司法解释可能比我们目前预期的更为宽泛，并可能导致诉讼风险增加、对董事会决策的审查更为严格，或产生与我们的预期不同的结果。

Further, while directors of traditional corporations typically have a fiduciary duty to focus on maximizing stockholder value, directors of a PBC have a duty to consider not only the stockholders’ financial interests but also the company’s specific public benefit purpose and the best interests of those stakeholders materially affected by the company’s actions. Thus, our directors are not merely permitted, but obligated, to consider our Company Purpose and the interests of other stakeholders. Under Delaware law, directors are shielded from liability for breach of these obligations if they make informed and disinterested decisions that serve a rational purpose. In the event of a conflict among the interests of our stockholders, our Company Purpose or the interests of our other stakeholders, our directors must only make informed and disinterested decisions that serve a rational purpose; thus, we cannot guarantee that such a conflict would be resolved in favor of our stockholders’ monetary interests, which could adversely affect our business, financial condition, and results of operations and cause the market price of our Class A common stock to decline. In addition, there is very limited judicial precedent interpreting the balancing requirement applicable to PBCs under Delaware law, particularly for companies with significant scale or visibility, or with a scope of PBC purpose similar to ours. As a result, the scope of directors’ obligations, the standards by which their decisions may be reviewed, and the nature and availability of stockholder remedies in connection with alleged failures to responsibly balance these interests remain uncertain. Future judicial interpretations of these provisions could be more expansive than we currently anticipate and could result in increased litigation risk, greater scrutiny of board decision-making, or outcomes that differ from our expectations.

此外，作为一家公益公司（PBC），我们相比传统公司更不易受到主动收购的影响，因此，您通过被收购实现投资回报的能力可能受到限制。我们也可能不是激进投资者或对冲基金投资者具有吸引力的目标，因为新任董事必须考虑并适当权衡我们股东的金钱利益、受我们行为重大影响者的最佳利益以及我们的公司宗旨，且股东可能通过诉讼强制执行该义务。此外，由于要求我们的董事会考虑其他利益相关方和我们的公司宗旨，而不仅仅是实现股东价值最大化，特拉华州法律可能使我们的董事会更容易拒绝敌意收购要约，即使接受该要约能为投资者带来最大的短期财务收益。

Additionally, as a PBC, we are less vulnerable to an unsolicited takeover effort than a traditional company would be and, therefore, your ability to realize your investment through an acquisition may be limited. We may also not be an attractive target for activists or hedge fund investors because new directors must consider and give appropriate weight to the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and our Company Purpose, and stockholders may be able to enforce this obligation through litigation. Further, by requiring that our board of directors consider additional stakeholders and our Company Purpose, and not just maximizing stockholder value, Delaware law could make it easier for our board of directors to reject a hostile bid, even where the acceptance of such a bid would provide the greatest short-term financial yield to investors.

此外，我们拟将相当一部分资源用于我们的公共利益倡议，其中可能包括向非营利组织、研究机构、弱势群体社区以及其他原本可能无法获得前沿 AI 能力的第三方提供捐赠。这些倡议（包括首次公共利益发行及未来的公共利益发行）过去规模可观，且可能继续如此，我们预计将随着时间推移大幅扩大这些努力。此类支出的收益可能难以或无法以财务指标衡量，且可能不会为我们的业务或股东带来任何直接或可衡量的收益。在任何给定期间，用于这些倡议的资源数量可能减少我们的收入、增加我们的费用，并可能以其他方式影响我们的经营业绩。

In addition, we intend to direct a meaningful portion of our resources toward our public benefit initiatives, which may include contributions to nonprofit organizations, research institutions, underserved communities, and other third parties that may not otherwise have access to frontier AI capabilities. These initiatives, which include the Initial Public Benefit Issuance and the future Public Benefit Issuances, have been, and may continue to be, substantial in scale, and we expect to significantly grow these efforts over time. The benefits of such expenditures may be difficult or impossible to measure in financial terms and may not result in any direct or measurable benefit to our business or our stockholders. The amount of resources directed toward these initiatives may, in any given period, reduce our revenue, increase our expenses, and could otherwise affect our results of operations.

**作为特拉华州公益公司，我们可能面临更多诉讼，涉及我们的董事会平衡股东金钱利益、受我们行为重大影响者的最佳利益以及我们公司宗旨的义务，此类诉讼的发生可能对我们的业务、财务状况和经营业绩产生不利影响。**

**As a Delaware public benefit corporation, we may be subject to increased litigation concerning our board of directors’ obligation to balance our stockholders’ pecuniary interests, the best interests of those materially affected by our conduct and our Company Purpose, the occurrence of which may have an adverse impact on our business, financial condition, and results of operations.**

《特拉华州普通公司法》第 367 条规定，股票在全国性证券交易所上市的特拉华州公益公司（PBC）的股东，只有在以下情况下才能提起诉讼，以强制执行《特拉华州普通公司法》对董事会施加的法定平衡要求：该等股东单独或合计持有公司已发行股份的至少百分之二，或持有公司股份的市值在提起诉讼之日至少为 $2,000,000（以较低者为准）；且对于派生诉讼，该等股东须满足提起派生诉讼所适用的任何其他条件。传统公司不存在这种强制执行法定平衡要求的潜在责任。因此，我们可能面临更多诉讼的可能性，这将需要我们的管理层予以关注，并因此可能对我们的管理层有效执行战略的能力产生不利影响。此类平衡诉讼的司法先例有限，这可能给我们的董事义务范围或股东可获得的救济带来不确定性。此外，任何此类诉讼可能成本高昂，这可能对我们的业务、财务状况和经营业绩产生不利影响。

Section 367 of the DGCL provides that stockholders of a Delaware PBC with shares listed on a national securities exchange may only file an action to enforce the statutory balancing requirement imposed on the board of directors by the DGCL if they, individually or collectively, own the lesser of at least two percent of the corporation’s outstanding shares or shares of the corporation with a market value of at least $2,000,000 as of the date the action is instituted and, in the case of a derivative action, such stockholders satisfy any other conditions applicable to filing a derivative action. This potential liability for enforcement of the statutory balancing requirement does not exist for traditional corporations. Therefore, we may be subject to the possibility of increased litigation, which would require the attention of our management, and, as a result, may adversely affect our management’s ability to effectively execute our strategy. There is limited judicial precedent for this type of balancing litigation, which may create uncertainty around the scope of our directors’ obligations or the remedies available to stockholders. Additionally, any such litigation may be costly, which may adversely affect our business, financial condition, and results of operations.

**我们经修订和重述的章程将指定位于特拉华州境内的州法院或联邦法院作为我们与股东之间几乎所有争议的专属法院，并规定联邦地区法院为解决任何依据经修订的 1933 年《证券法》提出诉讼请求的投诉的专属法院，上述每一项都可能限制我们的股东就与我们或我们的董事、高级职员、股东或员工之间的争议选择司法法院的能力。**

**Our amended and restated bylaws will designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, and also provide that the federal district courts will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, each of which may limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, stockholders, or employees.**

我们经修订和重述的公司章程细则将在本次发行完成前立即生效，其中规定，除非我们书面同意选择替代法院，否则在法律允许的最大范围内，特拉华州衡平法院（或，若特拉华州衡平法院无管辖权，则为特拉华州另一州法院或特拉华州联邦地区法院）将是以下事项的唯一专属法院：(i) 代表我们提起的任何派生诉讼或程序；(ii) 主张我们现任或前任董事、股东、高级管理人员或其他员工对我们或我们的股东负有信托义务之违反的任何诉讼；(iii) 依据《特拉华州普通公司法》（DGCL）任何条款提起的任何诉讼，或 DGCL 赋予特拉华州衡平法院管辖权的任何诉讼；(iv) 依据或为解释、适用、执行或判定我们经修订和重述的公司章程或我们经修订和重述的公司章程细则之有效性而提起的任何诉讼；或 (v) 主张受内部事务原则管辖的索赔的任何诉讼，但在所有情况下，除外任何该等法院认定存在不受该法院管辖的不可或缺一方当事人（且该不可或缺一方当事人在该认定后 10 日内不同意该法院的对人管辖权）的索赔。

Our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, another State court in Delaware or the federal district court for the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, stockholders, or officers or other employees to us or our stockholders, (iii) any action arising pursuant to any provision of the DGCL, or as to which the DGCL confers jurisdiction upon the Court of Chancery of the State of Delaware, (iv) any action arising pursuant to or to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation, or our amended and restated bylaws, or (v) any action asserting a claim governed by the internal affairs doctrine, except for, in all cases, any claim as to which such court determines that there is an indispensable party not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within 10 days following such determination).

经修订的《1933 年证券法》（“《证券法》”）第 22 条确立了联邦法院和州法院对《证券法》索赔的并行管辖权。因此，州法院和联邦法院均有管辖权审理此类索赔。为避免不得不在多个司法辖区进行诉讼以及不同法院作出不一致或相反裁决的风险，除其他考虑因素外，我们经修订和重述的公司章程细则还将规定，除非我们书面同意选择替代法院，否则在适用法律允许的最大范围内，美国联邦地区法院将是解决任何针对任何人就我们的证券发行而主张《证券法》项下一项或多项诉因的投诉的唯一专属法院，包括但不限于任何审计师、承销商、专家、控制人或其他被告。除非我们书面同意选择替代法院，否则在适用法律允许的最大范围内，美国特拉华州联邦地区法院将是解决为执行《交易法》或其项下规则或条例所创设的任何义务或责任而提起的任何派生诉讼或程序的唯一专属法院。依据《交易法》产生的所有其他索赔可在任何具有管辖权的联邦法院提起。

Section 22 of the Securities Act of 1933, as amended (the “Securities Act”), establishes concurrent jurisdiction for federal and state courts over Securities Act claims. Accordingly, both state and federal courts have jurisdiction to hear such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated bylaws will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for resolving any complaint asserting a cause or causes of action arising under the Securities Act against any person in connection with any offering of our securities, including, without limitation, any auditor, underwriter, expert, control person, or other defendant. Unless we consent in writing to the selection of an alternative forum, the United States District Court for the District of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for the resolution of any derivative action or proceeding brought to enforce any duty or liability created by the Exchange Act or the rules or regulations thereunder. All other claims arising under the Exchange Act may be brought in any federal court of competent jurisdiction.

任何购买、持有或以其他方式取得我们任何证券权益的人或实体，均应被视为已注意到前述章程条款并同意受其约束。尽管我们认为，这些排他性管辖条款通过在各类诉讼中提高特拉华州法律和联邦证券法适用的一致性而使我们受益，但排他性管辖条款可能限制股东就其与我们或我们现任或前任董事、高级管理人员、股东或其他员工之间的争议选择其偏好的司法管辖地提起诉讼，这可能抑制股东就针对我们及我们现任和前任董事、高级管理人员、股东或其他员工的此类索赔提起诉讼。我们的股东不会因我们的排他性管辖条款而被视为放弃我们遵守联邦证券法及其项下规则和法规。

Any person or entity purchasing, holding, or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to the foregoing bylaw provisions. Although we believe these exclusive forum provisions benefit us by providing increased consistency in the application of Delaware law and federal securities laws in the types of lawsuits to which each applies, the exclusive forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum of its choosing for disputes with us or our current or former directors, officers, stockholders, or other employees, which may discourage lawsuits with respect to such claims against us and our current and former directors, officers, stockholders, or other employees. Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder as a result of our exclusive forum provisions.

**我们经修订和重述的公司章程以及经修订和重述的章程细则中的条款可能使合并、要约收购、代理权争夺或其他重大公司交易变得困难，并可能压低我们 A 类普通股的市场价格。**

**Provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, proxy contest, or other significant corporate transaction difficult, potentially depressing the market price of our Class A common stock.**

我们经修订和重述的公司章程以及经修订和重述的章程细则将在本次发行完成前立即生效，其中将包含若干可能使收购我们公司变得更加困难的条款。此类条款将包括：

Our amended and restated certificate of incorporation and amended and restated bylaws, which will become effective immediately prior to the completion of this offering, will contain a number of provisions that may make the acquisition of our company more difficult. Such provisions will include:

- 多类别普通股结构，这将使 LTBT 和创始人有限责任公司有能力选举我们董事会的全部成员，并将使创始人有限责任公司在可预见的未来有能力决定提交我们股东一般表决的所有事项的结果（包括批准任何合并、出售我们公司以及需要股东批准的其他重大公司交易）；

- a multi-class common stock structure, which will provide the LTBT and the Founder LLC with the ability to elect all members of our board of directors, and will provide the Founder LLC with the ability to determine the outcome of all matters submitted to a vote of our stockholders generally (including the approval of any merger, sale of our company, and other significant corporate transaction requiring stockholder approval) for the foreseeable future;

- 在 F 类股份日落时间之前，任何非 T 类董事的空缺或新设董事职位，可由我们的董事会根据创始人有限责任公司的通知予以填补，或由我们 A 类普通股和 F 类普通股的持有人共同表决或通过书面同意方式予以填补；

- prior to the Class F Sunset Time, vacant or newly created directorships for any directors who are not Class T directors can be filled by our board of directors in accordance with a notice from the Founder LLC or by the holders of our Class A common stock and Class F common stock, voting together or acting by written consent;

- 在 T 类股份日落时间之前，构成我们董事会的董事人数仅可在获得我们董事会授权成员 80%批准的情况下确定（四舍五入至最接近的整数（任何恰好 0.5 的情形向上取整））；

- prior to the Class T Sunset Time, the number of directors constituting our board of directors will be permitted to be set only with the approval of 80% of the authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up));

- 我们的股东特别会议仅可由以下主体召集：(i) 我们的董事会依据经我们董事会授权成员过半数通过的决议行事；(ii) 我们的董事会主席；(iii) 我们的首席执行官；(iv) 我们的总裁；(v) 在 F 类日落时间之后，由非 T 类董事的过半数董事召集；(vi) 在 F 类日落时间之前，且仅限于将提请我们的 E 类普通股持有人就某项提案进行表决的特别会议，由公司秘书召集；或 (vii) 在 F 类日落时间之前，由作为我们 F 类普通股持有人的创始人有限责任公司召集；

- a special meeting of our stockholders may only be called by (i) our board of directors acting pursuant to a resolution adopted by a majority of the authorized members of our board of directors; (ii) the Chairperson of our board of directors; (iii) our Chief Executive Officer; (iv) our President; (v) following the Class F Sunset Time, a majority of the directors who are not Class T directors; (vi) prior to the Class F Sunset Time and only with respect to a special meeting at which holders of our Class E common stock will be asked to vote on a proposal, the secretary of the company; or (vii) prior to the Class F Sunset Time, the Founder LLC as the holder of our Class F common stock;

- 在 F 类日落时间和 T 类日落时间之前，股东仅可就以下事项以书面同意方式行事：(i) 任何提名、选举或罢免董事，或任命董事以填补任何空缺或新设董事职位的行动；(ii) 任何为满足我们经修订和重述的公司章程中与我们 F 类普通股、T 类普通股和 E 类普通股相关的某些赎回和保护性条款而采取的行动；以及 (iii) 任何由股东作为单一类别共同表决的事项，前提是该事项首先经我们的董事会批准或应其要求提出；而在 F 类日落时间和 T 类日落时间均之后，要求或允许我们的股东采取的任何行动必须在正式召集的股东年会或特别会议上实施，不得通过我们的股东的任何书面同意实施；尽管有前述规定，要求或允许我们的 E 类普通股持有人采取的任何行动必须在正式召集的股东年会或特别会议上实施，不得通过该等股东的任何书面同意实施；

- prior to the Class F Sunset Time and the Class T Sunset Time, stockholders may act by written consent only with respect to (i) any action to nominate, elect, or remove directors or appoint a director to fill any vacancy or newly created directorship; (ii) any action to satisfy certain redemption and protective provisions in our amended and restated certificate of incorporation related to our Class F common stock, Class T common stock, and Class E common stock; and (iii) any matter in which stockholders vote together as a single class if such matter is first approved or requested by our board of directors, and following both the Class F Sunset Time and the Class T Sunset Time, any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any written consent of our stockholders; notwithstanding the foregoing, any action required or permitted to be taken by the holders of our Class E common stock must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders;

- A 类股东提名董事候选人或在股东年会上提出事项所需的提前通知程序；

- advance notice procedures required for Class A stockholders to nominate candidates for election as directors or to bring matters before an annual meeting of stockholders;

- 在 F 类日落时间之后，我们的董事会将转变为分类董事会，由三个类别的董事组成，任期交错，每届三年；

- following the Class F Sunset Time, our board of directors will shift to having a classified board of directors consisting of three classes of directors with staggered three-year terms;

- 在 F 类日落时间之后，修改我们经修订和重述的公司章程及经修订和重述的章程细则中的某些条款，将需要我们 A 类普通股 66 2/3% 的表决权；

- following the Class F Sunset Time, 66 2/3% of the voting power of our Class A common stock will be required to amend certain provisions in our amended and restated certificate of incorporation and our amended and restated bylaws;

- 不规定累积投票制；以及

- not providing for cumulative voting; and

- 授权发行未指定优先股，其发行及条款可由我们董事会授权成员的 80%（向上或向下取整至最接近的整数（任何恰好 0.5 的向上取整））确定，且在 F 类日落时间之前，须经作为我们 F 类普通股持有人的创始人有限责任公司同意。

- authorizing undesignated preferred stock, the issuance and terms of which may be established by 80% of the authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up)) and, prior to the Class F Sunset Time, only with the consent of the Founder LLC as the holder of our Class F common stock.

这些条款单独或共同可能阻碍、延迟或阻止涉及本公司控制权变更的交易。这些条款还可能抑制代理权争夺，并使股东更难选举出其属意的董事，以及促使我们采取其希望的其他公司行动，上述任何一项在某些情况下可能限制本公司股东就其 A 类普通股获得溢价的机会，也可能影响部分投资者愿意为本公司 A 类普通股支付的价格。

These provisions, alone or together, could discourage, delay or prevent a transaction involving a change in control of our company. These provisions could also discourage proxy contests and make it more difficult for stockholders to elect directors of their choosing and to cause us to take other corporate actions they desire, any of which, under certain circumstances, could limit the opportunity for our stockholders to receive a premium for their shares of our Class A common stock, and could also affect the price that some investors are willing to pay for our Class A common stock.

与我们的 A 类普通股所有权相关的风险 Risks Related to Ownership of our Class A Common Stock

**我们的 A 类普通股此前不存在公开交易市场，本次发行后可能不会形成或维持活跃的交易市场。**

**There has been no prior public trading market for our Class A common stock, and an active trading market may not develop or be sustained following this offering.**

我们已申请将我们的 A 类普通股在纳斯达克全球精选市场上市，股票代码为“ANT”。然而，在本次发行之前，我们的 A 类普通股不存在公开交易市场。我们无法向您保证，我们的 A 类普通股将在该交易所或其他地方形成活跃的交易市场，或者即使形成，任何市场将得以维持。我们 A 类普通股的首次公开发行价格将由我们、出售股东与承销商协商确定。该价格未必反映本次发行后市场投资者愿意买入和卖出我们 A 类普通股的价格。

We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.” However, prior to this offering, there has been no public trading market for our Class A common stock. We cannot assure you that an active trading market for our Class A common stock will develop on such exchange or elsewhere or, if developed, that any market will be sustained. The initial public offering price of our Class A common stock will be determined through negotiation among us, the selling stockholders, and the underwriters. This price will not necessarily reflect the price at which investors in the market will be willing to buy and sell shares of our Class A common stock following this offering.

**我们 A 类普通股的市场价格可能波动，您可能损失全部或部分投资。**

**The market price of our Class A common stock may be volatile, and you may lose all or part of your investment.**

我们无法预测我们 A 类普通股的交易价格。我们 A 类普通股的首次公开发行价格将由我们、出售股东与承销商协商确定。该价格未必反映本次发行后市场投资者愿意买入和卖出我们 A 类普通股的价格。本次发行后，我们 A 类普通股的市场价格可能大幅波动，取决于诸多因素，其中许多因素超出我们的控制范围，且可能与我们的经营业绩无关。这些波动可能导致您损失在我们 A 类普通股中的全部或部分投资。可能导致我们 A 类普通股市场价格波动的因素包括以下各项：

We cannot predict the prices at which our Class A common stock will trade. The initial public offering price of our Class A common stock will be determined by negotiations among us, the selling stockholders, and the underwriters. This price will not necessarily reflect the price at which investors in the market will be willing to buy and sell shares of our Class A common stock following this offering. The market price of our Class A common stock following this offering may fluctuate substantially, depending on a number of factors, many of which are beyond our control and may not be related to our operating performance. These fluctuations may cause you to lose all or part of your investment in our Class A common stock. Factors that may cause fluctuations in the market price of our Class A common stock include the following:

- 整体股票市场不时出现的价格和成交量波动，包括因总体经济不确定性或负面市场情绪而导致的波动；

- price and volume fluctuations in the overall stock market from time to time, including fluctuations due to general economic uncertainty or negative market sentiment;

- 科技股的市场波动性和交易量；

- volatility in the market and trading volumes of technology stocks;

- 供应链限制，尤其是影响算力的限制，以及新出台和不断演变的贸易法规与关税及反制措施；

- supply chain constraints, particularly those impacting compute, and new and evolving trade regulations and tariffs, and counter-measures;

- 其他科技公司总体上，或特别是我们行业内公司的经营业绩和股票市场估值的变化；

- changes in the operating performance and stock market valuations of other technology companies generally, or those in our industry in particular;

- 我们或我们的股东出售 A 类普通股，以及对锁定期解禁的预期；

- sales of shares of our Class A common stock by us or our stockholders, as well as the anticipation of lock-up releases;

- 涉及我们或我们行业或相关行业其他公司的传闻和市场猜测；

- rumors and market speculation involving us or other companies in our industry or related industries;

- 证券分析师未能维持对我们的覆盖、跟踪本公司的证券分析师财务预测的变化，或我们未能达到这些预测或投资者的预期；

- failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;

- 涉及我们业务的实际发生或被认为发生的重大数据泄露；

- actual or perceived significant data breaches involving our business;

- 我们可能向公众提供的财务或非财务预测、该等预测的任何变动，或我们未能实现该等预测；

- the financial or non-financial projections we may provide to the public, any changes in those projections, or our failure to meet those projections;

- 关于我们或我们行业内其他公司的第三方数据，无论该等数据是否准确；

- third-party data published about us or other companies in our industry, whether or not such data is accurate;

- 我们或竞争对手发布的新模型、平台或应用；

- announcements by us or our competitors of new models, platforms, or applications;

- 公众对我们新闻稿、其他公开公告及向 SEC 提交文件的反响；

- the public’s reaction to our press releases, other public announcements, and filings with the SEC;

- 我们 A 类普通股股票交易量的波动或我们公众流通股规模的波动；

- fluctuations in the trading volume of shares of our Class A common stock or the size of our public float;

- 对我们 A 类普通股或相关衍生证券的卖空；

- short selling of our Class A common stock or related derivative securities;

- 我们经营业绩的实际或预期变化或波动；

- actual or anticipated changes or fluctuations in our results of operations;

- 我们业务、竞争对手业务或整体竞争格局的实际或预期发展；

- actual or anticipated developments in our business, our competitors’ businesses, or the competitive landscape generally;

- 我们可服务市场预期未来规模或增长率的变化；

- changes in the anticipated future size or growth rate of our addressable markets;

- 我们发行 A 类普通股股票，包括因某些转让而转换我们 N 类普通股所导致的发行；

- our issuance of shares of our Class A common stock, including as a result of the conversion of our Class N common stock in connection with certain transfers;

- 涉及我们、我们行业或两者兼有的诉讼或监管行动，或监管机构对我们或竞争对手运营的调查；

- litigation or regulatory action involving us, our industry, or both, or investigations by regulators into our operations or those of our competitors;

- 涉及我们知识产权或其他专有权利的发展或争议；

- developments or disputes concerning our intellectual property or other proprietary rights;

- 我们或我们的竞争对手宣布或完成对业务或技术的收购，或类似战略交易；

- announced or completed acquisitions of businesses or technologies, or similar strategic transactions, by us or our competitors;

- 适用于我们业务的新法律或法规，或对现有法律或法规的新解释；

- new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

- 影响我们模型、平台和应用的监管执法行动或其他政府举措；

- regulatory enforcement actions or other governmental efforts affecting our models, platform, and applications;

- 会计准则、政策、指引、解释或原则的变化；

- changes in accounting standards, policies, guidelines, interpretations, or principles;

- 重大灾难性事件，如战争、恐怖主义事件、流行病或对此类事件的应对措施；

- major catastrophic events such as war, incidents of terrorism, pandemics, or responses to such events;

- 创始人、董事会成员、管理层或关键人员的任何新增或离职；以及

- any additions or departures of founders, board members, management, or key personnel; and

- 总体经济状况以及我们市场的缓慢增长或负增长。

- general economic conditions and slow or negative growth of our markets.

此外，如果科技股市场或整体股票市场出现投资者信心丧失，我们 A 类普通股的市场价格可能因与我们的业务、财务状况或经营业绩无关的原因而下跌。我们 A 类普通股的市场价格也可能因影响我们行业内其他公司的事件而下跌，即使这些事件并不直接影响我们。因此，我们无法向您保证任何交易市场的流动性、您能否在需要时出售您的 A 类普通股，或您出售 A 类普通股可能获得的价格。

In addition, if the market for technology stocks or the stock market in general experiences a loss of investor confidence, the market price of our Class A common stock may decline for reasons unrelated to our business, financial condition, or results of operations. The market price of our Class A common stock may also decline in reaction to events that affect other companies in our industry even if these events do not directly affect us. Accordingly, we cannot assure you of the liquidity of any trading market, your ability to sell your shares of our Class A common stock when desired, or the prices that you may obtain for your shares of our Class A common stock.

过去，股东曾在股价波动期后对公司提起证券集体诉讼。如果我们 A 类普通股的市场价格波动，我们可能成为证券诉讼的目标。此类诉讼可能使我们承担巨额成本、分散资源和管理层的注意力，并对我们的业务、财务状况和经营业绩产生不利影响。

In the past, stockholders have initiated securities class action lawsuits against companies following periods of stock price volatility. If the market price of our Class A common stock is volatile, we may become the target of securities litigation. Such litigation may subject us to substantial costs, divert resources and management’s attention, and adversely affect our business, financial condition, and results of operations.

**就融资、收购、投资、我们的股权激励计划、我们未偿还可转换本票的转换、我们未偿还 N 类普通股的转换、我们的公益倡议或其他事项而增发股票，将稀释我们 A 类普通股持有人的利益。**

**The issuance of additional stock in connection with financings, acquisitions, investments, our equity incentive plans, the conversion of our outstanding convertible promissory notes, the conversion of our outstanding Class N common stock, our public benefit initiatives, or otherwise will dilute the interests of the holders of our Class A common stock.**

我们将在本次发行完成前立即生效的经修订和重述的公司章程授权我们发行合计最多 300,000,000,000 股 A 类普通股、100,000,000,000 股 N 类普通股、一股 T 类普通股、一股 F 类普通股、30,000,000,000 股 E 类普通股以及 30,000,000,000 股优先股，其权利、权力和优先权可由我们的董事会确定（受限于我们经修订和重述的公司章程中的限制，该章程将在本次发行完成前立即生效，或受特拉华州法律规定的限制）。在遵守适用规则和法规的前提下，我们可能不时就融资、收购、投资、我们的股权激励计划、我们未偿可转换本票的转换、我们 N 类普通股的转换、我们的公益举措（可能包括向非营利组织、研究机构或其他接收方等第三方发行股权）或其他事项（包括公益发行）发行我们的股本股份或可转换为我们的股本股份的证券。任何此类发行可能对 A 类普通股持有人造成重大稀释，并导致我们 A 类普通股的市场价格下跌。关于我们 N 类普通股对 A 类普通股持有人的稀释影响的讨论，请参见题为“本次发行完成后将有大量 N 类普通股流通在外，这将稀释 A 类普通股持有人于转换时的投票权”的风险因素。

Our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering authorizes us to issue up to an aggregate of 300,000,000,000 shares of Class A common stock, 100,000,000,000 shares of Class N common stock, one share of Class T common stock, one share of Class F common stock, 30,000,000,000 shares of Class E common stock, and 30,000,000,000 shares of preferred stock, with such rights, powers, and preferences as may be determined by our board of directors (subject to limitations in our amended and restated certificate of incorporation, which will become effective immediately prior to the completion of this offering, or prescribed by Delaware law). Subject to compliance with applicable rules and regulations, we may issue shares of our capital stock or securities convertible into shares of our capital stock from time to time in connection with a financing, an acquisition, an investment, our equity incentive plans, the conversion of our outstanding convertible promissory notes, the conversion of our Class N common stock, our public benefit initiatives, which may include issuances of equity to third parties such as nonprofit organizations, research institutions, or other recipients, or otherwise, including the Public Benefit Issuances. Any such issuances may result in substantial dilution to the holders of our Class A common stock and cause the market price of our Class A common stock to decline. For a discussion of the dilutive impact of our Class N common stock on the holders of our Class A common stock, see the risk factor titled “A substantial number of shares of our Class N common stock will be outstanding upon the completion of this offering, which will dilute the voting power of the holders of our Class A common stock upon conversion.”

此外，与我们某些 NPA 的交易对手方签订的登记权协议赋予该等交易对手方权利，使其可要求我们在本次发行后登记以下证券以供转售：(i) 该等票据所对应的普通股股份，(ii) 因票据转换而发行的 N 类普通股转换后可发行的 A 类普通股股份，以及 (iii) 就与本次发行同时进行的某些私募配售的合同权利而发行的普通股股份。行使该等登记权可能便利大量 A 类普通股股份在公开市场出售，这可能压低我们 A 类普通股的市场价格或增加其波动性。

In addition, registration rights agreements entered into with counterparties to certain of our NPAs provide such counterparties with rights to cause us to register for resale after this offering (i) shares of our common stock underlying such notes, (ii) shares of Class A common stock issuable upon conversion of Class N common stock issued upon conversion of the notes, and (iii) shares of our common stock issued in connection with certain contractual rights to private placements concurrent with this offering. The exercise of such registration rights could facilitate sales of large blocks of our Class A common stock into the public market, which could depress the market price of our Class A common stock or increase its volatility.

**本次发行完成后将有大量 N 类普通股流通在外，这将稀释 A 类普通股持有人于转换时的投票权。**

**A substantial number of shares of our Class N common stock will be outstanding upon the completion of this offering, which will dilute the voting power of the holders of our Class A common stock upon conversion.**

在本发行完成前，在优先股转换和可转换本票转换生效后，我们将有[__]股 N 类普通股流通在外，约占本发行前我们流通在外股本的[__]%，约占本发行完成后我们流通在外股本的[__]%（每种情况下均不包括我们的 T 类普通股、F 类普通股和 E 类普通股）。在优先股转换和可转换本票转换生效后，Amazon 和 Google 将各自持有我们流通在外股本的百分之五以上。尽管我们的 N 类普通股无表决权，但其持股代表了我们公司的重要经济利益，并且由于我们的 N 类普通股在转让给非关联第三方时转换为 A 类普通股，因此在任何此类转让后，这些股份也可能对 A 类普通股的表决权具有重要意义。在本发行完成前，在优先股转换和可转换本票转换生效后，以及在本发行完成后，Amazon 将持有[__]股我们的 N 类普通股，Google 将持有[__]股我们的 N 类普通股。在本发行完成后，在剩余未偿可转换本票（全部由 Amazon 持有）转换时，将可额外发行合计[__]股 N 类普通股，这些本票若在本发行完成前立即转换将超过适用的持股上限而无法转换。在本发行完成后，还可能根据公共利益发行、未来提款及我们票据购买协议项下的相关发行或转换以及某些合同权利发行额外的 N 类普通股。参见标题为“未来可出售股份——N 类普通股”、“管理层对财务状况和经营成果的讨论与分析——流动性和资本资源——可转换本票”和“业务——我们对公共利益的承诺”的章节。

Immediately prior to the completion of this offering, after giving effect to the Preferred Stock Conversion and the Convertible Notes Conversion, we will have [__] shares of Class N common stock outstanding, representing approximately [__] % of our outstanding capital stock prior to this offering and approximately % of our outstanding capital stock following the completion of this offering (in each case, excluding our Class T common stock, Class F common stock, and Class E common stock). After giving effect to the Preferred Stock Conversion and the Convertible Notes Conversion, Amazon and Google will each hold greater than five percent of our outstanding capital stock. Although our Class N common stock is non-voting, their holdings represent a significant economic interest in our company, and because our Class N common stock converts into Class A common stock upon transfer to an unaffiliated third party, these shares could also become significant to the voting power of our Class A common stock following any such transfer. Immediately prior to the completion of this offering, after giving effect to the Preferred Stock Conversion and the Convertible Notes Conversion, and immediately following the offering, Amazon will hold [__] shares of our Class N common stock and Google will hold [__] shares of our Class N common stock. An aggregate of an additional [__] shares of Class N common stock will be issuable after this offering upon conversion of remaining outstanding convertible promissory notes, all of which are held by Amazon, that could not convert immediately prior to the completion of this offering without exceeding the applicable ownership cap. Additional shares of Class N common stock may also be issued following this offering pursuant to the Public Benefit Issuances, future drawdowns and related issuances or conversions under our note purchase agreements, and certain contractual rights. See the sections titled “Shares Eligible for Future Sale—Class N Common Stock,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Notes,” and “Business—Our Commitment to Public Benefit.”

尽管我们的 N 类普通股没有表决权，但其享有与我们的 A 类普通股同等的经济权利，包括与我们 A 类普通股按比例参与我们可能宣派的任何股息以及清算、解散或清盘时的分配的权利。因此，因优先股转换和可转换本票转换而在本发行完成时发行的 N 类普通股将稀释我们 A 类普通股持有人的经济利益，包括任何股息和可供分配给股东的收益，且该等股份在确定每股有形净资产价值时与我们的 A 类普通股合并计算。参见标题为“稀释”的章节。

Although our Class N common stock is not entitled to vote, it is entitled to economic rights equivalent to those of our Class A common stock, including the right to participate ratably with our Class A common stock in any dividends we may declare and in distributions upon a liquidation, dissolution, or winding-up. As a result, the shares of Class N common stock issued in connection with the completion of this offering as a result of the Preferred Stock Conversion and Convertible Notes Conversion will dilute the economic interests, including any dividends and any proceeds available for distribution to stockholders, of the holders of our Class A common stock, and such shares are included together with our Class A common stock in determining net tangible book value per share. See the section titled “Dilution.”

N 类普通股股份在通过以下方式实现的转让后，将自动转换为等数量的 A 类普通股股份：(i) 经注册发行或在该等股份的公开市场出售中转让，或 (ii) 向非关联第三方转让，但须遵守标题为“股本说明”一节中所述的某些限制。在作为 N 类普通股持有期间，该等股份无表决权，因此不影响我们 A 类普通股持有人的表决权。然而，N 类普通股股份转换为 A 类普通股后，所转换形成的 A 类普通股股份将享有每股一票的表决权，且该等股份的发行将稀释我们 A 类普通股现有持有人的表决权。我们未来发行的任何 N 类普通股股份将产生相同效果，在存续期间稀释我们 A 类普通股持有人的经济利益，并在转换为 A 类普通股后稀释其表决权。

The shares of Class N common stock will automatically convert into an equal number of shares of Class A common stock upon a transfer effected through: (i) a registered offering or an open market sale of such shares or (ii) a transfer to an unaffiliated third party, subject to certain limitations described in the section titled “Description of Capital Stock.” While held as Class N common stock, these shares are non-voting and therefore do not impact the voting power of the holders of our Class A common stock. Upon the conversion of shares of Class N common stock into Class A common stock, however, the resulting shares of Class A common stock will be entitled to one vote per share and the issuance of such shares will dilute the voting power of the existing holders of our Class A common stock. Any shares of Class N common stock that we issue in the future would have the same effect, diluting the economic interests of the holders of our Class A common stock while outstanding, as well as diluting their voting power upon conversion into Class A common stock.

**我们未来发行 A 类普通股和 N 类普通股不会稀释我们 F 类普通股的表决权。**

**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.**

我们未来发行 A 类普通股（包括在转换我们 N 类普通股时发行）以及我们 N 类普通股不会稀释我们 F 类普通股的表决权，因为对于一般提交股东表决的事项，我们 F 类普通股在适用记录日有权享有我们已发行股本总表决权中固定的 50.1%。例如，如果我们额外发行 1,000,000 股 A 类普通股，我们 F 类普通股将自动获得额外数量的表决权，足以使我们 F 类普通股的总表决权等于对于一般提交股东表决的事项在适用记录日我们已发行股本总表决权的 50.1%，即约 1,004,008 票额外表决权。未来发行任何额外的 A 类普通股股份（包括在转换我们 N 类普通股时发行）以及 N 类普通股，均无需经我们股东批准，除非纳斯达克全球精选市场上市标准另有要求。

Future issuances of our Class A common stock, including upon conversion of our Class N common stock, and our Class N common stock will not dilute the voting power of our Class F common stock because our Class F common stock is entitled to a fixed 50.1% of the total voting power of our outstanding shares of capital stock as of the applicable record date with respect to matters submitted to stockholders generally. For example, if we were to issue 1,000,000 additional shares of Class A common stock, our Class F common stock would automatically be entitled to an incremental number of votes sufficient to cause the aggregate voting power of our Class F common stock to equal 50.1% of the total voting power of our outstanding shares of capital stock as of the applicable record date with respect to matters submitted to stockholders generally, or approximately 1,004,008 additional votes. Any future issuances of additional shares of Class A common stock, including upon conversion of our Class N common stock, and Class N common stock will not be subject to approval by our stockholders except as required by the listing standards of the Nasdaq Global Select Market.

**我们 A 类普通股未来在公开市场的出售可能导致我们 A 类普通股的市场价格下跌。**

**Future sales of our Class A common stock in the public market could cause the market price of our Class A common stock to decline.**

本次发行后，若市场大量出售我们的 A 类普通股，可能导致我们 A 类普通股的市场价格下跌。此类潜在出售也可能压低我们 A 类普通股的市场价格。本次发行完成后，基于截至 2026 年 9 月 30 日已发行的[__]股 A 类普通股和[__]股 N 类普通股（在使优先股转换、可转换本票转换、首次公益发行及 RSU 结算生效后），我们将合计拥有[__]股已发行 A 类普通股和[__]股已发行 N 类普通股。我们的董事、高级管理人员以及几乎全部股本和可转换为或可交换为我们股本的证券的持有人已与我们签订市场禁售协议，或已与或将要与代表承销商的高盛有限责任公司和摩根士丹利有限责任公司签订锁定期协议，据此，他们已同意在以下期间内对其转让任何 A 类普通股或 N 类普通股或可直接或间接转换为、可交换为或可行使为我们 A 类普通股或 N 类普通股的证券的能力受到某些限制（但受特定例外情形约束，包括特定的提前到期条款）：(i) 对于我们的联合创始人及在本次发行前持有我们完全稀释股份超过 0.5%的某些股东，该期间截至以下两者中较早者：(A) 在我们公开发布截至 2027 年 9 月 30 日财季的季度财务业绩后第二个完整交易日美国东部时间上午 6:00，以及 (B) 本招股说明书日期后第 365 个交易日收盘后立即；以及 (ii) 对于所有其他此类持有人，该期间截至以下两者中较早者：(A) 在我们公开发布截至 2027 年 3 月 31 日财季的季度财务业绩后第二个完整交易日美国东部时间上午 6:00，以及 (B) 本招股说明书日期后第 180 个交易日收盘后立即。高盛有限责任公司和摩根士丹利有限责任公司可解除股东的锁定期协议，且我们通常仅在征得其同意的情况下可解除股东的市场禁售协议，在每种情况下均可在适用期间结束前进行。有关这些协议（包括特定的提前到期条款）的更多信息，请参见“承销”和“未来可出售股份——锁定期与市场禁售协议”章节。

The market price of our Class A common stock may decline due to sales of a large number of shares of our Class A common stock in the market after this offering. The potential for such sales to occur may also depress the market price of our Class A common stock. Following the completion of this offering, based on [__] shares of our Class A common stock outstanding and [__] shares of Class N common stock outstanding as of September 30, 2026 (after giving effect to the Preferred Stock Conversion, Convertible Notes Conversion, Initial Public Benefit Issuance, and RSU Settlement), we will have a total of [__] shares of Class A common stock outstanding and [__] shares of Class N common stock outstanding. Our directors, executive officers, and the holders of substantially all of our capital stock and securities convertible into or exchangeable for our capital stock have entered into market standoff agreements with us or have entered or will enter into lock-up agreements with Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, on behalf of the underwriters, under which they have agreed, subject to specific exceptions including specified early expiration provisions, to certain restrictions on their ability to transfer any shares of our Class A common stock or Class N common stock or securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock or Class N common stock during the period ending (i) in the case of our co-founders and certain of our stockholders holding more than 0.5% of our fully diluted shares prior to this offering, on the earlier of (A) 6:00 AM Eastern Time on the second full trading day immediately following the public release of our quarterly financial results for the fiscal quarter ending September 30, 2027 and (B) immediately after the close of the trading day on the 365th day after the date of this prospectus, and (ii) in the case of all other such holders, on the earlier of (A) 6:00 AM Eastern Time on the second full trading day immediately following the public release of our quarterly financial results for the fiscal quarter ending March 31, 2027 and (B) immediately after the close of the trading day on the 180th day after the date of this prospectus. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC may release stockholders from the lock-up agreements, and we may, generally only with their consent, release stockholders from the market standoff agreements, in each case prior to the end of the applicable period. See the sections titled “Underwriting” and “Shares Eligible for Future Sale—Lock-Up and Market Standoff Agreements” for further information about these agreements, including the specified early expiration provisions.

由于这些协议以及我们于 2026 年 5 月 28 日签订并经修订和重述的投资者权利协议（我们的“IRA”）的规定（详见“股本说明——登记权”一节），并在遵守《证券法》第 144 条或第 701 条规定的前提下，额外的 A 类普通股股份（包括在转换我们的 N 类普通股时可发行的股份）将在本次发行之日后的不同时间在公开市场可供出售，自本招股说明书日期后的第一个交易日起开始。更多信息请参见“未来可出售股份”一节。

As a result of these agreements and the provisions of our amended and restated investors’ rights agreement, dated as of May 28, 2026 (our “IRA”), as described further in the section titled “Description of Capital Stock— Registration Rights,” and subject to the provisions of Rule 144 or Rule 701 of the Securities Act, additional shares of our Class A common stock (including shares issuable upon conversion of our Class N common stock) will become available for sale in the public market at various times after the date of this offering, beginning on the first trading day following the date of this prospectus. See the section titled “Shares Eligible for Future Sale” for additional information.

本次发行完成后，合计持有最多 [__] 股 A 类普通股（包括在转换我们的 N 类普通股时可发行的股份）的股东将有权根据我们的 IRA 要求行使登记权。此外，我们拟提交一份登记声明，以登记根据我们的股权激励计划预留供未来发行的股份。该登记声明生效后，在满足适用的行权期以及上述市场禁售协议和锁定期协议到期或获得豁免的前提下，因行使未行使的股票期权或结算 RSU 而发行的股份将可在美国公开市场立即转售。

Upon completion of this offering, stockholders owning an aggregate of up to [__] shares of our Class A common stock (including those issuable upon conversion of our Class N common stock) will be entitled, under our IRA, to demand registration rights. In addition, we intend to file a registration statement to register shares reserved for future issuance under our equity compensation plans. Upon effectiveness of that registration statement, subject to the satisfaction of applicable exercise periods and the expiration or waiver of the market standoff agreements and lock-up agreements referred to above, the shares issued upon exercise of outstanding stock options or settlement of RSUs will be available for immediate resale in the United States in the open market.

此外，我们的每位联合创始人均已承诺将其在 Anthropic 个人持股的 80% 用于慈善事业。这些承诺是每位联合创始人慈善意愿的自愿、可撤销表达，不构成具有法律约束力的义务。为履行该承诺而进行的任何捐赠的时间、金额、受赠方、结构及方式均不确定，并将取决于多种因素，包括每位联合创始人的个人情况、税务与遗产规划考量、适用的转让限制、市场状况以及相关时点的慈善优先事项。联合创始人可通过多种方式逐步履行该承诺，包括向捐赠人建议基金、慈善组织、私人基金会或其他慈善载体进行捐赠，其中某些载体已与我们签订不可撤销的代理协议，详见“某些关系及相关人士交易——不可撤销代理协议”一节。为履行该承诺而捐赠我们的 A 类普通股股份，以及受赠方随后进行的任何出售，在遵守上述锁定期与市场禁售协议及适用证券法的前提下，可能导致在公开市场出售大量股份。由于任何此类捐赠和出售的时间与金额无法预测，任何此类出售，或市场对此类出售可能发生的预期，均可能压低我们 A 类普通股的市场价格。这些承诺涉及联合创始人在我们 A 类普通股股份中的个人经济利益，不适用于我们的 F 类普通股，也不改变“我们的治理结构及其目标——创始人投票结构”一节所述的创始人有限责任公司投票结构。因此，随着联合创始人为履行该承诺进行捐赠，其在我们中的个人经济利益将减少，而只要每位联合创始人继续满足“股本说明——创始人有限责任公司协议”一节所述继续作为创始人有限责任公司成员的最低保留持股条件，其通过创始人有限责任公司享有的投票控制权将保持不变，这可能削弱联合创始人利益与我们其他股东利益之间的一致性，或导致这些利益出现分歧。

In addition, our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes. These commitments are voluntary, revocable expressions of each co-founder’s philanthropic intent and do not constitute legally binding obligations. The timing, amount, recipients, structure, and manner of any donations in furtherance of this pledge are uncertain and will depend on a variety of factors, including each co-founder’s individual circumstances, tax and estate planning considerations, applicable transfer restrictions, market conditions, and philanthropic priorities at the relevant time. The co-founders may satisfy this pledge over time through a variety of means, including donations to donor-advised funds, charitable organizations, private foundations, or other philanthropic vehicles, certain of which have entered into irrevocable proxy agreements with us, as described under the section titled “Certain Relationships and Related Person Transactions—Irrevocable Proxy Agreements.” Donations of shares of our Class A common stock in furtherance of this pledge and any subsequent sales by recipients could, subject to the lock-up and market standoff agreements described above and applicable securities laws, result in the sale of a significant number of shares in the public market. Because the timing and amount of any such donations and sales cannot be predicted, any such sales, or the perception that such sales could occur, could depress the market price of our Class A common stock. These pledges relate to the co-founders’ personal economic interests in shares of our Class A common stock and do not apply to our Class F common stock or alter the Founder LLC voting structure described under the section titled “Our Governance Structure and Its Goals—Founder Voting Structure.” As such, as our co-founders make donations in furtherance of this pledge, their personal economic interests in us will decrease while their voting control through the Founder LLC will remain unchanged for so long as each co-founder continues to satisfy the minimum retained ownership condition for continued membership in the Founder LLC described in the section titled “Description of Capital Stock—Founder LLC Agreement,” which may reduce the alignment between the interests of our co-founders and those of our other stockholders, or cause those interests to diverge.

随着锁定期限制结束或依据登记权，股东出售我们的 A 类普通股，可能使我们在未来以我们认为适当的时间和价格出售股权证券变得更加困难。这些出售还可能导致我们 A 类普通股的市场价格下跌，并使您更难出售我们的 A 类普通股股份。

Sales of our Class A common stock by stockholders as lock-up restrictions end or pursuant to registration rights may make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. These sales may also cause the market price of our Class A common stock to fall and make it more difficult for you to sell shares of our Class A common stock.

**由于我们预计在可预见的未来不会就我们的股本支付任何现金股息，因此资本增值（如有）将是您唯一的收益来源。**

**Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.**

我们预计在可预见的未来不会支付现金股息。我们目前打算保留未来收益（如有），用于为业务的发展和增长提供资金。此外，经修订及重述的信贷协议（即 A&R Credit Agreement）包含、且我们未来获得的任何信贷安排或融资也可能包含限制可就我们的股本宣派或支付的现金股息金额的条款。任何未来支付现金股息的决定将由我们的董事会酌情决定，并将取决于我们的财务状况、经营业绩、资本需求以及适用的合同限制。因此，股东应依赖在股价上涨后出售其 A 类普通股或 N 类普通股（如有）作为实现其投资任何未来收益的唯一途径。

We do not anticipate paying cash dividends in the foreseeable future. We currently intend to retain future earnings, if any, to fund the development and growth of our business. In addition, the A&R Credit Agreement contains, and any future credit facility or financing we obtain may contain, terms limiting the amount of cash dividends that may be declared or paid on our capital stock. Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, results of operations, capital requirements, and applicable contractual restrictions. As a result, stockholders should rely on sales of their Class A common stock or Class N common stock after price appreciation, if any, as the only way to realize any future gains on their investment.

**如果证券或行业分析师不发布关于我们、我们的业务或我们市场的研究报告，或发布不准确或不利的研究报告，或者如果他们不利地改变对 A 类普通股的推荐意见，则 A 类普通股的市场价格和交易量可能会下降。**

**If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendation regarding our Class A common stock adversely, the market price and trading volume of our Class A common stock could decline.**

A 类普通股的市场价格和交易量将部分取决于证券或行业分析师发布的关于我们、我们的业务、我们的市场或我们竞争对手的研究和报告。分析师的估计基于其自身观点，且往往与我们的估计或预期不同。如果任何覆盖我们的分析师不利地改变其对 A 类普通股的推荐意见、对我们竞争对手给出更有利的相对推荐意见，或发布关于我们业务的不准确或不利的研究报告，我们的证券价格可能会下降。如果很少有证券分析师开始覆盖我们，或者如果这些分析师中的一位或多位停止覆盖我们或未能定期发布关于我们的报告，我们可能会在金融市场中失去可见度，对我们证券的需求可能会减少，这可能导致 A 类普通股的价格和交易量下降。

The market price and trading volume for our Class A common stock will depend in part on the research and reports that securities or industry analysts publish about us, our business, our market, or our competitors. The analysts’ estimates are based upon their own opinions and are often different from our estimates or expectations. If any of the analysts who cover us change their recommendation regarding our Class A common stock adversely, provide more favorable relative recommendations about our competitors or publish inaccurate or unfavorable research about our business, the price of our securities would likely decline. If few securities analysts commence coverage of us, or if one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets and demand for our securities could decrease, which could cause the price and trading volume of our Class A common stock to decline.

声明 Statements

本招股说明书包含联邦证券法意义上的前瞻性陈述，该等陈述涉及重大风险和不确定性。本招股说明书中除历史事实陈述外的所有陈述，包括有关我们未来经营业绩、财务状况、市场规模与机会、我们的业务战略与计划、影响我们业绩的因素以及我们未来经营目标的陈述，均为前瞻性陈述。在某些情况下，您可以通过诸如“可能”“将”“应”“应当”“预期”“计划”“预计”“能够”“打算”“目标”“预测”“考虑”“相信”“估计”“预判”“潜在”“目的”“宗旨”“寻求”“展望”或“继续”等词语，或这些词语的否定形式，或其他涉及我们预期、战略、计划或意图的类似术语或表述，来识别前瞻性陈述。本招股说明书所载的前瞻性陈述包括但不限于以下方面的陈述：

This prospectus contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. All statements contained in this prospectus other than statements of historical fact, including statements regarding our future results of operations, financial position, market size and opportunity, our business strategy and plans, the factors affecting our performance, and our objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “goal,” “objective,” “seek,” “forecast,” or “continue,” or the negative of any of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

- 我们未来的财务表现，包括我们对收入、算力与基础设施费用以及经营费用的预期，以及我们实现并维持未来盈利能力的能力；

- our future financial performance, including our expectations regarding our revenue, compute and infrastructure expenses, and operating expenses, and our ability to achieve and maintain future profitability;

- 我们的现金、现金等价物及投资，以及我们信贷安排下可用金额，是否足以满足我们的营运资金和流动性需求；

- the sufficiency of our cash, cash equivalents, and investments and amounts available under our credit facility to meet our working capital and liquidity needs;

- 我们的资本支出及其他算力与基础设施承诺的金额、性质和时机，我们为上述承诺提供资金并实现预期回报的能力，以及我们按预期时间表将算力投资转化为可产生收入的客户工作负载的能力；

- the amount, nature, and timing of our capital expenditures and other compute and infrastructure commitments, our ability to fund such commitments and achieve expected returns, and our ability to convert compute investments into revenue-generating customer workloads on anticipated timelines;

- 我们成功执行业务与增长战略的能力，包括扩大运营规模、管理成本、时间表和运营复杂性，以及按照我们的公益宗旨推进公益倡议；

- our ability to successfully execute our business and growth strategy, including scaling our operations and managing costs, timelines, and operational complexity, and pursuing our public benefit initiatives consistent with our public benefit purpose;

- 我们对未来增长的预期及管理；

- our expectations and management of future growth;

- 我们以可接受的条件通过未来债务或股权融资筹集额外资本的能力，以及任何此类融资对我们的股东和运营可能产生的稀释或限制性影响；

- our ability to raise additional capital through future debt or equity financing on acceptable terms, and the potential dilutive or restrictive effects of any such financing on our stockholders and operations;

- 我们对与第三方关系的预期以及获得算力和基础设施的情况，包括与开发竞争性 AI 产品的云服务商（CSP）和芯片合作伙伴之间可能存在的利益冲突；

- our expectations concerning relationships with third parties and access to compute and infrastructure, including potential conflicts of interest with cloud service providers and chip partners that develop competing AI offerings;

- 对我们产品的需求及其定价，包括我们定价结构可能发生的变化；

- the demand for our offerings and the pricing thereof, including potential changes to our pricing structure;

- 我们吸引和留住客户的能力，以及我们对收入集中于有限数量客户和分销渠道的预期；

- our ability to attract and retain customers and our expectations regarding revenue concentration among a limited number of customers and distribution channels;

- 我们吸引、培养和留住高技能人才的能力，以及在增长过程中保持我们的文化、人才密度和使命一致性的能力；

- our ability to attract, develop, and retain highly skilled personnel, and to maintain our culture, talent density, and mission alignment as we grow;

- 我们开发新模型、平台和应用并及时推向市场、改进我们现有模型、平台和应用，以及保持在 AI 前沿的能力；

- our ability to develop new models, platforms, and applications and bring them to market in a timely manner and make enhancements to our current models, platform, and applications, and to remain at the frontier of AI;

- 我们关于 AI 安全、负责任部署以及对前沿模型实施安全相关访问限制的计划与承诺，以及这些承诺的商业和运营影响；

- our plans and commitments with respect to AI safety, responsible deployment, and safety-related access restrictions on frontier models, and the commercial and operational implications of those commitments;

- 我们维持模型、平台和应用程序的可用性与可操作性的能力；

- our ability to maintain the availability and operability of our models, platform, and applications;

- 我们在现有和新兴市场及产品中与现有及新竞争对手竞争的能力；

- our ability to compete with existing and new competitors in existing and new markets and offerings;

- 我们对新兴和不断演变市场的预期，包括我们在国际上扩展运营、客户群和收入的能力，以及使我们的模型、平台和应用程序适应新司法管辖区当地语言、监管和市场要求的能力；

- our expectations regarding new and evolving markets, including our ability to expand our operations, customer base, and revenue internationally and to adapt our models, platform, and applications to local language, regulatory, and market requirements in new jurisdictions;

- 我们识别、执行和整合有益收购、投资和战略合作的能力；

- our ability to identify, execute, and integrate beneficial acquisitions, investments, and strategic partnerships;

- 我们管理业务相关风险的能力，包括因我们的公益公司（PBC）地位以及长期利益信托（LTBT）在公司治理中的作用而产生的风险；

- our ability to manage risk associated with our business, including risks arising from our public benefit corporation status and the role of the LTBT in our governance;

- 我们保护模型、平台、应用程序和系统免受网络安全威胁（包括民族国家及其他复杂威胁行为者）的能力；

- our ability to protect our models, platform, applications, and systems against cybersecurity threats, including nation-state and other sophisticated threat actors;

- 我们对现行及正在制定的法律法规影响的预期，包括与 AI、版权、隐私和数据保护相关，以及出口管制、经济制裁和其他贸易管制相关的法律法规；

- our expectations regarding the effects of existing and developing laws and regulations, including with respect to AI, copyright, privacy and data protection, and export controls, economic sanctions, and other trade controls;

- 我们维持、保护和增强知识产权的能力；

- our ability to maintain, protect, and enhance our intellectual property;

- 我们发展和保护品牌的能力，包括安全、安保或滥用事件以及我们在 AI 政策和监管方面的公开立场所带来的影响；

- our ability to develop and protect our brand, including the impact of safety, security, or misuse incidents and of our public positions on AI policy and regulation;

- 与成为上市公司相关的费用增加；

- the increased expenses associated with being a public company;

- 待决或未来诉讼、监管程序和政府执法行动的结果，及其对我们业务、财务状况和经营业绩的潜在影响；

- the outcome of pending or future litigation, regulatory proceedings, and governmental enforcement actions, and their potential effects on our business, financial condition, and results of operations;

- 我们的股息政策，包括我们目前不派发现金股息、并将未来收益留存用于业务的意向；

- our dividend policy, including our current intention not to pay cash dividends and to retain future earnings for use in our business;

- 我们 A 类普通股活跃交易市场的发展与维护，以及本次发行后我们股价的潜在波动性；以及

- the development and maintenance of an active trading market for our Class A common stock and the potential volatility of our stock price following this offering; and

- 我们对本次发行所得净收益的预期用途。

- our anticipated uses of net proceeds from this offering.

我们提醒您，上述清单可能并未包含本招股说明书中作出的全部前瞻性陈述。

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

本招股说明书所载前瞻性陈述主要基于我们对未来事件和趋势的当前预期、估计、预测和推测，我们认为这些事件和趋势可能影响我们的业务、财务状况、经营业绩和前景。这些前瞻性陈述所述事件的结果受制于风险、不确定性和其他因素，包括标题为“风险因素”的章节及本招股说明书其他部分所述的因素。此外，我们经营所处的环境竞争极为激烈且瞬息万变。新的风险和不确定性不时出现，我们无法预测所有可能对本招股说明书所载前瞻性陈述产生影响的风险和不确定性。尽管我们认为，我们对本招股说明书所载的每一项前瞻性陈述均有合理依据，但我们无法向您保证前瞻性陈述所反映的未来结果、事件和情况将会实现或发生，实际未来结果、事件和情况可能与前瞻性陈述所述存在重大差异。因此，您不应过度依赖前瞻性陈述作为对未来事件的预测。

We have based the forward-looking statements contained in this prospectus primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in the section titled “Risk Factors” and elsewhere in this prospectus. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, we cannot assure you that the future results, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all, and actual future results, events, and circumstances could differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance upon forward-looking statements as predictions of future events.

本招股说明书所作的前瞻性陈述仅涉及我们截至该等陈述作出之日的预期。除法律要求外，我们不承担任何义务更新本招股说明书所作的任何前瞻性陈述，以反映本招股说明书日期之后的事件或情况，或反映新信息或未预期事件的发生。

The forward-looking statements made in this prospectus relate only to our expectations as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law.

此外，“我们认为”等类似陈述反映了我们对相关主题的信念和意见。这些陈述基于截至本招股说明书日期我们可获得的信息，尽管我们认为该等信息构成此类陈述的合理依据，但该等信息可能有限或不完整，我们的陈述不应被解读为表明我们已对所有可能获得的相关信息进行了详尽调查或审阅。这些陈述本质上具有不确定性，提醒投资者不要过度依赖这些陈述。

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

行业、市场及其他数据 Industry, Market, and Other Data

除非另有说明，本招股说明书中有关我们所在行业及我们经营所在市场的数据、估计及其他信息（包括我们的一般预期、市场地位、市场机会及市场规模）均基于行业出版物及第三方提供商出具的报告、其他公开可获取的研究以及我们的内部来源与估计。该等信息涉及若干假设与局限性，敬请勿对此类估计给予过度依赖。尽管我们对本招股说明书所载全部披露内容负责，且我们相信本招股说明书所载行业出版物及其他第三方来源的信息可靠，但我们并未独立核实该等来源所载数据的准确性或完整性。有关市场及行业数据及其他数据的预测及其他前瞻性信息，受制于与本招股说明书中其他前瞻性陈述相同的限定条件及额外不确定性。详情请参见标题为“关于前瞻性陈述的特别说明”的章节。除本招股说明书明确载明者外，下述来源的内容或通过其可访问的内容不构成本招股说明书的一部分，亦未通过援引纳入本招股说明书，且任何网站仅为非活动的文字引用。

Unless otherwise indicated, data, estimates, and other information contained in this prospectus concerning our industry and the market in which we operate, including our general expectations, market position, market opportunity, and market size, are based on industry publications and reports generated by third-party providers, other publicly available studies, and our internal sources and estimates. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we are responsible for all of the disclosure contained in this prospectus and we believe the information from the industry publications and other third-party sources included in this prospectus is reliable, we have not independently verified the accuracy or completeness of the data contained in such sources. Forecasts and other forward-looking information with respect to market and industry data and other data are subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus. See the section titled “Special Note Regarding Forward-looking Statements” for more information. The content of, or accessibility through, the below sources, except to the extent specifically set forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein and any websites are inactive textual references only.

本招股说明书所载统计数据、估计以及市场及行业数据的来源以上标标注方式标明，具体如下：

The sources of the statistical data, estimates, and market and industry data contained in this prospectus are identified by superscript notations and are provided below:

- IDC，《AI 的经济影响：2026 年版》，文档编号 US54452226,2026 年 4 月。

- IDC, The Economic Impact of AI: 2026 Edition, doc # US54452226, April 2026.

- IDC，《全球黑皮书：实时版 V2 2026 年预测》，2026 年 7 月。

- IDC, Worldwide Black Book: Live Edition V2 2026 Forecast, July 2026.

- IDC，《全球开发者人口增长预测，2025–2029》，文档编号 US53789825,2025 年 9 月。

- IDC, Worldwide Developer Population Growth Forecast, 2025–2029, doc # US53789825, September 2025.

- IQVIA 人类数据科学研究所，《2026 年全球药品使用趋势》，2026 年 2 月。

- IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026.

- 美国劳工统计局，《职业就业与工资统计》，2025 年 5 月。

- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025.

- 世界银行集团，GDP（现价美元），2025 年。

- World Bank Group, GDP (current US$), 2025.

我们经营的行业受多种因素影响，具有高度的不确定性和风险，包括本招股说明书标题为“风险因素”的章节及其他部分所述的因素。该等因素及其他因素可能导致实际结果与上述第三方及我们所作报告和估计中表达的结果存在重大差异。

The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors” and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in the reports and estimates made by the aforementioned third parties and by us.

本招股说明书中关于全球知识工作者工资的某些估计（我们称之为全球知识工作者所代表的年度经济价值）系我们自行得出，来源于第三方数据。基于美国劳工统计局 2025 年按职业分类划分的美国劳动者工资数据，我们计算了我们认为是知识工作者的那部分劳动者的工资总额。基于国际劳工组织关于全球劳动收入占全球 GDP 比重的数据，并基于 2025 年全球 GDP，我们估算出 2025 年全球工资总额。我们计算 2025 年美国工资总额与 2025 年全球工资总额的比率，并将该比率应用于美国知识工作者工资总额，从而得出对全球知识工作者工资的估计。

Certain estimates in this prospectus regarding global knowledge workers’ wages, which we refer to as the annual economic value represented by global knowledge workers, are our own, derived from third-party data. Based on wage data for U.S. workers by occupation classification from the U.S. Bureau of Labor Statistics in 2025, we calculate the total salary for the subset of workers that we believe to represent knowledge workers. Based on International Labor Organization data for global labor income as a percentage of global GDP, and based on 2025 global GDP, we estimate a 2025 global wages figure. We calculate the ratio of total U.S. wages in 2025 to the 2025 global wages figure, and apply that ratio to the total U.S. knowledge workers’ wages figure to arrive at an estimate of global knowledge workers’ wages.

募集资金用途 Use of Proceeds

我们估计，根据本招股说明书封面页所载估计发行价格区间的中值，即假定首次公开发行价格为每股 $ [__]，并在扣除我们应付的估计承销折扣和佣金以及估计发行费用后，我们通过本次发行出售 A 类普通股所获得的净收益将约为 $ [__]；如果承销商全额行使向我们购买额外 A 类普通股的选择权，则约为 $ [__]。我们不会从出售股东出售 A 类普通股中获得任何收益。

We estimate that the net proceeds to us from the sale of shares of our Class A common stock in this offering will be approximately $ [__] , based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, or approximately $ [__] if the underwriters’ option to purchase additional shares of our Class A common stock from us is exercised in full. We will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders.

假定首次公开发行价格每股 $ [__]（即本招股说明书封面页所载估计发行价格区间的中值）每增加或减少 $1.00，在假定我们发售的股份数量（如本招股说明书封面页所载）保持不变，并在扣除我们应付的估计承销折扣和佣金以及估计发行费用后，我们从本次发行中获得的净收益将相应增加或减少约 $ [__]。同样，在我们发售的 A 类普通股股份数量每增加或减少 1.0 百万股的情况下，假定首次公开发行价格保持不变，并在扣除我们应付的估计承销折扣和佣金以及估计发行费用后，我们从本次发行中获得的净收益将相应增加或减少约 $ [__]。

Each $1.00 increase or decrease in the assumed initial public offering price of $ [__] 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 by approximately $ [__] , 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. Similarly, each increase or decrease of 1.0 million in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, the net proceeds that we receive from this offering by approximately $ [__] , assuming the assumed initial public offering price remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

本次发行的主要目的是增加我们的资本和财务灵活性，为我们的 A 类普通股建立公开市场，促进出售股东有序分配股份，并使我们及我们的股东能够进入公开股票市场。

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock, facilitate an orderly distribution of shares for the selling stockholders, and enable access to the public equity markets for us and our stockholders.

我们拟将本次发行的净收益用于一般公司用途，包括营运资金、经营费用和资本支出（包括对算力和基础设施的投资），以及招聘和留用高技能人员。此外，我们可能将本次发行所获净收益的一部分用于收购或投资于业务、产品、服务或技术。但是，我们目前没有任何重大收购或投资的协议或承诺。

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, as well as hiring and retention of highly skilled personnel. Additionally, we may use a portion of the net proceeds we receive from this offering to acquire or invest in businesses, products, services, or technologies. However, we do not have agreements or commitments for any material acquisitions or investments at this time.

我们还打算将本次发行所获净收益的一部分用于履行我们与 RSU 结算相关的、预计为 $ [__] 的税款代扣代缴及汇缴义务。该金额基于假设的首次公开发行价格每股 $ [__]（即本招股说明书封面所载估计发行价格区间的中点）以及假设的 [__] % 税款代扣代缴税率计算得出。假设的首次公开发行价格每股 $ [__]（即本招股说明书封面所载估计发行价格区间的中点）每增加或减少 $1.00，我们为履行与 RSU 结算相关的税款代扣代缴及汇缴义务所需支付的金额将相应增加或减少 $ [__]。

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 of $ [__] related to the RSU Settlement. This amount is based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and an assumed [__] % tax withholding rate. Each $1.00 increase or decrease in the assumed initial public offering price of $ [__] 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 amount we would be required to pay to satisfy our tax withholding and remittance obligations related to the RSU Settlement by $ [__] .

我们无法进一步确切说明本次发行所获净收益的具体用途。因此，我们在使用该等收益方面将拥有广泛的自主决定权。在按上述方式使用本次发行收益之前，我们可将本次发行所获净收益投资于短期、投资级、计息工具。

We cannot further specify with certainty the particular uses of the net proceeds that we will receive from this offering. Accordingly, we will have broad discretion in using these proceeds. Pending the use of proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in short-term, investment grade, interest-bearing instruments.

股息政策 Dividend Policy

我们从未就我们的股本宣派或支付任何现金股息。我们目前拟保留所有可用资金及任何未来收益，用于为我们的业务运营和扩张提供资金，并且预计在可预见的未来不会支付任何股息。未来是否宣派现金股息将由我们的董事会酌情决定，并须遵守适用法律，且将取决于多项因素，包括我们的财务状况、经营业绩、资金需求、合同限制、一般商业状况以及我们的董事会可能认为相关的其他因素。此外，A&R 信贷协议的条款对我们可支付的现金股息金额设定了某些限制，即使目前该信贷安排下并无未偿还金额。

We 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. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our board of directors may deem relevant. In addition, the terms of the A&R Credit Agreement place certain limitations on the amount of cash dividends we can pay, even if no amounts are currently outstanding under the credit facility.

资本化 Capitalization

下表列示了截至 2026 年 9 月 30 日的现金、现金等价物及短期投资，以及我们的资本结构，具体如下：

The following table sets forth our cash, cash equivalents, and short-term investments, as well as our capitalization, as of September 30, 2026 as follows:

- 按实际基础列示；

- on an actual basis;

- 按备考基础列示，已反映以下事项的影响：(i) 优先股转换，假设该转换已于 2026 年 9 月 30 日发生；(ii) 可转换本票转换，假设该转换已于 2026 年 9 月 30 日发生；(iii) F 类股票发行，假设其已于 2026 年 9 月 30 日发生；(iv) 与 RSU 结算相关的限制性股票单位（RSU）所产生的股权激励费用 $ [__] 导致追加实收资本和累计亏损增加；以及(v) 我们在特拉华州经修订和重述的公司章程的提交和生效，该章程将在本次发行完成前立即生效；以及

- on a pro forma basis, giving effect to (i) the Preferred Stock Conversion, as if such conversion had occurred on September 30, 2026, (ii) the Convertible Notes Conversion, as if such conversion had occurred on September 30, 2026, (iii) the Class F Stock Issuance, as if it had occurred on September 30, 2026, (iv) an increase to additional paid-in capital and accumulated deficit related to stock-based compensation of $ [__] related to RSUs subject to the RSU Settlement, and (v) the filing and effectiveness of our amended and restated certificate of incorporation in Delaware that will become effective immediately prior to the completion of this offering; and

- 按备考经调整基础列示，已反映以下事项的影响：(i) 上述备考调整；(ii) 我们按假设首次公开发行价格每股 $ [__]（即本招股说明书封面所载估计发行价格区间的中点）在本次发行中出售和发行 [__] 股 A 类普通股，并扣除我们应付的估计承销折扣和佣金以及估计发行费用；以及(iii) 将本次发行的净收益连同现有现金及现金等价物（如有必要）用于履行与 RSU 结算相关的估计代扣代缴税款和汇缴义务。我们不会从任何出售股东出售 A 类普通股中获得任何收益。

- on a pro forma as adjusted basis, giving effect to (i) the pro forma adjustments set forth above, (ii) the sale and issuance by us of [__] shares of our Class A common stock in this offering, based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the use of net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to satisfy the estimated tax withholding and remittance obligations related to the RSU Settlement. We will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders.

下表所列备考经调整信息仅为示意，并将根据实际首次公开发行价格及定价时确定的本次发行其他条款进行调整。您应将本表连同本招股说明书其他部分所载我们的合并财务报表及相关附注以及题为“管理层对财务状况和经营成果的讨论与分析”的章节一并阅读。

The pro forma as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table together with our consolidated financial statements and related notes, and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that are included elsewhere in this prospectus.

**截至 2026 年 9 月 30 日**

**As of September 30, 2026**

实际 · Pro Forma · (1) Forma As · Pro 调整后 (2)

Actual · Pro Forma · (1) Forma As · Pro Adjusted (2)

（单位：百万，股份及每股数据除外）

(in million s, except for share and per share data)

现金、现金等价物及短期投资 · $$ · $ 应付可转换本票 可赎回可转换优先股，每股面值 $0.00001: 授权 1,040,440,652 股，实际已发行和流通在外 · 股；备考及备考经调整下无授权、已发行和流通在外的股份

Cash, cash equivalents, and short-term investments · $$ · $ Convertible notes payable Redeemable convertible preferred stock, par value $0.00001 per share: 1,040,440,652 shares authorized, · issued and outstanding, actual; no shares authorized, issued, and outstanding, pro forma and pro forma as adjusted

股东权益（亏损）：

Stockholders’ equity (deficit):

优先股，每股面值 $0.00001:实际无授权、已发行和流通在外的股份；备考及备考经调整下授权 30,000,000,000 股，无已发行和流通在外的股份

Preferred stock, par value $0.00001 per share: no shares authorized, issued, and outstanding, actual; 30,000,000,000 shares authorized, no shares issued and outstanding, pro forma and pro forma as adjusted

A 类普通股，每股面值 $0.00001:

Class A common stock, par value $0.00001 per share:

已授权 10,906,111,730 股， · 已发行和流通在外的股份，实际数；已授权 300,000,000,000 股， 股已发行且流通在外，备考数；以及 300,000,000,000 股已授权， · 已发行和流通在外的股份，经调整的备考数

10,906,111,730 shares authorized, · shares issued and outstanding, actual; 300,000,000,000 shares authorized, shares issued and outstanding, pro forma; and 300,000,000,000 shares authorized, · shares issued and outstanding, pro forma as adjusted

N 类普通股，每股面值 $0.00001：

Class N common stock, par value $0.00001 per share:

7,128,888,270 股已授权， · 已发行和流通股数，实际数；100,000,000,000 股已授权， 股已发行且流通在外，备考数；以及 100,000,000,000 股已授权， · 已发行和流通在外的股份，经调整的备考数

7,128,888,270 shares authorized, · shares issued and outstanding, actual; 100,000,000,000 shares authorized, shares issued and outstanding, pro forma; and 100,000,000,000 shares authorized, · shares issued and outstanding, pro forma as adjusted

T 类普通股，每股面值 $0.00001：已授权 1 股，已发行且流通在外 1 股，实际数、备考数及备考调整后数

Class T common stock, par value $0.00001 per share: 1 share authorized, 1 share issued and outstanding, actual, pro forma, and pro forma as adjusted

F 类普通股，每股面值 $0.00001：实际数下无已授权、已发行及流通在外股份；备考数及备考调整后数下已授权 1 股，已发行且流通在外 1 股

Class F common stock, par value $0.00001 per share: no shares authorized, issued, and outstanding, actual; 1 share authorized, 1 share issued and outstanding, pro forma and pro forma as adjusted

E 类普通股，每股面值 $0.00001：实际数下无已授权、已发行及流通在外股份；备考数及备考调整后数下已授权 30,000,000,000 股，无已发行及流通在外股份

Class E common stock, par value $0.00001 per share: no shares authorized, issued, and outstanding, actual; 30,000,000,000 shares authorized, no shares issued and outstanding, pro forma and pro forma as adjusted

额外实收资本

Additional paid-in capital

累计其他综合收益（亏损）

Accumulated other comprehensive income (loss)

累计亏损

Accumulated deficit

股东权益（赤字）总额

Total stockholders’ equity (deficit)

资本化总额 · $$ · $

Total capitalization · $$ · $

______________

______________

(1) [__] 假设首次公开发行价格为每股 $ [__]（即本招股说明书封面所载估计发行价格区间的中点），该价格每增加或减少 $1.00，我们为履行与 RSU 结算相关的代扣代缴税款及汇缴义务而需支付的金额将相应增加或减少 $。

(1) [__] Each $1.00 increase or decrease in the assumed initial public offering price of $ [__] 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 amount we would be required to pay to satisfy our tax withholding and remittance obligations related to the RSU Settlement by $.

(2) 假设首次公开发行价格为每股 $ [__]（即本招股说明书封面所载估计发行价格区间的中点），该价格每增加或减少 $1.00，在假设我们发行的股份数量（如本招股说明书封面所载）保持不变、并扣除估计的承销折扣和佣金以及我们应付的估计发行费用后，我们的备考调整后现金、现金等价物及短期投资、额外实收资本、股东权益（赤字）总额和资本总额将相应增加或减少 $ [__]。假设首次公开发行价格保持不变，并扣除估计的承销折扣和佣金以及我们应付的估计发行费用后，我们发行的股份数量每增加或减少 1.0 百万股，我们的备考调整后现金、现金等价物及短期投资、额外实收资本、股东权益（赤字）总额和资本总额将相应增加或减少 $ [__]。

(2) Each $1.00 increase or decrease in the assumed initial public offering price of $ [__] 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 amount of our pro forma as adjusted cash, cash equivalents, and short-term investments, additional paid-in capital, total stockholders’ equity (deficit), and total capitalization by $ [__] , 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 estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase or decrease of 1.0 million shares in the number of shares offered by us would increase or decrease, as applicable, the amount of our pro forma as adjusted cash, cash equivalents, and short-term investments, additional paid-in capital, total stockholders’ equity (deficit), and total capitalization by $ [__] , assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

如果承销商向我们购买额外 A 类普通股的选择权被全部行使，则截至 2026 年 9 月 30 日的备考调整后现金、现金等价物及短期投资；额外实收资本；股东权益（赤字）总额；资本总额；以及已发行 A 类普通股股数将分别为 $ [__]、$ [__]、$ [__]、$ [__] 和 [__] 股 A 类普通股。

If the underwriters’ option to purchase additional shares of our Class A common stock from us were exercised in full, pro forma as adjusted cash, cash equivalents, and short-term investments; additional paid-in capital; total stockholders’ equity (deficit); total capitalization; and shares of Class A common stock outstanding as of September 30, 2026 would be $ [__] , $ [__] , $ [__] , $ [__] and [__] shares of Class A common stock, respectively.

上表中的备考列和备考调整后列基于截至 2026 年 9 月 30 日已发行的 [__] 股 A 类普通股、[__] 股 N 类普通股、一股 T 类普通股和一股 F 类普通股（在使优先股转换、可转换本票转换、F 类股票发行、首次公益发行和 RSU 结算生效后），并排除以下各项：

The pro forma and pro forma as adjusted columns in the table above are based on [__] shares of our Class A common stock, [__] shares of our Class N common stock, one share of our Class T common stock, and one share of our Class F common stock outstanding as of September 30, 2026 (after giving effect to the Preferred Stock Conversion, Convertible Notes Conversion, Class F Stock Issuance, Initial Public Benefit Issuance, and RSU Settlement), and exclude the following:

- 截至 2026 年 9 月 30 日已发行的、可因行使购买 A 类普通股的期权而发行的 A 类普通股股份，其加权平均行权价为每股 $ [__]；

- shares of our Class A common stock issuable upon the exercise of options to purchase shares of our Class A common stock outstanding as of September 30, 2026, with a weighted-average exercise price of $ [__] per share;

- 截至本招股说明书日期已发行的、可因限制性股票单位（RSU）归属和结算而发行的 A 类普通股股份，但就该等 RSU 而言，(i) 截至该日期基于服务的归属条件尚未满足，且 (ii) 基于业绩的归属条件（如适用）将在本招股说明书所属注册声明生效时满足；

- shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding as of the date of this prospectus, but for which (i) the service-based vesting condition was not satisfied as of such date and (ii) the performance-based vesting condition, if applicable, will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part;

- 在我们收购非上市公司时于 2026 年 9 月 30 日之后发行的 A 类普通股股份；以及

- shares of our Class A common stock issued after September 30, 2026 in connection with our acquisitions of privately-held companies; and

- 根据我们的股权激励计划预留供未来发行的 A 类普通股股份，包括：

- shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of:

- 根据我们的捐赠配比计划可发行的 N 类普通股转换后预留供未来发行的 A 类普通股股份；

- shares of our Class A common stock reserved for future issuance upon conversion of Class N common stock issuable under our Donation Matching Plan;

- 根据我们的 2026 年计划预留供未来发行的 A 类普通股股份，该计划将在本次发行完成前生效；

- shares of our Class A common stock to be reserved for future issuance under our 2026 Plan, which will become effective prior to the completion of this offering;

- 根据我们的 2021 年计划预留供未来发行的 A 类普通股股份，该等股份数量将在 2026 年计划生效时并入根据 2026 年计划预留供未来发行的 A 类普通股股份，届时我们将停止根据 2021 年计划授予奖励；以及

- shares of our Class A common stock reserved for future issuance under our 2021 Plan, which number of shares will be added to the shares of our Class A common stock to be reserved for future issuance under our 2026 Plan upon its effectiveness, at which time we will cease granting awards under our 2021 Plan; and

- 根据我们的 ESPP 预留供未来发行的 A 类普通股股份，该计划将在本次发行完成前生效。

- shares of our Class A common stock to be reserved for future issuance under our ESPP, which will become effective prior to the completion of this offering.

我们的 2026 年计划和 ESPP 均规定每年自动增加其项下预留的 A 类普通股股份数量，且我们的 2026 年计划规定，可根据 2021 年计划项下已到期、被取消或被没收的奖励，以及根据 2021 年计划已交回或被我们扣留用于支付行权价或履行代扣税义务的股份，或被没收或以其他方式由我们回购的股份，增加其项下可授予的股份数量，详见“高管薪酬—股权计划”一节。

Our 2026 Plan and ESPP each provide for an annual automatic increase in the number of shares of our Class A common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may be granted thereunder based on awards under our 2021 Plan that expire or are cancelled or forfeited, and shares under our 2021 Plan that are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited or otherwise repurchased by us, as more fully described in the section titled “Executive Compensation—Equity Plans.”

摊薄 Dilution

如果您在本发行中投资于我们的 A 类普通股，您的所有权权益将被稀释，稀释幅度为每股 A 类普通股的首次公开发行价格与本发行完成后 A 类普通股和 N 类普通股的备考调整后每股有形净资产价值之间的差额。每股对新投资者的有形净资产价值稀释，是指本发行中 A 类普通股购买者每股支付的金额与本发行完成后 A 类普通股和 N 类普通股的备考调整后每股有形净资产价值之间的差额。

If you invest in our Class A common stock in this offering, your ownership interest will be diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma as adjusted net tangible book value per share of our Class A common stock and Class N common stock immediately after this offering. Net tangible book value dilution per share to new investors represents the difference between the amount per share paid by purchasers of shares of our Class A common stock in this offering and the pro forma as adjusted net tangible book value per share of our Class A common stock and Class N common stock immediately after completion of this offering.

每股有形净资产价值通过将我们的有形资产总额减去负债总额和可赎回可转换优先股后的余额，除以已发行的 A 类普通股和 N 类普通股股数确定；由于我们的 T 类普通股、F 类普通股和 E 类普通股不享有经济权利，因此不计入每股计算。截至 2026 年 9 月 30 日，我们的历史有形净资产价值为$ [__]，即每股$ [__] [__]。[__] 截至 2026 年 9 月 30 日，我们的备考有形净资产价值为$ [__]，即每股$ [__]，该计算基于截至 2026 年 9 月 30 日已发行的 A 类普通股和 N 类普通股总股数，并在使优先股转换、可转换本票转换、首次公益发行和 RSU 结算生效后得出。

Net tangible book value per share is determined by dividing our total tangible assets less our total liabilities and redeemable convertible preferred stock by the number of shares of our Class A common stock and Class N common stock outstanding; because our Class T common stock, Class F common stock, and Class E common stock have no economic rights, they are excluded from the per share calculation. Our historical net tangible book value as of September 30, 2026 was $ [__] , or $ [__] per share [__] . [__] Our pro forma net tangible book value as of September 30, 2026 was $ [__] , or $ [__] per share, based on the total number of shares of our Class A common stock and Class N common stock outstanding as of September 30, 2026, after giving effect to the Preferred Stock Conversion, Convertible Notes Conversion, Initial Public Benefit Issuance, and RSU Settlement.

在使(i)上述备考调整及(ii)我们以每股$ [__]的假定首次公开发行价格（即本招股说明书封面所载估计发行价格区间的中点）在本发行中出售[__]股 A 类普通股生效后，在扣除我们应付的估计承销折扣和佣金及估计发行费用，并将本发行所得净收益连同现有现金及现金等价物（如有必要）用于满足与 RSU 结算相关的估计税款预扣和汇缴义务后，截至 2026 年 9 月 30 日，我们的备考调整后有形净资产价值将为$ [__]，即每股$ [__]。这代表我们现有股东的备考调整后每股有形净资产价值立即增加$ [__]，以及以假定首次公开发行价格在本发行中购买 A 类普通股的投资者面临的备考调整后每股有形净资产价值立即稀释$ [__]。下表按每股基础说明了该稀释情况：

After giving effect to (i) the pro forma adjustments set forth above and (ii) the sale by us of [__] shares of our Class A common stock in this offering at the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us and the use of net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to satisfy the estimated tax withholding and remittance obligations related to the RSU Settlement, our pro forma as adjusted net tangible book value as of September 30, 2026 would have been $ [__] , or $ [__] per share. This represents an immediate increase in pro forma as adjusted net tangible book value of $ [__] per share to our existing stockholders and an immediate dilution in pro forma as adjusted net tangible book value of $ [__] per share to investors purchasing shares of our Class A common stock in this offering at the assumed initial public offering price. The following table illustrates this dilution on a per share basis:

假定每股首次公开发行价格 截至 2026 年 9 月 30 日的每股历史有形净资产价值 [__] $

Assumed initial public offering price per share Historical net tangible book value per share as of September 30, 2026 [__] $

归属于上述备考调整的每股增加额

Increase per share attributable to the pro forma adjustments described above

截至 2026 年 9 月 30 日的每股备考有形净资产价值

Pro forma net tangible book value per share as of September 30, 2026

归属于在本发行中购买 A 类普通股的新投资者的每股备考有形净资产价值增加额

Increase in pro forma net tangible book value per share attributable to new investors purchasing shares of Class A common stock in this offering

本次发行后立即的备考调整后每股有形净资产净值

Pro forma as adjusted net tangible book value per share immediately after this offering

本次发行中向新投资者每股备考调整后有形净资产净值的摊薄 · $

Dilution in pro forma as adjusted net tangible book value per share to new investors in this offering · $

上述摊薄信息仅为示意，可能因实际首次公开发行价格及本次发行的其他条款而发生变化。假设本公司发行的股份数量（如本招股说明书封面页所载）保持不变，并在扣除估计的承销折扣和佣金以及本公司应付的估计发行费用后，假设首次公开发行价格每股 $[__]（即本招股说明书封面页所载估计发行价格区间的中点）每增加或减少 $1.00，将使向新投资者每股备考调整后有形净资产净值相应增加或减少 $[__]，并使本次发行中购买 A 类普通股的新投资者每股摊薄相应增加或减少 $[__]。同样，假设假设的首次公开发行价格保持不变，并在扣除估计的承销折扣和佣金以及本公司应付的估计发行费用后，本公司发行的 A 类普通股股份数量每增加或减少 1.0 百万股，将使每股备考调整后有形净资产净值相应增加或减少约 $[__]，并使本次发行中购买 A 类普通股的新投资者每股摊薄相应增加或减少 $[__]。

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering. Each $1.00 increase or decrease in the assumed initial public offering price of $ [__] 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, our pro forma as adjusted net tangible book value per share to new investors by $ [__] , and would increase or decrease, as applicable, dilution per share to new investors purchasing shares of Class A common stock in this offering by $ [__] , 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 estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million shares in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, our pro forma as adjusted net tangible book value by approximately $ [__] per share and increase or decrease, as applicable, the dilution to new investors purchasing shares of Class A common stock in this offering by $ [__] per share, assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

如果承销商向我们购买额外 A 类普通股的期权被全额行使，则经调整以反映本次发行影响的 A 类普通股每股备考有形净资产净值将为每股 $[__]，而本次发行中向购买 A 类普通股的新投资者每股备考有形净资产净值的摊薄将为每股 $[__]。

If the underwriters’ option to purchase additional shares of our Class A common stock from us is exercised in full, the pro forma net tangible book value per share of our Class A common stock, as adjusted to give effect to this offering, would be $ [__] per share, and the dilution in pro forma net tangible book value per share to new investors purchasing shares of Class A common stock in this offering would be $ [__] per share.

下表列示了截至 2026 年 9 月 30 日，在使优先股转换、可转换本票转换、首次公益发行及 RSU 结算生效后，现有股东与本次发行中购买本公司 A 类普通股的新投资者之间在以下方面的差异：向我们购买的股份数量、向我们支付或将要支付的总对价（包括发行 A 类普通股收到的净收益），以及按假设首次公开发行价格每股 $[__]（即本招股说明书封面页所载估计发行价格区间的中点）向我们支付或将要支付的每股平均价格，扣除估计的承销折扣和佣金以及本公司应付的估计发行费用之前：

The following table presents, as of September 30, 2026, after giving effect to the Preferred Stock Conversion, Convertible Notes Conversion, Initial Public Benefit Issuance, and RSU Settlement, the differences between the existing stockholders and the new investors purchasing shares of our Class A common stock in this offering with respect to the number of shares purchased from us, the total consideration paid or to be paid to us, which includes net proceeds received from the issuance of our Class A common stock and the average price per share paid or to be paid to us at the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us:

**购买的股份**

**Shares Purchased**

每股平均价格

Average Price Per Share

数量 · 百分比 · 金额 · 百分比 现有股东 · % · $% · $ 新投资者 · $ 合计 · 100 % · $ 100 %

Number · Percent · Amount · Percent Existing stockholders · % · $% · $ New investors · $ Total · 100 % · $ 100 %

上述表格未反映出售股东在本次发行中的任何出售。出售股东在本次发行中的出售将导致现有股东持有的股份数量减少至[__]股，约占本次发行完成后我们已发行 A 类普通股总数的[__]%，并将使新投资者持有的股份数量增加至[__]股，约占本次发行完成后我们已发行 A 类普通股总数的[__]%。

The foregoing table does not reflect any sales by the selling stockholders in this offering. Sales by the selling stockholders in this offering will cause the number of shares held by existing stockholders to be reduced to shares, or approximately [__] % of the total number of shares of our Class A common stock outstanding after this offering, and will increase the number of shares held by new investors to [__] shares, or approximately [__] % of the total number of shares of our Class A common stock outstanding after this offering.

假设我们发行的 A 类普通股数量（如本招股说明书封面页所述）保持不变，并在扣除我们应付的预计承销折扣和佣金及预计发行费用后，假设首次公开发行价格每股$[__]（即本招股说明书封面页所载估计发行价格区间的中点）每增加或减少$1.00，新投资者支付的总对价和所有股东支付的总对价将相应增加或减少$[__]。同样，假设假设的首次公开发行价格保持不变，并在扣除我们应付的预计承销折扣和佣金及预计发行费用后，我们发行的 A 类普通股数量每增加或减少 1.0 百万股，新投资者支付的总对价和所有股东支付的总对价将相应增加或减少$[__]。

Each $1.00 increase or decrease in the assumed initial public offering price of $ [__] 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 total consideration paid by new investors and total consideration paid by all stockholders by $ [__] , assuming that the number of shares of our Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, the total consideration paid by new investors and total consideration paid by all stockholders by $, assuming the assumed initial public offering price remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

除另有说明外，上述讨论和表格假设承销商未行使向我们购买额外 A 类普通股的选择权。如果承销商全额行使向我们购买额外 A 类普通股的选择权，则本次发行完成后，我们的现有股东将持有[__]%，我们的新投资者将持有[__]%的已发行 A 类普通股总数。

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters’ option to purchase additional shares of our Class A common stock from us. If the underwriters’ option to purchase additional shares of our Class A common stock were exercised in full, our existing stockholders would own % and our new investors would own [__] % of the total number of shares of our Class A common stock outstanding upon completion of this offering.

本次发行完成后将发行的 A 类普通股、N 类普通股、T 类普通股和 F 类普通股数量，基于截至 2026 年 9 月 30 日已发行的[__]股 A 类普通股、[__]股 N 类普通股、1 股 T 类普通股和 1 股 F 类普通股（在使优先股转换、可转换本票转换、F 类股票发行、首次公益发行和 RSU 结算生效后），并排除：

The number of shares of our Class A common stock, Class N common stock, Class T common stock, and Class F common stock that will be outstanding after this offering is based on [__] shares of our Class A common stock, shares of our Class N common stock, one share of our Class T common stock, and one share of our Class F common stock outstanding as of September 30, 2026 (after giving effect to the Preferred Stock Conversion, Convertible Notes Conversion, Class F Stock Issuance, Initial Public Benefit Issuance, and RSU Settlement), and excludes:

- 截至 2026 年 9 月 30 日已发行的、可行权购买 A 类普通股的期权所对应的 A 类普通股股份，其加权平均行权价为每股$[__]；

- shares of our Class A common stock issuable upon the exercise of options to purchase shares of our Class A common stock outstanding as of September 30, 2026, with a weighted-average exercise price of $ [__] per share;

- 截至本招股说明书日期尚未归属和结算的 RSU 在归属和结算后可发行的 A 类普通股股份，但该等 RSU 截至该日期 (i) 尚未满足基于服务的归属条件，且 (ii) 基于业绩的归属条件（如适用）将在本招股说明书构成其一部分的注册声明生效时满足；

- shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding as of the date of this prospectus, but for which (i) the service-based vesting condition was not satisfied as of such date and (ii) the performance-based vesting condition, if applicable, will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part;

- 在 2026 年 9 月 30 日之后因我们收购非上市公司而发行的 A 类普通股股份；以及

- shares of our Class A common stock issued after September 30, 2026 in connection with our acquisitions of privately-held companies; and

- 根据我们的股权补偿计划预留供未来发行的 A 类普通股股份，包括：

- shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of:

- 根据我们的捐赠配比计划可发行的 N 类普通股转换后预留供未来发行的 A 类普通股股份；

- shares of our Class A common stock reserved for future issuance upon conversion of Class N common stock issuable under our Donation Matching Plan;

- 根据我们的 2026 年计划预留供未来发行的 A 类普通股股份，该计划将在本次发行完成前生效；

- shares of our Class A common stock to be reserved for future issuance under our 2026 Plan, which will become effective prior to the completion of this offering;

- 根据我们的 2021 年计划预留供未来发行的 A 类普通股股份，该等股份数量将在 2026 年计划生效时计入根据该计划预留供未来发行的 A 类普通股股份，届时我们将停止根据 2021 年计划授予奖励；以及

- shares of our Class A common stock reserved for future issuance under our 2021 Plan, which number of shares will be added to the shares of our Class A common stock to be reserved for future issuance under our 2026 Plan upon its effectiveness, at which time we will cease granting awards under our 2021 Plan; and

- 根据我们的 ESPP 预留供未来发行的 A 类普通股股份，该计划将在本次发行完成前生效。

- shares of our Class A common stock to be reserved for future issuance under our ESPP, which will become effective prior to the completion of this offering.

我们的 2026 年计划和 ESPP 均规定每年自动增加其项下预留的 A 类普通股股份数量，且我们的 2026 年计划规定，根据我们的 2021 年计划项下到期、被取消或被没收的奖励，以及根据我们的 2021 年计划为支付行权价或履行预扣税义务而交回或由我们扣留的、或被没收或以其他方式由我们回购的股份，增加其项下可授予的股份数量，详见“高管薪酬——股权计划”一节。

Our 2026 Plan and ESPP each provide for an annual automatic increase in the number of shares of our Class A common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may be granted thereunder based on awards under our 2021 Plan that expire or are cancelled or forfeited, and shares under our 2021 Plan that are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited or otherwise repurchased by us, as more fully described in the section titled “Executive Compensation—Equity Plans.”

在购买我们 A 类普通股的任何未行使期权被行权、RSU 被结算或根据我们的股权补偿计划授予新奖励的范围内，参与本次发行的投资者将进一步被稀释。

To the extent that any outstanding options to purchase our Class A common stock are exercised, RSUs are settled or new awards are granted under our equity compensation plans, there will be further dilution to investors participating in this offering.

财务状况与经营成果 Financial Condition and Results of Operations

以下关于我们财务状况和经营成果的讨论与分析，应与本招股说明书中题为“合并财务及其他数据摘要”的章节以及本招股说明书其他部分所载的合并财务报表及相关附注一并阅读。本讨论包含涉及风险和不确定性的前瞻性陈述。可能导致或促成此类差异的因素包括下文所述因素以及本招股说明书其他部分所讨论的因素，尤其是题为“风险因素”和“关于前瞻性陈述的特别说明”的章节。截至 2023 年、2024 年和 2025 年 12 月 31 日及该等年度的财务数据取自本招股说明书末尾所载的经审计合并财务报表。我们的历史业绩不一定预示未来任何期间可能预期的业绩。

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the section titled “Summary Consolidated Financial and Other Data” and the consolidated financial statements and related notes thereto included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed elsewhere in this prospectus, particularly in the sections titled “Risk Factors” and “Special Note Regarding Forward-looking Statements.” Financial data as of and for the years ended December 31, 2023, 2024, and 2025 have been derived from our audited consolidated financial statements appearing at the end of this prospectus. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

概览 Overview

Anthropic 由一支研究人员团队于 2021 年创立，该团队曾主导了定义 AI 的诸多突破。我们首先且最重要的是一个研究实验室——我们的使命是负责任地开发和维护先进 AI，以造福人类的长期利益。这一使命指引着我们的重心——连同我们的人才与文化、我们的前沿与安全研究、我们的算力策略以及我们的企业战略，它是使我们脱颖而出的核心优势之一。这些优势使我们能够持续推进前沿 AI，并塑造其安全、负责任开发的标准。我们的前沿 AI——Claude，通过我们的模型、平台和应用程序交付给客户。Claude 经历了历史上任何技术中最快的企业采用速度，其体现是收入从 2023 年第一季度商业发布时的 $0 增长至截至 2026 年 9 月 30 日止三个月的 $ [__]。

Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define AI. 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. These advantages enable us to continuously advance frontier AI and shape the standards for its safe and responsible development. Our frontier AI, Claude, is delivered to customers through our models, platform, and applications. Claude has experienced the fastest enterprise adoption of any technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 2023 to $ [__] for the three monthsended September 30, 2026.

我们的财务模型 Our Financial Model

我们的财务模型建立在四个主要驱动因素之上，它们决定了我们业绩的走势：

Our financial model is built on four primary drivers that define the trajectory of our results:

- Claude 的采用 [__] 。[__] 每一代 Claude 模型不断进步的智能与能力，推动 Claude 在全球经济中的扩散。随着新客户采用 Claude、现有客户将使用范围扩展至新的工作流程，我们的收入随之增长。

- Adoption of Claude [__] . [__] The advancing intelligence and capabilities of each successive version of a Claude model drive the diffusion of Claude across the global economy. As new customers adopt Claude and existing customers expand their usage into new workflows, our revenue grows.

- 算力效率 [__] 。[__] 我们专注于提高每投入一美元算力所产出的智能和所创造的收入，并已实现显著的效率提升。

- Compute Efficiency [__] . [__] We are focused on increasing the intelligence produced and revenue generated per dollar of compute invested and have delivered significant efficiency improvements.

- 运营效率 [__] 。[__] 我们高密度的人才、高效的上市策略，以及各团队在工作中广泛使用 Claude，共同推动经营利润率、调整后经营利润率和人均收入的改善。

- Operating Efficiency [__] . [__] Our high talent density, efficient go-to-market, and how extensively our teams leverage Claude in their work help to drive improved operating margin, Adjusted Operating Margin, and revenue per employee.

- 算力投资 [__] 。[__] 投资算力对于支撑我们的长期增长至关重要，我们打算继续在算力上进行大规模投资。

- Compute Investments [__] . [__] Investing in compute is critical to support our long-term growth, and we intend to continue making substantial investments in compute.

我们财务模型的各项驱动因素在不同时间线上逐步显现。Claude 的采用及相关收入增长、算力效率和运营效率均随时间快速提升。算力是提前采购并承诺的，相关费用在算力上线并加入我们的可互换资源池时确认，且往往以大规模、离散的步骤发生。可互换资源池可动态支持所有工作负载，包括研究、模型开发、客户服务以及 Claude 的内部使用。因此，从承诺投资到实现与该投资相关的全部收入之间存在滞后。

The drivers of our financial model materialize on different timelines. The adoption of Claude and associated revenue growth, compute efficiency, and operating efficiency have each increased rapidly over time. Compute is procured and committed in advance and the expense is incurred as it is brought online and added to our fungible pool, often in large, discrete steps. The fungible pool can support all workloads dynamically, including research, model development, serving customers, and internal usage of Claude. As a result, there is a lag between when investment is committed and when the full revenue associated with such investment is realized.

这一动态造就了这样一种财务模型：截至 2026 年 9 月 30 日止九个月，我们的经营利润率和调整后经营利润率同比大幅提升。随着未来期间大量新增算力上线，相关费用将在该算力最终支撑的全部收入实现之前确认，我们预计这些期间的经营利润率和调整后经营利润率可能承压。在我们当前阶段，这一周期是我们业务的内在特征，将导致经营利润率在各期间波动，有时波动幅度较大，即便业务的底层经济性持续改善。

This dynamic has produced a financial model in which our operating margin and Adjusted Operating Margin for the nine months ended September 30, 2026 have expanded significantly year over year. As significant incremental compute is brought online in future periods, the associated expense will be recognized in advance of the full revenue that the compute will ultimately support, and we expect operating margin and Adjusted Operating Margin may compress in those periods. At our current stage, this cycle is an inherent aspect of our business and will cause operating margins to fluctuate from period to period, at times meaningfully, even if the underlying economics of the business continue to improve.

此外，我们的大部分算力以多年期承诺的形式签约，通常提前 12 至 18 个月采购。当客户需求或研究需求超出这一长期容量时，我们会采购短期算力，其单位算力成本通常更高。我们预计短期内短期算力的使用将会增加，进而使我们的经营利润率和调整后经营利润率承压。

In addition, the majority of our compute is contracted under multi-year commitments that we typically procure 12 to 18 months in advance of availability. When customer demand or research needs exceed this long-term capacity, we procure short-term compute, which typically carries a higher cost per unit of compute. We expect our use of short-term compute to increase in the near term and to in turn compress our operating margin and Adjusted Operating Margin as a result.

Claude 的采用 Adoption of Claude

Claude 模型的每一个后续版本都旨在推进前沿，提供客户最看重的各项能力，包括编程、智能体工作流、计算机使用和复杂推理，这些能力开辟了新的使用类别，并推动新老客户需求持续叠加增长。Claude 的智能是其扩散和我们的收入增长的主要驱动力：由于 Claude 在 AI 前沿处于领先地位，客户迅速采用它，很快看到真实价值，并自发扩大使用。我们以直销市场团队和应用 AI 团队来补充这种以智能驱动的增长，并通过在三大主要云平台——AWS、GCP 和 Azure——上的原生可用性，以及与系统集成商（SI）、咨询公司和数据平台的合作来扩大我们的覆盖范围[__]。

Each successive version of a Claude model is designed to advance the frontier with capabilities that customers value most, including coding, agentic workflows, computer use, and complex reasoning, which unlock new categories of use and drive compounding demand from new and existing customers. Claude’s intelligence is a primary driver of its diffusion and our revenue growth: because Claude leads at the AI frontier, customers rapidly adopt it, quickly see real value, and organically expand their use. We complement this intelligence-led growth with direct go-to-market and Applied AI teams and extend our reach through native availability across all three major cloud platforms—AWS, GCP, and Azure—and through partnerships with SIs, consultants, and data platforms [__] .

我们通过一体化方式来交付这种智能。我们的 Claude 模型系列是基础，其中的模型类别针对能力—成本—速度曲线上不同位置进行了优化。在我们的模型之上，Claude Platform 让开发者能够使用我们自己使用的原语，他们可以用这些原语构建自己的 AI 解决方案。我们还为偏好开箱即用方案的客户，在 Claude Platform 上构建了第一方应用。我们相信，这种一体化方式的价值体现在越来越多的客户同时使用 Claude Platform 和我们的第一方应用。截至 2026 年 9 月 30 日止三个月，在我们按 TTM 计算收入达到 $100,000 或以上的客户中，超过 50% 同时使用了 Claude Platform 和至少一款我们的第一方应用，而截至 2025 年 12 月 31 日止三个月这一比例约为 30%。

We deliver this intelligence through an integrated approach. Our Claude model family is the foundation, with model classes optimized for different points along the capability-cost-speed curve. On top of our models, Claude Platform gives developers access to the primitives we use ourselves, which they can use to build their own AI solutions. We have also built first-party applications on Claude Platform for customers that prefer a ready-to-deploy option. We believe the value of this integrated approach is reflected in the increasing number of customers that use both Claude Platform and our first-party applications. For the three months ended September 30, 2026, over 50% of our customers with $100,000 or more of revenue on a TTM basis used Claude Platform and at least one of our first-party applications, up from approximately 30% for the three months ended December 31, 2025.

随着更多客户采用 Claude 并扩大使用，我们产生可观收入的客户群迅速增长。截至 2026 年 9 月 30 日，我们拥有超过 11,900 家按 TTM 计算收入达到 $100,000 或以上的客户，而截至 2025 年 9 月 30 日超过 950 家。此外，随着客户进一步将 Claude 嵌入其最关键的工作流和增长计划，许多客户迅速将部署扩展至更高收入层级。截至 2026 年 9 月 30 日，我们拥有超过 1,900 家按 TTM 计算收入达到 $1 million 或以上的客户，以及约 250 家按 TTM 计算收入达到 $10 million 或以上的客户[__]。

As more customers adopt Claude and expand their usage, we have rapidly grown our base of customers that generate meaningful revenue. We had more than 11,900 customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026, up from more than 950 as of September 30, 2025. In addition, as customers further embed Claude into their most critical workflows and growth initiatives, many rapidly expand their deployments into higher revenue tiers. As of September 30, 2026, we had more than 1,900 customers with $1 million or more of revenue on a TTM basis and approximately 250 customers with $10 million or more of revenue on a TTMbasis [__] .

这种客户势头是由显著的使用扩张所驱动的，因为客户认识到在其组织内部署 Claude 的价值。Claude 为客户带来的价值帮助推动我们的净收入留存率截至 2026 年 9 月 30 日达到约 900%。

This customer momentum is driven by significant usage expansion as customers realize the value of deploying Claude across their organizations. The value that Claude delivers to customers has helped drive our Net Revenue Retention of approximately 900% as of September 30, 2026.

我们业务的增长反映了企业将 Claude 直接嵌入其业务关键工作流的程度。尽管有这些趋势，全球经济范围内的采用仍处于早期阶段。随着 Claude 的能力持续进步，我们相信可触达的机会将会扩大，Claude 将继续在更多企业中快速扩散。

The growth in our business reflects the degree to which enterprises are embedding Claude directly into their business-critical workflows. Despite these trends, adoption across the global economy remains nascent. As Claude’s capabilities continue to advance, we believe the addressable opportunity will expand, and Claude will continue its rapid diffusion across more enterprises.

算力效率 Compute Efficiency

算力是我们业务中最重要的运营成本，而算力效率是决定我们运营效率和收入的关键因素。我们在训练与推理优化以及多芯片算力架构方面由研究驱动的算法改进相结合，随着我们收入规模的扩大，大幅提升了我们的算力效率。其结果是，我们能够持续提升研究所能产出的智能水平，以及业务每投入一美元算力所能产生的收入。

Compute is the most significant operating cost in our business, and compute efficiency is a critical determinant of our operating efficiency and revenue. Our research-driven algorithmic improvements in training and inference optimization and multi-chip compute architecture have combined to dramatically increase our compute efficiency as our revenue has scaled. The result is that we are able to continue increasing the intelligence our research can produce and the revenue our business can generate per dollar of compute investment.

我们将算力效率定义为：每投入一美元算力所产出的智能与所创造的收入的最大化。三大支柱驱动我们的算力效率：

We define compute efficiency as maximizing the intelligence produced and revenue generated per dollar of compute invested. Three pillars drive our compute efficiency:

- 训练效率 [__] 。 [__] 我们的研究人员定期创新算力乘数。Claude 自身越来越多地协助产生我们每一代后续模型的研究与工程工作，我们将这一递归动态称为“闭环”，即我们模型的后续版本加速下一代模型的开发，并在各代模型之间复合这些收益。

- Training Efficiency [__] . [__] Our researchers regularly innovate compute multipliers. Increasingly, Claude itself assists in the research and engineering that produce each successive version of our models, which is a recursive dynamic we refer to as “closing the loop,” with successive versions of our models accelerating the development of the next and compounding these gains across model generations.

- 推理效率 [__] 。 [__] 我们的研究人员为推理带来了可观的算力乘数——降低了提供给定水平模型性能所需的算力——同时我们的工程团队在生产中如何高效利用算力方面实现了显著优化。这使我们能够为客户提供更大价值，并随着时间推移从我们的算力基础中产生更多收入，这一点至关重要，因为我们一直处于算力受限的环境中运营，客户需求超过可用算力。

- Inference Efficiency [__] . [__] Our researchers have delivered meaningful compute multipliers for inference —reducing the compute required to serve a given level of model performance—while our engineering teams have driven significant optimizations in how efficiently that compute is utilized in production. This allows us to provide greater value for customers and generate greater revenue from our compute base over time, which is critical as we have consistently operated in a compute-constrained environment where customer demand exceeds available compute.

- 多芯片算力方案 [__] 。 [__] 我们通过专有的编排层，在四大芯片系列（AWS Trainium、Google TPU、NVIDIA GPU 和 AMD GPU）上原生训练和提供 Claude 服务，该编排层使我们能够针对价格和性能优化工作负载。这种灵活性历时数年并投入大量资金才得以构建，我们认为难以在规模上复制，它扩大了我们的可用算力，降低了对任何单一供应商的依赖，并使我们能够持续将工作负载路由至最适合这些工作负载的最优硬件 [__] 。 [__] 这一基础，加上 Claude 对芯片和模型架构日益深入的理解，使我们能够以过去所需时间的一小部分完成新芯片平台的上线 [__] 。

- Multi-Chip Compute Approach [__] . [__] We train and serve Claude natively across four major chip families (AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs) using a proprietary orchestration layer that enables us to optimize workloads for price and performance. This flexibility, which took years and significant investment to build and we believe is difficult to replicate at scale, expands our available compute, reduces dependence on any single vendor, and enables us to continuously route workloads to the most optimal hardware for those workloads [__] . [__] This foundation, paired with Claude’s increasing understanding of chip and model architectures, allows us to onboard new chip platforms in a fraction of the time this once required [__] .

即便我们加快了研究和产品推进速度并扩大了内部 Claude 的使用，每美元算力所产生的收入仍显著扩大。例如，截至 2026 年 6 月 30 日止三个月，我们的收入同比增长 [__] 1,368%，而同期我们的算力和基础设施费用增长 [__] 300%。在满足我们不断增长的客户需求的同时，我们还凭借包括 Mythos 5、Fable 5 和 Opus 5 在内的新领先模型在前沿领域取得了重大研究进展，并推出了包括 Claude Cowork 和 Claude Design 在内的新产品 [__] 。

Revenue per dollar of compute has expanded meaningfully, even as we have accelerated research and product velocity and expanded our internal Claude usage. For example, our revenue grew [__] 1,368% year over year for the three months ended June 30, 2026, compared to our compute and infrastructure expenses that grew [__] 300% during the same period. While serving our growing customer demand, we also made significant research advances to the frontier with new leading models, including Mythos 5, Fable 5, and Opus 5, and launched new products, including Claude Cowork and Claude Design [__] .

运营效率 Operating Efficiency

我们的运营效率源自我们的人才密度、高效的市场推广方式，以及我们的团队在工作中对 Claude 的广泛运用。Claude 是贯穿其中的共同主线，放大了我们员工的产出。例如，2026 年 9 月，我们代码库中超过 90% 的贡献由 Claude 编写。此外，截至 2026 年 9 月 30 日的三个月内，每位工程师平均每日向代码库贡献的代码量超过截至 2024 年 12 月 31 日止年度平均每日代码量的 45 倍 [__] 。

Our operating efficiency is derived from our high talent density, our efficient go-to-market, and how extensively our teams leverage Claude in their work. Claude is the common thread, amplifying the output of our employees. For example, over 90% of the contributions to our codebase in September 2026 were written by Claude. Additionally, the average daily volume of code contributed to our codebase per engineer in the three months ended September 30, 2026 was over 45 times the average daily volume in the year ended December 31, 2024 [__] .

从 2025 年 9 月 30 日到 2026 年 9 月 30 日，过去十二个月（TTM）收入增长约 1,200%，而员工人数增长约 170%，推动每位员工的 TTM 收入从 $1.4 million 增至超过 $6.6 million，这体现了非凡的人才密度以及为使其持续复利增长而构建的文化 [__] 。

From September 30, 2025 to September 30, 2026, TTM revenue increased approximately 1,200% while headcount increased approximately 170%, driving TTM revenue per employee from $1.4 million to over $6.6 million, a reflection of extraordinary talent density and a culture built to compound it [__] .

我们的市场推广模式也体现了这一点——智能驱动的增长和广泛的渠道合作伙伴关系使我们能够快速扩大客户采用和收入，而不受制于我们销售和营销组织的增长速度，从而相比典型的企业技术公司实现更高的销售效率。

Our go-to-market model reflects this as well—intelligence-led growth and broad distribution partnerships enable us to rapidly expand customer adoption and revenue without being limited by the rate at which we can grow our sales and marketing organization, resulting in greater sales efficiency as compared to typical enterprise technology companies.

截至 2026 年 6 月 30 日的六个月，我们的收入为 $16.3 billion，高于截至 2025 年 6 月 30 日的六个月的 $1.2 billion。截至 2026 年 6 月 30 日的六个月，我们的经营亏损为 $693 million，低于截至 2025 年 6 月 30 日的六个月的 $2.1 billion。我们的收入增长、算力效率和运营效率共同带来了调整后经营利润的显著改善，截至 2026 年 6 月 30 日的六个月为 $1.6 billion，而截至 2025 年 6 月 30 日的六个月为调整后经营亏损 $1.8 billion。我们预计经营利润率和调整后经营利润率将随时间波动，尤其是在向我们交付大量增量算力并产生相关费用的期间。有关调整后经营利润（亏损）和调整后经营利润率的说明和信息，以及这些指标与按照 GAAP 计算的最直接可比财务指标的调节表，请参见标题为“—非 GAAP 财务指标”的章节。

Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025. Our operating loss was $693 million for the six months ended June 30, 2026, down from $2.1 billion for the six months ended June 30, 2025. The result of our revenue growth, compute efficiency, and operating efficiency has been a significant improvement in Adjusted Operating Income, which was $1.6 billion for the six months ended June 30, 2026, up from Adjusted Operating Loss of $1.8 billion for the six months ended June 30, 2025. We expect operating margin and Adjusted Operating Margin to fluctuate over time, particularly in periods when substantial incremental compute is delivered to us and we incur the associated expenses. See the section titled “—Non-GAAP Financial Measures” for a description of and information about Adjusted Operating Income (Loss) and Adjusted Operating Margin, as well as a reconciliation of these measures to the most directly comparable financial measures calculated in accordance with GAAP.

算力投资 Compute Investments

投资算力是实现长期增长的前提条件。我们为研究、模型开发、服务客户以及 Claude 的内部使用而投资算力。我们的商业进展、研究进展以及未来机遇的规模，使我们有信念继续在算力上大举投资。这些投资中越来越大的部分涉及建设我们自己的算力和基础设施，并在算力供应链上进行垂直整合，以确保获得前沿模型开发所需规模的长期算力。这些投资以资本支出和其他承诺的形式体现，包括租赁义务，且我们在相关算力投入运营并产生收入之前很早就已承担这些支出。因此，我们预计这一建设将改变我们业务的现金流特征，并在可预见的未来成为经营活动和投资活动中净现金的重要用途。更多信息请参见标题为“—流动性与资本资源”的章节。

Investing in compute is a prerequisite for long-term growth. We invest in compute for research, model development, serving customers, and internal usage of Claude. Our commercial traction, research progress, and the scale of the opportunity ahead give us the conviction to continue investing aggressively in compute. An increasing portion of these investments relates to building out our own compute and infrastructure and vertically integrating across the compute supply chain to secure long-term compute at the scale required for frontier model development. These investments take the form of capital expenditures and other commitments, including lease obligations, that we incur well in advance of the related compute becoming operational and generating revenue. As a result, we expect this build-out to change the cash flow profile of our business and to be a significant use of net cash in operating and investing activities for the foreseeable future. See the section titled “—Liquidity and Capital Resources” for more information.

此外，随着我们的算力需求大幅增长，我们正从仅通过固定期限云协议获取算力，转向一种混合模式，该模式还包括直接租赁芯片并将其托管在由我们代为运营的专用设施中。我们将这一额外的算力来源称为 Anthropic Direct，它有助于满足我们不断扩大的算力需求，我们相信它将带来长期的经济优势。Anthropic Direct 通过使我们能够将数据中心容量的承诺与部署于其中的算力基础设施的承诺相分离，实现了更灵活的资本运用。由于数据中心需要更长的交付周期，但在总算力成本中所占比例较小，这种方法使我们能够尽早锁定数据中心容量，同时将规模更大的加速器投资推迟到我们的具体算力需求更加明确之时。

In addition, as our compute needs have grown substantially, we are shifting from sourcing compute solely through fixed-term cloud agreements to a hybrid model that also includes leasing chips directly and hosting them in dedicated facilities operated on our behalf. We refer to this additional source of compute as Anthropic Direct, which helps to address our scaling compute requirements and we believe will provide long-term economic advantages. Anthropic Direct represents a more flexible use of capital by allowing us to separate our commitments for data center capacity from our commitments for the compute infrastructure deployed inside them. Because data centers require longer lead times but represent a smaller fraction of total compute costs, this approach enables us to secure data center capacity early while deferring larger accelerator investments until our specific compute needs are more certain.

截至 2026 年 9 月 30 日及此后，我们已签订采购承诺和租赁协议，包括短期承诺以及尚未开始的租赁，合计承诺支出超过 $[__]。这些承诺包括预计在 2030 年 12 月 31 日之前发生的约 $[__]，其余绝大部分预计将在 2031 年至 2045 年之间发生。这些承诺中约 $[__] 将在未来 12 个月内到期。这一承诺支出总额的很大一部分与 Anthropic Direct 相关，我们预计其在我们算力投资中的占比将随时间推移而增长。Anthropic Direct 带来的灵活性使我们能够在需求旺盛时期，随着专用基础设施上线，用更具成本效益的长期算力来补充我们采购的短期算力。

As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ [__] . These commitments include approximately $ [__] expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $ [__] of these commitments are due in the next 12 months. A significant portion of this total committed spend relates to Anthropic Direct, and we expect it to represent a growing share of our compute investments over time. The flexibility from Anthropic Direct allows us to backfill the short-term compute we procure during periods of high demand with more cost-effective, long-term compute as our dedicated infrastructure comes online.

我们计划通过我们产生的收入和筹集的资本来为这些投资提供资金。截至 2026 年 9 月 30 日，在未计入本次发行向我们提供的净收益之前，我们拥有 [__] $ 的流动性，其中包括 [__] $ 的现金及现金等价物、[__] $ 的短期投资，以及根据我们的 A&R 信贷融资（定义见下文）可获得的 $ [__] 额度。我们还从战略合作伙伴处获得了重要的资金支持，包括根据我们的票据购买协议可获得的高达 $ [__] 的融资额度，以及高达 $ [__] 的股权承诺。此外，我们估计本次发行向我们提供的净收益约为 $ [__]，该估算基于每股 $ [__] 的假定首次公开发行价格（即本招股说明书封面所载估计发行价格区间的中点），并扣除我们应付的估计承销折扣和佣金以及估计发行费用；若承销商全额行使向我们购买额外 A 类普通股的选择权，则约为 $ [__] 。

We intend to fund these investments through the revenue we generate and the capital that we raise. As of September 30, 2026, and prior to taking into account the net proceeds to us from this offering, we had [__] $ of liquidity, comprised of [__] $of cash and cash equivalents, [__] $of short-term investments, and $ [__] of availability under our A&R Credit Facility (as defined below). We also maintain significant funding support from our strategic partners, including up to $ [__] in available financing capacity under our note purchase agreements and up to $ [__] in equity commitments. In addition, we estimate that the net proceeds to us from this offering will be approximately $ [__] , based upon the assumed initial public offering price of $ [__] per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, or approximately $ [__] if the underwriters’ option to purchase additional shares of our Class A common stock from us is exercised in full.

我们如何产生收入 How We Generate Revenue

我们业务的基础是我们的四类 Claude 模型系列——Mythos（包括 Fable）、Opus、Sonnet 和 Haiku——每一类都针对能力-成本-速度曲线上不同的位置进行了优化。我们的前沿模型使客户能够为每个用例匹配最合适的模型。客户通常将能力更高的模型用于需要更强模型智能的复杂推理、编码和智能体工作流。客户也经常采用我们的全系列模型，将各项任务路由到在能力-成本-速度曲线上最能满足其需求的模型。客户使用的模型和使用量是客户支出的主要驱动因素。我们与客户建立直接的合同关系，并为客户提供直接从我们处购买或通过 CSP 市场购买的灵活性，许多客户同时使用这两种渠道。

At the foundation of our business is our family of four Claude model classes—Mythos (including Fable), Opus, Sonnet, and Haiku—each optimized for a different point on the capability-cost-speed curve. Our frontier models allow customers to match the right model to each use case. Customers typically use higher-capability models for complex reasoning, coding, and agentic workflows where greater model intelligence is required. Customers also frequently adopt our full range of models, routing individual tasks to the models that are most optimized to meet their needs along the capability-cost-speed curve. The model a customer uses and the volume of usage are the primary drivers of customer spend. We establish a direct contractual relationship with the customer and offer customers the flexibility to purchase directly from us or through CSP marketplaces, and many customers utilize both channels.

按智能付费（pay-for-intelligence）是我们基于用量的收入模式，是我们的主要收入模式，目前占我们总收入的绝大部分。在该模式下，客户按用量付费，用量以 token 计量，并根据所选模型定价。我们的按智能付费收入主要来自将 Claude 集成到其应用程序中的客户或使用我们第一方应用程序的客户。

Pay-for-intelligence, our consumption-based revenue model, is our primary revenue model and currently represents the substantial majority of our total revenue. Under this model, customers pay for usage, which is metered in tokens and priced according to the model selected. Our pay-for-intelligence revenue is primarily generated from customers building applications incorporating Claude or utilizing our first-party applications.

此外，我们以订阅方式提供某些应用程序，服务于企业和专业消费者。在该模式下，客户在订阅期内（通常为 12 个月或更短）支付订阅费，以获得特定水平的用量和能力。

In addition, we offer certain of our applications on a subscription basis, serving both enterprises and prosumers. Under this model, customers pay a subscription fee for a specified level of usage and capabilities during the subscription term, which is generally 12 months or less.

根据客户所选择的模型、平台或应用程序，他们采用按智能付费定价、基于订阅的定价，或两者兼用。例如，当订阅用户接近或耗尽其所处层级包含的用量容量时，他们可能会使用更高的订阅层级或直接购买更多智能，从而形成从订阅到增量按智能付费收入的无缝衔接。

Depending on the model, platform, or applications chosen by our customers, they enter into pay-for-intelligence pricing, subscription-based pricing, or both. For example, when subscribers approach or exhaust the usage capacity included in their tier, they may utilize a higher subscription tier or purchase more intelligence directly, creating a seamless bridge from subscription to incremental pay-for-intelligence revenue.

越来越多的企业客户同意签订不可取消的年度或多年期合同，承诺最低支出，以换取承诺的价格表。这些合同主要产生基于用量的收入。

A growing number of enterprise customers agree to non-cancelable annual or multi-year contracts with minimum spend commitments in exchange for a committed price list. These contracts result primarily in consumption-based revenue.

基于消费的收入从截至该年度的 $288 million（占总收入的 75%）增长

Consumption-based revenue increased from $288 million, or 75% of total revenue, for the year ended

2024 年 12 月 31 日止年度的 $288 million（占总收入的 75%），增至截至 2025 年 12 月 31 日止年度的 $3.8 billion（占总收入的 83%），再增至截至 2026 年 6 月 30 日止六个月的 [__] $13.1 billion（占总收入的 80%）。基于订阅的收入在相同期间内从 $98 million（占总收入的 25%）增至 $789 million（占总收入的 17%），再增至 $3.2 billion（占总收入的 [__] 20%）。基于用量的收入增幅更高，反映了过去十二个月（TTM）收入达到 $100,000 或以上的客户有所增长。2023 年，我们的收入为 $41 million，几乎全部为基于用量的收入，反映了我们早期的运营情况。我们预计，在可预见的未来，基于用量的收入将继续占总收入的绝大部分。

December 31, 2024, to $3.8 billion, or 83% of total revenue, for the year ended December 31, 2025, to [__] $13.1 billion, or 80%of total revenue, for the six months ended June 30, 2026. Subscription-based revenue increased from $98 million, or 25% of total revenue, to $789 million, or 17% of total revenue, to $3.2 billion, or [__] 20% of total revenue, over the same periods. The higher increase in consumption-based revenue reflects the growth in customers with $100,000 or more of revenue on a TTM basis. For 2023, our revenue of $41 million was substantially all consumption-based, reflecting our early operations. We expect consumption-based revenue to continue to represent the substantial majority of total revenue for the foreseeable future.

我们近期的增长可能反映了早期阶段的采用动态、AI 市场的初生阶段以及可能无法长期持续的客户快速初期扩张。我们预计我们的收入增长率将随时间推移而下降，并且随着我们收入基数的增加以及市场的成熟，其下降幅度可能显著且快于我们的预期。

Our recent growth may reflect early-stage adoption dynamics, the nascency of the AI market, and rapid initial customer expansion that may not be sustainable over time. We expect our revenue growth rate to decline over time, and it may decline significantly and more rapidly than we anticipate as our revenue base increases and as the market matures.

我们的客户及 Claude 推广策略 Our Customers and Approach to Claude Diffusion

#### 我们的客户

#### Our Customers

我们服务于全球几乎所有地区、各行业、各种规模的企业。使用 Claude 的组织涵盖从全球最大的企业到 AI 原生初创公司、研究机构，以及致力于解决全球一些最重大问题的使命驱动型组织。客户主要通过三种方式从 Claude 中获得价值：提升员工生产力、加快流程速度，以及将智能嵌入其产品之中。随着企业客户将 Claude 应用于日益复杂的工作流程，我们与他们保持沟通以了解其不断变化的需求，这有助于塑造我们的产品路线图。这一反馈闭环在每次发布中加深了客户关系，并使 Claude 对所有客户都更加强大。

We serve enterprises of all sizes and across industries, in nearly every region of the world. Organizations that use Claude range from the world’s largest enterprises to AI-native startups, research institutions, and mission-driven organizations working on some of the world’s most consequential problems. Customers realize value from Claude in three primary ways: more productive employees, faster processes, and embedded intelligence in their products. As enterprise customers push Claude into increasingly complex workflows, we engage with them to understand their evolving requirements, which helps shape our product roadmap. This feedback loop deepens customer relationships with each release and makes Claude more capable for all customers.

软件开发者一直是我们战略的核心：他们既是在我们平台上构建应用的架构师，也将自己的工作流程和机构知识编码进由 Claude 驱动的智能体中。开发者是我们最早的采用者，往往也是最挑剔的用户：他们迅速将模型应用于意想不到的用例，并揭示出边缘情况，从而打磨每一个后续版本的 Claude 模型。Claude Code 现已嵌入各大组织的软件开发工作流程，这些关系往往始于认可自主编程智能体价值的个体工程师，并由他们加速推动其所在企业的采用 [__] 。

Software developers have been core to our strategy: they are simultaneously the architects of applications built on our platform, and they encode their workflows and institutional knowledge into Claude-powered agents. Developers have been our earliest adopters and often most discerning users: they apply models to unanticipated use cases quickly and surface the edge cases that sharpen each successive version of a Claude model. Claude Code is now embedded in software development workflows across major organizations, with these relationships often beginning with individual engineers who recognized the value of autonomous coding agents and accelerated adoption across their enterprises [__] .

我们为企业提供的智能与能力，对个人专业人士在个人事务中同样具有价值。这些用户作为我们企业业务的漏斗顶端引擎，具有战略价值——他们个人在工作中使用 Claude，随后在其组织内部成为 Claude 的倡导者。

The same intelligence and capabilities we deliver to enterprises are also valuable to prosumers in their personal endeavors. These users provide strategic value as a top-of-funnel engine for our enterprise business— individuals who utilize Claude for their personal work and then champion it inside their organizations.

我们看到客户用例呈现广泛增长，从软件开发到财务分析、内容创作和复杂知识工作。Claude 具有可扩展性：无论从哪个切入点开始，企业很快就会发现前沿 AI 适用于其组织内广泛且不断扩展的任务范围。因此，有时始于单一用例的应用，常常扩展为涵盖编程、法律分析、财务建模、客户运营及其他知识密集型工作的更广泛采用。

We are seeing broad-based growth across customer use cases, from software development to financial analysis, content creation, and complex knowledge work. Claude is extensible: regardless of entry point, enterprises quickly discover that frontier AI applies to a wide and expanding range of tasks across their organizations. As a result, what sometimes begins as a single use case frequently expands into broader adoption spanning coding, legal analysis, financial modeling, customer operations, and other knowledge-intensive work.

#### 我们推动 Claude 普及的方法

#### Our Approach to Claude Diffusion

Claude 普及的核心驱动力在于其智能——随着 Claude 能力的提升，客户获得的价值不断扩大，而这种价值又推动更广泛的采用。确保这种智能的可及性同样至关重要，我们通过以下方式实现这一点：通过我们的可组合平台和应用，在客户所在之处满足其需求；通过我们的市场推广团队和应用 AI 团队直接对接；以及通过合作伙伴关系在规模上扩展我们的覆盖范围。

A core driver of Claude’s diffusion is its intelligence—as Claude’s capabilities advance, value to customers expands, and that value drives greater adoption. Ensuring the accessibility of such intelligence is also critical, and we do that in the following ways: through our composable platform and applications that meet customers where they are, through our go-to-market and Applied AI teams directly, and through partnerships that extend our reach at scale.

智能驱动的增长。我们的平台和应用是 Claude 的智能触达用户的主要机制。当用户开始借助 Claude 进行构建、头脑风暴和解决问题时，他们很快便将其视为工作中值得信赖的伙伴。随着 Claude 成为人们工作方式的一部分，他们亲身感受到前沿 AI 所能实现的可能性，而这种个体层面的采用会重塑整个组织的运作方式。这一模式在各个组织中反复上演：专业消费者成为内部倡导者，团队扩大对 Claude 的使用，最初单一的工作流程逐渐发展为影响整个组织运作方式的事物。这一模式一直是我们收入增长的核心。

Intelligence-Led Growth. Our platform and applications are the primary mechanism through which Claude’s intelligence can reach users. As users begin building, brainstorming, and problem-solving with Claude, they quickly come to rely on it as a trusted partner in their work. As Claude becomes part of how people work, they experience firsthand what frontier AI makes possible, and such individual adoption reshapes how entire organizations operate. This pattern repeats across organizations: prosumers become internal champions, teams expand their use of Claude, and what begins as a single workflow grows into something that impacts how an entire organization operates. This pattern has been core to our revenue growth.

直销团队。这种自然采用通过我们的直销团队得到补充和增强，他们帮助将 Claude 扩展至拥有复杂工作流程和业务流程的组织。当我们的直销团队接触客户时，Claude 往往已在使用之中。我们的市场推广团队利用这一自然增长势头建立高管支持，并推动全企业范围的采用。

Direct Teams. This organic adoption is complemented and enhanced through our direct go-to-market teams who help scale Claude to organizations with complex workflows and business processes. By the time our direct teams engage a customer, Claude is often already in use. Our go-to-market teams use this organic momentum to build executive sponsorship and drive enterprise-wide adoption.

应用 AI 团队。我们的应用 AI 团队与精选客户进行更深入的协作，构建解决方案，使组织更容易从 Claude 的智能中获益。他们与企业合作，设计并部署定制解决方案、专业化工作流程以及针对客户自身需求量身定制的特定领域实施方案。这项工作推动了单个客户内部的更深层次采用，并产生了来自用户的反馈和信息，帮助塑造我们的平台和产品路线图。

Applied AI Teams. Our Applied AI teams embed more deeply with select customers, building solutions that make it easier for organizations to benefit from Claude’s intelligence. They work with enterprises to design and deploy custom solutions, specialized workflows, and domain-specific implementations tailored to the customer’s own requirements. This work drives deeper adoption within individual customers and generates the feedback and information from users that help to shape our platform and product roadmap.

云合作伙伴关系。Claude 可在全部三大主要云平台 AWS、GCP 和 Azure 上使用，使企业能够在他们已运营的基础设施、安全边界和承诺结构内部署 Claude。这些 CSP 通过其庞大的联合现场团队扩大我们的覆盖范围，这些团队被授权销售我们的平台和应用，以我们认为任何单一组织都难以直接复制的规模加速市场采用。我们与这些 CSP 采取联合市场推广方式，通过这种方式我们与客户建立直接的合同关系，同时向每家 CSP 支付费用。这一结构使我们能够与这些 CSP 建立更强的商业一致性，避免渠道冲突，设定价格，并实现持续算力效率提升所带来的财务收益。

Cloud Partnerships. Claude is accessible on all three major cloud platforms, AWS, GCP, and Azure, allowing enterprises to deploy Claude within the infrastructure, security perimeters, and commitment structures they already operate. These CSPs extend our reach through their large combined field teams that are empowered to sell our platform and applications, accelerating market adoption at a scale we believe would be difficult for any single organization to directly replicate. 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. This structure allows us to foster stronger commercial alignment with these CSPs, avoid channel conflict, set pricing, and realize the financial benefits of ongoing compute efficiency improvements.

生态系统合作伙伴关系。全球主要 SI 已建立专门的 Claude 业务实践，其团队经过培训可部署我们的平台和应用。与领先数据平台的市场推广联盟将 Claude 嵌入企业已运营的数据基础设施中，促进 Claude 在现有工作流程中的采用，并使企业更容易从 Claude 中实现价值。

Ecosystem Partnerships. Major global SIs have built dedicated Claude practices with teams trained to deploy our platform and applications. Go-to-market alliances with leading data platforms embed Claude into data infrastructure that enterprises already operate, facilitating adoption of Claude within existing workflows and making it easier for enterprises to realize value from Claude.

Ode with Anthropic。我们近期与领先的私募股权公司合作成立了一家 AI 服务公司，将 Claude 的能力带给各行业的中型企业，在 Claude 平台上构建解决方案并长期支持客户。Ode with Anthropic 将与我们的应用 AI 团队和市场推广团队紧密合作。

Ode with Anthropic. We recently launched an AI services company in partnership with leading private equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on the Claude Platform and supporting customers over the long term. Ode with Anthropic will partner closely with our Applied AI and go-to-market teams.

这些方法共同形成了一种结构性高效的方式，促进 Claude 在经济中的扩散，我们截至 2026 年 6 月 30 日止六个月的销售、营销和合作费用占收入的 [__] 19%。

Together, these approaches have led to a structurally efficient approach to facilitating the diffusion of Claude in the economy, with our sales, marketing, and partnerships expenses representing [__] 19% of revenue for the six months ended June 30, 2026.

影响我们业绩的关键因素 Key Factors Affecting Our Performance

#### 保持在 AI 前沿

#### Remaining at the Frontier of AI

我们相信，企业会始终选择能力最强、最值得信赖的 AI 系统，因此我们处于前沿的地位是我们成功的重要驱动因素。我们快速实现收入增长的能力，部分取决于我们能否持续交付更智能、能力更强的模型。我们的经验是，当我们交付能力显著提升、每美元支出能带来更高智能水平的模型时，客户会在其各项业务中发现 AI 的新应用场景，从而加速采用并推动收入增长。

We believe enterprises consistently choose the most capable and trustworthy AI systems, making our position at the frontier an important driver of our success. Our ability to rapidly grow our revenue is partially dependent on our continued delivery of more intelligent and capable models. Our experience is that as we deliver models with meaningfully improved capabilities that deliver higher intelligence per dollar spent, customers find new applications for AI across their businesses, accelerating adoption and revenue growth.

这一点可以从我们模型系列采用率的轨迹中看出。我们最智能的通用可用模型的 successive 版本都带来了显著更强的智能和能力。随着每一次发布，我们看到大多数客户都会使用我们模型的最新版本，这进一步印证了前沿模型质量与收入创造之间的直接关系。随着我们交付能力更强的模型，客户已将使用范围扩展到新的用例，并相应增加了支出。

This can be seen in the trajectory of our model family adoption. Successive versions of our most intelligent generally available model have delivered meaningfully greater intelligence and capabilities. With each release, we have seen most customers utilize the latest version of our models, reinforcing the direct relationship between frontier model quality and revenue generation. As we deliver more capable models, customers have expanded their usage into new use cases and increased their spending accordingly.

我们预计，我们在前沿智能和能力方面持续创新的能力，仍将是未来期间收入增长的关键驱动因素，而保持领先地位需要持续投资于研究和算力、顶尖技术人才，以及足以支撑我们增长轨迹的资本获取能力。

We expect our ability to deliver innovation in intelligence and capability at the frontier to remain a key driver of revenue growth in future periods, and maintaining a leading position requires continued investment in research and compute, top technical talent, and access to capital sufficient to support our growth trajectory.

#### 确保充足算力并优化其利用率

#### Securing Sufficient Compute and Optimizing its Utilization

我们能否继续在前沿推进智能，取决于能否获得充足算力，用于研究、模型开发、客户服务以及 Claude 的内部使用。我们利用异构算力的能力，有助于我们以足够的规模和最优的性价比获得算力。如果我们的任何芯片合作伙伴无法交付承诺的算力或出现延迟，或者如果我们需要采购增量算力，我们受益于拥有多个合作伙伴，而不是过度依赖任何单一合作伙伴。算力的可用性、时间和成本受制于我们基本无法控制的因素，包括芯片和内存制造集中在数量有限的供应商和地区、电力和数据中心容量的可用性限制，以及不断变化的出口管制。我们历史上一直在算力受限的环境中运营，其中算力需求超过了我们可获得的供应。此外，我们依赖其提供算力的某些 CSP 也是我们的战略投资者、我们的客户，并提供与我们竞争的 AI 模型和服务。这些多方面的关系可能引发利益冲突或竞争动态，从而对我们的算力获取、成本或工作负载优先级产生不利影响。

Our ability to continue advancing intelligence at the frontier depends on securing sufficient compute for research, model development, serving customers, and internal usage of Claude. Our ability to leverage heterogeneous compute helps us to secure compute at sufficient scale and optimal price-performance. If any of our chip partners are unable to deliver committed compute or experience delays, or if we need to procure incremental compute, we benefit from having a range of partners as opposed to being overly reliant on any one partner. The availability, timing, and cost of compute are subject to factors largely outside our control, including the concentration of chip and memory manufacturing among a limited number of suppliers and geographies, constraints on the availability of power and data center capacity, and evolving export controls. We have historically operated in a compute-constrained environment in which demand for compute has exceeded the supply available to us. In addition, 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. These multifaceted relationships could give rise to conflicts of interest or competitive dynamics that adversely affect our access to compute, its cost, or the prioritization of our workloads.

随着我们的算力需求大幅增长，我们正从仅通过固定期限云协议获取算力，转向一种混合模式，该模式还包括直接租赁芯片并将其托管在由我们代为运营的专用设施中。我们将这一额外的算力来源称为 Anthropic Direct，它有助于满足我们不断扩大的算力需求，并带来直接托管潜在的长期经济优势。Anthropic Direct 通过允许我们将数据中心容量的承诺与部署于其中的 AI 加速器的承诺相分离，为我们提供了更灵活的资本运用方式。由于数据中心需要更长的交付周期，但在总算力成本中所占比例较小，这一方式使我们能够提前锁定数据中心容量，同时将规模更大的加速器投资推迟到我们的具体算力需求更加明确之时。

As our compute needs have grown substantially, we are shifting from sourcing compute solely through fixed-term cloud agreements to a hybrid model that also includes leasing chips directly and hosting them in dedicated facilities operated on our behalf. We refer to this additional source of compute as Anthropic Direct, which helps to address our scaling compute requirements and provides potential long-term economic advantages of direct hosting. Anthropic Direct provides us with a more flexible use of capital by allowing us to separate our commitments for data center capacity from our commitments for the AI accelerators deployed inside them. Because data centers require longer lead times but represent a smaller fraction of total compute costs, this approach enables us to secure data center capacity early while deferring larger accelerator investments until our specific compute needs are more certain.

优化算力利用率对于我们在满足客户需求方面取得成功同样重要。我们持续将算力导向其最高价值的用例，在推进研究与模型开发的需求与服务客户及支持 Claude 内部使用的需求之间取得平衡。我们依靠算力效率（例如发现算力乘数）来最大化所采购算力的效用。我们有效调配算力并提升算力效率的能力，将是我们创新步伐与长期财务业绩的重要决定因素。

Optimizing the utilization of our compute is equally important to our success in satisfying customer demand. We continuously direct compute to its highest-value use case, balancing the need to advance research and model development with the need to serve our customers and support internal usage of Claude. We rely on compute efficiencies, such as the discovery of compute multipliers, to get the most out of the compute that we procure. Our ability to effectively direct compute and drive compute efficiencies will be an important determinant of both our pace of innovation and our financial results over time.

#### 吸引和留住技术人才

#### Attracting and Retaining Technical Talent

推进前沿并最大化算力投资回报，要求我们吸引、聘用和留住顶尖技术人才。人才吸引与留任始于我们的七位联合创始人，他们均仍留在公司。我们相信，我们的文化与使命契合度使我们能够聘用并留住所需人才，以安全、负责任的方式持续推动 AI 前沿向前发展。我们预计，持续吸引和留住顶尖技术人才的能力，仍将是我们在未来期间创新步伐与财务业绩的关键决定因素。

Advancing the frontier and maximizing the return on our compute investment require that we attract, hire, and retain top technical talent. Talent attraction and retention start with our seven co-founders, all of whom have remained with the company. We believe our culture and mission alignment enable us to hire and retain the talent required to continuously push the frontier of AI forward in a safe and responsible way. We expect our ability to continue attracting and retaining top technical talent to remain a key determinant of our pace of innovation and our financial results in future periods.

#### 我们持续的资本获取能力

#### Our Continued Access to Capital

我们必须在算力方面进行重大投资，用于研究、模型开发、服务客户以及 Claude 的内部使用。我们的算力需要大量前期承诺，并随着算力可供我们使用而持续付款。随着我们扩大业务规模，我们的算力承诺将继续增长。我们获得充足算力的能力，直接取决于我们能否以有利条件获取资本，例如通过股权或债务融资或经营活动现金流。

We must make significant investments in compute for research, model development, serving customers, and internal usage of Claude. Our compute requires substantial upfront commitments and ongoing payments as the compute becomes available to us. Our compute commitments will continue to grow as we scale our business. Our ability to secure sufficient compute is directly linked to our ability to access capital on favorable terms, such as through equity or debt financing or cash flow from operations.

为维持我们的资本获取能力，我们必须持续证明我们能够以高度富有成效的方式运用这些资本。衡量我们进展的最佳指标是 Claude 的智能与能力，以及客户对 Claude 的采用情况。我们将算力投资转化为前沿模型性能、进而提升客户采用率的能力，将是我们获取资本的关键决定因素。

In order to maintain our access to capital, we must continue to demonstrate that we are able to invest that capital in a highly productive way. The best measures of our progress are Claude’s intelligence and capability, and customer adoption of Claude. Our ability to convert compute investment into frontier model performance, and then increase customer adoption, will be a key determinant of our access to capital.

我们维持资本获取能力的能力部分取决于能否展现出可信的盈利路径。我们的收入增长、算力效率和运营效率已显著改善我们的经营利润率和调整后经营利润率，但我们计划继续大举投资，这将对我们的经营业绩产生不利影响。我们的算力承诺规模庞大，且通常无论我们的收入或利用率如何都必须履行，而我们获取额外资本的能力取决于多项条件，其中许多条件不在我们的控制范围内，包括市场状况和投资者需求。此外，我们算力和基础设施扩建的一部分资金或信用支持，是由我们某些云服务商（CSP）和芯片合作伙伴提供或促成的。我们能否随着时间推移降低这种依赖，部分取决于我们能否凭借自身信用从独立渠道获得融资。

Our ability to sustain access to capital depends in part on demonstrating a credible trajectory toward profitability. Our revenue growth, compute efficiency, and operating efficiency have significantly improved our operating margin and Adjusted Operating Margin, but we plan to keep investing heavily, which will adversely impact our results of operations. Our compute commitments are substantial and generally must be satisfied regardless of our revenue or utilization, while our access to additional capital depends on a number of conditions, many of which are outside our control, including market conditions and investor demand. In addition, a portion of our compute and infrastructure build-out has been funded or supported by capital or credit support provided or facilitated by certain of our CSPs and chip partners. Our ability to reduce this reliance over time is a function in part of our ability to obtain financing from independent sources on our own credit.

#### 我们在企业端推广 Claude 的能力

#### Our Ability to Diffuse Claude in the Enterprise

我们的财务表现取决于 AI、尤其是 Claude 在全球经济中的采用速度和广度。尽管 Claude 的能力已覆盖广泛的企业用例，但我们认为企业采用仍处于早期阶段。我们相信，我们能否抓住这一机遇并推动未来各期的收入增长，将取决于三个动态：

Our financial performance depends on the pace and breadth at which AI, and in particular Claude, is adopted across the global economy. While Claude’s capabilities already address a wide range of enterprise use cases, we believe that enterprise adoption remains nascent. We believe that our ability to capture this opportunity and drive revenue growth in future periods will depend on three dynamics:

第一，我们将模型改进转化为可及的产品和平台能力的能力。

First, our ability to translate model improvements into accessible products and platform capabilities.

在截至 2026 年 9 月 30 日的九个月内，我们共推出了 250 个新模型版本、平台功能和应用程序，包括 Claude Code、Claude Cowork 的新功能以及面向关键行业的垂直解决方案。我们的增长取决于能否持续保持这一产品创新节奏，并减少 Claude 的能力与客户工作流程之间的摩擦。我们的增长还取决于新能力触达客户的速度，而这又取决于我们在开发过程中以及发布前后为评估和缓解每个模型的风险所采取的措施。过去，这些措施包括推迟新模型的发布并限制其初始可用范围，例如我们最初通过 Project Glasswing 发布 Mythos，以及随后将 Fable 5 作为带有安全限制的正式可用模型发布；未来，随着我们对模型能力和行为的了解不断深入，这些措施可能包括影响我们是否、如何以及何时开发或发布新模型或新能力的额外举措。我们根据发布前的能力与安全评估结果，以及我们对现有防护措施是否足以缓解已识别风险的评估，来决定是否推迟或限制发布；在评估结果尚无定论时，我们也可能采取此类措施。更多信息请参见“业务——安全研究是我们业务的核心——我们的模型发布方式”一节。这些措施以及未来可能出台的、规范前沿 AI 开发的任何法律、法规或标准，可能导致新用例的出现速度放缓，并拖慢我们收入增长所依赖的企业采用和扩张。我们认为，企业更青睐安全且对齐的模型，而我们在安全方面的持续投入增强了客户信任并支持长期采用。

In the nine months ended September 30, 2026, we launched an aggregate of 250 new model versions, platform features, and applications, including new capabilities in Claude Code, Claude Cowork, and vertical solutions for key industries. Our growth depends on continuing this pace of product innovation and reducing the friction between Claude’s capabilities and customer workflows. Our growth also depends on how quickly new capabilities reach customers, which in turn depends on the steps we take to assess and mitigate the risks of each model during development and before and after release. In the past, these steps have included delaying the release of new models and limiting their initial availability, such as our initial release of Mythos through Project Glasswing and our later release of Fable 5 as a generally-available model with safety restrictions, and in the future, as we learn more about model capabilities and behavior, could include additional measures that affect whether, how, and when we develop or release new models or capabilities. We evaluate whether to delay or restrict a release based on the results of our pre-release capability and safety evaluations and our assessment of whether available safeguards adequately mitigate the identified risks, and we may also take such steps where those evaluations are inconclusive. For more information, see the section titled “Business—Safety Research is Core to Our Business—Our Approach to Model Releases.” These measures, and any laws, regulations, or standards governing frontier AI development that may be adopted, could cause new use cases to emerge more slowly and slow the enterprise adoption and expansion on which our revenue growth depends. We believe that enterprises prefer models that are safe and aligned, and that our continued investment in safety strengthens customer trust and supports long-term adoption.

其次，是我们扩大和多元化分销渠道的能力。

Second, our ability to expand and diversify distribution.

迄今为止，我们增长的很大一部分来自自助服务和自然增长。随着 AI 的应用进一步深入企业和更多受监管行业，我们正在投资于直销、应用 AI 团队，以及与全部三大云平台、系统集成商（SI）、咨询公司和数据平台的合作。我们还在通过关键市场的区域办公室和合作伙伴关系，扩大服务国际客户的能力；随着全球 AI 需求加速，我们预计国际扩张将成为收入增长的重要驱动力。这些投资的成效，以及我们招聘和留住市场推广人才的能力，将是增长的重要决定因素。

A large portion of our growth to date has been self-service and organic. As AI adoption extends further into enterprises and more regulated industries, we are investing in direct go-to-market, Applied AI teams, and partnerships across all three major cloud platforms, SIs, consultants, and data platforms. We are also expanding our ability to serve international customers through the growth of regional offices and partnerships in key markets, and we expect international expansion to be a meaningful driver of revenue growth as global demand for AI accelerates. The effectiveness of these investments, and our ability to hire and retain go-to-market talent, will be a meaningful determinant of growth.

第三，是我们获取新客户并在现有客户账户内实现扩张的能力。

Third, our ability to land new customers and expand within existing accounts.

按过去十二个月（TTM）计算，收入达到或超过 $100,000 的客户数量从截至 2023 年 12 月 31 日的约 20 家，增长至截至 2024 年 12 月 31 日的约 200 家，再增长至截至 2025 年 12 月 31 日的约 1,500 家，并增长至截至 2026 年 9 月 30 日的超过 11,900 家。来自这些客户的总收入从约 $37 million 增长至 $220 million，再增长至 $3.5 billion，并增长至 $ [__]，分别占截至 2023 年、2024 年和 2025 年 12 月 31 日止年度以及截至 2026 年 9 月 30 日止过去十二个月总收入的 90%、57%、76% 和 %。截至 2026 年 9 月 30 日止过去十二个月总收入的其余 [__]% 由约 40 million 家客户产生，这些客户按过去十二个月（TTM）计算的收入均低于 $100,000 [__]。

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. Total revenue from these customers grew from approximately $37 million to $220 million to $3.5 billion to $ [__] and represented 90%, 57%, 76%, and % of total revenue for the years ended December 31, 2023, 2024, and 2025, and the trailing twelve months ended September 30, 2026, respectively. The remaining [__] % of total revenue for the trailing twelve months ended September 30, 2026 was generated by approximately 40 million customers, each with less than $100,000 of revenue on a TTM basis [__] .

此外，截至 2026 年 9 月 30 日，我们拥有超过 1,900 家按过去十二个月（TTM）计算收入达到或超过 $1 million 的客户，以及约 250 家按过去十二个月（TTM）计算收入达到或超过 $10 million 的客户。尽管实现了这一增长，我们向最大型企业的渗透仍处于早期阶段。截至 2026 年 9 月 30 日，超过 50% 的《财富》500 强企业和超过 30% 的全球 2000 强企业是按过去十二个月（TTM）计算收入达到或超过 $100,000 的客户。我们相信，我们正处于在这些客户内部扩张的早期阶段，截至 2026 年 9 月 30 日止三个月，我们来自这些《财富》500 强客户的收入平均占其总费用的不到 0.1%。

In addition, as of September 30, 2026, we had more than 1,900 customers with $1 million or more of revenue on a TTM basis and approximately 250 customers with $10 million or more of revenue on a TTM basis. Despite this growth, our penetration into the largest enterprises remains early. Over 50% of the Fortune 500 and over 30% of the Global 2000 were customers with $100,000 or more of revenue on a TTM basis as of September 30, 2026. We believe we are in the early stages of our expansion within these customers, with our revenue from these Fortune 500 customers representing, on average, less than 0.1% of their total expenses for the three months ended September 30, 2026.

我们将该指标与我们最大的《财富》500 强客户进行比较，这些客户在采用 AI 方面走得更远。截至 2026 年 9 月 30 日止三个月，我们来自前 10 大《财富》500 强客户的收入平均占其总费用的不到 1%——这仍仅占其整体支出的一小部分，但已超过我们按过去十二个月（TTM）计算收入达到或超过 $100,000 的《财富》500 强客户平均水平的八倍。

We compare this measure against our largest Fortune 500 customers, who are further along in their adoption of AI. For the three months ended September 30, 2026, revenue from our top 10 Fortune 500 customers represented, on average, less than 1% of their total expenses—still a small fraction of their overall spend, but over eight times the average of our Fortune 500 customers with $100,000 or more of revenue on a TTM basis.

5 就本指标而言，我们仅纳入已公开上市的《财富》500 强客户，并使用其公开披露财务报表中报告的总费用计算该指标。

5 For purposes of this measure, we include only Fortune 500 customers that are publicly traded and calculate the measure using total

费用计算该指标。

expenses as reported in their publicly available financial statements.

我们相信，这一差异反映了我们在深化采用方面拥有可观的增长空间，无论是在我们最大的客户内部，还是在采用 Claude 较早阶段的客户内部。[__] 5

We believe the difference reflects the substantial runway we have to deepen adoption, both within our largest customers and within customers earlier in their adoption of Claude. [__] 5

Claude 的采用具有广泛基础。截至 2026 年 9 月 30 日止九个月，没有任何单一客户占我们收入的 10% 以上。截至 2026 年 9 月 30 日止三个月，我们约 79% 的收入来自前五大客户以外的客户，高于截至 2026 年 3 月 31 日止三个月的约 64%。与此同时，我们最大的客户继续扩张。截至 2026 年 9 月 30 日止三个月，我们来自前五大客户各自的收入均创下历史新高。

Claude adoption is broad-based. No single customer represented more than 10% of our revenue for the nine months ended September 30, 2026. 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. At the same time, our largest customers continue to expand. For the three months ended September 30, 2026, our revenue from each of our top five customers reached a record high.

#### 客户使用模式

#### Customer Usage Patterns

我们的收入受客户使用模式影响，而客户使用模式又受到新模型版本发布的频率与能力以及季节性趋势的影响，上述各项均可能导致我们的各期业绩出现波动。新模型版本持续且相互重叠的发布节奏，是保持在 AI 发展前沿所固有的。例如，在截至 2026 年 9 月 30 日的六个月内发布的模型版本，占我们截至 2026 年 9 月 30 日止三个月收入的 80% 以上。随着我们陆续发布 Claude 模型的各个后续版本，我们持续看到收入增长，因为新能力解锁了更多使用场景，促使新客户采用 Claude，并推动现有客户扩大使用量。

Our revenue is influenced by customer usage patterns, which are impacted by the frequency and capability of new model version releases, as well as seasonal trends, each of which can create variability in our results from period to period. The continuous and overlapping cadence of new model version releases is inherent to remaining at the frontier of AI development. For example, model versions released in the six months ended September 30, 2026 accounted for over 80% of our revenue for the three months ended September 30, 2026. As we have released successive versions of Claude models, we have continued to see revenue growth as new capabilities unlock additional use cases, prompting new customers to adopt Claude and existing customers to expand their usage.

我们的客户使用模式通常还呈现出季节性，尤其是在夏季和冬季的假期与休假期间，此时某些工作流程放缓，整体客户活动下降。例如，在许多公司于假期期间安排的代码冻结期内，开发者的代码提交和功能发布通常较为缓慢。与这一模式一致，在截至 2026 年 1 月 2 日的两周内，客户总支出较此前截至 2025 年 12 月 19 日的两周下降约 20%。然而，我们的历史增长率可能掩盖季节性趋势对我们业绩的影响。这些动态是按智能付费收入模式所固有的特征，并可能成为我们未来各期财务业绩的重要决定因素。

Our customer usage patterns have also typically exhibited seasonality, particularly around holiday and vacation periods in the summer and winter, when certain workflows slow down and overall customer activity declines. For example, developer commits and feature launches are typically slower during the code freezes that many companies schedule over holidays. Consistent with this pattern, for the two weeks ended January 2, 2026, total customer spend declined by approximately 20% compared to the prior two weeks ended December 19, 2025. However, our historical growth rates may mask the impact of seasonal trends on our results. These dynamics are inherent aspects of a pay-for-intelligence revenue model and may be important determinants of our financial results in future periods.

由于这些季节性模式，我们的经营业绩已经并将继续在各期之间出现波动，我们任何一期的业绩可能无法预示任何未来期间的业绩。随着我们的收入增长率随时间下降，我们预计季节性效应将在我们的各期业绩中更加明显、并产生更大影响，同时使我们的经营业绩更难预测。

Because of these seasonal patterns, our results of operations have varied, and are expected to continue to vary, from period to period, and our results for any one period may not be indicative of our results for any future period. As our revenue growth rate declines over time, we expect seasonal effects to become more apparent in, and to have a greater effect on, our period-to-period results, and to make it more difficult to forecast our results of operations.

#### 我们对公共利益的承诺

#### Our Commitment to Public Benefit

我们对公共利益的承诺延伸至我们配置资源的方式。我们打算将相当一部分资源用于确保前沿 AI 的安全及其收益得到广泛分配，我们将其称为公共利益倡议。这可能包括向非营利组织、研究机构以及其他致力于解决 AI 能够产生最大积极影响的问题的第三方提供重大捐助，以及旨在让 Claude 惠及服务不足的社区、教育工作者和公共机构的各项计划。

Our commitment to public benefit extends to how we deploy our resources. We intend to direct a meaningful portion of our resources toward ensuring that frontier AI is safe and its benefits are broadly distributed, which we refer to as our public benefit initiatives. This may include significant contributions to nonprofit organizations, research institutions, and other third parties working on problems where AI can have the greatest positive impact, as well as programs designed to make Claude accessible to underserved communities, educators, and public institutions.

作为上述举措的一部分，我们向 Anthropic 公益基金（Anthropic Public Benefit Fund）捐出了 [__] 846,840,960 股 N 类普通股，占截至 2026 年 6 月 30 日我们完全稀释股份的 [__] 5%（假设 Amazon Notes 全部转换）。Anthropic 公益基金是我们的全资子公司，专为践行公司宗旨而设立，我们将此次捐出称为首次公益发行（Initial Public Benefit Issuance）。随着我们创造的价值不断增长，我们希望公益事业也能在这一增长中切实分享到相应份额。为此，我们的董事会已批准一项框架，将额外捐股与未来股价上涨挂钩。本次发行完成后，每当我们的股价较上一股价里程碑上涨 [__] 50%（以我们的首次公开发行价格为起点），我们的董事会可酌情向 Anthropic 公益基金（或其他指定对象）发行最多相当于我们届时已发行股份（加上任何受期权、RSU 及其他可转换证券约束的股份，以及 Anthropic 公益基金持有的任何股份）额外 [__] 2% 的 N 类普通股。只有当我们的收盘价在最近连续 120 个交易日中至少 90 个交易日超过适用门槛，且此次发行前十个交易日的平均收盘价也超过该门槛时，才算达到某一股价里程碑。尽管我们的董事会已批准该框架，但任何未来的捐股都将由我们的董事会酌情决定。捐给 Anthropic 公益基金的股份（包括首次公益发行）可以转让或捐赠给第三方，或以其他方式通过注册公开发行或私募配售交易出售，以推进我们的公益举措。在董事会批准该实体的具体治理结构之前，将由我们的董事会决定 Anthropic 公益基金的分配和派发；此后，决策权预计将移交给在该结构下运作的 Anthropic 公益基金指定管理人。初始管理人为 Dario Amodei、Daniela Amodei、Jack Clark 和 Neil “Buddy”Shah 博士。首次公益发行及额外捐股框架是我们践行公司宗旨的方式之一，但并非唯一方式。我们预计将在这些股权捐出之外并作为其补充，投入更多资源并作出其他业务和运营决策，以推进我们的公司宗旨。

As part of these initiatives, we contributed [__] 846,840,960 shares of our Class N common stock, representing [__] 5% of our fully diluted shares as of June 30, 2026 (assuming full conversion of the Amazon Notes), to the Anthropic Public Benefit Fund, our wholly owned subsidiary dedicated to the Company Purpose, which we refer to as the Initial Public Benefit Issuance. As the value we create grows, we intend for the public benefit to share meaningfully in that growth as well. To that end, our board of directors has approved a framework for additional contributions tied to future increases in our share price. Following this offering, our board of directors, in its discretion, may issue shares of our Class N common stock to the Anthropic Public Benefit Fund (or other designee) representing up to an additional [__] 2% of our then-outstanding shares (plus any shares subject to options, RSUs, and other convertible securities and any shares held by the Anthropic Public Benefit Fund) each time our share price appreciates [__] 50% above the prior share price milestone, beginning with our initial public offering price. A share price milestone is reached only when our closing share price has exceeded the applicable threshold on at least 90 of the trailing 120 consecutive trading days, and our average closing share price over the ten trading days prior to such issuance also exceeds that threshold. Although our board of directors has approved this framework, any future contributions will be made at the discretion of our board of directors. The shares that are contributed to the Anthropic Public Benefit Fund, including the Initial Public Benefit Issuance, may be transferred or donated to a third party, or otherwise sold in a registered public offering or private placement transaction in furtherance of our public benefit initiatives. Our board of directors will determine the allocations and distributions from the Anthropic Public Benefit Fund until it approves a specific governance structure for the entity, at which point decision-making authority is expected to transition to designated managers of the Anthropic Public Benefit Fund operating under that structure. The initial managers are Dario Amodei, Daniela Amodei, Jack Clark, and Dr. Neil “Buddy” Shah. The Initial Public Benefit Issuance and the additional share contribution framework represent one of the ways in which we intend to pursue the Company Purpose, but it is not the exclusive means of doing so. We expect to dedicate additional resources, and to make other business and operational decisions, in furtherance of our Company Purpose outside of, and in addition to, these equity contributions.

此外，我们设有一项捐赠配比计划，员工可通过该计划将其股权奖励的相当一部分或等值现金收益承诺捐赠给捐赠人建议基金或其他非营利组织，我们则以 N 类普通股股票对这些捐赠进行配比。正如公司宗旨界定了我们作为组织如何指引我们的工作，我们的捐赠配比计划也体现了员工的一项平行承诺，即将其工作所创造的个人财务价值导向公共利益。我们将捐赠配比计划视为公司宗旨的有意义体现，也是界定我们文化的价值观的反映。此外，我们的联合创始人各自承诺将其在 Anthropic 的个人股权的 80% 用于慈善事业，该承诺独立于我们的捐赠配比计划，且不符合该计划的参与资格。

In addition, we maintain a donation matching program through which employees can pledge a meaningful portion of their equity awards or equivalent cash proceeds to a donor-advised fund or other nonprofit organization, and we match those donations with shares of our Class N common stock. In the same way the Company Purpose defines how we direct our work as an organization, our donation matching program reflects a parallel commitment by our employees to direct their personal financial value created by that work toward the public good. We view our donation matching program as a meaningful expression of the Company Purpose and a reflection of the values that define our culture. In addition, our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes, separate from and not eligible for our donation matching program.

我们为推进公共利益倡议所作出的决策，在任何给定期间内，都可能相对于我们原本会报告的数据，减少我们的收入、增加我们的费用、降低我们的调整后经营利润率、导致稀释，并降低我们按每股计算的盈利能力。我们与公共利益相关的费用目前主要包括捐赠配比计划下的慈善捐赠，历史上并不重大。截至 2025 年 12 月 31 日止年度，与捐赠配比计划相关的费用为 $541 million，约占我们总运营费用的 4%。然而，我们预计未来期间投向公共利益倡议的资源节奏和规模将会增加，并将继续成为影响我们经营业绩的一个因素。

Decisions we make to advance our public benefit initiatives may, in any given period, reduce our revenue, increase our expenses, lower our Adjusted Operating Margin, contribute to dilution, and reduce our profitability on a per share basis relative to what we would otherwise report. Our public benefit-related expenses, which currently consist primarily of charitable donations under our donation matching program, have not historically been significant. For the year ended December 31, 2025, expenses related to our donation matching program were $541 million, representing approximately 4% of our total operating expenses. However, we expect the cadence and magnitude of resources directed toward our public benefit initiatives to increase in future periods and remain a factor affecting our results of operations.

经营成果的构成 Components of Results of Operations

#### 收入

#### Revenue

我们通过平台和应用程序（包括 Claude Code、Claude Cowork 以及面向关键行业的垂直解决方案）为客户提供 Claude 的使用，并由此产生收入。Claude 由我们专有的 Claude 模型系列提供支持，该系列由一组前沿模型组成，各模型在能力、成本和速度上有所不同。企业客户可直接向我们获取我们的智能服务，或通过云服务商（CSP）市场获取，在这些市场中，我们与客户保持直接的合同关系。

We generate revenue as customers use Claude through our platform and applications, including Claude Code, Claude Cowork, and vertical solutions for key industries. Claude is powered by our proprietary Claude model family, a set of frontier models, each with varying levels of capability, cost, and speed. Enterprise customers access our intelligence service directly from us or through CSP marketplaces, where we maintain direct contractual relationships with our customers.

根据客户所选择的模型、平台或应用程序，客户采用按智能用量付费的定价方式、订阅制定价方式，或两者兼用。越来越多的企业客户与我们签订带有最低消费承诺的年度或多年期合同。

Depending on the model, platform, or applications chosen by our customers, they enter into pay-for-intelligence pricing, subscription-based pricing, or both. A growing number of enterprise customers agree to annual or multi-year contracts with minimum spend commitments.

收入在客户使用我们的智能服务时，根据所消耗的 token 数量确认。订阅费通常按月或按年预付，并受使用量上限约束，该上限在较短周期内重置，因此收入在订阅期内按比例确认，订阅期通常为 12 个月或更短。

Revenue is recognized when customers use our intelligence service, based on the quantity of tokens consumed. Subscriptions are generally prepaid on a monthly or annual basis, and are subject to usage limits that reset over short periods, which results in revenue being recognized on a ratable basis over the subscription period, which is generally 12 months or less.

我们预计收入增长率将随时间推移而下降，并会因期间不同而波动。任何期间的收入增长都可能受到客户使用模式、客户采用情况、我们模型、平台和应用程序的部署、我们产品的定价、新模型和产品发布的时间与成效、我们为安全部署新能力而决定实施的措施、我们持续满足客户需求的能力，以及影响对我们模型、平台和应用程序需求的其他因素的影响，包括“风险因素——我们正处于收入增长的早期阶段，近年来经历了快速增长，我们的历史增长率并不预示未来业绩或我们维持或预测未来收入增长的能力”一节所述的因素。

We expect our revenue growth rate to decline over time and to fluctuate from period to period. Revenue growth in any period may be affected by customer usage patterns, customer adoption, the deployment of our models, platform, and applications, the pricing of our offerings, the timing and success of new model and product releases, measures we decide to implement to safely deploy new capabilities, our ability to continue meeting customer requirements, and other factors affecting demand for our models, platform, and applications, including those described in the section titled “Risk Factors—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 or our ability to sustain or forecast future revenue growth.”

此外，我们的收入中已经包含、并且我们预计将继续包含来自客户的金额，而这些客户随后被我们认定在使用我们的模型、平台和应用程序时违反了我们的使用政策或商业条款。我们认为这一动态在我们的行业中很常见。由于检测、调查和执法需要时间，我们在提供相关服务时即确认来自此类客户的收入，之后才限制或终止其访问权限。根据我们的检测和审查流程，我们估计，截至 2026 年 9 月 30 日的九个月内，来自此类客户的收入约占我们收入的 5% 至 7%。该估计需要判断，并可能随着我们检测方法的演进以及我们识别出此前未检测到的使用情况而发生变化。随着我们加强检测和执法工作（尤其是在 2026 年 8 月和 9 月），我们预计来自违反我们使用政策或商业条款使用我们模型、平台和应用程序的客户的收入占比将在未来期间下降；然而，由此对我们收入和收入增长造成的任何不利影响的时间和幅度尚不确定。

In addition, our revenue has included, and we expect will continue to include, amounts from customers that we subsequently determine are using our models, platform, and applications in violation of our usage policy or commercial terms. We believe this dynamic is common in our industry. Because detection, investigation, and enforcement take time, we recognize revenue from such customers when the related services are provided, before restricting or terminating their access. Based on our detection and review process, we estimate that revenue from such customers represented approximately 5% to 7% of our revenue for the nine months ended September 30, 2026. This estimate requires judgment and may change as our detection methodologies evolve and we identify previously undetected usage. We expect the percentage of revenue from customers using our models, platform, and applications in violation of our usage policy or commercial terms to decline in future periods as we have enhanced our detection and enforcement efforts, in particular in August and September 2026; however, the timing and magnitude of any resulting adverse effect on our revenue and revenue growth are uncertain.

经营 · 费用 算力与基础设施

Operating · Expenses Compute and Infrastructure

算力与基础设施费用主要包括运营我们技术基础设施所产生的成本，该基础设施支持我们模型的全方位工作负载，包括研究、模型开发、服务客户以及 Claude 的内部使用。这些成本主要包括根据承诺安排和按需安排向云服务商（CSP）支付的算力费用（含存储、网络和连接）及相关支持成本、通过合作伙伴渠道服务客户工作负载所产生的基础设施成本、与数据中心运营相关的托管设施成本、设备租赁和承诺电力成本，以及与我们的算力运营直接相关的第三方应用基础设施软件成本。自 2026 年起，随着我们在算力与基础设施租赁项下的义务开始生效，这些费用还包括经营租赁成本、融资租赁资产摊销、可变租赁成本，以及自有服务器、网络设备和相关数据中心资产的折旧与摊销。有关我们经营费用（包括收入成本）的功能性列报，以及各功能科目中算力与基础设施费用所对应工作负载的说明，请参见本招股说明书其他部分所载我们合并财务报表附注 8。在该功能性列报中，收入成本的绝大部分由与服务客户工作负载相关的算力与基础设施费用构成。此外，收入成本还包括某些人员相关成本和分摊的管理费用。

Compute and infrastructure expenses primarily consist of costs attributable to operating our technology infrastructure, which supports the full range of workloads for our models, including research, model development, serving customers, and internal usage of Claude. These costs primarily consist of compute fees paid to CSPs under committed and on-demand arrangements, including storage, networking, and connectivity, and related support costs, infrastructure costs associated with serving customer workloads through partner channels, colocation facility costs, equipment leases and committed power costs associated with our data center operations, and third-party application infrastructure software costs directly related to our compute operations. Beginning in 2026, as our obligations commence under compute and infrastructure leases, these expenses also include operating lease costs, amortization of finance lease assets, variable lease costs, and depreciation and amortization on owned servers, networking equipment, and related data center assets. See Note 8 to our consolidated financial statements included elsewhere in this prospectus for a functional presentation of our operating expenses, including cost of revenue, and a description of the workloads underlying the compute and infrastructure expenses within each functional caption. Within that functional presentation, substantially all of the cost of revenue consists of compute and infrastructure expenses associated with customer-serving workloads. Additionally, cost of revenue includes certain personnel-related costs and allocated overhead costs.

客户是否采用并持续使用我们的技术，取决于我们的模型是否处于 AI 能力的前沿，而保持该前沿地位对创收至关重要。每一次模型发布都代表着智能水平的持续提升，因此持续的模型开发是创收的关键因素。我们运行一个迭代循环：投入模型开发的算力会产出能力更强、效率更高的模型。这些效率提升释放出算力，用于服务更多客户工作负载。反过来，规模化服务客户又会产生反馈，为研究和模型开发提供依据。在这一循环中，服务客户的活动与模型开发互为直接输入，因此我们认为，算力与基础设施成本对于我们能够在产生此类成本后的短时间内实现创收至关重要。

Customers adopt and retain our technology based on whether our models are at the frontier of AI capability and maintaining that frontier position is essential to revenue generation. Each model release represents continuous intelligence improvements, making ongoing model development a critical factor in revenue generation. We operate an iterative cycle in which compute deployed to model development yields more capable and efficient models. Those efficiency gains free compute to serve additional customer workloads. In turn, serving our customers at scale generates feedback that informs research and model development. In this cycle, customer-serving activity and model development are each a direct input that informs the other, and we therefore view compute and infrastructure costs as critical to our ability to generate revenue within a short time of incurring such costs.

我们预计，随着我们根据与云服务商（CSP）签订的多年度安排获得更多承诺算力，以及我们继续投资于额外算力，算力和基础设施费用按绝对美元计算将增加，并在可预见的未来仍将是我们的最大运营费用。这些费用在算力可供我们使用时支付并确认，而非在承诺时支付并确认，并且鉴于我们的大部分算力是通过多年度承诺合同采购的（我们通常会在算力可供使用前 12 至 18 个月进行采购），这些费用在短期内通常是固定的。我们将这些承诺算力作为单一共享资源部署于所有工作负载，因此我们按总量而非按单个工作负载进行规划、发生和评估。因此，算力和基础设施费用占收入的百分比将主要取决于我们的收入相对于总承诺算力成本基数的增长情况。此外，作为我们公益计划的一部分，我们打算将相当一部分资源（可能包括算力）用于确保前沿 AI 的益处能够被广泛获取，并且我们预计随着时间的推移将大幅扩大这些努力。

We expect compute and infrastructure expenses to increase in absolute dollars and remain our largest operating expense for the foreseeable future as additional committed compute becomes available to us under multi-year arrangements with CSPs, and as we continue to invest in additional compute. These expenses are paid and recognized as compute becomes available to us, rather than when committed, and are generally fixed in the near term given the majority of our compute is contracted under multi-year commitments that we typically procure 12 to 18 months in advance of availability. We deploy this committed compute as a single, shared resource across all workloads, and thus plan, incur, and assess it on a total basis rather than by individual workload. As a result, compute and infrastructure expenses as a percentage of revenue will depend primarily on how our revenue scales relative to our total committed compute cost base. In addition, as part of our public benefit initiatives, we intend to direct a meaningful portion of our resources, which may include compute, toward ensuring that the benefits of frontier AI are broadly accessible, and we expect to significantly scale these efforts over time.

人员

Personnel

人员费用主要包括股权激励费用（包括与股票期权、限制性股票单位（RSU）和限制性股票奖励（“RSA”）相关的费用）、现金薪酬（包括基本工资和奖金）、员工福利（包括健康和福利福利）以及雇主工资税。

Personnel expenses primarily consist of stock-based compensation, including expense related to stock options, RSUs, and restricted stock awards (“RSAs”), cash compensation, including base salaries and bonuses, employee benefits, including health and welfare benefits, and employer payroll taxes.

我们预计，随着我们继续扩大员工人数以支持业务增长，人员费用按绝对美元计算将增加。我们还预计，与此发行相关将产生额外的股权激励费用，包括某些限制性股票单位（RSU），其业绩条件将在本招股说明书所属注册声明生效时得到满足。我们预计，人员费用占收入的百分比可能会因股权激励费用的时间和规模以及我们组织的招聘速度而波动。

We expect personnel expenses to increase in absolute dollars as we continue to expand our headcount to support the growth of our business. We also expect to incur additional stock-based compensation expense in connection with this offering, including for certain RSUs for which the performance condition will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part. We expect that personnel expenses may fluctuate as a percentage of revenue depending on the timing and magnitude of stock-based compensation expense, and the pace of hiring across our organization.

Bartz 和解

Bartz settlement

Bartz 和解包括我们在 2025 年记录的用于和解 Bartz 诉讼的费用。更多信息请参见本招股说明书其他部分包含的我们合并财务报表附注 13。

Bartz settlement consists of the charge we recorded in 2025 to settle the Bartz litigation. See Note 13 to our consolidated financial statements included elsewhere in this prospectus for additional information.

销售、营销和合作伙伴关系

Sales, Marketing, and Partnerships

销售、营销和合作伙伴关系费用主要包括支付给渠道合作伙伴的费用以及营销和广告成本，包括媒体和公共关系支出。

Sales, marketing, and partnerships expenses primarily consist of fees paid to channel partners and marketing and advertising costs, including media and public relations spend.

我们预计，随着我们继续投资于推动我们模型持续采用和扩大使用的活动，销售、营销和合作伙伴关系费用按绝对美元计算将增加。我们预计，销售、营销和合作伙伴关系费用占收入的百分比可能会因营销活动的时间和支出、渠道合作伙伴分销安排条款的变化以及提供我们智能服务的成本而波动。

We expect sales, marketing, and partnerships expenses to increase in absolute dollars as we continue to invest in activities to drive continued adoption and expanded usage of our models. We expect that sales, marketing, and partnerships expenses may fluctuate as a percentage of revenue depending on the timing of and spend on marketing campaigns and changes in the terms of our channel partner distribution arrangements and the cost to deliver our intelligence service.

其他运营和管理

Other Operating and Administrative

其他经营及行政费用主要包括与我们的捐赠配捐计划相关的慈善捐赠费用、与数据质量和绩效评估服务相关的供应商成本、信息技术和云软件成本、支付处理和平台费用、设施和占用成本、非所得税、专业服务成本、坏账费用，以及与数据中心以外资产相关的折旧和摊销。

Other operating and administrative expenses primarily consist of charitable donations expense related to our donation matching program, vendor costs related to data quality and performance evaluation services, information technology and cloud software costs, payment processing and platform fees, facility and occupancy costs, non-income taxes, professional services costs, bad debt expense, and depreciation and amortization related to non-data center assets.

我们预计，随着业务增长以及作为上市公司运营，其他经营及行政费用将以绝对金额增加，包括与遵守 SEC 规则和法规、纳斯达克全球精选市场上市标准相关的费用、董事和高级管理人员责任保险的额外成本以及专业服务费用。我们还预计，随着业务增长，其他经营及行政费用占收入的百分比将随时间波动，部分原因是我们将大幅扩大公益举措，包括扩大使 Claude 可供服务不足社区使用的项目、增加慈善捐赠配捐、向我们未来可能设立或支持的慈善工具或基金会捐款，以及与我们使命一致的其他努力。

We expect that other operating and administrative expenses will increase in absolute dollars as our business grows and as a result of operating as a public company, including expenses related to compliance with SEC rules and regulations, the listing standards of the Nasdaq Global Select Market, additional costs for directors’ and officers’ liability insurance, and professional services. We also expect other operating and administrative expenses to fluctuate as a percentage of our revenue over time as our business grows, in part as we significantly scale our public benefit initiatives, including expanded programs to make Claude accessible to underserved communities, increased charitable donation matching, contributions to philanthropic vehicles or foundations we may establish or support in the future, and other efforts aligned with our mission.

#### 利息收入

#### Interest Income

利息收入包括我们的现金及现金等价物和短期投资所赚取的利息，短期投资主要包括债务证券，包括美国国债和机构证券、公司债务和商业票据。

Interest income consists of interest earned on our cash and cash equivalents and short-term investments which primarily consist of debt securities, including U.S. Treasury and agency securities, corporate debt, and commercial paper.

#### 可转换票据、衍生负债和 SAFE 的公允价值变动

#### Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

可转换票据、衍生负债和 SAFE 的公允价值变动包括因在每个报告期末按公允价值记录我们的可转换本票、衍生负债和 SAFE 负债而产生的收益和损失。由于这些工具按市值计价，我们企业估值的增加会推动该费用的增加。在可转换票据转换为股权、偿还或以其他方式结算之前，我们将继续确认其公允价值变动。有关更多信息，请参阅本招股说明书其他部分所载我们合并财务报表附注 4。

Change in fair value of convertible notes, derivative liabilities, and SAFEs consists of gains and losses as a result of recording our convertible promissory notes, derivative liabilities, and SAFE liabilities at fair value at the end of each reporting period. Because these instruments are marked to market, increases in our enterprise valuation drive increases in this expense. We will continue to recognize changes in the fair value of our convertible notes until they are converted into equity, repaid, or otherwise settled. For more information, see Note 4 to our consolidated financial statements included elsewhere in this prospectus.

#### 其他收入（费用），净额

#### Other Income (Expense), Net

其他收入（费用），净额主要包括战略投资和金融工具的公允价值变动、与 2025 年 12 月收购一家私营公司相关的某些衍生工具的公允价值变动、融资租赁的利息费用以及外币汇兑损益。有关该收购的更多信息，请参阅本招股说明书其他部分所载我们合并财务报表附注 15。

Other income (expense), net consists primarily of the change in fair value of strategic investments and financial instruments, the change in fair value of certain derivative instruments in connection with an acquisition of a privately-held company in December 2025, interest expense from finance leases, and foreign currency exchange gains and losses. For more information on the acquisition, see Note 15 to our consolidated financial statements included elsewhere in this prospectus.

#### 所得税费用

#### Provision for Income Taxes

所得税费用准备主要由我们在开展业务的某些联邦、州、地方及外国司法管辖区缴纳的所得税构成。我们的实际税率将因估值备抵及衍生工具不可抵扣公允价值调整的影响、境外收入与境内收入的相对比例、税收抵免的产生、递延所得税资产和负债估值的变化以及税法的变化而有所不同。

The provision for income taxes primarily consists of income taxes in certain federal, state, local, and foreign jurisdictions in which we conduct business. Our effective tax rates will vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.

经营成果 Results of Operations

下表列示了所示期间我们的合并经营报表数据：

The following table sets forth our consolidated statements of operations data for the periods indicated:

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（单位：百万） · 2023 · 2024 · 2025 · 2025 · 2026 收入 · $41 · $386 · $4,585 · $1,163 · $16,286 经营费用： 算力与基础设施 · 433 · 2,522 · 7,326 · 2,334 · 8,945 人员(1) · 95 · 454 · 1,839 · 538 · 3,152 Bartz 和解 · — · — · 1,500 · — · — 销售、营销与合作伙伴关系 · 2 [__] 43 [__] 568 [__] 120 [__] 3,168 其他经营与管理 · 62 [__] 347 [__] 1,412 [__] 306 [__] 1,714 经营费用合计 · 592 · 3,366 · 12,645 · 3,298 · 16,979 经营亏损 · (551) · (2,980) · (8,060) · (2,135) · (693) 利息收入 · 69 · 106 · 431 · 115 · 1,111 可转换票据、衍生负债及 SAFE 的公允价值变动 · (1,045) · (5,434) · (34,308) · (10,942) · (72,388) 其他收入（费用），净额 · (2) · — · (8) · — · (8,757) 其他收入（费用）合计，净额 · (978) · (5,328) · (33,885) · (10,827) · (80,034)

(in millions) · 2023 · 2024 · 2025 · 2025 · 2026 Revenue · $41 · $386 · $4,585 · $1,163 · $16,286 Operating expenses: Compute and infrastructure · 433 · 2,522 · 7,326 · 2,334 · 8,945 Personnel(1) · 95 · 454 · 1,839 · 538 · 3,152 Bartz settlement · — · — · 1,500 · — · — Sales, marketing, and partnerships · 2 [__] 43 [__] 568 [__] 120 [__] 3,168 Other operating and administrative · 62 [__] 347 [__] 1,412 [__] 306 [__] 1,714 Total operating expenses · 592 · 3,366 · 12,645 · 3,298 · 16,979 Operating loss · (551) · (2,980) · (8,060) · (2,135) · (693) Interest income · 69 · 106 · 431 · 115 · 1,111 Change in fair value of convertible notes, derivative liabilities, and SAFEs · (1,045) · (5,434) · (34,308) · (10,942) · (72,388) Other income (expense), net · (2) · — · (8) · — · (8,757) Total other income (expense), net · (978) · (5,328) · (33,885) · (10,827) · (80,034)

所得税费用前亏损

Loss before provision for income taxes

(1,529) · (8,308) · (41,945) · (12,962) · (80,727) 所得税费用 · 2 · 1 · 20 · 7 · 21 净亏损(2) · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748)

(1,529) · (8,308) · (41,945) · (12,962) · (80,727) Provision for income taxes · 2 · 1 · 20 · 7 · 21 Net loss(2) · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748)

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(1) [__] 包括截至 2023 年、2024 年和 2025 年 12 月 31 日止年度的股权激励费用分别为 $29 million、$192 million 和 $1.2 billion，以及截至 2025 年和 2026 年 6 月 30 日止六个月的股权激励费用分别为 $286 million 和 $2.2 billion。

(1) [__] Includes stock-based compensation expense of $29 million, $192 million, and $1.2 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $286 million and $2.2 billion for the six months ended June 30, 2025 and 2026, respectively.

(2) 包括可转换票据、衍生负债和 SAFE 的公允价值变动，截至 2023 年、2024 年和 2025 年 12 月 31 日止年度分别为 $1.0 billion、$5.4 billion 和 $34.3 billion，截至 2025 年和 2026 年 6 月 30 日止六个月分别为 $10.9 billion 和 $72.4 billion。该等变动主要由于各相应期间企业估值上升导致我们未偿还可转换本票的公允价值增加。

(2) Includes change in fair value of convertible notes, derivative liabilities, and SAFEs, which were $1.0 billion, $5.4 billion, and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively, and $10.9 billion and $72.4 billion for the six months ended June 30, 2025 and 2026, respectively. 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 during each of the respective periods.

下表列示了所示期间我们的合并经营报表占收入百分比数据：

The following table sets forth our consolidated statements of operations as a percentage of revenue data for the periods indicated:

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 收入 · 100 % · 100 % · 100 % · 100 % · 100 % 经营费用： 算力与基础设施 · 1,056 · 653 · 160 · 201 · 55 人员 · 232 · 118 · 40 · 46 · 19 Bartz 和解 · — · — · 33 · — · — 销售、营销与合作伙伴关系 · 5 · 11 · 12 · 10 · 19

2023 · 2024 · 2025 · 2025 · 2026 Revenue · 100 % · 100 % · 100 % · 100 % · 100 % Operating expenses: Compute and infrastructure · 1,056 · 653 · 160 · 201 · 55 Personnel · 232 · 118 · 40 · 46 · 19 Bartz settlement · — · — · 33 · — · — Sales, marketing, and partnerships · 5 · 11 · 12 · 10 · 19

其他经营与管理

Other operating and administrative

151 · 90 · 31 · 26 · 11 总经营费用 · 1,444 · 872 · 276 · 284 · 104 经营亏损 · (1,344) · (772) · (176) · (184) · (4) 利息收入 · 168 · 27 · 9 · 10 · 7 可转换票据、衍生负债及 SAFE 的公允价值变动 · (2,549) · (1,408) · (748) · (941) · (444) 其他收入（费用）净额 · (5) · — · — · — · (54) 其他收入（费用）净额合计 · (2,385) · (1,380) · (739) · (931) · (491)

151 · 90 · 31 · 26 · 11 Total operating expenses · 1,444 · 872 · 276 · 284 · 104 Operating loss · (1,344) · (772) · (176) · (184) · (4) Interest income · 168 · 27 · 9 · 10 · 7 Change in fair value of convertible notes, derivative liabilities, and SAFEs · (2,549) · (1,408) · (748) · (941) · (444) Other income (expense), net · (5) · — · — · — · (54) Total other income (expense), net · (2,385) · (1,380) · (739) · (931) · (491)

所得税费用（收益）前亏损

Loss before provision for income taxes

(3,729) · (2,152) · (915) · (1,115) · (496) 所得税费用 · 5 · — · — · 1 · — 净亏损 · (3,734)% · (2,153)% · (915)% · (1,115)% · (496)%

(3,729) · (2,152) · (915) · (1,115) · (496) Provision for income taxes · 5 · — · — · 1 · — Net loss · (3,734)% · (2,153)% · (915)% · (1,115)% · (496)%

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注：占收入百分比表合计数可能因四舍五入而无法加总。

Note: Totals of percentage of revenue table may not foot due to rounding.

截至 2025 年 6 月 30 日及 2026 年 6 月 30 日止六个月的比较 Comparison of the Six Months Ended June 30, 2025 and 2026

#### 收入

#### Revenue

**截至 6 月 30 日的六个月**

**Six Months Ended June 30,**

（单位：百万美元，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 收入 · $1,163 · $16,286 · $15,123 · 1,300 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Revenue · $1,163 · $16,286 · $15,123 · 1,300 %

截至 2026 年 6 月 30 日的六个月，收入较截至 2025 年 6 月 30 日的六个月增加 $15.1 billion，即 [__] 1,300%。截至 2026 年 6 月 30 日的六个月，基于消费的收入和基于订阅的收入较截至 2025 年 6 月 30 日的六个月分别增加 $12.1 billion 和 $3.0 billion。该增长得益于相继推出的模型和产品，其推动了更高的使用量、扩展以及我们各项产品的更广泛采用。按 TTM 基准收入达到 [__] $100,000 或以上的客户数量从截至 2025 年 6 月 30 日的超过 [__] 600 家增长至截至 2026 年 6 月 30 日的超过 [__] 6,000 家 [__] 。来自这些客户的总收入从截至 2025 年 6 月 30 日的六个月的 $870 million 增长至截至 2026 年 6 月 30 日的六个月的 [__] $12.0 billion，分别约占截至 2025 年 6 月 30 日和 2026 年 6 月 30 日的六个月总收入的 [__] 75% 和 74%。

Revenue for the six months ended June 30, 2026 increased by $15.1 billion, or [__] 1,300%, compared to the six months ended June 30, 2025. Consumption-based and subscription-based revenue increased by $12.1 billion and $3.0 billion, respectively, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was driven by successive model and product releases that drove higher usage, expansion, and broader adoption across our offerings. The number of customers with [__] $100,000 or more of revenue on a TTM basis grew from more than [__] 600 as of June 30, 2025 to more than [__] 6,000 as of June 30, 2026 [__] . Total revenue from these customers grew from $870 million for the six months ended June 30, 2025 to [__] $12.0 billion for the six months ended June 30, 2026 and represented approximately [__] 75% and 74% of total revenue for the six months ended June 30, 2025 and 2026, respectively.

#### 经营费用

#### Operating Expenses

算力与基础设施

Compute and Infrastructure

截至 6 月 30 日的六个月

Six Months Ended June 30,

（单位：百万美元，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 算力与基础设施 · $2,334 · $8,945 · $6,611 · 283 % 占收入的百分比 · 201 % · 55 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Compute and infrastructure · $2,334 · $8,945 · $6,611 · 283 % Percentage of revenue · 201 % · 55 %

截至 2026 年 6 月 30 日的六个月，算力与基础设施费用较截至 2025 年 6 月 30 日的六个月增加 $6.6 billion，即 283%。该增长得益于 2026 年上半年根据我们的 CSP 安排交付的承诺算力。随着我们的算力和基础设施容量增长，相关的算力与基础设施费用也相应增加。

Compute and infrastructure expenses for the six months ended June 30, 2026 increased by $6.6 billion, or 283%, compared to the six months ended June 30, 2025. The increase was driven by the delivery of committed compute throughout the first half of 2026 under our CSP arrangements. As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased accordingly.

由于截至 2026 年 6 月 30 日的六个月收入较截至 2025 年 6 月 30 日的六个月大幅增长，而算力基数主要系提前承诺且不随期内需求波动 [__] ，算力与基础设施费用占收入的百分比有所下降。

Compute and infrastructure expenses as a percentage of revenue decreased as revenue increased significantly in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, against a compute base that was primarily committed in advance and did not fluctuate with in-period demand [__] .

人员

Personnel

截至 6 月 30 日的六个月

Six Months Ended June 30,

（单位：百万，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 人员 · $538 · $3,152 · $2,614 · 486 % 占收入百分比 · 46 % · 19 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Personnel · $538 · $3,152 · $2,614 · 486 % Percentage of revenue · 46 % · 19 %

截至 2026 年 6 月 30 日止六个月的人员费用较截至 2025 年 6 月 30 日止六个月增加 $2.6 billion，即 [__] 486%。该增加主要由于股权激励费用增加 $1.9 billion 以及现金薪酬增加 $510 million，两者均源于员工人数增长。

Personnel expenses for the six months ended June 30, 2026 increased by $2.6 billion, or [__] 486%, compared to the six months ended June 30, 2025. The increase was driven by a $1.9 billion increase in stock-based compensation expense and a $510 million increase in cash compensation, both as a result of headcount growth.

销售、营销及合作

Sales, Marketing, and Partnerships

截至 6 月 30 日止六个月

Six Months Ended June 30,

（单位：百万，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 销售、营销及合作 · $120 · $3,168 · $3,048 · 2,540 % 占收入百分比 · 10 % · 19 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Sales, marketing, and partnerships · $120 · $3,168 · $3,048 · 2,540 % Percentage of revenue · 10 % · 19 %

截至 2026 年 6 月 30 日止六个月的销售、营销及合作费用较截至 2025 年 6 月 30 日止六个月增加 $3.0 billion，即 2,540%。该增加主要由于向渠道合作伙伴支付的费用增加 [__] $2.7 billion，反映了我们业务的增长，以及营销和广告费用增加 $273 million，反映了为支持产品发布而增加的媒体支出。

Sales, marketing, and partnerships expenses for the six months ended June 30, 2026 increased by $3.0 billion, or 2,540%, compared to the six months ended June 30, 2025. The increase was primarily driven by a [__] $2.7 billion increase in fees paid to channel partners, reflecting the growth of our business, and a $273 million increase in marketing and advertising expenses, reflecting higher media spend to support product launches.

其他运营及行政

Other Operating and Administrative

截至 6 月 30 日止六个月

Six Months Ended June 30,

（单位：百万，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 其他运营及行政 · $306 · $1,714 · $1,408 · 460 % 占收入百分比 · 26 % · 11 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Other operating and administrative · $306 · $1,714 · $1,408 · 460 % Percentage of revenue · 26 % · 11 %

截至 2026 年 6 月 30 日止六个月的其他运营及行政费用较截至 2025 年 6 月 30 日止六个月增加 $1.4 billion，即 460%。该增加主要由于与数据质量和绩效评估服务相关的供应商成本增加 [__] $251 million、信息技术和云软件成本增加 $223 million、支付处理费用增加 $222 million、专业服务成本增加 $205 million、与我们捐赠配捐计划相关的非现金费用增加 $126 million，以及设施和占用成本增加 $68 million。

Other operating and administrative expenses for the six months ended June 30, 2026 increased by $1.4 billion, or 460%, compared to the six months ended June 30, 2025. The increase was primarily driven by a [__] $251 million increase in vendor costs related to data quality and performance evaluation services, a $223 million increase in information technology and cloud software costs, a $222 million increase in payment processing fees, a $205 million increase in professional services costs, a $126 million increase in non-cash charges related to our donation matching program, and a $68 million increase in facility and occupancy costs.

#### 利息收入

#### Interest Income

**截至 6 月 30 日止六个月，**

**Six Months Ended June 30,**

（单位：百万，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 利息收入 · $115 · $1,111 · $996 · 866 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Interest income · $115 · $1,111 · $996 · 866 %

截至 2026 年 6 月 30 日止六个月的利息收入较截至 2025 年 6 月 30 日止六个月增加 $996 百万，增幅为 [__] 866%。该增加主要由于 2026 年上半年平均现金及现金等价物余额增加以及新增短期投资余额导致投资收益增加。

Interest income for the six months ended June 30, 2026 increased by $996 million, or [__] 866%, compared to the six months ended June 30, 2025. The increase was primarily driven by an increase in investment income due to higher average cash and cash equivalents balances and new short-term investments balances in the first half of 2026.

#### 可转换票据、衍生负债及 SAFE 的公允价值变动

#### Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

**截至 6 月 30 日止六个月，**

**Six Months Ended June 30,**

（单位：百万，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 可转换票据、衍生负债及 SAFE 的公允价值变动 · $(10,942) · $(72,388) · $(61,446) · 562 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Change in fair value of convertible notes, derivative liabilities, and SAFEs · $(10,942) · $(72,388) · $(61,446) · 562 %

截至 2026 年 6 月 30 日止六个月，可转换票据、衍生负债及 SAFE 的公允价值变动较截至 2025 年 6 月 30 日止六个月增加 $61.4 billion，增幅为 [__] 562%。该变动主要由于我们未偿还可转换本票的公允价值增加，而该增加源于我们企业估值从 2025 年至 2026 年的上升。

Change in fair value of convertible notes, derivative liabilities, and SAFEs for the six months ended June 30, 2026 increased by $61.4 billion, or [__] 562%, compared to the six months ended June 30, 2025. This change was primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation from 2025 to 2026.

#### 其他收入（费用）净额

#### Other Income (Expense), Net

**截至 6 月 30 日止六个月，**

**Six Months Ended June 30,**

（单位：百万，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 其他收入（费用）净额 · $— · $(8,757) · $(8,757) · NM

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Other income (expense), net · $— · $(8,757) · $(8,757) · NM

______________

______________

NM – 不具意义。

NM – Not meaningful.

截至 2026 年 6 月 30 日止六个月，其他收入（费用）净额较截至 2025 年 6 月 30 日止六个月减少 $8.8 billion。该减少主要由于本招股说明书其他部分所载我们合并财务报表附注 4 所述票据购买协议项下确认的资产和负债的初始公允价值确认及公允价值变动。

Other income (expense), net for the six months ended June 30, 2026 decreased by $8.8 billion compared to the six months ended June 30, 2025. The decrease was primarily driven by the initial fair value recognition and change in fair value of the assets and liabilities recognized under the note purchase agreements described in Note 4 to our consolidated financial statements included elsewhere in this prospectus.

#### 所得税费用

#### Provision for Income Taxes

**截至 6 月 30 日的六个月**

**Six Months Ended June 30,**

（单位：百万美元，百分比除外） · 2025 · 2026 · 变动金额 · 变动百分比 所得税费用 · $7 · $21 · $14 · 200 %

(in millions, except for percentages) · 2025 · 2026 · $ Change · % Change Provision for income taxes · $7 · $21 · $14 · 200 %

所列期间的所得税费用不重大。

Provision for income taxes was not material for the periods presented.

截至 2024 年 12 月 31 日及 2025 年 12 月 31 日止年度的比较 Comparison of the Years Ended December 31, 2024 and 2025

#### 收入

#### Revenue

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 收入 · $386 · $4,585 · $4,199 · 1,088 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Revenue · $386 · $4,585 · $4,199 · 1,088 %

截至 2025 年 12 月 31 日的年度收入较截至 2024 年 12 月 31 日的年度增加[__] $4.2 billion，即[__] 1,088%。截至 2025 年 12 月 31 日的年度，基于消费的收入和基于订阅的收入较截至 2024 年 12 月 31 日的年度分别增加约$3.5 billion 和$691 million。该增长得益于年内相继推出的模型和产品，这些发布推动了更高的使用量、扩展以及我们各项产品的更广泛采用。按过去十二个月（TTM）计算收入达到$100,000 或以上的客户数量从截至 2024 年 12 月 31 日的约 200 家增长至截至 2025 年 12 月 31 日的约 1,500 家。来自这些客户的总收入从约$220 million 增长至$3.5 billion，分别占截至 2024 年 12 月 31 日和 2025 年 12 月 31 日年度总收入的约 57%和 76%。

Revenue for the year ended December 31, 2025 increased by [__] $4.2 billion, or [__] 1,088%, compared to the year ended December 31, 2024. Consumption-based and subscription-based revenue increased by approximately $3.5 billion and $691 million, respectively, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by successive model and product releases during the year that drove higher usage, expansion, and broader adoption across our offerings. The number of customers with $100,000 or more of revenue on a TTM basis grew from approximately 200 as of December 31, 2024 to approximately 1,500 as of December 31, 2025. Total revenue from these customers grew from approximately $220 million to $3.5 billion and represented approximately 57% and 76% of total revenue for the years ended December 31, 2024 and 2025, respectively.

#### 经营费用

#### Operating Expenses

算力与基础设施

Compute and Infrastructure

截至 12 月 31 日的年度

Year Ended December 31,

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 算力与基础设施 · $2,522 · $7,326 · $4,804 · 190 % 占收入的百分比 · 653 % · 160 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Compute and infrastructure · $2,522 · $7,326 · $4,804 · 190 % Percentage of revenue · 653 % · 160 %

截至 2025 年 12 月 31 日的年度算力与基础设施费用较截至 2024 年 12 月 31 日的年度增加[__] $4.8 billion，即[__] 190%。该增长得益于 2025 年全年根据我们此前年度签订的云服务商（CSP）安排分批交付的承诺算力。随着每一批次可供使用，算力与基础设施费用相应增加。

Compute and infrastructure expenses for the year ended December 31, 2025 increased by [__] $4.8 billion, or [__] 190%, compared to the year ended December 31, 2024. The increase was driven by the delivery of committed compute in tranches throughout 2025 under our CSP arrangements entered into in prior years. As each tranche became available to use, compute and infrastructure expenses increased accordingly.

算力与基础设施费用占收入的百分比下降，原因是 2025 年收入较 2024 年大幅增长，而算力基数系提前承诺且不随期间需求波动。

Compute and infrastructure expenses as a percentage of revenue decreased as revenue increased significantly in 2025 compared to 2024, against a compute base that was committed in advance and did not fluctuate with in-period demand.

人员

Personnel

截至 12 月 31 日的年度

Year Ended December 31,

（单位：百万，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 人员 · $454 · $1,839 · $1,385 · 305 % 占收入百分比 · 118 % · 40 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Personnel · $454 · $1,839 · $1,385 · 305 % Percentage of revenue · 118 % · 40 %

截至 2025 年 12 月 31 日止年度的人员费用较截至 2024 年 12 月 31 日止年度增加 [__] $1.4 billion，即 [__] 305%。该增加主要由于股权激励费用增加 $973 million 以及现金薪酬增加 $339 million，两者均源于员工人数增长。

Personnel expenses for the year ended December 31, 2025 increased by [__] $1.4 billion, or [__] 305%, compared to the year ended December 31, 2024. The increase was primarily driven by a $973 million increase in stock-based compensation expense and a $339 million increase in cash compensation, both as a result of headcount growth.

Bartz 和解

Bartz Settlement

截至 12 月 31 日止年度

Year Ended December 31,

（单位：百万，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 Bartz 和解 · $— · $1,500 · $1,500 · NM 占收入百分比 · — % · 33 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Bartz settlement · $— · $1,500 · $1,500 · NM Percentage of revenue · — % · 33 %

______________

______________

NM – 无意义。

NM – Not meaningful.

截至 2025 年 12 月 31 日止年度的 Bartz 和解较截至 2024 年 12 月 31 日止年度增加 $1.5 billion。该增加完全由本期内达成的 Bartz 初步法律和解所致。

Bartz settlement for the year ended December 31, 2025 increased by $1.5 billion compared to the year ended December 31, 2024. The increase was entirely driven by the preliminary legal settlement for Bartz reached during the period.

销售、营销及合作

Sales, Marketing, and Partnerships

截至 12 月 31 日止年度

Year Ended December 31,

（单位：百万，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 销售、营销及合作 · $43 · $568 · $525 · 1,221% 占收入百分比 · 11 % · 12 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Sales, marketing, and partnerships · $43 · $568 · $525 · 1,221% Percentage of revenue · 11 % · 12 %

截至 2025 年 12 月 31 日止年度的销售、营销及合作费用较截至 2024 年 12 月 31 日止年度增加 [__] $525 million，即 1,221%。该增加主要由于支付给渠道合作伙伴的费用增加 $341 million，反映我们业务的增长，以及营销和广告费用增加 $170 million，反映为支持产品发布而增加的媒体和公共关系支出。

Sales, marketing, and partnerships expenses for the year ended December 31, 2025 increased by [__] $525 million, or 1,221%, compared to the year ended December 31, 2024. The increase was primarily driven by a $341 million increase in fees paid to channel partners, reflecting the growth of our business, and a $170 million increase in marketing and advertising expenses, reflecting higher media and public relations spend to support product launches.

其他运营及行政费用

Other Operating and Administrative

截至 12 月 31 日的年度

Year Ended December 31,

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 其他运营及行政费用 · $347 · $1,412 · $1,065 · 307 % 占收入的百分比 · 90 % · 31 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Other operating and administrative · $347 · $1,412 · $1,065 · 307 % Percentage of revenue · 90 % · 31 %

截至 2025 年 12 月 31 日止年度的其他运营及行政费用较截至 2024 年 12 月 31 日止年度增加[__] $1.1 billion，增幅 307%。该增加主要由于与我们捐赠配比计划相关的非现金费用增加$541 million、与数据质量和绩效评估服务相关的供应商成本增加$165 million，以及信息技术和云软件成本增加$102 million。

Other operating and administrative expenses for the year ended December 31, 2025 increased by [__] $1.1 billion, or 307%, compared to the year ended December 31, 2024. The increase was primarily driven by a $541 million increase in non-cash charges related to our donation matching program, a $165 million increase in vendor costs related to data quality and performance evaluation services, and a $102 million increase in information technology and cloud software costs.

#### 利息收入

#### Interest Income

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 利息收入 · $106 · $431 · $325 · 307 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Interest income · $106 · $431 · $325 · 307 %

截至 2025 年 12 月 31 日止年度的利息收入较截至 2024 年 12 月 31 日止年度增加[__] $325 million，增幅[__] 307%。该增加主要由于平均现金及现金等价物余额上升以及 2025 年新进行的短期投资带来投资收益增加$305 million。

Interest income for the year ended December 31, 2025 increased by [__] $325 million, or [__] 307%, compared to the year ended December 31, 2024. The increase was primarily driven by a $305 million increase in investment income due to higher average cash and cash equivalents balances and new short-term investments entered into during 2025.

#### 可转换本票、衍生负债及 SAFE 的公允价值变动

#### Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 可转换本票、衍生负债及 SAFE 的公允价值变动 · $(5,434) · $(34,308) · $(28,874) · 531 %

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Change in fair value of convertible notes, derivative liabilities, and SAFEs · $(5,434) · $(34,308) · $(28,874) · 531 %

截至 2025 年 12 月 31 日止年度的可转换本票、衍生负债及 SAFE 的公允价值变动较截至 2024 年 12 月 31 日止年度增加$28.9 billion，增幅[__] 531%。该变动主要由于我们未偿还可转换本票的公允价值因 2024 年至 2025 年企业估值上升而增加。

Change in fair value of convertible notes, derivative liabilities, and SAFEs for the year ended December 31, 2025 increased by $28.9 billion, or [__] 531%, compared to the year ended December 31, 2024. This change was primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation from 2024 to 2025.

#### 其他收入（费用），净额

#### Other Income (Expense), Net

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 其他收入（费用），净额 · $— · $(8) · $(8) · NM

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Other income (expense), net · $— · $(8) · $(8) · NM

______________

______________

NM – 不具意义。

NM – Not meaningful.

所列各期间的其他收入（费用），净额均不重大。

Other income (expense), net was not material for the periods presented.

#### 所得税费用

#### Provision for Income Taxes

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2024 · 2025 · 变动金额 · 变动百分比 所得税费用 · $1 · $20 · $19 · NM

(in millions, except for percentages) · 2024 · 2025 · $ Change · % Change Provision for income taxes · $1 · $20 · $19 · NM

_____________

_____________

NM – 不具意义。

NM – Not meaningful.

截至 2025 年 12 月 31 日止年度的所得税费用较截至 2024 年 12 月 31 日止年度增加[__] $19 million。该增加主要由于与我们国际业务相关的外国税费增加所致。

Provision for income taxes for the year ended December 31, 2025 increased by [__] $19 million compared to the year ended December 31, 2024. The increase was largely driven by an increase in foreign taxes associated with our international operations.

截至 2023 年 12 月 31 日及 2024 年 12 月 31 日止年度的比较 Comparison of the Years Ended December 31, 2023 and 2024

#### 收入

#### Revenue

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（以百万计，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 收入 · $41 · $386 · $345 · 841 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Revenue · $41 · $386 · $345 · 841 %

截至 2024 年 12 月 31 日止年度的收入较截至 2023 年 12 月 31 日止年度增加[__] $345 million，即[__] 841%。截至 2024 年 12 月 31 日止年度，基于消费的收入和基于订阅的收入较截至 2023 年 12 月 31 日止年度分别增加约$249 million 和$96 million。该增长主要受新客户增长推动，并反映了我们的 AI 平台在 2024 年推出 Claude 3 系列 Opus、Sonnet 和 Haiku 模型后实现更广泛的商业可用性，从而扩大了所支持用例的范围并推动了采用。按过去十二个月（TTM）计算收入达到$100,000 或以上的客户数量从截至 2023 年 12 月 31 日的约 20 家增长至截至 2024 年 12 月 31 日的约 200 家。来自这些客户的总收入从约$37 million 增长至$220 million，分别占截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度总收入的约 90%和 57%。

Revenue for the year ended December 31, 2024 increased by [__] $345 million, or [__] 841%, compared to the year ended December 31, 2023. Consumption-based and subscription-based revenue increased by approximately $249 million and $96 million, respectively, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily driven by growth in new customers and reflected the broader commercial availability of our AI platform following the launch of the Claude 3 family of Opus, Sonnet, and Haiku models in 2024, which expanded the range of supported use cases and drove adoption. 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. Total revenue from these customers grew from approximately $37 million to $220 million and represented approximately 90% and 57% of total revenue for the years ended December 31, 2023 and 2024, respectively.

#### 经营费用

#### Operating Expenses

算力和基础设施

Compute and Infrastructure

截至 12 月 31 日的年度

Year Ended December 31,

（以百万计，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 算力和基础设施 · $433 · $2,522 · $2,089 · 482 % 占收入的百分比 · 1,056 % · 653 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Compute and infrastructure · $433 · $2,522 · $2,089 · 482 % Percentage of revenue · 1,056 % · 653 %

截至 2024 年 12 月 31 日止年度的算力和基础设施费用较截至 2023 年 12 月 31 日止年度增加$2.1 billion，即 482%。该增加主要反映了我们于 2023 年签订的 CSP 协议项下承诺算力的分阶段交付，其中绝大部分算力于 2024 年分批交付。算力和基础设施费用占收入的百分比下降，原因是收入相对于预先承诺且不随期间需求波动的算力基础实现规模化增长。

Compute and infrastructure expenses for the year ended December 31, 2024 increased by $2.1 billion, or 482%, compared to the year ended December 31, 2023. The increase primarily reflected the staged delivery of committed compute under our CSP arrangements entered into in 2023, with the substantial majority of that compute delivered in tranches during 2024. Compute and infrastructure expenses as a percentage of revenue decreased as revenue scaled against a compute base that is committed in advance and does not fluctuate with in-period demand.

人员

Personnel

截至 12 月 31 日的年度

Year Ended December 31,

（以百万计，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 人员 · $95 · $454 · $359 · 378 % 占收入的百分比 · 232 % · 118 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Personnel · $95 · $454 · $359 · 378 % Percentage of revenue · 232 % · 118 %

截至 2024 年 12 月 31 日止年度的人员费用较截至 2023 年 12 月 31 日止年度增加[__] $359 million，即[__] 378%。该增加主要由于现金薪酬增加$164 million 及股权激励费用增加$163 million，两者均源于员工人数增长。

Personnel expenses for the year ended December 31, 2024 increased by [__] $359 million, or [__] 378%, compared to the year ended December 31, 2023. The increase was primarily driven by a $164 million increase in cash compensation and a $163 million increase in stock-based compensation expense, both as a result of headcount growth.

销售、营销及合作

Sales, Marketing, and Partnerships

截至 12 月 31 日止年度

Year Ended December 31,

（单位：百万，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 销售、营销及合作 · $2 · $43 · $41 · 2,050 % 占收入百分比 · 5 % · 11 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Sales, marketing, and partnerships · $2 · $43 · $41 · 2,050 % Percentage of revenue · 5 % · 11 %

截至 2024 年 12 月 31 日止年度的销售、营销及合作费用较截至 2023 年 12 月 31 日止年度增加[__] $41 million，即 2,050%。该增加主要由于营销及广告费用增加$39 million，反映为支持产品发布而增加的媒体及公共关系支出。

Sales, marketing, and partnerships expenses for the year ended December 31, 2024 increased by [__] $41 million, or 2,050%, compared to the year ended December 31, 2023. The increase was primarily driven by a $39 million increase in marketing and advertising expenses reflecting higher media and public relations spend to support product launches.

其他经营及行政

Other Operating and Administrative

截至 12 月 31 日止年度

Year Ended December 31,

（单位：百万，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 其他经营及行政 · $62 · $347 · $285 · 460 % 占收入百分比 · 151 % · 90 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Other operating and administrative · $62 · $347 · $285 · 460 % Percentage of revenue · 151 % · 90 %

截至 2024 年 12 月 31 日止年度的其他经营及行政费用较截至 2023 年 12 月 31 日止年度增加[__] $285 million，即 460%。该增加主要由于与数据质量及绩效评估服务相关的供应商成本增加$165 million、专业服务成本增加$30 million、信息技术及云软件成本增加$28 million，以及因员工人数增长导致的设施及占用成本增加$24 million。

Other operating and administrative expenses for the year ended December 31, 2024 increased by [__] $285 million, or 460%, compared to the year ended December 31, 2023. The increase was primarily driven by a $165 million increase in vendor costs related to data quality and performance evaluation services, a $30 million increase in professional services costs, a $28 million increase in information technology and cloud software costs, and a $24 million increase in facility and occupancy costs due to headcount growth.

#### 利息收入

#### Interest Income

**截至 12 月 31 日止年度**

**Year Ended December 31,**

（单位：百万，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 利息收入 · $69 · $106 · $37 · 54 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Interest income · $69 · $106 · $37 · 54 %

截至 2024 年 12 月 31 日止年度的利息收入较截至 2023 年 12 月 31 日止年度增加[__] 37 百万美元，增幅[__] 54%。该增加主要由于货币市场基金组合增长带动平均现金及现金等价物余额上升。

Interest income for the year ended December 31, 2024 increased by [__] $37 million, or [__] 54%, compared to the year ended December 31, 2023. The increase was primarily due to higher average cash and cash equivalents balances, driven by the growth of our money market funds portfolio.

#### 可转换票据、衍生负债及 SAFE 的公允价值变动

#### Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 可转换票据、衍生负债及 SAFE 的公允价值变动 · $(1,045) · $(5,434) · $(4,389) · 420 %

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Change in fair value of convertible notes, derivative liabilities, and SAFEs · $(1,045) · $(5,434) · $(4,389) · 420 %

截至 2024 年 12 月 31 日止年度，可转换票据、衍生负债及 SAFE 的公允价值变动较截至 2023 年 12 月 31 日止年度增加 4.4 十亿美元，增幅[__] 420%。该增加主要由于 2023 年至 2024 年我们企业估值上升，导致我们未偿还可转换本票的公允价值增加。

Change in fair value of convertible notes, derivative liabilities, and SAFEs for the year ended December 31, 2024 increased by $4.4 billion, or [__] 420%, compared to the year ended December 31, 2023. The increase was primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation from 2023 through 2024.

#### 其他收入（费用）净额

#### Other Income (Expense), Net

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

（单位：百万美元，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 其他收入（费用）净额 · $(2) · $— · $2 · NM

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Other income (expense), net · $(2) · $— · $2 · NM

_______________

_______________

NM – 不具意义。

NM – Not meaningful.

所列期间的其他收入（费用）净额不重大。

Other income (expense), net was not material for the periods presented.

#### 所得税费用

#### Provision for Income Taxes

**截至 12 月 31 日的年度**

**Year Ended December 31,**

（单位：百万，百分比除外） · 2023 · 2024 · 变动金额 · 变动百分比 所得税费用 · $2 · $1 · $(1) · NM

(in millions, except for percentages) · 2023 · 2024 · $ Change · % Change Provision for income taxes · $2 · $1 · $(1) · NM

______________

______________

NM – 不具意义。

NM – Not meaningful.

所列期间的所得税费用不重大。

Provision for income taxes was not material for the periods presented.

非 GAAP 财务指标 Non-GAAP Financial Measures

为补充我们按照 GAAP 编制和列报的合并财务报表，我们使用下述某些非 GAAP 财务指标，以便于分析我们的经营业绩并用于内部规划和预测目的。

To supplement our consolidated financial statements prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to facilitate analysis of our operating performance and for internal planning and forecasting purposes.

我们使用调整后经营利润（亏损）、调整后经营利润率和调整后净利润（亏损）来评估我们的经营业绩、制定业务计划、编制预算和预测，并作出战略决策，包括与经营费用和内部资源配置相关的决策。通过剔除管理层认为并不直接反映我们业务持续经营业绩的某些项目，我们认为这些非 GAAP 财务指标为投资者、分析师及其他人士提供了有意义的洞察，并通过提供更具一致性和可比性的跨期财务业绩概览，增强其对我们业务和财务业绩的整体理解。

We use Adjusted Operating Income (Loss), Adjusted Operating Margin, and Adjusted Net Income (Loss) to evaluate our operating performance, formulate business plans, prepare budgets and forecasts, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. By excluding certain items that management believes are not directly reflective of the ongoing operating performance of our business, we believe these non-GAAP financial measures provide investors, analysts, and others with meaningful insight and enhance their overall understanding of our business and financial performance by providing a more consistent and comparable overview of our financial performance across periods.

我们行业中的其他公司（包括具有类似商业模式的公司）可能以不同方式定义或计算名称相似的指标，这可能限制这些指标用于直接比较的有用性。此外，其他公司可能不公布这些或类似指标。再者，这些指标存在某些局限性，因为它们不包含反映在我们合并经营报表中的某些费用的影响。因此，我们的非 GAAP 财务指标不应被孤立看待，也不应被视为按照 GAAP 编制的最直接可比指标的替代。我们鼓励投资者及其他人士整体审视我们的业务、财务状况和经营业绩，不要依赖任何单一财务指标，并将我们的非 GAAP 财务指标与按照 GAAP 计算的各自最直接可比的财务指标，以及本招股说明书其他部分所载的我们的合并财务报表及附注一并看待。

Other companies in our industry, including those with similar business models, may define or calculate similarly titled measures in different ways, which may limit the usefulness of these measures for direct comparison. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected on our consolidated statements of operations. Thus, our non-GAAP financial measures should not be viewed in isolation or as a replacement for the most directly comparable measures prepared in accordance with GAAP. We encourage investors and others to review our business, financial condition, and results of operations in their entirety, not to rely on any single financial measure, and to view our non-GAAP financial measures in conjunction with their respective most directly comparable financial measures calculated in accordance with GAAP, as well as our consolidated financial statements and accompanying notes included elsewhere in this prospectus.

#### 调整后经营利润（亏损）与调整后经营利润率

#### Adjusted Operating Income (Loss) and Adjusted Operating Margin

我们将调整后经营利润（亏损）定义为经营亏损，剔除(i)股权激励费用、(ii)非现金慈善捐赠以及(iii) Bartz 和解。我们将调整后经营利润率定义为调整后经营利润（亏损）除以收入。

We define Adjusted Operating Income (Loss) as operating loss excluding (i) stock-based compensation expense, (ii) non-cash charitable contributions, and (iii) the Bartz settlement. We define Adjusted Operating Margin as Adjusted Operating Income (Loss) divided by revenue.

我们的调整后经营利润（亏损）和调整后经营利润率与经营亏损和经营利润率（分别为最直接可比的 GAAP 财务指标）的对账列示如下：

A reconciliation of our Adjusted Operating Income (Loss) and Adjusted Operating Margin to operating loss and operating margin, the most directly comparable GAAP financial measures, respectively, is presented below:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

（单位：百万，百分比除外） · 2023 · 2024 · 2025 · 2025 · 2026 经营亏损 · $(551) · $(2,980) · $(8,060) · $(2,135) · $(693) 股权激励费用 · 29 · 192 · 1,165 · 286 · 2,185 非现金慈善捐赠(1) · — · — · 541 · — · 126 Bartz 和解(2) · — · — · 1,500 · — · — 调整后经营利润（亏损） · $(522) · $(2,788) · $(4,854) · $(1,849) · $1,618 收入 · $41 · $386 · $4,585 · $1,163 · $16,286 经营利润率 · (1,344)% · (772)% · (176)% · (184)% · (4)% 调整后经营利润率 · (1,273)% · (722)% · (106)% · (159)% · 10 %

(in millions, except for percentages) · 2023 · 2024 · 2025 · 2025 · 2026 Operating loss · $(551) · $(2,980) · $(8,060) · $(2,135) · $(693) Stock-based compensation expense · 29 · 192 · 1,165 · 286 · 2,185 Non-cash charitable contributions(1) · — · — · 541 · — · 126 Bartz settlement(2) · — · — · 1,500 · — · — Adjusted Operating Income (Loss) · $(522) · $(2,788) · $(4,854) · $(1,849) · $1,618 Revenue · $41 · $386 · $4,585 · $1,163 · $16,286 Operating margin · (1,344)% · (772)% · (176)% · (184)% · (4)% Adjusted Operating Margin · (1,273)% · (722)% · (106)% · (159)% · 10 %

______________

______________

(1) [__] 系与我们捐赠配比计划相关的非现金费用，其价值与员工股权奖励挂钩，并计入其他经营及管理费用。

(1) [__] Relates to non-cash charges from our donation matching program, the value of which is linked to employee equity awards and recorded in other operating and administrative expenses.

(2) 因其不能反映持续经营情况，故从我们调整后经营利润（亏损）的计算中剔除。

(2) Excluded from our calculation of Adjusted Operating Income (Loss) as it is not indicative of ongoing operations.

#### 调整后净利润（亏损）

#### Adjusted Net Income (Loss)

我们将调整后净利润（亏损）定义为净亏损，剔除(i)股权激励费用、(ii)非现金慈善捐赠、(iii)Bartz 和解、(iv)可转换票据、衍生负债及 SAFE 的公允价值变动，以及(v)某些按市值计量的金融工具的公允价值变动。

We define Adjusted Net Income (Loss) as net loss excluding (i) stock-based compensation expense, (ii) non-cash charitable contributions, (iii) the Bartz settlement, (iv) the change in fair value of convertible notes, derivative liabilities, and SAFEs, and (v) change in fair value of certain mark-to-market financial instruments.

调整后净利润（亏损）与净亏损（最直接可比的 GAAP 财务指标）的对账如下：

A reconciliation of Adjusted Net Income (Loss) to net loss, the most directly comparable GAAP financial measure, is presented below:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

（单位：百万） · 2023 · 2024 · 2025 · 2025 · 2026 净亏损(1) · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) 股权激励费用 · 29 · 192 · 1,165 · 286 · 2,185 非现金慈善捐赠(2) · — · — · 541 · — · 126 Bartz 和解(3) · — · — · 1,500 · — · — 可转换票据、衍生负债及 SAFE 的公允价值变动 · 1,045 · 5,434 · 34,308 · 10,942 · 72,388 某些按市值计量的金融工具的公允价值变动 · — [__] — [__] 3 [__] — [__] 8,720 调整后净利润（亏损） · $(457) · $(2,683) · $(4,448) · $(1,741) · $2,671

(in millions) · 2023 · 2024 · 2025 · 2025 · 2026 Net loss(1) · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) Stock-based compensation expense · 29 · 192 · 1,165 · 286 · 2,185 Non-cash charitable contributions(2) · — · — · 541 · — · 126 Bartz settlement(3) · — · — · 1,500 · — · — Change in fair value of convertible notes, derivative liabilities, and SAFEs · 1,045 · 5,434 · 34,308 · 10,942 · 72,388 Change in fair value of certain mark-to-market financial instruments · — [__] — [__] 3 [__] — [__] 8,720 Adjusted Net Income (Loss) · $(457) · $(2,683) · $(4,448) · $(1,741) · $2,671

______________

______________

(1) [__] 包括可转换票据、衍生负债及 SAFE 的公允价值变动，截至 2023 年、2024 年和 2025 年 12 月 31 日止年度以及截至 2025 年和 2026 年 6 月 30 日止六个月，该等变动分别为 $1.0 billion、$5.4 billion、[__] $34.3 billion、$10.9 billion 和 $72.4 billion，主要由于各相应期间我们的企业估值上升导致未偿还可转换本票的公允价值增加。

(1) [__] Includes change in fair value of convertible notes, derivative liabilities, and SAFEs, which were $1.0 billion, $5.4 billion, [__] $34.3 billion, $10.9 billion, and $72.4 billion for the years ended December 31, 2023, 2024, and 2025, and the six months ended June 30, 2025 and 2026, respectively, primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods.

(2) 系与我们捐赠配比计划相关的非现金费用，其价值与员工股权奖励挂钩，并计入其他经营及管理费用。

(2) Relates to non-cash charges from our donation matching program, the value of which is linked to employee equity awards and recorded in other operating and administrative expenses.

(3) 因其不能反映持续经营情况，故从我们调整后净利润（亏损）的计算中剔除。

(3) Excluded from our calculation of Adjusted Net Income (Loss) as it is not indicative of ongoing operations.

季度经营成果 Quarterly Results of Operations

下表列示了所示各季度期间我们未经审计的季度合并经营报表数据。未经审计的季度经营报表数据系按照与本招股说明书其他部分所载经审计合并财务报表相同的基础编制，并包含所有调整，该等调整仅包括我们认为为公允列报这些期间经营业绩所必需的正常经常性调整。我们的历史业绩不一定预示未来可能预期的业绩，任何特定季度的业绩也不一定预示全年或任何其他期间可能预期的业绩。您应将以下未经审计的季度合并经营业绩与本招股说明书其他部分所载我们的合并财务报表及相关附注一并阅读。

The following table sets forth our unaudited quarterly consolidated statements of operations data for each of the quarterly periods indicated. The unaudited quarterly statements of operations data has been prepared on the same basis as our audited consolidated financial statements included elsewhere in this prospectus and includes all adjustments, consisting only of normal recurring adjustments that, in our opinion, are necessary to state fairly the results of operations for these periods. Our historical results are not necessarily indicative of the results that may be expected in the future and the results for any particular quarter are not necessarily indicative of the results to be expected for a full year or any other period. You should read the following unaudited quarterly consolidated results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus.

#### 季度合并经营报表

#### Quarterly Consolidated Statements of Operations

截至三个月 （单位：百万美元） · 3 月 31 日 · 2025 年 6 月 30 日 · 2025 年 9 月 30 日 · 2025 年 12 月 31 日 · 2025 年 3 月 31 日 · 2026 年 6 月 30 日 · 2026 年 收入 · $376 · $787 · $1,382 · $2,040 · $4,731 · $11,555 经营费用： 算力与基础设施 · 944 · 1,390 · 2,047 · 2,945 · 3,387 · 5,558 人员(1) · 218 · 320 · 489 · 812 · 1,295 · 1,857 Bartz 和解 · — · — · 1,500 · — · — · — 销售、营销与合作伙伴关系 · 24 · 96 · 202 · 246 · 1,033 · 2,135

Three Months Ended (in millions) · March 31, · 2025 June 30, · 2025 September 30, · 2025 December 31, · 2025 March 31, · 2026 June 30, · 2026 Revenue · $376 · $787 · $1,382 · $2,040 · $4,731 · $11,555 Operating expenses: Compute and infrastructure · 944 · 1,390 · 2,047 · 2,945 · 3,387 · 5,558 Personnel(1) · 218 · 320 · 489 · 812 · 1,295 · 1,857 Bartz settlement · — · — · 1,500 · — · — · — Sales, marketing, and partnerships · 24 · 96 · 202 · 246 · 1,033 · 2,135

其他经营及

Other operating and

管理费用

administrative

125 · 181 · 233 · 873 · 683 · 1,031

125 · 181 · 233 · 873 · 683 · 1,031

经营费用

Total operating

合计

expenses

1,311 · 1,987 · 4,471 · 4,876 · 6,398 · 10,581 经营利润（亏损） · (935) · (1,200) · (3,089) · (2,836) · (1,667) · 974 利息收入 · 51 · 64 · 124 · 192 · 349 · 762 可转换本票、衍生负债及 SAFE 的公允价值变动 · (5,701) · (5,241) · (9,165) · (14,201) · (12,791) · (59,597)

1,311 · 1,987 · 4,471 · 4,876 · 6,398 · 10,581 Operating income (loss) · (935) · (1,200) · (3,089) · (2,836) · (1,667) · 974 Interest income · 51 · 64 · 124 · 192 · 349 · 762 Change in fair value of convertible notes, derivative liabilities, and SAFEs · (5,701) · (5,241) · (9,165) · (14,201) · (12,791) · (59,597)

其他收入（费用），

Other income (expense),

净额

net

— · — · (3) · (5) · (309) · (8,448)

— · — · (3) · (5) · (309) · (8,448)

其他收入

Total other income

（费用）净额

(expense), net

(5,650) · (5,177) · (9,044) · (14,014) · (12,751) · (67,283)

(5,650) · (5,177) · (9,044) · (14,014) · (12,751) · (67,283)

所得税准备前

Loss before provision for

亏损

income taxes

(6,585) · (6,377) · (12,133) · (16,850) · (14,418) · (66,309) 所得税准备 · 7 · — · 5 · 8 · 21 · — 净亏损 · $(6,592) · $(6,377) · $(12,138) · $(16,858) · $(14,439) · $(66,309)

(6,585) · (6,377) · (12,133) · (16,850) · (14,418) · (66,309) Provision for income taxes · 7 · — · 5 · 8 · 21 · — Net loss · $(6,592) · $(6,377) · $(12,138) · $(16,858) · $(14,439) · $(66,309)

______________

______________

(1) [__] 包括截至 2025 年 3 月 31 日、2025 年 6 月 30 日、2025 年 9 月 30 日、2025 年 12 月 31 日、2026 年 3 月 31 日和 2026 年 6 月 30 日止三个月的股权激励费用分别为 $105 million、$181 million、$305 million、$574 million、$924 million 和 [__] $1.3 billion。

(1) [__] Includes stock-based compensation expense of $105 million, $181 million, $305 million, $574 million, $924 million, and [__] $1.3 billion for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, respectively.

#### 季度合并经营报表（占收入的百分比）

#### Quarterly Consolidated Statements of Operations, as a Percentage of Revenue

截至三个月的期间 3 月 31 日， · 2025 6 月 30 日， · 2025 9 月 30 日， · 2025 12 月 31 日， · 2025 3 月 31 日， · 2026 6 月 30 日， · 2026 收入 · 100 % · 100 % · 100 % · 100 % · 100 % · 100 % 经营费用： 算力与基础设施 · 251 · 177 · 148 · 144 · 72 · 48 人员 · 58 · 41 · 35 · 40 · 27 · 16 Bartz 和解 · — · — · 109 · — · — · — 销售、营销与合作 · 6 · 12 · 15 · 12 · 22 · 18

Three Months Ended March 31, · 2025 June 30, · 2025 September 30, · 2025 December 31, · 2025 March 31, · 2026 June 30, · 2026 Revenue · 100 % · 100 % · 100 % · 100 % · 100 % · 100 % Operating expenses: Compute and infrastructure · 251 · 177 · 148 · 144 · 72 · 48 Personnel · 58 · 41 · 35 · 40 · 27 · 16 Bartz settlement · — · — · 109 · — · — · — Sales, marketing, and partnerships · 6 · 12 · 15 · 12 · 22 · 18

其他经营和管理

Other operating and administrative

经营费用合计

Total operating expenses

349 · 252 · 324 · 239 · 135 · 92 经营利润（亏损） · (249) · (152) · (224) · (139) · (35) · 8 利息收入 · 14 · 8 · 9 · 9 · 7 · 7 可转换票据、衍生负债及 SAFE 的公允价值变动 · (1,516) · (666) · (663) · (696) · (270) · (516)

349 · 252 · 324 · 239 · 135 · 92 Operating income (loss) · (249) · (152) · (224) · (139) · (35) · 8 Interest income · 14 · 8 · 9 · 9 · 7 · 7 Change in fair value of convertible notes, derivative liabilities, and SAFEs · (1,516) · (666) · (663) · (696) · (270) · (516)

其他收入（费用）净额

Other income (expense), net

— · — · — · — · (7) · (73)

— · — · — · — · (7) · (73)

其他收入（费用）净额合计

Total other income (expense), net

(1,503) · (658) · (654) · (687) · (270) · (582)

(1,503) · (658) · (654) · (687) · (270) · (582)

所得税费用计提前的亏损

Loss before provision for income taxes

(1,751) · (810) · (878) · (826) · (305) · (574) 所得税费用计提 · 2 · — · — · — · — · — 净亏损 · (1,753)% · (810)% · (878)% · (826)% · (305)% · (574)%

(1,751) · (810) · (878) · (826) · (305) · (574) Provision for income taxes · 2 · — · — · — · — · — Net loss · (1,753)% · (810)% · (878)% · (826)% · (305)% · (574)%

______________

______________

注：占收入百分比的合计数可能因四舍五入而无法加总。

Note: Totals of percentage of revenue may not foot due to rounding.

季度趋势 Quarterly Trends

#### 收入

#### Revenue

在所列示的各个季度中，收入逐季增长，从截至 2025 年 3 月 31 日止三个月的 $376 million 增至截至 2026 年 6 月 30 日止三个月的 $11.6 billion。各季度的增长均得益于相继推出的模型和产品，这些模型和产品推动了更高的使用量、扩张以及我们各项产品的更广泛采用，其中基于消费的收入和基于订阅的收入均有贡献。在所列示的各个期间，能够产生可观收入的客户增长均有贡献：按 TTM 基准收入达到 $100,000 或以上的客户从截至 2025 年 3 月 31 日的约 [__] 400 家增至截至 2026 年 6 月 30 日的超过 [__] 6,000 家 [__] 。

Revenue increased sequentially in each of the quarters presented, from $376 million for the three months ended March 31, 2025 to $11.6 billion for the three months ended June 30, 2026. The increases in each quarter were driven by successive model and product releases that drove higher usage, expansion, and broader adoption across our offerings, with both consumption-based and subscription-based revenue contributing. Growth in customers generating meaningful revenue contributed across the periods: customers with $100,000 or more of revenue on a TTM basis grew from approximately [__] 400 as of March 31, 2025 to more than [__] 6,000 as of June 30, 2026 [__] .

#### 经营费用

#### Operating Expenses

算力和基础设施

Compute and Infrastructure

在所列示的各个季度中，算力和基础设施费用逐季增长，从截至 2025 年 3 月 31 日止三个月的 [__] $944 million 增至截至 2026 年 6 月 30 日止三个月的 $5.6 billion，其驱动因素是我们根据多年期 CSP 安排交付的承诺算力。由于我们通常会在算力可供使用前 12 至 18 个月进行采购，因此这些费用在短期内通常是固定的，并且随着承诺算力可供我们使用而增加，而非随当期需求而增加。

Compute and infrastructure expenses increased sequentially in each of the quarters presented, from [__] $944 million for the three months ended March 31, 2025 to $5.6 billion for the three months ended June 30, 2026, driven by the delivery of committed compute under our multi-year CSP arrangements. Because we typically procure compute 12 to 18 months in advance of availability, these expenses are generally fixed in the near term and increased as committed compute became available to us rather than in response to in-period demand.

算力和基础设施费用占收入的百分比在同一期间从 [__] 251% 降至 48%，原因是收入增长超过了我们承诺算力成本基数的增长。

Compute and infrastructure expenses as a percentage of revenue decreased from [__] 251% to 48% over the same period, as revenue growth outpaced the growth of our committed compute cost base.

人员

Personnel

在所列示的各个季度中，人员费用逐季增长，其驱动因素是员工人数增长以及相关的薪酬增加，包括股权激励费用。

Personnel expenses increased sequentially in each of the quarters presented, driven by headcount growth and the associated increases in compensation, including stock-based compensation.

Bartz 和解

Bartz settlement

在截至 2025 年 9 月 30 日止三个月，我们计提了 $1.5 billion 的费用以了结 Bartz 诉讼。请参阅本招股说明书其他部分所载我们合并财务报表附注 13。

In the three months ended September 30, 2025, we recorded a $1.5 billion charge to settle the Bartz litigation. See Note 13 to our consolidated financial statements included elsewhere in this prospectus.

销售、营销和合作

Sales, Marketing, and Partnerships

在所列示的各个季度中，销售、营销和合作费用逐季增长，其中截至 2026 年 3 月 31 日止三个月和截至 2026 年 6 月 30 日止三个月的增幅最为显著。该等增长主要驱动因素为支付给渠道合作伙伴的费用（反映我们业务的增长）以及营销和广告费用的增加（反映为支持产品发布而增加的媒体支出）。

Sales, marketing, and partnerships expenses increased sequentially in each of the quarters presented, with the most significant increases observed in the three months ended March 31, 2026 and June 30, 2026. The increases were primarily driven by fees paid to channel partners, reflecting the growth of our business, and increased marketing and advertising expenses, reflecting higher media spend to support product launches.

其他运营及行政费用

Other Operating and Administrative

除截至 2026 年 3 月 31 日的三个月外，其他运营及行政费用在所呈报的各季度均有所增加；截至 2026 年 3 月 31 日的三个月反映的捐赠配捐计划费用低于截至 2025 年 12 月 31 日的三个月。整体增加反映了随着我们业务规模扩大而产生的与数据质量和绩效评估服务相关的供应商成本、信息技术和云软件成本、支付处理和平台费用以及专业服务成本。截至 2025 年 12 月 31 日的三个月的增加主要受与我们捐赠配捐计划相关的非现金费用推动。

Other operating and administrative expenses increased over the quarters presented, other than in the three months ended March 31, 2026, which reflected lower donation matching program charges than in the three months ended December 31, 2025. The overall increase reflected vendor costs related to data quality and performance evaluation services, information technology and cloud software costs, payment processing and platform fees, and professional services costs as our business scaled. The increase in the three months ended December 31, 2025 was primarily driven by non-cash charges related to our donation matching program.

#### 经营利润（亏损）

#### Operating Income (Loss)

我们的经营亏损在截至 2025 年 6 月 30 日的三个月有所扩大，主要原因是根据我们的 CSP 安排交付了额外的承诺算力，相关费用的增长在该期间快于我们的收入增长；截至 2025 年 9 月 30 日的三个月也因计入 Bartz 和解而扩大。我们的经营亏损在截至 2025 年 12 月 31 日和 2026 年 3 月 31 日的三个月有所收窄，并且由于收入增长超过总运营费用的增长，我们在截至 2026 年 6 月 30 日的三个月实现了 $1.0 billion 的经营利润。我们预计我们的经营业绩将继续逐季度波动，特别是因为我们获得的增量算力金额以及我们产生的相关费用可能因期间而异。

Our operating loss widened in the three months ended June 30, 2025, primarily driven by the delivery of additional committed compute under our CSP arrangements, the associated expenses of which grew faster than our revenue in the period, and in the three months ended September 30, 2025, which included the Bartz settlement. Our operating loss narrowed in the three months ended December 31, 2025 and March 31, 2026, and we generated operating income of $1.0 billion for the three months ended June 30, 2026, as revenue growth outpaced the growth in total operating expenses. We expect our operating results to continue to fluctuate from quarter to quarter, particularly as the amount of incremental compute we receive, and the associated expenses we incur, may vary from period to period.

#### 利息收入

#### Interest Income

利息收入在所呈报的每个季度均环比增长，从截至 2025 年 3 月 31 日的三个月的 $51 million 增至截至 2026 年 6 月 30 日的三个月的 $762 million，主要受现金及现金等价物和短期投资平均余额增加推动。

Interest income increased sequentially in each of the quarters presented, from $51 million for the three months ended March 31, 2025 to $762 million for the three months ended June 30, 2026, primarily driven by higher average cash and cash equivalents and short-term investments balances.

#### 可转换票据、衍生负债和 SAFE 的公允价值变动

#### Change in Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

我们的可转换票据、衍生负债和 SAFE 的公允价值变动在所呈报的每个季度均产生费用，主要受各期间企业估值上升导致我们未偿还可转换本票公允价值增加推动。该费用在截至 2026 年 6 月 30 日的三个月最大，反映了与我们 H 轮融资相关的企业估值上升。在这些工具转换为股权、偿还或以其他方式结算之前，我们将继续确认公允价值变动。请参阅本招股说明书其他部分所载我们合并财务报表的附注 4 和附注 9。

Changes in the fair value of our convertible notes, derivative liabilities, and SAFEs resulted in expense in each of the quarters presented, primarily driven by increases in the fair value of our outstanding convertible promissory notes resulting from increases in our enterprise valuation during each period. The expense was largest in the three months ended June 30, 2026, reflecting the increase in our enterprise valuation in connection with our Series H financing. We will continue to recognize changes in fair value until these instruments are converted into equity, repaid, or otherwise settled. See Note 4 and Note 9 to our consolidated financial statements included elsewhere in this prospectus.

#### 其他收入（费用），净额

#### Other Income (Expense), Net

在 2026 年之前的所呈报季度，其他收入（费用），净额并不重大。截至 2026 年 3 月 31 日和 2026 年 6 月 30 日的三个月，其他收入（费用），净额分别为 $(309) million 和 $(8.4) billion，主要受根据票据购买协议确认的资产和负债的初始公允价值确认及后续公允价值变动推动。请参阅本招股说明书其他部分所载我们合并财务报表的附注 4。

Other income (expense), net was not material for the quarters presented prior to 2026. Other income (expense), net of $(309) million and $(8.4) billion for the three months ended March 31, 2026 and June 30, 2026, respectively, was primarily driven by the initial fair value recognition and subsequent change in fair value of the assets and liabilities recognized under the note purchase agreements. See Note 4 to our consolidated financial statements included elsewhere in this prospectus.

#### 所得税费用

#### Provision for Income Taxes

在所呈报的季度，所得税费用并不重大。

Provision for income taxes was not material for the quarters presented.

#### 季度调整后经营利润（亏损）与调整后经营利润率

#### Quarterly Adjusted Operating Income (Loss) and Adjusted Operating Margin

截至三个月

Three Months Ended

(单位：百万，除非

(in million s, except for

百分比)

percentages)

202620262025202520252025 · March 31, · June 30, · September 30, · December 31, · March 31, · June 30, 经营利润（亏损） · $(935) · $(1,200) · $(3,089) · $(2,836) · $(1,667) · $974 股权激励费用 · 105 · 181 · 305 · 574 · 924 · 1,261

202620262025202520252025 · March 31, · June 30, · September 30, · December 31, · March 31, · June 30, Operating income (loss) · $(935) · $(1,200) · $(3,089) · $(2,836) · $(1,667) · $974 Stock-based compensation expense · 105 · 181 · 305 · 574 · 924 · 1,261

非现金慈善捐赠(1)

Non-cash charitable contributions(1)

— · — · — · 541 · 126 · — Bartz 和解(2) · — · — · 1,500 · — · — · — 调整后经营

— · — · — · 541 · 126 · — Bartz settlement(2) · — · — · 1,500 · — · — · — Adjusted Operating

收入（亏损）

Income (Loss)

$(830) · $(1,019) · $(1,284) · $(1,721) · $(617) · $2,235 收入 · $376 · $787 · $1,382 · $2,040 · $4,731 · $11,555 经营利润率 · (249)% · (152)% · (224)% · (139)% · (35)% · 8 % 调整后经营

$(830) · $(1,019) · $(1,284) · $(1,721) · $(617) · $2,235 Revenue · $376 · $787 · $1,382 · $2,040 · $4,731 · $11,555 Operating margin · (249)% · (152)% · (224)% · (139)% · (35)% · 8 % Adjusted Operating

保证金

Margin

(221)% · (129)% · (93)% · (84)% · (13)% · 19 %

(221)% · (129)% · (93)% · (84)% · (13)% · 19 %

______________

______________

(1) [__] 涉及我们捐赠配捐计划产生的非现金费用，其价值与员工股权奖励挂钩，并计入其他运营及管理费用。

(1) [__] Relates to non-cash charges from our donation matching program, the value of which is linked to employee equity awards and recorded in other operating and administrative expenses.

(2) 已从我们调整后经营利润（亏损）的计算中剔除，因为其不能反映持续经营情况。

(2) Excluded from our calculation of Adjusted Operating Income (Loss) as it is not indicative of ongoing operations.

#### 季度调整后净利润（亏损）

#### Quarterly Adjusted Net Income (Loss)

截至三个月 （单位：百万美元） · 3 月 31 日 · 2025 年 6 月 30 日 · 2025 年 9 月 30 日 · 2025 年 12 月 31 日 · 2025 年 3 月 31 日 · 2026 年 6 月 30 日 · 2026 年 净亏损(1) · $(6,592) · $(6,377) · $(12,138) · $(16,858) · $(14,439) · $(66,309) 股权激励费用 · 105 · 181 · 305 · 574 · 924 · 1,261

Three Months Ended (in millions) · March 31, · 2025 June 30, · 2025 September 30, · 2025 December 31, · 2025 March 31, · 2026 June 30, · 2026 Net loss(1) · $(6,592) · $(6,377) · $(12,138) · $(16,858) · $(14,439) · $(66,309) Stock-based compensation expense · 105 · 181 · 305 · 574 · 924 · 1,261

非现金慈善捐赠(2)

Non-cash charitable contributions(2)

— · — · — · 541 · 126 · — Bartz 和解(3) · — · — · 1,500 · — · — · — 可转换票据、衍生负债及 SAFE 的公允价值变动 · 5,701 · 5,241 · 9,165 · 14,201 · 12,791 · 59,597

— · — · — · 541 · 126 · — Bartz settlement(3) · — · — · 1,500 · — · — · — Change in fair value of convertible notes, derivative liabilities, and SAFEs · 5,701 · 5,241 · 9,165 · 14,201 · 12,791 · 59,597

某些按市值计量的金融工具的公允价值变动

Change in fair value of certain mark-to-market financial instruments

— · — · — · 3 · 288 · 8,432

— · — · — · 3 · 288 · 8,432

调整后净利润（亏损）

Adjusted Net Income (Loss)

$(786) · $(955) · $(1,168) · $(1,539) · $(310) · $2,981

$(786) · $(955) · $(1,168) · $(1,539) · $(310) · $2,981

______________

______________

(1) [__] 包括可转换票据、衍生负债及 SAFE 的公允价值变动，截至 2025 年 3 月 31 日、2025 年 6 月 30 日、2025 年 9 月 30 日、2025 年 12 月 31 日、2026 年 3 月 31 日及 2026 年 6 月 30 日止三个月分别为$5.7 billion、$5.2 billion、[__] $9.2 billion、$14.2 billion、$12.8 billion 及$59.6 billion，主要由于各相应期间我们的企业估值上升导致未偿还可转换本票的公允价值增加。

(1) [__] Includes change in fair value of convertible notes, derivative liabilities, and SAFEs, which were $5.7 billion, $5.2 billion, [__] $9.2 billion, $14.2 billion, $12.8 billion, and $59.6 billion for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, respectively, primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods.

(2) 涉及我们捐赠配捐计划产生的非现金费用，其价值与员工股权奖励挂钩，并计入其他运营及行政费用。

(2) Relates to non-cash charges from our donation matching program, the value of which is linked to employee equity awards and recorded in other operating and administrative expenses.

(3) 因其不能反映持续经营情况，已从我们调整后净利润（亏损）的计算中剔除。

(3) Excluded from our calculation of Adjusted Net Income (Loss) as it is not indicative of ongoing operations.

流动性与资本资源 Liquidity and Capital Resources

自成立以来，我们主要通过发行可转换本票、可赎回可转换优先股所得款项、销售产生的现金以及未来股权简单协议（SAFE）来为我们的运营、公司投资和资本支出提供资金。迄今为止，我们主要根据与云服务商（CSP）的安排，以及通过上述融资活动所得款项和运营产生的现金，为我们的算力和基础设施提供资金。截至 2026 年 6 月 30 日，我们拥有现金及现金等价物 $112.4 billion、短期投资 $19.3 billion，以及下文所述信贷融资（Credit Facility）项下可用的 $3.2 billion。现金及现金等价物包括存放于支票账户和计息账户的现金、货币市场基金，以及自购买之日起原始到期期限为三个月或更短的其他高流动性投资。

Since inception, we have financed our operations, corporate investments, and capital expenditures primarily through proceeds from the issuance of convertible promissory notes, redeemable convertible preferred stock, cash generated from sales, and SAFEs. To date, we have financed our compute and infrastructure primarily under arrangements with our CSPs, as well as through proceeds from the financing activities described above and cash generated from operations. As of June 30, 2026, we had cash and cash equivalents of $112.4 billion, $19.3 billion of short-term investments, and $3.2 billion available under the Credit Facility, as described below. Cash and cash equivalents consist of cash held in checking and interest-bearing accounts, money market funds, and other highly liquid investments with original maturities of three months or less from the date of purchase.

我们的运营已产生亏损，累计赤字为 $132.9 billion，其中包括与可转换票据公允价值变动相关的 $113.2 billion，该变动由自 2023 年以来我们企业估值和衍生负债的上升所驱动，其中 $72.4 billion 发生于截至 2026 年 6 月 30 日的六个月期间。此外，我们在 2023 年、2024 年和 2025 年产生了经营活动和投资活动的负现金流，原因是支持业务增长的持续支出，包括为确保获得更多算力和基础设施容量而进行的投资。我们继续投资于自有数据中心基础设施，并签订算力和基础设施容量安排，以支持对我们智能服务的预期需求。鉴于从签约、购买或租赁算力到该算力可供服务工作负载之间存在较长的前置时间，我们会在预期需求之前提前锁定这些安排。为锁定某些数据中心开发项目（这些项目需要在部署前作出重大资本承诺），我们在某些情况下已依赖、并预计将继续依赖与融资方或合作伙伴的安排，由后者为租赁义务提供担保，以支持预计将承载该等合作伙伴芯片或计算基础设施的数据中心容量的开发。我们未来通过该等安排扩大算力和基础设施容量的能力，可能取决于有限数量的云服务商（CSP）、合作伙伴和融资方是否持续愿意并有能力订立并履行该等安排。在某些情况下，我们还可能在设备或基础设施交付之前付款。我们预计在可预见的未来将进行重大且不断增加的投资，包括在交付之前投资于自有或租赁的算力和基础设施。这些投资有助于确保我们拥有技术资源，以维持并扩大我们在前沿 AI 领域的地位。

We have generated losses from our operations, as reflected in our accumulated deficit of $132.9 billion, which includes $113.2 billion related to changes in the fair value of our convertible notes driven by increases in our enterprise valuation and derivative liabilities since 2023, including $72.4 billion during the six months ended June 30, 2026. Additionally, we have generated negative cash flows from operating and investing activities in 2023, 2024, and 2025, driven by ongoing expenditures to support business growth including investments to secure access to more compute and infrastructure capacity. We continue to invest in our own data center infrastructure and enter into compute and infrastructure capacity arrangements to support anticipated demand for our intelligence service. Given the long lead times between contracting for, purchasing, or leasing compute and that compute becoming available to serve workloads, we secure these arrangements well in advance of anticipated demand. To secure certain data center development projects, which require significant capital commitments in advance of deployment, we have in some cases relied, and expect to continue to rely, on arrangements with financing sources or partners who guarantee the lease obligations to support the development of data center capacity that is expected to host such partner’s chips or computing infrastructure. Our ability to expand compute and infrastructure capacity through these arrangements in the future may depend on the continued willingness and ability of a limited number of CSPs, partners, and financing sources to enter into and perform under such arrangements. In some cases, we may also make payments in advance of the delivery of the equipment or infrastructure. We anticipate making significant and increased investments for the foreseeable future, including for owned or leased compute and infrastructure in advance of delivery. These investments help ensure we have the technological resources to maintain and expand our position at the frontier of AI.

我们为构建算力和基础设施而不断加大的投入需要大量资本支出，并正在改变我们业务的现金流特征。通过我们的云服务商（CSP）安排购买的算力通常是在算力可供我们使用时支付，但我们预计，我们算力和基础设施投资中越来越大的部分将以资本支出和其他承诺的形式出现，包括租赁义务，这些都需要在相关算力投入运营之前很早就进行大额预付款。随着我们扩大建设规模，我们预计资本支出将大幅增加，并且我们预计这些投资将在可预见的未来导致经营活动和投资活动产生大量净现金流出。无论我们的财务表现是否改善，我们在这些活动中的净现金流出都可能增加。这些投资的规模和时点本身具有不确定性，并可能在短期内发生重大变化，包括由于决定加速或扩大我们的建设规模，而此类变化可能迅速且显著地影响我们在某一期间的现金流。此外，这些投资受到已知趋势和不确定性的影响，可能对我们的经营业绩产生不利影响。前沿模型开发所需的算力和芯片仅可从有限数量的供应商和地区获得，并面临激烈竞争、供应限制和不断演变的出口管制，而我们历来在算力受限的环境中运营，其中算力需求超过了我们可获得的供应。此外，我们所依赖的某些云服务商（CSP）和芯片合作伙伴向我们提供资本或信贷支持，担任我们的基础设施供应商，并开发和提供与我们竞争的 AI 模型和服务。这些关系可能引发利益冲突，影响我们获得算力的渠道、其成本、我们工作负载的优先级，或此类资本或信贷支持提供的条款。有关这些及其他风险的讨论，请参见题为“风险因素”的章节。

Our increasing efforts to build out our compute and infrastructure require substantial capital expenditures and are changing the cash flow profile of our business. Whereas the compute purchased through our CSP arrangements is generally paid as the compute becomes available to us, we expect an increasing portion of our compute and infrastructure investment to take the form of capital expenditures and other commitments, including lease obligations, that require significant upfront payments well in advance of the related compute becoming operational. We expect our capital expenditures to increase significantly as we expand our build-out, and we expect these investments to result in significant net cash used in operating and investing activities for the foreseeable future. Our net cash used in these activities may increase regardless of whether our financial performance improves. The magnitude and timing of these investments are inherently uncertain and may change materially over short periods, including as a result of decisions to accelerate or expand our build-out, and such changes could rapidly and significantly affect our cash flows for a given period. In addition, these investments are subject to known trends and uncertainties that could adversely affect our results of operations. The compute and chips necessary for frontier model development are available from a limited number of suppliers and geographies and are subject to intense competition, supply constraints, and evolving export controls, and we have historically operated in a compute-constrained environment in which demand for compute has exceeded the supply available to us. In addition, certain of the CSPs and chip partners on which we rely provide us capital or credit support, serve as our infrastructure vendors, and develop and offer AI models and services that compete with ours. These relationships could give rise to conflicts of interest that affect our access to compute, its cost, the prioritization of our workloads, or the terms on which such capital or credit support is provided. For a discussion of these and other risks, see the section titled “Risk Factors.”

我们相信，我们现有的可用现金及现金等价物，连同销售产生的现金以及我们 A&R 信贷融资（定义见下文）项下的可用金额，将足以支持自本招股说明书日期起至少未来 12 个月的营运资金、经营租赁和融资租赁付款以及资本支出需求。然而，我们未来的资本需求将取决于许多因素，包括我们的收入增长、我们在算力和基础设施能力方面投资的时间和规模（包括额外的或扩大的 CSP、设备租赁和数据中心安排）、我们的销售、营销和业务发展策略的成功与扩展、任何潜在的未来对互补业务、产品、技术、资产和人才的投资、与 AI 行业相关的风险，以及“影响我们业绩的关键因素”中描述的其他因素。由于这些因素和其他因素，我们可能被要求比目前预期更早地寻求额外融资。即使我们确定需要额外融资，我们也可能无法以可接受的条款筹集到融资，或根本无法筹集到。任何此类融资（如果完成）可能成本高昂、具有稀释性，或导致对我们经营业务方式的限制。如果我们无法在需要时筹集额外资本，或者如果我们因缺乏足够资本而无法扩展运营或以其他方式利用我们的商业机会，我们的业务、财务状况、经营业绩和现金流量将受到不利影响。

We believe our existing available cash and cash equivalents, together with cash generated from sales and amounts available under our A&R Credit Facility (as defined below), will be sufficient to support working capital, operating and finance lease payments, and capital expenditure requirements for at least the next 12 months from the date of this prospectus. However, our future capital requirements will depend on many factors, including our revenue growth, the timing and extent of our investments in compute and infrastructure capacity, including additional or expanded CSP, equipment lease, and data center arrangements, the success and expansion of our sales, marketing, and business development strategies, any potential future investment in complementary businesses, products, technologies, assets, and talent, risks associated with the AI industry, and other factors described under “Key Factors Affecting Our Performance.” As a result of these and other factors, we may be required to seek additional financing sooner than we currently anticipate. Even if we determine that additional financing is required, we may not be able to raise it on terms acceptable to us or at all. Any such financing, if completed, may be costly, dilutive, or lead to restrictions on how we operate our business. If we are unable to raise additional capital when required, or if we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, financial condition, results of operations, and cash flows would be adversely affected.

从长期来看，随着我们继续投资于业务（主要用于算力和基础设施，包括我们的数据中心基础设施建设），以及一般运营需求，我们预计将有重大的现金需求。我们预计将通过以下方式的组合来为这些长期现金需求提供资金：经营活动产生的现金流量、股权融资所得款项（包括本次发行的净收益）、债务融资所得款项和潜在的未来债务，以及与合作伙伴的融资安排（包括根据我们的票据购买协议以及我们的设备租赁和数据中心安排）。我们长期满足这些需求的能力取决于我们增长收入、产生经营活动现金流量以及以可接受条款获得额外资本的能力。如果无法获得足够资金，我们可能被要求减少、推迟或放弃计划中的投资，这可能对我们的业务、竞争地位和经营业绩产生不利影响。

Over the longer term, we expect to have significant cash requirements as we continue to invest in our business, primarily for compute and infrastructure, including our data center infrastructure build-out, as well as for general operating needs. We expect to fund these long-term cash requirements through a combination of cash flows from operations, proceeds from equity financings, including the net proceeds from this offering, proceeds from debt financings and potential future indebtedness, and financing arrangements with our partners, including under our note purchase agreements and our equipment lease and data center arrangements. Our ability to meet these requirements over the long term depends on our ability to grow our revenue and generate cash flows from operations and to access additional capital on acceptable terms. If sufficient funds are not available, we may be required to reduce, defer, or forgo planned investments, which could adversely affect our business, competitive position, and results of operations.

#### 循环信贷协议

#### Revolving Credit Agreement

2025 年 5 月，我们与不时参与其中的若干贷款方以及作为贷款方行政代理人和担保代理人的 Morgan Stanley Senior Funding, Inc.签订了信贷协议（经不时修订，直至《修订及重述信贷协议》（定义见下文）签署之日，简称“信贷协议”），该协议最初提供了一笔 25 亿美元的高级担保循环信贷额度，其中包含 4 亿美元的信用证子限额（简称“初始信贷额度”）。2025 年 9 月，我们修订了初始信贷额度，将循环承诺总额增加至 27.5 亿美元；2025 年 11 月，我们进一步修订了初始信贷额度，将循环承诺总额增加至 32.5 亿美元（经修订的初始信贷额度，简称“信贷额度”）。截至 2026 年 6 月 30 日，我们在信贷额度项下无未偿还借款，并有 78 百万美元的备用信用证未结清。截至 2026 年 6 月 30 日，我们遵守了信贷协议项下的所有契约。

In May 2025, we entered into a Credit Agreement (as amended from time to time prior to the A&R Credit Agreement (as defined below), the “Credit Agreement”) with certain lenders from time to time party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent for the lenders, which initially provided for a $2.5 billion senior secured revolving credit facility with a $400 million letter of credit sublimit (the “Initial Credit Facility”). In September 2025, we amended the Initial Credit Facility to increase the aggregate revolving commitments to $2.75 billion and in November 2025, we further amended the Initial Credit Facility to increase the aggregate revolving commitments to $3.25 billion (the Initial Credit Facility, as amended, the “Credit Facility”).As of June 30, 2026, we had no borrowings drawn under the Credit Facility and $78 million of standby letters of credit outstanding. As of June 30, 2026, we were in compliance with all covenants under the Credit Agreement.

2026 年 9 月，我们签订了《修订及重述信贷协议》（以下简称“A&R 信贷协议”），该协议对原信贷协议进行了修订及重述，以提供一项 150 亿美元的高级担保循环信贷融资，其全部额度均可用于开立信用证（以下简称“A&R 信贷融资”）。A&R 信贷融资将于 2031 年 9 月 4 日到期，但若在我们某些债务项下合计超过 500 百万美元的预定现金本金付款须在任何该等预定本金付款到期日之前的 91 天期间内支付，而我们没有足够的流动性支付届时到期的全部该等款项并保持符合我们的财务契约（按备考基础计算），则可能提前触发到期，但须遵守 A&R 信贷协议中规定的某些其他例外和条件。A&R 信贷融资的所得款项可用于营运资金、一般公司用途及其他合法用途。我们可根据 A&R 信贷协议的条款，请求以美元或某些其他约定货币进行借款。

In September 2026, we entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”), which amended and restated the Credit Agreement to provide for a $15 billion senior secured revolving credit facility with the full amount thereof available for letters of credit (the “A&R Credit Facility”). The A&R Credit Facility will mature on September 4, 2031, subject to earlier springing maturity if more than $500 million in aggregate scheduled cash principal payments on certain of our indebtedness are required within the 91-day period preceding the date on which any such scheduled principal payment is due, and we do not have sufficient liquidity to make all such payments then due and remain in pro forma compliance with our financial covenant, subject to certain other exceptions and conditions set forth in the A&R Credit Agreement. The proceeds of the A&R Credit Facility may be used for working capital, general corporate purposes, and other lawful purposes. We may request borrowings in U.S. dollars or certain other agreed currencies, subject to the terms of the A&R Credit Agreement.

我们可能会不时根据 A&R 信贷安排借入、偿还并再借入款项。我们需要就 A&R 信贷安排未使用的部分支付承诺费，并就信用证支付相关费用。在担保与抵押解除日（定义见下文）及之后，该等承诺费将根据我们的信用评级而有所不同，具体载于 A&R 信贷协议。我们在 A&R 信贷安排项下的义务须由我们的若干重要子公司提供担保，并以我们及该等子公司担保人的实质上全部资产作为抵押，但须受 A&R 信贷协议中规定的若干例外和排除条款的约束。A&R 信贷协议进一步规定，在我们已从 Moody's、S&P 和 Fitch 三家中的至少两家获得投资级评级（定义见 A&R 信贷协议）之日及之后，经我们选择，为 A&R 信贷安排项下义务提供担保的所有担保和担保权益将被解除、清偿并终止，但须受 A&R 信贷协议中规定的若干条件的约束（该日期称为“担保与抵押解除日”）。

We may borrow, repay, and reborrow amounts under the A&R Credit Facility from time to time. We are required to pay commitment fees on the unused portion of the A&R Credit Facility and fees in connection with letters of credit. On and after the Guarantee and Collateral Release Date (as defined below), such commitment fees will vary depending on our credit ratings, as set forth in the A&R Credit Agreement. Our obligations under the A&R Credit Facility are required to be guaranteed by certain of our material subsidiaries and secured by substantially all of our assets and the assets of such subsidiary guarantors, subject to certain exceptions and exclusions set forth in the A&R Credit Agreement. The A&R Credit Agreement further provides that, on and after the date we have obtained an Investment Grade Rating (as defined in the A&R Credit Agreement) from at least two out of three of Moody’s, S&P, and Fitch, at our election, all guarantees and security interests securing the obligations under the A&R Credit Facility will be released, discharged, and terminated, subject to certain conditions set forth in the A&R Credit Agreement (such date, the “Guarantee and Collateral Release Date”).

A&R 信贷安排项下的借款按基于替代基准利率（定义见 A&R 信贷协议）、期限 SOFR 利率（定义见 A&R 信贷协议）的利率计息，如为外币，则按其他适用基准利率计息，另加适用利差。自担保与抵押解除日及之后，该适用利差将根据我们的信用评级而有所不同，具体详见 A&R 信贷协议。此外，A&R 信贷协议包含惯常的肯定性及否定性承诺，包括但不限于对额外债务、留置权、资产出售、投资、合并和限制性付款的限制。在担保与抵押解除日及之后，限制资产出售、投资、限制性付款和关联方交易的否定性承诺将不再适用，而限制额外债务和留置权的否定性承诺将在某些方面作出修改，包括允许额外债务，但须受限于以不为 A&R 信贷安排提供担保的资产作为担保的某些债务、或由并非 A&R 信贷安排项下担保人的受限子公司发生或担保的某些债务的上限。A&R 信贷协议包含一项财务承诺，要求我们自截至 2026 年 12 月 31 日的财季起，在每个财季的最后一日维持至少 $5.0 billion 的流动性。A&R 信贷协议还包含惯常的违约事件，一旦触发，可能导致 A&R 信贷安排项下到期金额被加速到期，并终止其项下的承诺。

Borrowings under the A&R Credit Facility bear interest at rates based on either the Alternate Base Rate (as defined in the A&R Credit Agreement), Term SOFR Rate (as defined in the A&R Credit Agreement), or other applicable benchmark rates in the case of foreign currencies, plus an applicable margin. From and after the Guarantee and Collateral Release Date, such applicable margin will vary depending on our credit ratings, as more fully set forth in the A&R Credit Agreement. In addition, the A&R Credit Agreement includes customary affirmative and negative covenants, including, but not limited to, restrictions on additional indebtedness, liens, asset sales, investments, mergers, and restricted payments. On and after the Guarantee and Collateral Release Date, the negative covenants limiting asset sales, investments, restricted payments, and affiliate transactions will cease to apply and the negative covenants restricting additional indebtedness and liens will be modified in certain respects, including to permit additional indebtedness, subject to a cap on certain indebtedness that is secured by assets that do not secure the A&R Credit Facility or that is incurred or guaranteed by restricted subsidiaries that are not guarantors under the A&R Credit Facility. The A&R Credit Agreement includes a financial covenant requiring that we maintain liquidity of at least $5.0 billion as of the last day of each fiscal quarter, beginning with the fiscal quarter ending December 31, 2026. The A&R Credit Agreement also includes customary events of default, which, if triggered, could result in the acceleration of amounts due under the A&R Credit Facility and termination of the commitments thereunder.

#### AMD 协议

#### AMD Agreement

2026 年 7 月，我们与 Advanced Micro Devices, Inc.（“AMD”）签订了硬件供应框架协议（“硬件供应协议”），以购买、租赁或获取搭载 AMD Instinct™ MI450 系列 GPU 的基于 AMD 的 Helios 机架级系统。根据硬件供应协议的条款，AMD 已作出承诺，将购买最多$5.0 billion 的我们的 N 类普通股，该承诺在实现特定的 AMD GPU 交付和部署里程碑后，可供我们按增量提取。根据硬件供应协议所设想的部署时间表，我们预计首个此类里程碑将于 2027 年实现。本次发行完成后，任何对我们 N 类普通股的购买将以等于紧接该购买适用交割日期前 30 个交易日内我们 A 类普通股成交量加权平均价格的价格每股进行，且我们必须在硬件供应协议项下 AMD GPU 产能最终交付和部署后的 12 个月内提出任何提取请求。

In July 2026, we entered into a hardware supply framework agreement (the “Hardware Supply Agreement”) with Advanced Micro Devices, Inc. (“AMD”) to purchase, lease, or access AMD-based Helios rack-scale systems featuring AMD Instinct™ MI450 series GPUs. Pursuant to the terms of the Hardware Supply Agreement, AMD has provided a commitment to purchase up to $5.0 billion of our Class N common stock, which becomes available for us to draw on in increments following the achievement of specified AMD GPU delivery and deployment milestones. Based on the deployment schedule contemplated by the Hardware Supply Agreement, we expect the first of such milestones to be achieved in 2027. Following the completion of this offering, any purchases of our Class N common stock will be made at a price per share equal to the volume-weighted average price of our Class A common stock over the 30 trading days immediately preceding the applicable closing date of such purchase, and we must make any draw request within 12 months following the final delivery and deployment of AMD GPU capacity under the Hardware Supply Agreement.

#### 可转换票据

#### Convertible Notes

概述

Overview

我们已分别与 Google（通过 Google LLC）、Amazon（通过 Amazon Web Services, Inc.）和 Broadcom 签订了 NPA，规定发行可转换本票，并在某些情况下发行我们的无表决权资本股票。我们与 Google 的 NPA 包括于 2023 年 9 月和 2024 年 8 月签订的协议，根据该等协议，此前据此发行的所有可转换本票已全部转换为无表决权可赎回可转换优先股，且根据该等协议不得再发行额外票据，以及于 2026 年 3 月签订的协议（“Google 2026 NPA”），该协议规定了潜在的未来融资能力，但须满足下文所述的某些条件。我们与 Amazon 的 NPA 包括 Amazon 2023 NPA 和 Amazon 2024 NPA，根据该等协议，我们此前发行了可转换本票，其中约$6.2 billion 的合计本金金额仍未偿还，如下文“——未偿还票据”所述，且根据该等协议不得再发行额外票据，以及我们与 Amazon 于 2026 年 4 月 20 日签订的 2026 年股票购买和可转换票据融资协议（“Amazon 2026 NPA”），该协议规定了潜在的未来融资能力，但须满足下文所述的某些条件。Infrastructure Partner 2026 NPA 规定了潜在的未来融资能力（如需要），但须满足下文所述的某些条件。与我们的未偿还票据和潜在未来融资能力相关的 NPA 的主要经济条款概述于下表。若某项 NPA 产生未来发行票据的义务，该义务在我们的合并资产负债表上作为衍生负债核算，直至相关票据发行。有关更多信息，包括这些协议项下票据的历史发行和转换情况，请参阅本招股说明书其他部分所载我们合并财务报表的附注 9 和 16。

We have entered into NPAs with each of Google (through Google LLC), Amazon (through Amazon Web Services, Inc.), and Broadcom that provide for the issuance of convertible promissory notes and, in certain cases, shares of our non-voting capital stock. Our NPAs with Google consist of agreements entered into in September 2023 and August 2024, pursuant to which all convertible promissory notes previously issued thereunder have been fully converted into non-voting redeemable convertible preferred stock and under which no additional notes may be issued, and an agreement entered into in March 2026 (“Google 2026 NPA”), which provides for potential future financing capacity, subject to certain conditions described below. Our NPAs with Amazon consist of the Amazon 2023 NPA and the Amazon 2024 NPA, pursuant to which we previously issued convertible promissory notes, approximately $6.2 billion aggregate principal amount of which remains outstanding as described below under “—Outstanding Notes,” and under which no additional notes may be issued, and the 2026 Stock Purchase and Convertible Note Facility Agreement, dated as of April 20, 2026, by and between us and Amazon (“Amazon 2026 NPA”), which provides for potential future financing capacity, subject to certain conditions described below. The Infrastructure Partner 2026 NPA provides for potential future financing capacity, if needed, subject to certain conditions described below. The principal economic terms of the NPAs that relate to our outstanding notes and potential future financing capacity are summarized in the tables below. To the extent an NPA creates an obligation to issue notes in the future, that obligation is accounted for as a derivative liability on our consolidated balance sheets until the related note is issued. For additional information, including the historical issuance and conversion of notes under these agreements, see Notes 9 and 16 to our consolidated financial statements included elsewhere in this prospectus.

未偿还票据

Outstanding Notes

下表汇总了截至 2026 年 6 月 30 日我们 NPAs 项下尚未偿还的票据，这些票据全部为根据 Amazon 2023 NPA 和 Amazon 2024 NPA 向 Amazon 发行的无息展期票据，这两项协议均未规定可发行额外票据。根据适用票据的条款，除非 Amazon 自行决定豁免该限制，否则在转换后 Amazon 立即持有我们超过 12% 的资本化比例（为此目的计算时，应包含我们全部已发行股本（按转换后基准）以及我们已发行股权奖励和其他已发行可转换证券所对应的股份）的情况下，票据的任何部分均不得转换。每张票据中因超过该持股上限而无法转换的部分，已作为展期票据重新发行，以替代原本应发行给 Amazon 的无投票权可赎回可转换优先股股份。

The following table summarizes the notes outstanding under our NPAs as of June 30, 2026, which consist entirely of non-interest-bearing rollover notes issued to Amazon under the Amazon 2023 NPA and the Amazon 2024 NPA, neither of which provides for the issuance of additional notes. Under the terms of the applicable notes, and unless Amazon elects in its sole discretion to waive the limitation, no portion of a note converts to the extent that, immediately following the conversion, Amazon would hold more than 12% of our capitalization, calculated for this purpose to include all of our outstanding capital stock on an as-converted basis together with shares underlying our outstanding equity awards and other outstanding convertible securities. The portion of each note that could not convert without exceeding this ownership cap was reissued as a rollover note in lieu of the shares of our non-voting redeemable convertible preferred stock that would otherwise have been issued to Amazon.

**交易对手**

**Counterparty**

未偿金额（百万美元）每股价格 (1) 可发行股份数（于

Amount Outstanding (in millions) Price Per Share (1) Shares Issuable on

转换时） · (2) Amazon · Amazon 2023

Conversion · (2) Amazon · Amazon 2023

NPA (3)

NPA (3)

$2,186 · $2.0928 · 1,044,716,970 Amazon · Amazon 2024

$2,186 · $2.0928 · 1,044,716,970 Amazon · Amazon 2024

NPA (4)

NPA (4)

4,017 · $5.0478 · 795,727,992 合计 · $6,203 · 1,840,444,962

4,017 · $5.0478 · 795,727,992 Total · $6,203 · 1,840,444,962

______________

______________

(1) [__] 就本次发行而言，票据将按表中列示的每股固定转换价格与本招股说明书封面所载 A 类普通股初始每股价格（“IPO 价格”）中的较低者转换为 N 类普通股股份，但须遵守 Amazon 的持股上限，该上限可由 Amazon 选择豁免。本次发行后，任何因持有人持股上限而无法在本次发行中转换的票据，将在每个财政季度末按该固定价格、IPO 价格以及我们 A 类普通股 10 日追踪成交量加权平均价格中的最低者进行转换，但须遵守该持续的持股上限。

(1) [__] In connection with this offering, the notes will convert, subject to Amazon’s ownership cap, which may be waived at Amazon’s election, into shares of Class N common stock at the lower of the fixed conversion price per share reflected in the table and the initial price per share of Class A common stock set forth on the cover of this prospectus (“IPO Price”). Following this offering, any notes that could not convert in connection with this offering due to the holder’s ownership cap will convert at the end of each fiscal quarter at the lowest of such fixed price, the IPO Price, and the 10-day trailing volume-weighted average price of our Class A common stock, subject to such continued ownership cap.

(2) 假设按“每股转换价格”一栏中的适用价格进行转换，并代表票据转换后可发行的 N 类普通股股份总数，未考虑持有人的持股上限。任何因超过适用持股上限而无法转换的票据本金，将作为无息“展期票据”重新发行，其条款基本一致（但因在 Amazon 持股上限范围内进行任何部分转换而导致的本金减少除外）。剩余的展期票据将在本次发行后继续存续，并如上所述在每个后续财政季度末自动转换，前提是该等转换不会超过 Amazon 的持股上限，该上限可由 Amazon 选择豁免。本次发行完成时因转换而发行的 N 类普通股股份数量，以及本次发行后作为展期票据继续存续的票据本金总额，将根据最终发行规模和 Amazon 就持股上限作出的选择确定。

(2) Assumes conversion at the applicable price in the column titled “Conversion Price Per Share” and represents the aggregate number of shares of Class N common stock issuable upon conversion of the notes, without giving effect to the holder’s ownership cap. The principal amount of any notes that cannot convert without exceeding the applicable ownership cap will be re-issued as a non-interest-bearing “rollover note” with substantially identical terms (other than any reduction in principal as a result of any partial conversion up to Amazon’s ownership cap). The remaining rollover notes would remain outstanding following this offering and would automatically convert at the end of each subsequent fiscal quarter as described above, to the extent such conversion would not exceed Amazon’s ownership cap, which may be waived at Amazon’s election. The number of shares of Class N common stock issued upon conversion at the completion of this offering, and the aggregate principal amount of notes remaining outstanding as rollover notes following this offering, will be determined based on the final offering size and Amazon’s election with respect to the ownership cap.

(3) 于 2034 年 3 月到期，可提前偿还或转换。

(3) Matures March 2034, subject to earlier repayment or conversion.

(4) 反映 Amazon 2024 NPA 项下未偿票据的合计本金金额，该等票据分三批发行，将分别于 2035 年 1 月、2035 年 5 月和 2035 年 11 月到期（视情况而定），且每批均可提前偿还或转换。

(4) Reflects the aggregate principal amount of notes outstanding under the Amazon 2024 NPA, which were issued across three tranches, and will mature in January 2035, May 2035, and November 2035, as applicable, in each case subject to earlier repayment or conversion.

票据购买协议

Note Purchase Agreements

下表汇总了截至 2026 年 6 月 30 日，我们未提取的 NPA 融资安排下可发行票据的合计本金金额及未偿合计本金金额。各融资安排的主要条款在下文相应交易对手标题下描述。

The following table summarizes the aggregate principal amounts of notes that may be issued and the aggregate principal amounts outstanding under our undrawn NPA facilities as of June 30, 2026. The principal terms of each facility are described under the applicable counterparty heading below.

**交易对手**

**Counterparty**

可发行金额（百万美元）未偿金额（百万美元）到期日

Amount Available for Issuance (in millions) Amount Outstanding (in millions)Ends

Google · Google 2026

Google · Google 2026

NPA

NPA

$ 20,000(1) · $— · December · 2030 Amazon · Amazon 2026

$ 20,000(1) · $— · December · 2030 Amazon · Amazon 2026

NPA

NPA

15,000 · — · (2) Broadcom (3) · Infrastructure

15,000 · — · (2) Broadcom (3) · Infrastructure

Partner 2026 NPA

Partner 2026 NPA

42,000 · — · (4) 合计 · $77,000 · $—

42,000 · — · (4) Total · $77,000 · $—

______________

______________

(1) [__] 若 Google 行使选择权，按公开发行价格以私募方式与本发行同时购买我们的 N 类普通股，则最多可减少 $10.0 billion。详见“—Google”一节。

(1) [__] Subject to reduction by up to $10.0 billion if Google exercises its option to purchase shares of our Class N common stock in a private placement concurrent with this offering at the public offering price. See the section titled “—Google” for more information.

(2) 本发行完成后 30 个月，或与 Amazon 的若干商业协议终止时（以较早者为准）。

(2) 30 months following the completion of this offering, or earlier upon the termination of certain commercial agreements with Amazon.

(3) Broadcom 可将 Infrastructure Partner 2026 NPA 转让给指定的财务合作方，但须经我们同意（不得无理拒绝）。

(3) Broadcom may assign the Infrastructure Partner 2026 NPA to a designated financial partner, subject to our consent (not to be unreasonably withheld).

(4) 自提款期开始起五年，可提前终止。详见“—Broadcom”一节。

(4) Five years from the start of the draw period, subject to earlier termination. See the section titled “—Broadcom” for more information.

Amazon

Amazon

下表概述了 Amazon 2026 NPA 的主要条款，该协议规定了未来可能发行的可转换本票，但受下述限制约束。如上文“—未偿票据”一节所述，由于 Amazon 的持股上限，Amazon 2023 NPA 和 Amazon 2024 NPA 项下发行的票据此前已转换为无息展期票据。

The following table summarizes the principal terms of the Amazon 2026 NPA, which provides for potential future issuances of convertible promissory notes subject to the limitations described below. As described above under the section titled “—Outstanding Notes,” due to Amazon’s ownership cap, notes issued under the Amazon 2023 NPA and Amazon 2024 NPA were previously converted into non-interest-bearing rollover notes.

转换条款 协议 · 原始 本金 金额 可用额度 发行 剩余 本金 金额 可供 发行(1) 负责人 金额 未行使 · (1) 利息 费率 到期 · IPO 时 · IPO 后 Amazon 2026 NPA · $15.0

Conversion Terms Agreement · Original Principal Amount Available for Issuance Remaining Principal Amount Available for Issuance (1) Principal Amount Outstanding · (1) Interest Rate Maturity · At IPO · Post-IPO Amazon 2026 NPA · $15.0

billion

billion

$15.0 billion(2)

$15.0 billion(2)

$— · 不适用 · 自发行之日起 10 年 不适用 (2) · 每次提取通过按相关算力容量里程碑达成之日我们 A 类普通股的 30 日追踪成交量加权平均价格发行我们的 N 类普通股来结算，但须遵守持股上限。 A 类普通股，以相关算力容量里程碑达成之日为准，但须遵守持股上限。

$— · N/A · 10 years from date of issuance N/A (2) · Each draw is settled by issuing shares of our Class N common stock at a price equal to the 30-day trailing volume-weighted average price of our Class A common stock as of the date the relevant compute capacity milestone is achieved, subject to the ownership cap.

______________

______________

(1) [__] 截至 2026 年 6 月 30 日。

(1) [__] As of June 30, 2026.

(2) 我们预计在本发售完成之前，不会根据 Amazon 2026 NPA 发行任何票据。

(2) We do not expect any notes to be issued under the Amazon 2026 NPA prior to the completion of this offering.

根据 Amazon 2026 NPA 发行票据或股份的期限为以下两者中较早者：(i) 本次发售完成后 30 个月，以及 (ii) 我们与 Amazon 之间的某些商业协议终止之时。根据我们与 Amazon 之间的某些商业协议，在实现相关算力容量里程碑后，Amazon 2026 NPA 项下的额度将以 $5.0 billion 为增量向我们提供；而在我们首次公开发行之前发行的票据，可根据我们的提款请求以 $1.0 billion 为增量发行。

Note or share issuances under the Amazon 2026 NPA may be made until the earlier of (i) 30 months after this offering and (ii) the termination of certain commercial agreements between us and Amazon. Amounts under the Amazon 2026 NPA will become available to us in $5.0 billion increments following the achievement of the relevant compute capacity milestones pursuant to certain commercial agreements between us and Amazon, and notes issued prior to our initial public offering may be issued in $1.0 billion increments upon our draw requests.

若在转换票据时发行我们的 N 类普通股将导致超过 Amazon 的持股上限，则无法转换的该等票据本金金额将作为无息展期票据重新发行，该票据自发行之日起 10 年到期，并可在每个财政季度末转换为我们的 N 类普通股股份，任何未转换余额在到期时以现金支付，或经 Amazon 选择，以 Amazon 根据我们的商业协议欠付我们的某些款项进行抵销。有关我们向 Amazon 发行的未偿票据的更多信息，请参见标题为“—可转换票据—未偿票据”的章节。

To the extent shares of our Class N common stock cannot be issued upon conversion of the notes without exceeding Amazon’s ownership cap, the principal amount of such note that could not be converted will be re-issued as a non-interest-bearing rollover note maturing 10 years from issuance and convertible into shares of our Class N common stock at the end of each fiscal quarter, with any unconverted balance payable in cash at maturity or, at Amazon’s election, by set-off against certain amounts Amazon owes us under our commercial agreements. See the section titled “—Convertible Notes—Outstanding Notes” for more information on our outstanding notes issued to Amazon.

在若干清算交易中，Amazon 可选择收取现金以代替转换。在发生特定违约事件时，我们可能被要求分五期等额偿还票据的未偿本金金额及应计利息。

In connection with certain liquidation transactions, Amazon may elect to receive cash in lieu of conversion. Upon specified events of default, we may be required to repay the outstanding principal amount of notes and accrued interest in five equal installments.

Broadcom

Broadcom

下表概述了 Infrastructure Partner 2026 NPA 的主要条款，根据该协议，我们可在需要时发行可转换本票，仅用于为 2026 租赁安排项下的季度租金义务提供融资。请参见标题为“—合同义务—基础设施设备租赁”的章节。

The following table summarizes the principal terms of the Infrastructure Partner 2026 NPA under which we may issue, if needed, convertible promissory notes solely to finance quarterly rent obligations under the 2026 Lease Arrangement. See the section titled “—Contractual Obligations—Infrastructure Equipment Leases.”

转换条款 协议 · 原始 本金 金额 可供 发行 剩余 本金 金额 可供 发行 (1) 未偿 本金 金额 (1) 利率 · 到期日 · IPO 时 · IPO 后

Conversion Terms Agreement · Original Principal Amount Available for Issuance Remaining Principal Amount Available for Issuance (1) Principal Amount Outstanding (1) Interest Rate · Maturity · At IPO · Post-IPO

Infrastructure Partner

Infrastructure Partner

2026 NPA (2) $42.0 billion $42.0 billion(3)

2026 NPA (2) $42.0 billion $42.0 billion(3)

$— · 9.00% 每

$— · 9.00% per

年（4）

annum (4)

60 个月

60 months

自提款期开始起，就首批发行的 $24.0 billion 本票而言为 63 个月，就超过 $24.0 billion 但低于 $32.0 billion 的金额而言为 63 个月，以及

from the start of the draw period for the first $24.0 billion of notes issued, 63 months for amounts exceeding $24.0 billion but less than $32.0 billion, and

就超过 $32.0 billion 的金额而言为 57 个月

57 months for amounts exceeding $32.0 billion

不适用 (3) · 持有人可选择将任何未偿票据转换为我们的 N 类普通股股份，转换价格等于 30 天 成交量加权平均价的 90%，该平均价基于我们的 A 类普通股(4)

N/A (3) · The holder may elect to convert any outstanding notes into shares of our Class N common stock at a conversion price equal to 90% of the 30-day trailing volume- weighted average price of our Class A common stock(4)

______________

______________

(1) [__] 截至 2026 年 6 月 30 日。

(1) [__] As of June 30, 2026.

(2) Broadcom 可将 Infrastructure Partner 2026 NPA 转让给指定的财务合作伙伴，但须经我们同意（不得无理拒绝）。

(2) Broadcom may assign the Infrastructure Partner 2026 NPA to a designated financial partner, subject to our consent (not to be unreasonably withheld).

(3) 我们预计在本发行完成之前，不会根据 Infrastructure Partner 2026 NPA 发行任何本票。

(3) We do not expect any notes to be issued under the Infrastructure Partner 2026 NPA prior to the completion of this offering.

(4) 本票利息以实物支付，即把应计利息资本化计入本金。在未满足某些收入业绩条件的期间内发行的任何本票，按年利率 13.00% 计息，并按适用价格的 85%（而非 90%）转换。

(4) Interest on the notes is paid in kind by capitalizing accrued interest into principal. Any notes issued during a period in which certain revenue performance conditions are not met bear interest at 13.00% per annum and convert at 85%, rather than 90%, of the applicable price.

如有需要，我们可在提款期开始（该提款期尚未开始，并将在基础设施设备根据 2026 年租赁安排条款达到可使用状态时开始）五周年之前，根据 Infrastructure Partner 2026 NPA 发行本票，但在某些情况下可提前终止，且仅用于为 2026 年租赁安排项下的季度租金付款提供融资。我们根据 Infrastructure Partner 2026 NPA 发行本票的能力受多种条件约束，包括某些收入增长率条件（该等条件显著低于我们在 2025 年所有季度以及 2026 年迄今的实际收入增长率）、我们持续遵守 A&R 信贷融资项下的最低流动性要求、我们持续履行租赁安排（定义见下文）项下的义务；如果这些条件在持续一段时间内未得到满足，我们发行这些本票的能力即告终止。我们在本票项下的义务由我们的某些子公司提供担保，并与该等担保一起，以 2026 年租赁安排的担保物作为次级担保。

We may issue notes under the Infrastructure Partner 2026 NPA, if needed, through the fifth anniversary of the start of the draw period (which has not yet commenced and which will begin upon the serviceability of the infrastructure equipment pursuant to the terms of the 2026 Lease Arrangement), subject to earlier termination in certain circumstances, solely to finance quarterly rent payments under the 2026 Lease Arrangement. Our ability to issue notes under the Infrastructure Partner 2026 NPA is subject to various conditions, including certain revenue growth rate conditions that are significantly below our actual revenue growth rates during all quarters of 2025 and thus far in 2026, our continued compliance with the minimum liquidity requirement under the A&R Credit Facility, and our continued performance under the Lease Arrangements (as defined below), and our ability to issue these notes terminates if these conditions are not met for a sustained period. Our obligations under the notes are guaranteed by certain of our subsidiaries and, together with such guarantees, are secured on a junior basis by the collateral securing the 2026 Lease Arrangement.

如果我们选择提前买断租赁设备，或 Broadcom 或指定财务合作伙伴根据 2026 年租赁安排要求支付约定损失赔偿，Broadcom 或指定财务合作伙伴可要求我们按上述转换价格以现金或我们的 N 类普通股股份结算部分本票。如果我们发生控制权变更或类似清算事件，Broadcom 或指定财务合作伙伴可选择收取相当于本票当时未偿本金金额及应计利息 150% 的现金，或在该清算交易交割前立即转换该等本票。

Upon an early buy-out of leased equipment at our election or if Broadcom or a designated financial partner demands a stipulated loss payment under the 2026 Lease Arrangement, Broadcom or a designated financial partner may require us to settle a portion of the notes in cash or in shares of our Class N common stock at the conversion price described above. If we experience a change of control or similar liquidation event, Broadcom or a designated financial partner may elect to receive cash equal to 150% of the then-outstanding principal amount of and accrued interest on the notes or to convert such notes immediately prior to the closing of such liquidation transaction.

基础设施合作伙伴 2026 年票据购买协议包含惯常的违约事件，包括租赁安排项下的付款违约以及对重大债务的交叉违约，一旦发生该等违约，博通或持有票据的指定财务合作伙伴可加速任何未偿票据到期并终止任何剩余承诺。就基础设施合作伙伴 2026 年票据购买协议，我们与博通订立了一份登记权协议，涉及票据转换后发行的任何 N 类普通股股份。参见“股本说明——登记权”。

The Infrastructure Partner 2026 NPA contains customary events of default, including payment defaults under the Lease Arrangements and cross-defaults to material indebtedness, upon which Broadcom or a designated financial partner that holds the notes may accelerate any outstanding notes and terminate any remaining commitment. In connection with the Infrastructure Partner 2026 NPA, we entered into a registration rights agreement with Broadcom with respect to any shares of Class N common stock issued upon conversion of the notes. See “Description of Capital Stock—Registration Rights.”

Google

Google

下表概述了 Google 2026 年票据购买协议的主要条款，该协议规定在受下述限制约束的情况下，未来可能发行票据。

The following table summarizes the principal terms of the Google 2026 NPA, which provides for potential future issuances of notes subject to the limitations described below.

转换条款 协议 · 原始 本金 金额 可供 发行 剩余 本金 金额 可供 发行 (1) 本金 金额 未偿 (1) 利率 · 到期日 · IPO 时 · IPO 后 Google 2026 年票据购买协议 · $20.0

Conversion Terms Agreement · Original Principal Amount Available for Issuance Remaining Principal Amount Available for Issuance (1) Principal Amount Outstanding (1) Interest Rate · Maturity · At IPO · Post-IPO Google 2026 NPA · $20.0

十亿

billion

$20.0 十亿(2)

$20.0 billion(2)

$— · 不适用 (2) · 不适用 (2) · 不适用 (2) · 对于 IPO 后

$— · N/A (2) · N/A (2) · N/A (2) · For post-

提款，

IPO draws,

Google 可选择收取 (i) 按双方共同商定条款发行的可转换本票，或 (ii) 按我们 A 类普通股 30 日尾随成交量加权平均价格计算的 N 类普通股股份。(3) ______________

Google may elect to receive either (i) a convertible promissory note on terms to be mutually agreed or (ii) shares of our Class N common stock at the 30-day trailing volume- weighted average price of our Class A common stock.(3) ______________

(1) [__] 截至 2026 年 6 月 30 日。

(1) [__] As of June 30, 2026.

(2) 我们预计在本次发行完成之前，不会根据 Google 2026 年票据购买协议发行任何金额。如果 Google 选择在发行后收取任何可转换本票，其条款将由我们与 Google 共同商定。参见“IPO 后”一栏。

(2) We do not expect any amounts to be issued under the Google 2026 NPA prior to the completion of this offering. If Google elects to receive any convertible promissory notes following the offering, the terms will be mutually agreed by us and Google. See the “Post-IPO” column.

(3) 如果我们与 Google 无法就可转换本票的条款达成一致，则该次提款将按我们 A 类普通股 30 日尾随成交量加权平均价格以 N 类普通股股份结算。

(3) To the extent the terms of a convertible promissory note cannot be agreed by us and Google, the draw is settled in shares of Class N common stock at the 30-day trailing volume-weighted average price of our Class A common stock.

根据 Google 2026 NPA 提出的票据发行请求可在 2030 年 12 月 31 日之前提出，其触发条件为某些第三方算力协议项下特定条件的达成以及指定的过去十二个月（TTM）收入目标的实现，而我们历史上均已超额完成该等目标。每笔票据发行分五个季度交割完成，除非 Google 选择一次性交割；且 Google 可自行选择推迟与收入挂钩的提款资金的拨付。若发行股份将导致 Google 的所有权上限被突破——该上限规定，根据 Google 2026 NPA 条款计算，若按发行后、转换后基准计算，此类发行将导致 Google 对我们的持股超过我们流通股本的 14.99%，则不得发行股份，除非 Google 自行决定豁免该上限——超出部分将通过无息展期票据提供资金，该票据自发行之日起 10 年到期，并可在每个财季末转换为 N 类普通股，任何未转换余额于到期时以现金支付。

Requests for note issuances under the Google 2026 NPA can be made through December 31, 2030 and are driven by the achievement of certain conditions under certain third-party compute agreements and specified TTM revenue targets, which we have historically surpassed. Each note issuance is funded over five quarterly closings unless Google elects to fund it in a single closing, and Google may elect to defer funding of revenue-linked draws. To the extent shares cannot be issued without exceeding Google’s ownership cap, which limits issuances of shares under the Google 2026 NPA to the extent such issuances would cause Google’s ownership of us to exceed 14.99% of our outstanding capitalization on a post-money, as-converted basis as calculated in accordance with the terms of the Google 2026 NPA, unless Google elects to waive it in its sole discretion, the excess will be funded through a non-interest-bearing rollover note maturing 10 years from issuance and convertible into Class N common stock at the end of each fiscal quarter, with any unconverted balance payable in cash at maturity.

就 Google 2026 NPA 而言，我们授予 Google 一项选择权，可在本次发行的同时以非公开发行方式按公开发行价格购买最多 $10.0 billion 的我们的 N 类普通股；若该选择权被行使，Google 2026 NPA 项下可供发行的票据金额将相应减少。我们还与 Google 签订了登记权协议。参见“股本说明——登记权”。

In connection with the Google 2026 NPA, 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, which would reduce the amount of notes available for issuance under the Google 2026 NPA by a corresponding amount if exercised. We also entered into a registration rights agreement with Google. See “Description of Capital Stock—Registration Rights.”

#### 现金流量

#### Cash Flows

下表列示了所列期间我们现金流量的概要：

The following table shows a summary of our cash flows for the periods presented:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

（单位：百万） · 2023 · 2024 · 2025 · 2025 · 2026 经营活动提供的（用于）净现金 经营活动 · $(1,627) · $(5,692) · $(2,637) · $(1,513) · $3,929 投资活动 · (2) · (22) · (3,077) · (49) · (17,181) 融资活动 · 2,320 · 7,248 · 19,960 · 4,749 · 110,774

(in millions) · 2023 · 2024 · 2025 · 2025 · 2026 Net cash provided by (used in) Operating activities · $(1,627) · $(5,692) · $(2,637) · $(1,513) · $3,929 Investing activities · (2) · (22) · (3,077) · (49) · (17,181) Financing activities · 2,320 · 7,248 · 19,960 · 4,749 · 110,774

#### 经营活动

#### Operating Activities

截至 2025 年 12 月 31 日止年度，经营活动所用净现金较截至 2024 年 12 月 31 日止年度减少 $3.1 billion。该减少主要由于预付托管服务减少（反映 2025 年消耗了前期预付的托管容量）以及因 CSP 成本增加及相关付款时点导致应付账款、应计费用和其他流动负债增加。该减少被较高的现金付款部分抵消，包括与 Bartz 和解相关的付款、因员工人数增长导致的较高现金薪酬成本以及应收账款增加。

Net cash used in operating activities for the year ended December 31, 2025 decreased by $3.1 billion compared to the year ended December 31, 2024. The decrease was primarily driven by a decrease in prepaid hosting services reflecting the consumption during 2025 of hosting capacity that had been prepaid in prior periods and an increase in accounts payable, accrued expenses, and other current liabilities due to increased CSP costs and the timing of related payments. The decrease was partially offset by higher cash payments, including a payment related to the Bartz settlement, higher cash compensation costs from headcount growth, and an increase in accounts receivable.

截至 2024 年 12 月 31 日止年度，经营活动所用净现金较截至 2023 年 12 月 31 日止年度增加 $4.1 billion。该增加主要由于业务扩张需要额外托管容量导致预付托管服务增加。

Net cash used in operating activities for the year ended December 31, 2024 increased by $4.1 billion compared to the year ended December 31, 2023. The increase was primarily driven by an increase in prepaid hosting services due to business expansion requiring additional hosting capacity.

截至 2026 年 6 月 30 日止六个月，经营活动提供的现金为 $3.9 billion，而截至 2025 年 6 月 30 日止六个月经营活动使用的现金为 $1.5 billion。我们的经营现金流主要来自向客户收取的现金，并扣除我们为产品和服务、员工薪酬、经营租赁及利息支付的现金。经营现金流的增加主要得益于经非现金项目调整后的净亏损改善以及营运资金变动，后者主要反映向供应商付款和向客户收取现金的时间安排。任一时点的营运资金受诸多变量影响，包括开票和现金收款的时间安排、供应商付款条件，以及发票收取和付款的时间安排 [__] 。

Cash provided by operating activities was $3.9 billion for the six months ended June 30, 2026 as compared to cash used in operating activities of $1.5 billion for the six months ended June 30, 2025. Our operating cash flows result primarily from cash received from our customers, offset by cash payments we make for products and services, employee compensation, operating leases, and interest payments. The increase in operating cash flow was primarily driven by an improvement in net loss adjusted for non-cash items, and changes in working capital, primarily reflecting the timing of payments to vendors and cash receipts from customers. Working capital at any point in time is subject to many variables, including the timing of billings and cash collections, vendor payment terms, and the timing of invoice receipt and payment [__] .

#### 投资活动

#### Investing Activities

截至 2025 年 12 月 31 日止年度，投资活动使用的现金净额较截至 2024 年 12 月 31 日止年度增加 $3.1 billion。该增加主要由于购买新的有价证券（包括美国国债及机构证券和公司债务证券）增加，以及与服务器、网络和基础设施设备相关的资本支出增加，以及购买无形资产。上述增加部分被有价证券销售和到期所得款项所抵消。

Net cash used in investing activities for the year ended December 31, 2025 increased by $3.1 billion compared to the year ended December 31, 2024. The increase was primarily driven by increased purchases of new marketable securities, including U.S. Treasury and agency securities and corporate debt securities, as well as higher capital expenditures related to servers, networking and infrastructure equipment, and purchases of intangible assets. These increases were partially offset by proceeds from sales and maturities of marketable securities.

截至 2024 年 12 月 31 日止年度，投资活动使用的现金净额较截至 2023 年 12 月 31 日止年度增加 $20 million。该增加主要由于对租赁改良的资本投资增加以及购买无形资产。

Net cash used in investing activities for the year ended December 31, 2024 increased by $20 million compared to the year ended December 31, 2023. The increase was primarily driven by increased capital investments in leasehold improvements and purchases of intangible assets.

截至 2026 年 6 月 30 日止六个月，投资活动使用的现金为 $17.2 billion，而截至 2025 年 6 月 30 日止六个月投资活动使用的现金为 $49 million，这主要反映购买短期投资（包括商业票据、美国国债及机构证券和公司债务证券）增加，以及与服务器、网络和基础设施设备相关的资本支出增加。该增加部分被有价证券销售和到期所得款项所抵消。

Cash used in investing activities was $17.2 billion for the six months ended June 30, 2026 as compared to cash used in investing activities of $49 million for the six months ended June 30, 2025, which primarily reflects the increased purchases of short-term investments, including commercial paper, U.S. Treasury and agency securities and corporate debt securities, in addition to higher capital expenditures related to servers, networking and infrastructure equipment. This was partially offset by proceeds from sales and maturities of marketable securities.

#### 融资活动

#### Financing Activities

截至 2025 年 12 月 31 日止年度，融资活动提供的现金净额较截至 2024 年 12 月 31 日止年度增加 $12.7 billion。该增加主要由于发行可赎回可转换优先股所得款项（扣除发行费用）增加。

Net cash provided by financing activities for the year ended December 31, 2025 increased by $12.7 billion compared to the year ended December 31, 2024. The increase was primarily driven by increased proceeds from the issuance of redeemable convertible preferred stock, net of issuance costs.

截至 2024 年 12 月 31 日止年度，融资活动提供的现金净额较截至 2023 年 12 月 31 日止年度增加 $4.9 billion。该增加主要由于以现金发行可转换本票所得款项增加，以及发行可赎回可转换优先股所得款项（扣除发行费用）增加。

Net cash provided by financing activities for the year ended December 31, 2024 increased by $4.9 billion compared to the year ended December 31, 2023. The increase was primarily driven by increased proceeds from the issuance of convertible notes for cash and increased proceeds from the issuance of redeemable convertible preferred stock, net of issuance costs.

截至 2026 年 6 月 30 日止六个月，融资活动提供的现金为 $110.8 billion，而截至 2025 年 6 月 30 日止六个月融资活动提供的现金为 $4.7 billion [__] 。 [__] 融资活动的现金流入主要来自发行可赎回可转换优先股的所得款项（扣除发行费用）。

Cash provided by financing activities was $110.8 billion for the six months ended June 30, 2026 as compared to cash provided by financing activities of $4.7 billion for the six months ended June 30, 2025 [__] . [__] Cash inflows from financing activities primarily resulted from proceeds from the issuance of redeemable convertible preferred stock, net of issuance costs.

#### 表外安排

#### Off-Balance Sheet Arrangements

除正常业务过程中产生的托管服务和租赁承诺、与我们权益法投资相关的出资承诺，以及与开发商为支持数据中心产能开发而订立的担保和成本补偿安排（更多信息请参见本招股说明书其他部分所载我们合并财务报表附注 [__] 3、7 和 13）外，我们在所列期间内不存在，且目前也不存在任何表外融资安排，或与未合并实体或金融合伙企业的任何关系。

Other than hosting services and lease commitments incurred in the normal course of business, funding commitments related to our equity method investments, and guaranty and cost reimbursement arrangements with developers to support data center capacity development (see Notes [__] 3, 7 and 13 to our consolidated financial statements included elsewhere in this prospectus for more information), we did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships.

#### 合同义务

#### Contractual Obligations

总体而言，下表所列合同义务加上下文各段所述的短期及后续承诺以及尚未开始的租赁，合计约为 $ [__]，其中绝大部分与算力和基础设施相关。

In aggregate, the contractual obligations in the table below plus the short-term and subsequent commitments, as well as leases not yet commenced, each described in the paragraphs below are approximately $ [__] , substantially all of which is related to compute and infrastructure.

下表汇总了我们截至 [__] 的合同义务：

The following table summarizes our contractual obligations as of [__] :

按年度应付的款项 （单位：百万） · 合计 · 2026 · 2027 · 2028 · 2029 · 2030 · 此后 经营租赁(1) 融资租赁(2) 采购承诺 (3)

Payments Due by Year (in millions) · Total · 2026 · 2027 · 2028 · 2029 · 2030 · Thereafter Operating leases(1) Finance leases(2) Purchase commitments (3)

合计(4)(5)

Total(4)(5)

______________

______________

(1) [__] 包括公司办公室以及算力和基础设施的经营租赁，截至 [__] 的加权平均剩余租赁期为 [__] 年。更多信息请参见我们合并财务报表附注 7。

(1) [__] Consists of operating leases for corporate offices and compute and infrastructure with a weighted-average remaining lease term of [__] years as of [__] . See Note 7 to our consolidated financial statements for more information.

(2) 包括算力和基础设施的融资租赁，截至 的加权平均剩余租赁期为 [__] 年。更多信息请参见我们合并财务报表附注 7。

(2) Consists of finance leases for compute and infrastructure with a weighted-average remaining lease term of [__] years as of . See Note 7 to our consolidated financial statements for more information.

(3) 主要包括 CSP 托管及其他第三方基础设施服务协议项下的未来最低付款。该表反映的是我们剩余期限超过一年的不可撤销采购承诺项下的未来最低付款。更多信息请参见我们合并财务报表附注 13。

(3) Primarily consists of future minimum payments under CSP hosting and other third-party infrastructure service agreements. The table reflects future minimum payments under our non-cancelable purchase commitments with a remaining term in excess of one year. See Note 13 to our consolidated financial statements for more information.

(4) 不包括截至 [__] 的可转换本票未偿本金总额 [__] $，该等本票预计将以股份而非现金结算。我们可能额外发行最多 [__] $ 的可转换本票，但须满足适用条件。详情请参见“—可转换本票”一节。

(4) Excludes [__] $aggregate principal amount outstanding under convertible promissory notes as of [__] , which are expected to be settled in shares rather than cash. We may issue up to an additional $ [__] of convertible promissory notes, subject to applicable conditions. See the section titled “—Convertible Notes” for more information.

(5) 不包括若干未约定固定美元承诺金额的其他算力及基础设施协议，该等协议未计入上述合计金额。该等协议项下的付款将取决于所提供并部署的容量、交付时间、定价机制以及若干其他部署条件的满足情况。由于该等因素尚无法确定，该等协议项下的付款总额存在不确定性，但我们目前估计该等付款约为 [__] $ 至 [__] $。我们预计该等款项将在容量交付后随时间推移分期支付。请参见下文“—基础设施服务安排”。

(5) Excludes certain other compute and infrastructure agreements that do not specify a fixed dollar commitment which are not included in the aggregate above. Payments under these agreements will depend on the capacity made available and deployed, delivery timing, pricing mechanics, and the satisfaction of certain other deployment conditions. Because these factors are not yet determinable, the total amount of payments under these agreements is uncertain, but we currently estimate such payments to be approximately $ [__] to $ [__] . We expect these amounts to be payable over time after the capacity is delivered. See “— Infrastructure Service Arrangements” below.

上表反映我们截至 [__] 的合同义务，并包括截至该日已确定且金额固定的义务。对于条款可变的协议，上述金额仅包括我们依合同承诺的最低付款和/或定价，不包括超过该等最低金额的可变付款。

The table above reflects our contractual obligations as of [__] , and includes obligations that are fixed and determinable as of such date. For agreements with variable terms, the amounts described above include only minimum payments and/or pricing to which we are contractually committed and exclude variable payments in excess of such minimums.

上表不包括可在一年内无罚金取消的短期承诺，也不包括剩余合同期限为一年或一年以下的协议项下金额。截至 [__] ，该等合同项下的最低付款约为 [__] $。

The table above does not include short-term commitments that are cancelable without penalty within one year or amounts under agreements with a remaining contractual term of one year or less. Minimum payments under such contracts were approximately $ [__] as of [__] .

此外，上表不包括截至 [__] 已签署但尚未开始的租赁，其未来未折现租赁义务总额估计约为 [__] $。一般而言，该等租赁义务将在 [__] 至 [__] 之间开始，租赁期限从不足 [__] 年至 [__] 年不等。

Further, the table above does not include leases executed and not yet commenced as of [__] , with total estimated future undiscounted lease obligations of approximately $ [__] . Generally, these lease obligations will commence between [__] and [__] , with lease terms ranging from less than [__] years to [__] years.

此外，上表不反映 [__] 之后订立的承诺，其未来最低付款义务合计约为 [__] $。我们还在该日之后订立了若干短期性质的协议。该等合同项下的最低付款约为 [__] $。有关 [__] 之后订立的承诺的更多信息，请参见本招股说明书其他部分所载我们合并财务报表附注 17。

In addition, the table above does not reflect commitments entered into after [__] , with aggregate future minimum payment obligations of approximately $ [__] . We also entered into certain agreements after that are short term in nature. Minimum payments under such contracts are approximately $ [__] . See Note 17 to our consolidated financial statements included elsewhere in this prospectus for more information on commitments entered into subsequent to [__] .

我们约 [__] $ 的合同义务预计将在未来 12 个月内支付。

Approximately $ [__] of our contractual obligations are expected to be paid in the next 12 months.

与我们算力和数据中心战略相一致，我们预计将继续订立额外安排以获取算力和基础设施容量，并随着业务规模扩大进行重大相关投资。

Consistent with our compute and data center strategy, we expect to continue to enter into additional arrangements to secure compute and infrastructure capacity, and to make significant related investments as we scale our business.

以下描述我们部分最重要的现有安排。我们还订有其他未在下文描述的算力基础设施服务安排和租赁。

The following describes certain of our most significant existing arrangements. We are also party to other compute infrastructure service arrangements and leases that are not described below.

基础设施服务安排

Infrastructure Service Arrangements

2025 年 11 月，我们与 Microsoft 签订了一项协议，该协议随后于 2026 年 2 月和 10 月进行了修订。根据该协议，我们承诺在 2026 年 11 月至 2033 年 5 月期间支出总额至少$44.9 billion，无论实际使用情况如何。我们在该协议项下的承诺不可撤销，除非 Microsoft 发生未补救的重大违约，或就未交付的分批而言，按分批基准可撤销。

In November 2025, we entered into an agreement with Microsoft, which was subsequently amended in February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage. Our commitment under such agreement is non-cancelable except in the event of Microsoft’s uncured material breach or, on a per-tranche basis, for undelivered tranches.

2026 年 3 月，我们与 Google 签订了一项协议，该协议随后于 2026 年 5 月至 8 月期间进行了修订。根据该协议，我们承诺在 2026 年 4 月至 2033 年 7 月期间支出至少约$114.5 billion，无论实际使用情况如何。如果我们的实际支出不足，我们必须向 Google 支付差额作为补足款，但须进行某些调整，并在可用时适用例外情形。我们在该协议项下的承诺不可撤销，除非 Google 发生未补救的重大违约。此外，我们还承诺从包括 Google 在内的 TPU 供应商处采购额外的 TPU 算力，交付时间为 2028 年至 2031 年。该等额外算力的付款义务取决于所提供的容量、部署方式、定价机制以及某些部署条件的满足情况。我们估计该等额外算力的未来付款总额约为$125.0 billion 至$150.0 billion，该等金额未包含在上文的合同承诺表中。

In March 2026, we entered into an agreement with Google, which was subsequently amended between May and August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage. If our actual spend falls short, we must pay Google the difference as a true-up subject to certain adjustments and exceptions if available. Our commitments under such agreement are non-cancelable except in the event of Google’s uncured material breach. In addition, we also committed to procure additional TPU compute from TPU providers, including Google, to be delivered between 2028 and 2031. The payment obligations for such additional compute are determined by the capacity made available, the manner in which it is deployed, the pricing mechanics, and the satisfaction of certain deployment conditions. We estimate the aggregate future payments for such additional compute to be approximately $125.0 billion to $150.0 billion, which are not included in the contractual commitments table above.

2026 年 4 月，我们与 Amazon 签订了一项协议。根据该协议，我们承诺在 2026 年 5 月至 2036 年 4 月期间支出总额至少$110.0 billion，无论实际使用情况如何。如果我们的实际支出不足，我们必须向 Amazon 支付差额作为补足款，但须进行某些调整，并在可用时适用例外情形。我们在该协议项下的承诺不可撤销，除非 Amazon 发生未补救的重大违约。

In April 2026, we entered into an agreement with Amazon, pursuant to which we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage. If our actual spend falls short, we must pay Amazon the difference as a true-up subject to certain adjustments and exceptions if available. Our commitment under such agreement is non-cancelable except in the event of Amazon’s uncured material breach.

2026 年 5 月至 10 月期间，我们与 SpaceX.AI LLC（前身为 X.AI LLC）（“SpaceXAI”）签订并修订了若干协议，以获取由 NVIDIA GPU 驱动的算力。SpaceXAI 是 Space Exploration Technologies Corp.的全资子公司（统称“SpaceXAI 安排”）。根据 SpaceXAI 安排，我们同意在延伸至 2029 年的期限内支出总额最高达$120.5 billion，其中包括在全部容量交付后每月合计约$3.1 billion（我们预计于 2026 年 12 月交付），容量爬坡期间的费用有所不同。在各协议分别于 2027 年 1 月和 2027 年 3 月结束的初始不可撤销期之后，任何一方均可提前 90 天书面通知撤销各协议。

Between May and October 2026, we entered into and amended several agreements with SpaceX.AI LLC (formerly known as X.AI LLC) (“SpaceXAI”), a wholly owned subsidiary of Space Exploration Technologies Corp. (collectively, the “SpaceXAI Arrangements”), to access compute powered by NVIDIA GPUs. Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029, consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, which we expect in December 2026, with different fees during capacity ramping periods. Following initial non-cancelable periods ending in January 2027 and March 2027 under the respective agreements, each agreement may be cancelled by either party upon 90 days’ advance written notice.

根据与 AMD 签订的《硬件供应协议》，我们承诺在 2027 日历年获得首批算力容量，方式为向经批准的制造商购买基于 AMD 的 Helios 机架级系统，或通过第三方服务提供商获取此类系统，前提是满足与部署方案相关的特定条件。该协议未规定固定的美元承诺金额。如果我们采购该首批承诺容量的全部金额，我们预计在协议期限内总支出将超过 [__] $20.0 billion，该等支出未包含在上文的合同承诺表中。该协议还规定可能额外采购最多约相当于我们初始承诺金额的容量。我们与 AMD 的协议对我们而言不可撤销，除非 AMD 发生未补救的重大违约，且该协议将在双方履行协议项下承诺且所有已订购的 AMD GPU 容量交付后 12 个月自动终止。

Under the Hardware Supply Agreement with AMD, we committed to obtain an initial tranche of compute capacity in calendar year 2027 by purchasing AMD-based Helios rack-scale systems from approved manufacturers or by accessing such systems through third-party service providers, provided certain conditions related to deployment proposals are met. The agreement does not specify a fixed dollar commitment. If we procure the full amount of this initial committed capacity, we expect aggregate expenditures to exceed [__] $20.0 billion over the term of the agreement, which are not included in the contractual commitments table above. The agreement also provides for the potential procurement of additional capacity of up to approximately the amount of our initial commitment. Our agreement with AMD is non-cancelable by us except in the event of AMD’s uncured material breach and will automatically terminate 12 months after both parties fulfill their commitments under the agreement and all ordered AMD GPU capacity has been delivered.

2026 年 8 月，我们与 Nscale Global Holdings Limited 的全资子公司（连同其关联方，合称“Nscale”）签订了 GPU 服务协议（合称“Nscale 服务协议”），以获取由 NVIDIA GPU 驱动的算力。根据 Nscale 服务协议，我们同意在延伸至 2033 年的期限内合计支出最高约 $44.6 billion，费用仅在容量交付给我们并经我们验收时计提。Nscale 须尽最大努力在该等协议生效日期后的指定期限内（或双方可能共同商定的更晚日期，并须经进一步协商）为 NVIDIA GPU 和数据中心基础设施获得合格融资。否则，我们在各协议项下的承诺不可撤销，除非在有限情形下，包括 Nscale 未能满足指定的交付或服务可用性要求，或相关 Nscale 实体发生未补救的重大违约。

In August 2026, we entered into GPU services agreements (collectively, the “Nscale Services Agreements”) with wholly owned subsidiaries of Nscale Global Holdings Limited (together with its affiliates, “Nscale”) to access compute powered by NVIDIA GPUs. Under the Nscale Services Agreements, we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us. Nscale is required to use best efforts to obtain qualifying financing for the NVIDIA GPUs and data center infrastructure within a specified period following the effective date of such agreements (or such later date as may be mutually agreed by the parties and subject to additional negotiation). Otherwise, our commitment under each agreement is non-cancelable except in limited circumstances, including Nscale’s failure to meet specified delivery or service availability requirements or an uncured material breach by the applicable Nscale entity.

2026 年 5 月、6 月和 8 月，我们与 Lambda, Inc.（“Lambda”）签订了协议（合称“Lambda 协议”），以获取由 NVIDIA GPU 驱动的算力。根据 Lambda 协议，我们同意在延伸至 2034 年的期限内合计支出约 $41.3 billion，费用仅在容量交付给我们并经我们验收时计提。根据我们 2026 年 8 月的协议（该协议约占承诺总额中的 $34.9 billion），若 Lambda 未能及时取得设施租赁，任何一方均可终止。否则，我们在各 Lambda 协议项下的承诺不可撤销，除非 Lambda 发生未补救的重大违约或某些其他有限情形，且对于某些 Lambda 协议，若 Lambda 未能满足该批次指定的交付里程碑，则可按批次终止。

In May, June and August 2026, we entered into agreements (collectively, the “Lambda Agreements”) with Lambda, Inc. (“Lambda”) to access compute powered by NVIDIA GPUs. Under the Lambda Agreements, we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing only as capacity is delivered to and accepted by us. Under our August 2026 agreement, which represents approximately $34.9 billion of the aggregate commitment, either party may terminate if Lambda does not timely secure the facility lease. Otherwise, our commitment under each of the Lambda Agreements is non-cancelable except in the event of Lambda’s uncured material breach or certain other limited circumstances and, for certain of the Lambda Agreements, on a per-tranche basis if Lambda fails to meet specified delivery milestones for that tranche.

基础设施设备租赁

Infrastructure Equipment Leases

我们已与 Broadcom 签订五年期主设备租赁协议，据此我们获得该等硬件，用于部署在由他方代表我们在专用数据中心设施中运营的场所（“租赁安排”）。该等租赁安排作为融资租赁进行会计处理。在该等租赁期限内，我们的租金付款总额约为 $161.2 billion（不含利息），租金按季度分期支付，付款义务通常自 AI 基础设施设备在适用数据中心设施“可供服务”时开始。在某些情况下，租金付款可能提前开始，例如数据中心设施的就绪时间延迟时。该等租赁安排为我们提供了基于 TPU 的算力容量，其中一部分已于 2026 年开始上线，预计更多容量将从 2027 年开始上线。除违约情形外，该等租赁安排在适用租赁期内任何一方均不可撤销。就 2026 年租赁安排而言，我们已将现金存入为 Broadcom 利益设立的受限现金账户，并可能在某些情况下被要求为 Broadcom 的利益存入额外现金。我们的两家特殊目的子公司签订了租赁安排协议，其义务由 Anthropic, PBC 提供担保，且该等义务以租赁设备作为担保。此外，我们同意了惯常的违约事件，包括交叉违约，在此情况下我们的义务可能被加速到期。如有需要，我们可能在某些情况下通过根据 Infrastructure Partner 2026 NPA 发行可转换本票来为 2026 年租赁安排下的部分季度租金付款提供融资。更多信息请参见标题为“—可转换票据—Broadcom”的章节。2026 年第二季度，Broadcom 将其在一份主设备租赁协议项下的部分权利转让给了另一第三方。

We have entered into five-year master equipment leases with Broadcom, pursuant to which we receive such hardware for deployment in dedicated data center facilities operated by others on our behalf (the “Lease Arrangements”). These Lease Arrangements are accounted for as finance leases. Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest, with rent payable in quarterly installments and payment obligations typically commencing upon AI infrastructure equipment becoming “ready for service” at the applicable data center facility. Rent payments may commence earlier in certain circumstances, such as when the readiness of a data center facility is delayed. The Lease Arrangements provide us with access to TPU-based compute capacity, a portion of which began to come online in 2026, with additional capacity expected to come online starting in 2027. The Lease Arrangements are non-cancelable by either party during the applicable lease period except in the case of a default. In connection with the 2026 Lease Arrangement, we deposited cash into a restricted cash account for the benefit of Broadcom and may be required to deposit additional cash under certain circumstances for the benefit of Broadcom. Our two special purpose subsidiaries entered into agreements for the Lease Arrangements, the obligations of which are guaranteed by Anthropic, PBC, and such obligations are secured by the leased equipment. Further, we agreed to customary events of default, including cross-defaults, upon which our obligations may be accelerated. We may, if needed, finance a certain amount of our quarterly rent payments under the 2026 Lease Arrangement through the issuance of convertible promissory notes under the Infrastructure Partner 2026 NPA in certain circumstances. See the section titled “—Convertible Notes—Broadcom” for more information. In the second quarter of 2026, Broadcom assigned a portion of its rights under one of the master equipment leases to another third party.

关于市场风险的定量和定性披露 Quantitative and Qualitative Disclosures about Market Risk

在日常经营过程中，我们面临市场风险。市场风险是指因金融市场价格和利率的不利变动而可能影响我们财务状况的损失风险。我们的市场风险敞口主要源于利率和外汇汇率的波动。

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates and foreign currency exchange rates.

#### 利率风险

#### Interest Rate Risk

截至 2026 年 6 月 30 日，我们持有 $112.4 billion 的现金及现金等价物以及 $19.3 billion 的短期投资，投资于多种证券，包括货币市场基金、美国国债及机构证券、公司债务证券和商业票据。此外，我们持有 $2.5 billion 的受限现金，主要系为我们的租赁及其他义务作为抵押品而持有的款项。我们的现金、现金等价物和短期投资系为营运资金目的而持有，我们不会为交易或投机目的进行投资。由于我们的投资组合期限相对较短，截至 2026 年 6 月 30 日 [__]，利率假设性上升或下降 100 个基点不会对我们的投资组合公允价值产生重大影响。

As of June 30, 2026, we had $112.4 billion of cash and cash equivalents and $19.3 billion of short-term investments in a variety of securities, including money market funds, U.S. Treasury and agency securities, corporate debt securities, and commercial paper. In addition, we had $2.5 billion of restricted cash primarily due to amounts held as collateral for our lease and other obligations. Our cash, cash equivalents, and short-term investments are held for working capital purposes, and we do not enter into investments for trading or speculative purposes. Due to the relatively short-term nature of our investment portfolio, a hypothetical 100 basis point increase or decrease in interest rates would not have had a material effect on the fair value of our investment portfolio as of June 30, 2026 [__] .

#### 外汇汇率风险

#### Foreign Currency Exchange Risk

我们在全球范围内以多种货币开展业务，其中绝大部分收入以美元计价，少部分以欧元和英镑等其他货币计价。我们的国际收入、以外币计价的成本和费用，以及与境外子公司之间的公司间交易，使我们面临外币兑美元汇率波动的风险。截至 2026 年 6 月 30 日，适用于我们业务的外汇汇率假设性变动 10% 不会对我们的合并财务报表产生重大影响。我们尚未进行衍生品或对冲交易，但若我们的外汇敞口变得更加重大，我们未来可能会进行此类安排。

We transact business globally in multiple currencies, with the vast majority of our revenue denominated in U.S. dollars and, to a lesser extent, other currencies such as euros and British pounds. Our international revenue, as well as costs and expenses denominated in foreign currencies, and intercompany transactions with our foreign subsidiaries, expose us to the risk of fluctuations in foreign currency exchange rates against the U.S. dollar. A hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our consolidated financial statements as of June 30, 2026. We have not entered into derivative or hedging transactions, but we may enter into such arrangements in the future if our exposure to foreign currency becomes more significant.

关键会计估计 Critical Accounting Estimates

我们对财务状况和经营成果的讨论与分析基于我们的财务报表，该等财务报表系按照 GAAP 编制。GAAP 要求我们作出某些估计和判断，这些估计和判断会影响我们财务报表中报告的金额。我们的估计基于历史经验、预期未来趋势以及我们认为在相关情况下合理的其他假设。由于这些会计政策需要作出重大判断，我们的实际结果可能与我们的估计存在重大差异。

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. GAAP requires us to make certain estimates and judgments that affect the amounts reported in our financial statements. We base our estimates on historical experience, anticipated future trends, and other assumptions we believe to be reasonable under the circumstances. Because these accounting policies require significant judgment, our actual results may differ materially from our estimates.

我们认为，在我们重要的会计政策中（该等政策载于本招股说明书其他部分所包含的合并财务报表附注 1），以下会计政策涉及更高程度的判断和复杂性。因此，我们认为以下政策对于帮助充分理解和评估我们的合并财务状况、经营成果和现金流量最为关键。

We believe that of our significant accounting policies, which are described in Note 1 to our consolidated financial statements included elsewhere in this prospectus, the following accounting policies involve a greater degree of judgment and complexity. Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating our consolidated financial condition, results of operations, and cash flows.

#### 股权激励费用

#### Stock-Based Compensation

我们按照授予日奖励的估计公允价值，计量授予员工、董事及其他服务提供者的所有股票支付奖励（包括股票期权和 RSU）的补偿费用。确定股票期权公允价值时最重要的输入值是本公司普通股的估计公允价值。本公司普通股的估计公允价值亦用于计量 RSU 和 RSA（包括受基于业绩的归属条件约束的 RSU 和 RSA）的授予日公允价值。

We measure compensation expense for all stock-based payment awards, including stock options and RSUs, granted to employees, directors, and other service providers, based on the estimated fair value of the awards on the date of grant. The most significant input in determining the fair value of a stock option is the estimated fair value of our common stock. The estimated fair value of our common stock is also used to measure the grant date fair value of RSUs and RSAs, including those subject to performance-based vesting conditions.

股票期权

Stock Options

我们于授予日使用 Black-Scholes-Merton 期权定价模型估计授予员工、顾问、高管和董事的股票期权的公允价值。预期将归属的股票期权的公允价值在必要服务期内按直线法确认为补偿费用。没收在实际发生时进行会计处理。

We estimate the fair value of stock options granted to employees, consultants, officers, and directors using the Black-Scholes-Merton option pricing model on the date of grant. The fair value of stock options that are expected to vest is recognized as compensation expense on a straight-line basis over the requisite service period. Forfeitures are accounted for when they occur.

Black-Scholes-Merton 模型在估计股票奖励公允价值时考虑若干变量和假设。这些变量包括：

The Black-Scholes-Merton model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:

▪ [__] 普通股公允价值。由于我们的普通股尚未公开交易，我们必须估计本公司普通股的公允价值。我们的董事会考虑众多客观和主观因素以确定本公司普通股的公允价值，具体讨论见下文“—普通股估值”一节。

▪ [__] Fair Value of Common Stock. Because our common stock is not yet publicly traded, we must estimate the fair value of our common stock. Our board of directors considers numerous objective and subjective factors to determine the fair value of our common stock as discussed in the section titled “— Common Stock Valuations” below.

▪ [__] 预期波动率。由于我们的普通股没有交易历史，我们基础普通股的预期波动率系通过取一组可比上市公司在与期权预期期限相等的期间内的加权平均历史波动率来估计。

▪ [__] Expected Volatility. Since we have no trading history of our common stock, the expected volatility of our underlying common stock is estimated by taking the weighted-average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options.

- 预期期限。预期期限代表我们预计股票奖励将存续的期间。我们根据期权的归属期限和合同条款估计预期期限，使预期期限等于股票奖励的加权平均归属期与其合同期限的平均值。

- Expected Term. Expected term represents the period over which we anticipate stock-based awards to be outstanding. We estimate the expected term based on the options’ vesting term and contractual terms, such that the expected life is equal to the average of the stock-based award’s weighted-average vesting period and its contractual term.

- 无风险利率。预期无风险利率假设基于期限与股票期权预期期限一致的美国国债工具。

- Risk-free Rate. The expected risk-free rate assumption is based on the U.S. Treasury instruments whose term is consistent with the expected term of the stock options.

- 预期股息率。预期股息率为零，因为我们从未宣布或派发任何股息，且目前也没有派发股息的计划。

- Expected Dividend Yield. The expected dividend yield is zero, as we have never declared or paid any dividends and have no current plans to do so.

截至 2026 年 6 月 30 日，与未归属股票期权相关的未确认补偿成本总额约为 $2.8 billion，预计将在 1.2 年的加权平均期间内确认 [__] 。

As of June 30, 2026, there was approximately $2.8 billion of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.2 years [__] .

限制性股票单位与限制性股票奖励

Restricted Stock Units and Restricted Stock Awards

我们已根据我们的 2021 年计划向员工和非员工服务提供者授予 RSU。截至 2026 年 6 月 30 日尚未归属的 RSU 同时具有基于服务和基于业绩的归属条件。该等奖励的基于服务的归属期通常为四年。在业绩条件满足后，已同时满足基于服务归属条件的 RSU 将立即归属，任何剩余未归属的 RSU 将在剩余服务期内按比例归属。业绩条件通常在控制权变更事件发生时或本招股说明书构成其一部分的注册声明生效之日满足。

We have granted RSUs to our employees and non-employee service providers under our 2021 Plan. RSUs outstanding as of June 30, 2026 have both service-based and performance-based vesting conditions. The service-based vesting period for these awards is typically four years. Upon satisfaction of the performance condition, RSUs for which the service-based vesting condition has also been satisfied will vest immediately, and any remaining unvested RSUs will vest ratably over the remaining service period. The performance condition is generally satisfied upon the occurrence of a change in control event or the effective date of the registration statement of which this prospectus forms a part.

截至 2026 年 6 月 30 日，由于业绩条件尚未满足，尚未就该等 RSU 确认任何股权激励费用。就本次发行而言，我们将开始采用加速归属法，基于 RSU 的授予日公允价值记录股权激励费用。截至 2026 年 6 月 30 日，与 RSU 相关的未确认股权激励费用总额约为 $26.6 billion。其中，$2.9 billion 与已满足或部分满足基于服务归属条件的 RSU 相关。本次发行完成后，与我们的 RSU 相关的股权激励费用将导致我们未来期间的费用增加，尤其是本次发行完成所在的季度，因为适用于我们大部分未归属 RSU 的基于业绩的归属条件将在本招股说明书构成其一部分的注册声明生效时满足。本次发行完成后，我们将就截至本招股说明书日期尚未归属的 RSU 记录累计股权激励费用约 $ [__] ，该等 RSU (i) 截至该日期已完全或部分满足基于服务的归属条件，且 (ii) 在本招股说明书构成其一部分的注册声明生效时满足基于业绩的归属条件。

As of June 30, 2026, no stock-based compensation expense had been recognized for such RSUs because the performance condition was not satisfied. In connection with this offering, we will begin recording stock-based compensation expense based on the grant-date fair value of the RSUs using the accelerated attribution method. As of June 30, 2026, there was approximately $26.6 billion of total unrecognized stock-based compensation expense related to RSUs. Of that amount, $2.9 billion relates to RSUs for which the service-based vesting condition had been satisfied or partially satisfied. Following the completion of this offering, stock-based compensation expense related to our RSUs will result in increases in our expenses in future periods, in particular the quarter in which this offering is completed, as the performance-based vesting condition applicable to a significant portion of our outstanding RSUs will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part. Upon the completion of this offering, we will record cumulative stock-based compensation expense of approximately $ [__] related to RSUs outstanding as of the date of this prospectus, for which (i) the service-based vesting condition is fully or partially satisfied as of such date and (ii) the performance-based vesting condition is satisfied upon the effectiveness of the registration statement of which this prospectus forms a part.

我们已向创始人、早期员工、顾问授予 RSA，并在收购交易中授予 RSA。RSA 包括具有基于服务归属条件的奖励。RSA 按授予日相关普通股的公允价值计量。我们采用直线法在必要服务期内记录该等奖励的补偿成本。

We have granted RSAs to founders, early employees, advisors, and in connection with acquisitions. The RSAs consist of awards with a service-based vesting condition. RSAs are measured at fair value of the underlying common stock on the date of grant. We record compensation cost for these awards using the straight-line method over the requisite service period.

#### 普通股估值

#### Common Stock Valuations

在我们首次公开募股之前，鉴于我们的 A 类普通股缺乏公开交易市场，并且根据美国注册会计师协会《会计与估值指南：作为薪酬发行的非上市公司股权证券估值》，我们的董事会行使了合理判断，并考虑了众多客观和主观因素，以确定我们普通股公允价值的最佳估计，包括：

Prior to our initial public offering, given the absence of a public trading market of our Class A common stock, and in accordance with the American Institute of Certified Public Accountants Accounting and Valuation Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation, our board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of our common stock, including:

- 同期第三方对我们普通股的估值；

- contemporaneous third-party valuations of our common stock;

- 我们向第三方投资者出售的普通股或可赎回可转换优先股的支付价格，以及二级交易（包括任何要约收购）中的支付价格；

- the prices paid for common or redeemable convertible preferred stock sold to third-party investors by us and prices paid in secondary transactions, including any tender offers;

- 我们的可赎回可转换优先股相对于普通股的权利、优先权和特权；

- the rights, preferences, and privileges of our redeemable convertible preferred stock relative to those of our common stock;

- 实际和预测的经营和财务业绩；

- actual and forecasted operating and financial performance;

- 我们的发展阶段；

- our stage of development;

- 行业前景；

- the industry outlook;

- 我们普通股缺乏市场流通性；

- the lack of marketability of our common stock;

- 鉴于当前市场状况，实现流动性事件（如首次公开募股或出售我们公司）的可能性；

- the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company, given prevailing market conditions;

- 我们业务的历史和性质、行业趋势和竞争环境；以及

- the history and nature of our business, industry trends, and competitive environment; and

- 总体经济前景，包括经济增长、通货膨胀和失业、利率环境和全球经济趋势。

- general economic outlook, including economic growth, inflation and unemployment, interest rate environment, and global economic trends.

我们的董事会通过首先确定我们业务的企业价值，然后将价值分配给我们的各类证券，从而得出我们普通股的每股价值，以此确定我们普通股的公允价值。我们业务的企业价值主要参照截至估值日期最近一轮股权融资进行估计。

Our board of directors determined the fair value of our common stock by first determining the enterprise value of our business and then allocating the value among the various classes of our securities to derive a per share value of our common stock. The enterprise value of our business was primarily estimated by reference to the closest round of equity financing to the date of the valuation.

在本次发行前将我们业务的企业价值在各类别股票之间进行分配时，我们采用了一种基于或有权益分析（“CCA”）与普通股等价物（“CSE”）法的混合方法。CCA 基于 Black-Scholes-Merton 期权定价模型，该模型将每一类别股票视为一项对我们资产具有独特索取权的看涨期权。CSE 法假定所有可赎回可转换优先股股份均按其转换条款转换为普通股，并忽略可赎回可转换优先股股份在权利和优先权方面的其他差异。

In allocating the enterprise value of our business among the various classes of stock prior to this offering, we used a hybrid method based on a contingent claims analysis (“CCA”) and a common stock equivalent (“CSE”) method. The CCA is based on the Black-Scholes-Merton option pricing model, which models each class of stock as a call option with a unique claim on our assets. The CSE method presumes that all shares of redeemable convertible preferred stock convert into common stock based upon their conversion terms and other differences in the rights and preferences of the shares of redeemable convertible preferred stock are ignored.

在企业价值分配至各类别股票之后，再应用缺乏市场流通性折扣（“DLOM”）以得出普通股的公允价值。DLOM 旨在反映无法在公开交易所交易的私营公司股票缺乏出售机会的情况。在最终确定普通股价值时，还会考虑近期的普通股出售和/或预期出售情况。

After the allocation of enterprise value to the various classes of stock, a discount for lack of marketability (“DLOM”) is applied to arrive at a fair value of the common stock. A DLOM is meant to account for the lack of opportunity to sell a private company stock that is not traded on public exchanges. In making the final determination of common stock value, consideration is also given to the recent sales and/or expected sales of common stock.

应用这些方法涉及使用复杂且主观的估计、判断和假设，例如有关我们预期未来收入、费用和未来现金流量、折现率、市场倍数、可比公司的选择以及可能发生的未来事件概率的估计、判断和假设。任何或所有这些估计和假设的变化或这些假设之间关系的变化，都会影响我们在各估值日的估值，并可能对我们的普通股估值产生重大影响。

Application of these approaches involves the use of estimates, judgment, and assumptions that are complex and subjective, such as those regarding our expected future revenue, expenses, and future cash flows, discount rates, market multiples, the selection of comparable companies, and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact our valuations as of each valuation date and may have a material impact on the valuation of our common stock.

本次发行之后，将无需确定我们普通股的公允价值，因为我们的普通股股份将在公开市场交易。

Following this offering, it will not be necessary to determine the fair value of our common stock, as the shares of our common stock will be traded in the public market.

#### 可转换本票、衍生负债和 SAFE 的公允价值

#### Fair Value of Convertible Notes, Derivative Liabilities, and SAFEs

我们选择根据会计准则汇编（“ASC”）第 825 号主题《金融工具》以公允价值计量我们的可转换本票。可转换本票按其在合并资产负债表上的估计公允价值确认，公允价值变动计入合并经营报表中的可转换本票、衍生负债和 SAFE 公允价值变动。我们选择公允价值选项，以消除原本因在传统分拆模型下单独核算可转换本票的负债和权益组成部分而产生的会计复杂性。

We elected to account for our convertible notes at fair value pursuant to Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. The convertible notes are recognized at their estimated fair value on our consolidated balance sheet, and changes in fair value are recorded in change in fair value of convertible notes, derivative liabilities, and SAFEs in our consolidated statement of operations. We elected the fair value option to eliminate the accounting complexity that would otherwise result from separately accounting for the liability and equity components of the convertible notes under the traditional bifurcation model.

就与 Amazon 和 Google 签订的 2023 年和 2024 年票据购买协议而言，我们确认了衍生负债，代表根据该等协议条款发行未来可转换本票的义务。衍生负债按估计公允价值计量，公允价值变动计入合并经营报表中的可转换本票、衍生负债和 SAFE 公允价值变动。

In connection with the 2023 and 2024 note purchase agreements with both Amazon and Google, we recognized derivative liabilities representing obligations to issue future convertible notes pursuant to the terms of those agreements. The derivative liabilities were measured at estimated fair value, with changes in fair value recorded in change in fair value of convertible notes, derivative liabilities, and SAFEs in the consolidated statement of operations.

可转换本票的估计公允价值采用由 CCA 与 CSE 方法构成的混合方法确定。该分析采用情景分析法估计可转换本票的公允价值，考虑该等工具在票据持有人可获得的各类可能结果下的概率加权现值，包括转换为可赎回可转换优先股、N 类普通股、到期现金偿还，以及控制权变更时按溢价现金结算。所纳入的情景考虑了该等工具在 CCA 与 CSE 框架下的概率加权价值。

The estimated fair value of the convertible promissory notes is determined using a hybrid approach comprising a CCA and a CSE method. The analysis estimates the fair value of the convertible promissory notes using a scenario-based analysis that considers the probability-weighted present value of the instruments across the range of possible outcomes available to the note holders, including conversion into redeemable convertible preferred stock, Class N common stock, cash repayment at maturity, and cash settlement at a premium upon a change of control. The scenarios included consider the probability-weighted value of the instruments in the CCA and CSE framework.

该方法的应用涉及使用复杂且主观的估计、判断和假设，包括各结算情景（如合格股权融资、首次公开发行、直接上市或控制权变更）的概率和时点；票据可能转换成的我方权益证券的估计公允价值；适用的转换价格（该价格因票据系列而异，并取决于自发行起经过的时间以及合同上限和百分比折扣等因素）；以及决定本金余额在多大程度上转换为股权而非作为展期票据重新发行的所有权门槛和展期条款。特别是，所有权上限和展期机制——即转换以特定所有权门槛为上限，任何未转换的本金余额将作为无息展期票据重新发行并继续按公允价值计量——在估计每笔票据融资中将有多少比例转换、多少比例展期时需要重大判断，因为该确定取决于本质上不确定的未来股权融资的规模和结构。上述任何或全部估计和假设的变化，或这些假设之间关系的变化，都会影响我们在每个计量日的估值，并可能对我们合并经营报表中确认的金额产生重大影响。

The application of this methodology involves the use of complex and subjective estimates, judgments, and assumptions, including the probability and timing of each settlement scenario such as a qualified equity financing, initial public offering, direct listing, or change of control; the estimated fair value of our equity securities into which the notes may convert; the applicable conversion prices, which vary by note series and are contingent on factors such as elapsed time since issuance and contractual caps and percentage discounts; and the ownership thresholds and rollover provisions that determine the extent to which principal balances convert into equity versus being reissued as rollover notes. In particular, the ownership cap and rollover mechanism— whereby conversion is capped at specified ownership thresholds and any unconverted principal balance is re-issued as a non-interest bearing rollover note that remains subject to fair value measurement—requires significant judgment in estimating what proportion of each note financing will convert versus roll over, because this determination depends on the size and structure of future equity financings that are inherently uncertain. Changes in any or all of these estimates and assumptions, or the relationships between those assumptions, impact our valuations as of each measurement date and may have a material impact on the amounts recognized in our consolidated statement of operations.

上述公允价值选择权也适用于我们在截至 2023 年 12 月 31 日止年度内发行的 SAFE。SAFE 采用相同的基于情景的框架按估计公允价值计量，其中货币结算金额在初始确认时固定，而转换时获得的股权股份数量可变；与可转换票据一致，公允价值变动计入合并经营报表中的可转换票据、衍生负债和 SAFE 公允价值变动。所有 SAFE 均已在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度内转换为可赎回可转换优先股，截至 2024 年 12 月 31 日或 2025 年 12 月 31 日，无 SAFE 尚未清偿。截至 2026 年 6 月 30 日止六个月内的任何时点，均无 SAFE 尚未清偿。因此，公允价值选择权下持续存在的主要估计风险涉及上述可转换票据和展期票据。

The fair value option election described above also applied to the SAFEs that we issued during the year ended December 31, 2023. The SAFEs were measured at estimated fair value using the same scenario-based framework, with the monetary settlement amount fixed at inception and the number of equity shares received upon conversion being variable; consistent with the convertible notes, changes in fair value were recorded in change in fair value of convertible notes, derivative liabilities, and SAFEs in the consolidated statement of operations. All SAFEs were converted into redeemable convertible preferred stock during the years ended December 31, 2023 and 2024, and no SAFEs remained outstanding as of December 31, 2024 or 2025. No SAFEs were outstanding at any point during the six months ended June 30, 2026. Accordingly, the primary ongoing estimation exposure under the fair value option relates to the convertible notes and rollover notes described above.

有关我们的可转换票据、衍生负债和未来股权简单协议（SAFE）的更多信息，包括各项工具的说明、其关键条款、转换活动以及所列期间的余额，请参见本招股说明书其他部分所载我们合并财务报表的附注 9。

For additional information regarding our convertible notes, derivative liabilities, and SAFEs, including descriptions of the individual instruments, their key terms, conversion activity, and balances during the periods presented, see Note 9 to our consolidated financial statements included elsewhere in this prospectus.

#### 租赁

#### Leases

我们通过经营租赁和融资租赁租赁设施和设备，包括算力和基础设施容量。我们在租赁开始时确定一项安排是否为租赁或是否包含租赁，并在租赁开始日评估租赁的分类，必要时在租赁修改时进行评估。租赁会计处理需要重大判断，包括确定一项安排是否为租赁或是否包含租赁，以及重大估计，包括预期租赁期限、租赁财产的公允价值和我们增量借款利率。

We lease facilities and equipment, including compute and infrastructure capacity, under operating and finance leases. We determine whether an arrangement is or contains a lease at inception and evaluate the classification of our leases at lease commencement and, as necessary, upon modification. Accounting for leases requires significant judgment, including determining whether an arrangement is or contains a lease, and significant estimates, including the expected lease term, the fair value of the leased property, and our incremental borrowing rate.

鉴于我们租赁组合的规模和期限，我们对 underlying 租赁资产公允价值的估计、预期租赁期限或增量借款利率确定的变化，可能导致不同的租赁分类，或对我们使用权资产和租赁负债的计量产生重大不同的结果。

Given the size and duration of our lease portfolio, changes in our estimate of the fair value of the underlying leased asset, the expected lease term, or the determination of our incremental borrowing rate could result in a different lease classification or a materially different measurement of our right-of-use assets and lease liabilities.

#### 所得税

#### Income Taxes

我们采用资产和负债法核算所得税，就资产和负债的财务报告基础与计税基础之间的暂时性差异，以及净经营亏损和税收抵免结转，确认递延所得税资产和负债，按预期转回年度适用的已颁布税率计量。我们在必要时设立估值备抵，根据正面和负面证据的权重，将递延所得税资产减至更可能实现（more-likely-than-not）的金额。

We account for income taxes using the asset and liability method, recognizing deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for net operating loss and credit carryforwards, measured at enacted tax rates applicable in the years of expected reversals. We establish valuation allowances when necessary to reduce deferred tax assets to amounts more-likely-than-not expected to be realized, based on the weighting of positive and negative evidence.

评估我们递延所得税资产的可实现性属于管理层重大判断的领域。我们根据历史应税收入、预计未来应税收入、现有暂时性差异的转回模式以及可用的税务筹划策略，评估递延所得税资产的可回收性。作为一家在快速演变的市场中运营、并对算力和基础设施持续进行重大投资的 AI 公司，我们对未来应税收入的预测本质上具有不确定性。如果我们对递延所得税资产可回收性的评估发生变化，我们的所得税费用将在该期间进行调整，这可能对我们的经营业绩产生重大影响。

Assessing the realizability of our deferred tax assets is an area of significant management judgment. We evaluate our deferred tax assets for recoverability based on historical taxable income, projected future taxable income, reversal patterns of existing temporary differences, and available tax planning strategies. As an AI company operating in a rapidly evolving market with significant ongoing investment in compute and infrastructure, our projections of future taxable income are inherently uncertain. Should our assessment of the recoverability of deferred tax assets change, our income tax provision would be adjusted in that period, which could materially impact our results of operations.

我们按照 ASC 第 740 号主题《所得税》对不确定税务状况进行会计处理。当某项不确定税务状况基于其技术依据在税务检查中更可能维持时，我们确认该状况产生的税收利益，并按结算时更可能实现的金额计量。这些评估需要判断，尤其是在研发税收抵免的资格认定和文档记录方面，相关支持性证据可能存在不同解释。这些事项的实际结果可能与我们的当前估计存在重大差异。我们在所得税准备中确认与未确认税收利益相关的利息和罚款。

We account for uncertain tax positions in accordance with ASC Topic 740, Income Taxes. Tax benefits from uncertain positions are recognized when it is more likely than not that the position will be sustained on examination based on its technical merits, measured at the amount that is more likely than not to be realized upon settlement. These assessments require judgment, particularly with respect to the qualification and documentation of research and development tax credits, where supporting evidence may be subject to differing interpretations. The actual outcome of these matters may differ materially from our current estimates. We recognize interest and penalties related to unrecognized tax benefits within our provision for income taxes.

#### 或有损失

#### Loss Contingencies

我们在日常业务过程中涉及法律索赔、诉讼程序以及其他监管和行政事项，其中某些事项可能包含金额重大或不确定的投机性损害赔偿请求。

We are involved in legal claims, proceedings, and other regulatory and administrative matters that arise in the ordinary course of business, certain of which may include speculative claims for substantial or indeterminate amounts of damages.

我们定期评估每项重大事项及其潜在财务风险。当我们认为很可能已发生损失且金额能够合理估计时，我们确认负债；对于损失合理可能发生且损失或损失区间能够估计的事项，我们予以披露。这些评估在确定潜在损失的可能性和估计金额时都需要重大判断。我们的计提基于当时可获得的最佳信息，并考虑每项事项的具体事实和情况、我们抗辩的合理性，以及谈判、和解、监管程序、裁决和法律顾问意见的影响。随着获得更多信息和事项发展，我们的估计可能发生变化，且我们在以往期间曾根据更新后的信息修订评估。

We routinely assess each significant matter and its potential financial exposure. We record a liability when we believe it is both probable that a loss has been incurred and the amount can be reasonably estimated, and we disclose matters for which a loss is reasonably possible and the loss or range of loss can be estimated. These assessments require significant judgment in determining both the likelihood and estimated amount of potential losses. We base our accruals on the best information available at the time, taking into account the specific facts and circumstances of each matter, the merits of our defenses, and the impact of negotiations, settlements, regulatory proceedings, rulings, and advice of legal counsel. Our estimates are subject to change as additional information becomes available and as matters develop, and we have in prior periods revised our assessments based on updated information.

近期会计公告 Recent Accounting Pronouncements

有关近期已采用的会计公告及近期已发布但尚未采用的会计公告的说明，请参见本招股说明书其他部分所载我们合并财务报表附注 1。

See Note 1 to our consolidated financial statements included elsewhere in this prospectus for a description of recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted.

概览 Overview

历史上第一次，智能成为人类可以构建的东西。推理、分析、综合、决策和创造的认知能力可以规模化生产并按需获取。我们相信，这种 AI 的充裕将迅速改变全球经济的每一个领域，其影响将超过工业化、电力、半导体和互联网。真正兑现其潜力、且风险得到妥善管理的 AI，可能显著加速全球增长，并大幅改善世界各地人们的生活质量。

For the first time in history, intelligence is something humans can build. The cognitive capability to reason, analyze, synthesize, decide, and create is producible at scale and accessible on demand. We believe this abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of industrialization, electricity, semiconductors, and the internet. AI that truly delivers on its potential—with the risks well managed—could significantly accelerate global growth and dramatically improve quality of life for people around the world.

Anthropic 成立于 2021 年，由一支研究人员团队创立，他们主导了定义 AI 的诸多突破。我们首先是一家研究实验室——我们的使命是负责任地开发和维护先进 AI，以造福人类的长期利益。这一使命指引着我们的重心——连同我们的人才与文化、我们的前沿与安全研究、我们的算力策略以及我们的企业战略，它是使我们与众不同的核心优势之一。这些优势使我们能够持续推进前沿 AI，并塑造其安全、负责任开发的标准。我们的前沿 AI——Claude，通过我们的模型、平台和应用程序交付给客户。Claude 经历了史上任何技术中最快的企业采用速度，其体现是收入从 2023 年第一季度商业发布时的 $0 增长至截至 2026 年 9 月 30 日止三个月的 [__] $。这种快速且不断增长的采用产生了两个自我强化的动态——推动 Claude 进步的改进闭环，以及帮助为我们持续的前沿 AI 研究提供资金的投资闭环。

Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define AI. 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. These advantages enable us to continuously advance frontier AI and shape the standards for its safe and responsible development. Our frontier AI, Claude, is delivered to customers through our models, platform, and applications. Claude has experienced the fastest enterprise adoption of any technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 2023 to [__] $for the three months ended September 30, 2026. This rapid and growing adoption generates two self-reinforcing dynamics—an improvement loop that advances Claude and an investment loop that helps fund our continued research in frontier AI.

我们相信，AI 在全球经济中的扩散代表着历史上改善人类生活与工作方式的重大机遇之一，而这一进程才刚刚开始。我们认为，世界才刚刚开始使用当今前沿模型的能力，Claude 能做什么与其被使用的广泛程度之间的差距，是我们最大的增长机遇之一，同时前沿领域的持续进步也是如此。近年来，Claude 的能力已显著演进，我们预计其将继续快速进步。这不仅将带来可寻址市场的扩大，也将带来对世界影响范围的扩大。我们致力于确保这一影响尽可能积极。

We believe the diffusion of AI through the global economy represents one of the largest opportunities in history to improve how humans live and work, and this process is just beginning. In our view, the world has only begun to use the capabilities of today’s frontier models, and the gap between what Claude can do and how broadly it is used represents one of our largest growth opportunities, alongside continued advances at the frontier. Claude’s capabilities have evolved significantly in recent years, and we expect they will continue advancing rapidly. This will lead not only to an expanding addressable market, but also to an expanding scope of impact on the world. We aim to ensure that impact is as positive as possible.

#### 我们的核心优势

#### Our Core Advantages

使命与专注。我们所有的努力都以对使命的单一专注为指引。这种专注使我们能够将人才、研究和算力投资集中于对人类社会最有价值的工作，并避免相互冲突的优先事项。实现我们的使命意味着世界在获得前沿 AI 巨大益处的同时降低最重大的风险，我们认为这需要安全与能力同步推进。

Mission & Focus. All of our efforts are guided by a singular focus on our mission. This focus enables us to concentrate talent, research, and compute investment on the highest-value work for humanity and to avoid conflicting priorities. Achieving our mission means the world gains the enormous benefits of frontier AI while mitigating the most significant risks, and we believe this requires safety and capability to advance together.

人才与文化。我们的使命与专注使我们能够吸引并留住世界级人才，包括那些希望以自身工作塑造更美好未来的研究人员和工程师。我们还拥有一种倡导低调务实、追求真理的文化，在前沿 AI 能力与安全之间形成相互促进。我们相信，随着公司规模扩大，我们的文化推动了人才密度的提升。

Talent & Culture. Our mission and focus enable us to attract and retain world-class talent, including researchers and engineers who want their work to shape a better future. We also have a culture that promotes a low-ego, truth-seeking environment, where frontier AI capability and safety are mutually reinforcing. We believe our culture has driven our talent density as we have scaled.

前沿与安全研究。我们相信，要在智能前沿实现持续、专注的研究，才能构建能力最强且最安全的 AI 系统。我们的前沿能力研究与安全研究深度整合，并直接塑造模型设计、训练与部署，帮助我们打造更可靠、更可控、更适合真实世界部署的系统，尤其是在要求严苛的企业环境中。我们将研究领先优势转化为创新速度，并持续发布更优的模型、平台能力与应用。每一代 Claude 模型都协助构建下一代模型，帮助压缩开发周期，并在创新速度上产生复利式改进。我们将这一递归动态称为“闭环”，并相信它是前沿 AI 领域最重要的结构性优势之一，能够大幅加快能力提升的速度。我们相信，模型能力必须与安全、对齐和安全实践同步推进，尤其是在 AI 发展速度加快的背景下。我们在开发过程中以及发布前后评估每一模型的风险，并采取我们认为适当的措施，在模型能力与安全、对齐和安全之间取得平衡，即使这样做可能放缓我们发布新能力的节奏。我们将此类决策视为深思熟虑的取舍，因为这样做符合公司宗旨、我们使命的长期利益，以及客户对安全且对齐模型的需求。

Frontier & Safety Research. We believe that sustained, focused research at the frontier of intelligence is required to build the most capable and safest AI systems. Our frontier capabilities and safety research are deeply integrated and directly shape model design, training, and deployment, helping us produce systems that are more reliable, steerable, and well-suited for real-world deployment, particularly in demanding enterprise environments. We translate our research leadership into innovation velocity, and have consistently released better models, platform capabilities, and applications. Each version of a Claude model assists in building the next, helping to compress development timelines and produce compounding improvements in the speed at which we innovate. We refer to this recursive dynamic as “closing the loop,” and we believe it is one of the most significant structural advantages in frontier AI and can greatly accelerate the rate at which capabilities advance. We believe that model capabilities must be advanced together with safety, alignment, and security practices, particularly as the speed of AI development accelerates. We assess the risks of each model during development and before and after release, and take the steps we believe are appropriate to balance model capabilities with safety, alignment, and security, even where doing so may moderate the rate at which we release new capabilities. We view decisions of this kind as deliberate tradeoffs that we make because they serve the Company Purpose, the long-term interests of our mission, and our customers’ demand for safe and aligned models.

我们的算力策略。我们将算力作为来自多个战略合作伙伴的单一可替代资源池进行管理，并根据任一给定时刻边际算力单位预期产出最高的方向，在工作负载之间动态调配可用算力。我们相信，这种算力策略使我们能够交付更卓越的模型、服务更多客户，并从算力投资中获得更高生产率。这种算力效率为我们奠定基础，使我们能够通过研究与模型开发推进 AI 能力的前沿、满足客户不断增长的需求，并支持 Claude 的内部使用。我们通过研究突破以及跨 AWS Trainium、Google TPU、NVIDIA GPU 和 AMD GPU 的多芯片算力架构实现了这一点，使我们能够编排工作负载以优化价格与性能。为支持我们的研究、模型开发、客户需求以及 Claude 的内部使用，我们持续进行大规模投资。截至 2026 年 9 月 30 日及之后，我们已签订采购承诺和租赁协议，包括短期承诺以及尚未开始的租赁，合计承诺支出超过 $[__]，其中绝大部分与算力和基础设施相关。这些承诺包括预计在 2030 年 12 月 31 日之前发生的约 $[__]，其余绝大部分预计将在 2031 年至 2045 年之间发生。这些承诺中约 $[__] 将在未来 12 个月内到期。更多信息请参见“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——合同义务”一节。

Our Approach to Compute. We manage compute as a single, fungible pool from multiple strategic partners, and we dynamically direct available compute between workloads based on where the marginal unit is expected to be most productive at any given time. We believe that this approach to compute enables us to deliver superior models, serve more customers, and achieve greater productivity from our compute investment. This compute efficiency creates the foundation for us to advance the frontier of AI capabilities through research and model development, meet growing demand from customers, and provide for internal usage of Claude. We have achieved this through our research breakthroughs and our multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs, enabling us to orchestrate workloads to optimize for price and performance. To support our research, model development, customer demand, and internal usage of Claude, we continue to invest at scale. As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ [__] , substantially all of which is related to compute and infrastructure. These commitments include approximately $ [__] expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $ [__] of these commitments are due in the next 12 months. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” for more information.

企业战略。我们的企业战略建立在这样一种信念之上：前沿 AI 在真实世界场景中最具价值，因为企业级部署带来的经济影响最大，且来自客户反馈的改进闭环也最为丰富。因此，我们围绕企业用例来组织研究优先级、产品路线图以及市场推广和应用 AI 团队，这些用例涵盖从日常知识工作到最复杂的问题。我们收集的客户反馈指引我们的研究重点，并使 Claude 随时间推移能力更强。这拓宽了 Claude 的部署范围，并进一步扩大企业采用，有助于确保我们的 AI 惠及大规模的人群和组织。

Enterprise Strategy. Our enterprise strategy is built on the belief that frontier AI is most valuable in real-world settings, as deployment across enterprises is where economic impact is greatest and where the improvement loops from customer feedback are richest. Accordingly, we have organized our research priorities, our product roadmap, and our go-to-market and Applied AI teams around enterprise use cases, which range from routine knowledge work to the most complex problems. The customer feedback we gather directs our research focus and makes Claude more capable over time. This broadens where Claude can be deployed and further expands enterprise adoption, which helps ensure that the benefits of our AI reach people and organizations at scale.

#### Claude 的企业采用

#### Enterprise Adoption of Claude

我们的企业客户采用速度和深度有力地证明了 Claude 在 AI 前沿的地位。截至 2026 年 9 月 30 日，我们的客户群包括：

The speed and depth of our enterprise customer adoption are powerful evidence of Claude’s position at the frontier of AI. Our customer base as of September 30, 2026 includes:

- 超过 11,900 家客户在过去十二个月（TTM）基础上贡献收入达 $100,000 或以上；

- More than 11,900customers with $100,000 or more of revenue on a TTM basis;

- 超过 1,900 家客户在过去十二个月（TTM）基础上贡献收入达 $1 million 或以上；以及

- More than 1,900 customers with $1 million or more of revenue on a TTM basis; and

- 约 250 家客户在过去十二个月（TTM）基础上贡献收入达 $10 million 或以上。

- Approximately 250 customers with $10 million or more of revenue on a TTM basis.

与仅服务于单一用例的静态产品不同，Claude 是能力快速提升的前沿 AI。我们在技术栈的三个层面进行构建：模型本身、基于这些模型进行构建的平台，以及将 Claude 直接交到用户手中的应用。任一层面的进步都会在全部三个层面产生复合效应，加快我们交付更强智能的速度。我们相信，这种一体化方法的价值体现在越来越多的客户同时使用 Claude Platform 和我们的第一方应用。截至 2026 年 9 月 30 日的三个月，在我们过去十二个月（TTM）收入达到 $100,000 或以上的客户中，超过 50% 同时使用了 Claude Platform 和至少一款我们的第一方应用，而截至 2025 年 12 月 31 日的三个月这一比例约为 30%。

Unlike a static product that serves a single use case, Claude is frontier AI with rapidly advancing capabilities. We build at three layers of the stack: the models themselves, the platform for building on those models, and the applications that place Claude directly in the hands of our users. An advance at any layer compounds across all three layers, accelerating the pace at which we can deliver more capable intelligence. We believe the value of this integrated approach is reflected in the increasing number of customers that use both Claude Platform and our first-party applications. For the three months ended September 30, 2026, over 50% of our customers with $100,000 or more of revenue on a TTM basis used Claude Platform and at least one of our first-party applications, up from approximately 30% for the three months ended December 31, 2025.

如今，企业依赖 Claude 在复杂工作流中进行推理、规划和执行，其可信度和判断力我们认为是以往几代 AI 所不具备的。客户主要通过三种方式从 Claude 中获得价值：更高生产力的员工、更快的流程，以及嵌入其产品中的智能。随着 Claude 能力的增长，我们的客户从中受益，并往往在更多新工作流中扩大对 Claude 的采用。这种不断扩大的角色反映了 Claude 在企业内部使用方式的更广泛转变：从响应离散提示的工具，转变为我们所称的虚拟协作者（Virtual Collaborator）——一种与人类并肩工作、以专业水平执行复杂多步骤工作的 AI 系统。

Today, enterprises rely on Claude to reason, plan, and execute across complex workflows with a level of trustworthiness and judgment that we believe was not previously available from earlier generations of AI. Customers realize value from Claude in three primary ways: more productive employees, faster processes, and embedded intelligence in their products. As Claude’s capabilities grow, our customers benefit and often broaden their adoption of Claude in new workflows. This expanding role reflects a broader shift in how Claude is used inside the enterprise, from a tool that responds to discrete prompts to what we call a Virtual Collaborator: an AI system that works alongside humans to perform complex, multi-step work at professional levels.

我们主要通过让 Claude 在多个产品界面上可用，来推动 Claude 的普及。例如：

We drive the diffusion of Claude primarily by making it accessible across multiple product surfaces. For example:

- Claude Platform，我们全面的智能体开发环境，为客户提供对基础组件的直接访问，使其能够构建、部署和扩展自身应用，并在其自有产品和工作中利用 Claude 的能力。

- Claude Platform, our comprehensive agentic development environment, provides customers with direct access to the primitives to build, deploy, and scale their own applications that leverage Claude’s capabilities within their own products and workflows.

- Claude Code，我们的编程智能体，与人类软件开发者并肩完成端到端软件开发：在生产级代码库中编写、规划、编辑、测试、调试和提交代码。

- Claude Code, our coding agent, works alongside human software developers on end-to-end software development: writing, planning, editing, testing, debugging, and committing code across production-scale codebases.

- Claude Cowork，我们的知识工作智能体，具备计算机使用能力，使其能够与专业人士共同完成端到端业务任务：自主研究、起草、分析、综合并执行其他知识工作。

- Claude Cowork, our knowledge work agent, has computer use capability that enables it to work with professionals on end-to-end business tasks: autonomously researching, drafting, analyzing, synthesizing, and executing other knowledge work.

Claude 的传播在很大程度上是自然发生的。我们通过市场推广团队和应用 AI 团队来放大这一效应，这些团队通过分销合作伙伴关系将 Claude 嵌入客户现有的技术栈中，在客户所在之处与其对接，从而扩大我们的覆盖范围。例如，Claude 可在三大云平台——AWS、GCP 和 Azure——上使用。我们与这些云服务商（CSP）采取联合市场推广方式，通过该方式与客户建立直接的合同关系，同时向每家 CSP 支付费用。这一结构使我们能够与这些 CSP 建立更强的商业协同，避免渠道冲突，设定定价，并实现算力效率持续提升所带来的财务收益。生态合作伙伴关系也扩大了我们的覆盖范围，使客户能够通过埃森哲、德勤、毕马威和普华永道等系统集成商（SI）、顾问以及 Salesforce 和 Snowflake 等数据平台采用 Claude。我们近期与领先的私募股权公司合作，推出了 AI 服务公司 Ode with Anthropic，将 Claude 的能力带给各行业的中型企业，在 Claude 平台上构建解决方案并长期支持客户。

Much of the diffusion of Claude has been organic. We amplify this with our go-to-market and Applied AI teams, which extend our reach by meeting customers where they are through distribution partnerships that place Claude inside customers’ existing technology stacks. For example, Claude is accessible on all three major cloud platforms—AWS, GCP, and Azure. 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. This structure allows us to foster stronger commercial alignment with these CSPs, avoid channel conflict, set pricing, and realize the financial benefits of ongoing compute efficiency improvements. Ecosystem partnerships also expand our reach, allowing customers to adopt Claude through SIs, such as Accenture, Deloitte, KPMG, and PwC, consultants, and data platforms, such as Salesforce and Snowflake. We recently launched Ode with Anthropic, an AI services company, in partnership with leading private equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on the Claude Platform and supporting customers over the long term.

#### 我们财务模式的优势

#### Strengths of O ur Financial Model

构建并扩展前沿 AI 是历史上最重要、资本最密集的事业之一。我们的财务模式为我们提供了以下优势，使我们能够高效地构建和扩展：

Building and scaling frontier AI is one of the most important and capital-intensive endeavors in history. Our financial model provides us with the following strengths that allow us to build and scale efficiently:

- 收入快速增长。我们的企业战略旨在通过将 Claude 直接嵌入业务关键型工作流程，并支持基于 Claude 开发产品，推动客户持久采用。我们相信，企业客户能从 Claude 获得可观的投资回报，因为智能体工作流程既能推动收入增长，又能提升效率。这使我们能够快速扩大客户规模，截至 2026 年 9 月 30 日，我们的净收入留存率约为 900%，即体现了这一点。

- Rapid Revenue Growth. Our enterprise strategy is designed to drive durable customer adoption by embedding Claude directly into business-critical workflows and enabling the development of products built on Claude. We believe that enterprise customers achieve a compelling return on investment from Claude, as agentic workflows can drive both top-line growth and efficiency. This enables us to expand quickly with customers, as demonstrated by our Net Revenue Retention of approximately 900% as of September 30, 2026.

- 算力效率。我们的算力效率使研究和模型开发能够产出更多智能，我们相信，与其他方式相比，这一方式能够在相同算力下支持更多客户和内部对 Claude 的使用。我们的算力效率体现在：截至 2026 年 6 月 30 日止三个月，收入同比增长 [__] 1,368%，而同期算力和基础设施费用增长 [__] 300%。

- Compute Efficiency. Our compute efficiency drives more intelligence from research and model development, and we believe this approach can support more customer and internal usage of Claude for the same amount of compute compared to other approaches. Our compute efficiency is demonstrated by 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.

- 运营效率。我们的运营效率源自高人才密度、高效的市场推广方式，以及我们团队在工作中广泛使用 Claude，这使我们能够以相对于其他大型企业科技公司更小的团队实现规模化。我们的运营效率体现在：截至 2026 年 9 月 30 日，过去十二个月（TTM）人均收入超过 $6.6 million，而截至 2025 年 9 月 30 日为 $1.4 million。

- Operating Efficiency. Our operating efficiency, derived from our high talent density, our efficient go-to-market, and how extensively our teams leverage Claude in their work, enables us to scale with a smaller team relative to other large enterprise technology companies. Our operating efficiency is demonstrated by TTM revenue per employee of over $6.6 million as of September 30, 2026, compared to $1.4 million as of September 30, 2025.

我们的财务业绩反映了持续增长以及对前沿 AI 的持续投入，如下所示：

Our financial results reflect continued growth alongside ongoing investment in frontier AI as demonstrated below:

- 截至 2026 年 6 月 30 日止三个月，我们的收入为 $11.6 billion，高于截至 2025 年 6 月 30 日止三个月的 $787 million。

- Our revenue was $11.6 billion for the three months ended June 30, 2026, up from $787 million for the three months ended June 30, 2025.

- 截至 2026 年 6 月 30 日止三个月，我们的经营利润率为 [__] 8%，经营利润为 $1.0 billion，而截至 2025 年 6 月 30 日止三个月的经营利润率为 [__] (152)%，经营亏损为 $1.2 billion。

- Our operating margin was [__] 8% and operating income was $1.0 billion for the three months ended June 30, 2026, compared to an operating margin of [__] (152)% and operating loss of $1.2 billion for the three months ended June 30, 2025.

- 我们的收入增长、算力效率和经营效率相结合，使截至 2026 年 6 月 30 日止三个月的调整后经营利润率达到 [__] 19%，调整后经营利润为 $2.2 billion，而截至 2025 年 6 月 30 日止三个月的调整后经营利润率为 [__] (129)%，调整后经营亏损为 $1.0 billion。

- The combination of our revenue growth, compute efficiency, and operating efficiency has resulted in an Adjusted Operating Margin of [__] 19% and Adjusted Operating Income of $2.2 billion for the three months ended June 30, 2026 compared to an Adjusted Operating Margin of [__] (129)% and Adjusted Operating Loss of $1.0 billion for the three months ended June 30, 2025.

我们财务模型所展现的增长、规模和效率，帮助我们继续做出重大的长期投资，以负责任的方式构建前沿 AI。我们的业务发展轨迹和财务概况使我们能够从投资者和合作伙伴处获取资本和算力。截至 2026 年 6 月 30 日，我们已累计筹集 $141.1 billion 的资本，并拥有 $112.4 billion 的现金及现金等价物和 $19.3 billion 的短期投资 [__] 。[__] 长期投资伴随风险，因为我们必须预测未来数年的算力需求。然而，我们相信，我们的算力效率使我们在需求高于预期时能够放大回报，并在需求低于预期或晚于预期到来时提供财务韧性。

The demonstrated growth, scale, and efficiency of our financial model help us to continue making significant long-term investments to build frontier AI responsibly. Our business trajectory and financial profile have enabled us to access capital and secure compute from investors and partners. As of June 30, 2026, 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 [__] . [__] Long-term investments come with risks, as we must predict compute needs multiple years into the future. However, we believe our compute efficiency positions us to amplify returns if demand is greater than our forecast and can provide financial resilience if demand is lower or arrives later than we anticipate.

#### 我们的自我强化循环

#### Our Self-Reinforcing Loops

我们的规模和增长创造了自我强化循环，使 Claude 随时间推移不断变得更好，我们相信这创造了持久的竞争优势。

Our scale and growth create self-reinforcing loops that make Claude better over time and that we believe create durable competitive advantages.

- 改进循环。Claude 的企业部署加深了我们对客户最为关注的难题、边缘情形和特定领域挑战的理解。我们根据客户在其业务中生产使用我们产品所反馈的意见，改进我们的模型、平台和应用。这些改进带来更广泛的部署和采用，从而推动下一轮改进。

- Improvement Loop. Enterprise deployments of Claude deepen our understanding of the hard problems, edge cases, and domain-specific challenges that matter most to our customers. We improve our models, platform, and applications based on feedback from customers using our offerings in production across their businesses. These improvements result in wider deployments and adoption that fuel the next cycle of improvement.

- 投资循环。企业采用不断扩大所带来的收入，帮助我们为改进 Claude 所需的算力、研究和人才提供资金。Claude 不断提升的能力扩大了客户使用 Claude 的任务和工作流程范围，拓宽了我们的可服务市场，并推动更深入的部署、额外的收入以及对 Claude 的持续再投资。

- Investment Loop. Revenue from expanding enterprise adoption helps us to fund the compute, research, and talent needed to improve Claude. Claude’s advancing capabilities expand the range of tasks and workflows customers use Claude for, broadening our addressable market and driving deeper deployment, additional revenue, and continued reinvestment in Claude.

#### Claude 正在加速我们实现闭环的能力

#### Claude is Accelerating Our Ability to Close the Loop

Claude 本身已成为我们进步的最强大驱动力之一——每一个新版本的 Claude 模型都直接加速下一代模型的开发。后续几代模型的研究、训练和测试的许多环节现在都涉及 Claude，包括运行实验、生成和处理训练数据、自动化评估和安全审计，以及编写和审查代码。我们将这种递归动态称为“闭环”。这种动态的一个直接体现，就是我们产出算力乘数的速度不断加快。能力更强的模型帮助我们的研究人员更快地发现这些改进；反过来，更强大的算力乘数使我们能够训练能力更强的模型，并更高效地部署它们。

Claude itself has become one of the most powerful drivers of our progress—each new version of a Claude model directly accelerates development of the next. Many aspects of the research, training, and testing of subsequent model generations now involve Claude, including running experiments, generating and processing training data, automating evaluations and safety audits, and writing and reviewing code. We refer to this recursive dynamic as “closing the loop.” A direct expression of this dynamic is our accelerating pace of producing compute multipliers. More capable models help our researchers discover these improvements faster; in turn, more powerful compute multipliers enable us to train even more capable models and deploy them more efficiently.

我们能够实现闭环的一个清晰例证，是在我们的工程组织中部署 Claude Code——我们的智能体编程产品。随着我们的模型不断进步，我们看到 Claude 在应对更具挑战性、开放式且缺乏明确规格、历来依赖经验丰富的人类判断的工程问题上的能力显著提升。根据我们的内部基准测试，Claude 在这类问题上的成功率在 2026 年 9 月达到约 90%，九个月内提升了约 50 个百分点。Claude Code 已从建议代码，发展到直接编写并运行代码，并能在复杂、多步骤的工程任务上长时间自主工作。这使我们的工程师能够越来越多地指导和审阅其工作，而非逐行编写代码。因此，截至 2026 年 9 月 30 日的三个月内，每位工程师平均每日向我们的代码库贡献的代码量，是截至 2024 年 12 月 31 日止年度平均每日贡献量的 45 倍以上。2026 年 9 月，我们代码库中超过 90% 的贡献由 Claude [__] 编写。

A clear example of our ability to close the loop is the deployment of Claude Code, our agentic coding product, across our engineering organization. As our models have advanced, we have seen significant improvement in Claude’s capability on more challenging, open-ended engineering problems that lack a clear specification and have historically depended on experienced human judgment. Claude’s success rate on these problems reached approximately 90% in September 2026, up approximately 50 percentage points in nine months, based on our internal benchmarks. Claude Code has progressed from suggesting code to writing and running it directly and working autonomously over long time horizons on complex, multi-step engineering tasks. This has enabled our engineers to increasingly direct and review its work rather than write code line by line. As a result, the average daily volume of code contributed to our codebase per engineer in the three months ended September 30, 2026 was over 45 times the average daily volume in the year ended December 31, 2024. Over 90% of the contributions to our codebase in September 2026 were written by Claude [__] .

Claude 的影响不仅限于研究和工程领域。从 2024 年 12 月 31 日到 2026 年 9 月 30 日，我们的员工人数增长了五倍以上，而截至 2026 年 9 月 30 日的三个月收入是截至 2024 年 12 月 31 日的三个月收入的 86 倍 [__] 。

The impact of Claude extends beyond research and engineering. From December 31, 2024 to September 30, 2026, our headcount grew over five times, while our revenue for the three months ended September 30, 2026 was86times our revenue for the three months ended December 31, 2024 [__] .

我们相信，这种经营杠杆得益于 Claude 在整个组织中的使用。在我们的研究、工程、市场推广和运营团队中，Claude 让员工能够在日常工作中借助一支智能体团队，使相对较小的团队能够承担传统上需要大得多的团队才能完成的工作，从而放大每个人的影响力。

We believe this operating leverage has been driven by the use of Claude throughout our organization. Across our research, engineering, go-to-market, and operations teams, Claude allows employees to leverage a team of agents in their daily work, enabling a comparatively small team to take on work that would traditionally require a far larger one by multiplying the impact of each person.

我们自身对 Claude 使用的扩展直接反映了这种杠杆效应。按标价计算，我们内部使用 Claude 的价值从 2026 年 1 月到 2026 年 9 月增长了 250 倍以上，并且在 2026 年 4 月，这一月度价值首次超过了我们的月度人员费用（不包括股权激励费用）。由于每一版 Claude 都被用于帮助构建下一版，并且 Claude 提升了公司各团队的生产力，我们相信我们投入内部使用的算力会复合放大这些收益，持续加快我们的开发步伐，并进一步巩固我们的领先地位。

The expansion of our own use of Claude reflects this leverage directly. The value of our own internal Claude usage at list prices has grown by over 250 times from January 2026 to September 2026, and in April 2026, this monthly value first exceeded our monthly personnel expense, excluding stock-based compensation. Because each version of Claude is used to help build the next and because Claude makes our teams more productive across the company, we believe the compute we devote to internal usage compounds these gains, continuously accelerating our pace of development and further strengthening our leadership position.

利用 AI 帮助构建能力更强的 AI 也可能带来相当大的安全风险，尤其是在它急剧加快进展速度的情况下。这是我们《负责任扩展政策》所涵盖的领域之一，该政策阐述了我们在接近所谓的“递归自我改进”时监测和缓解风险的计划。

Using AI to help build more capable AI could also pose a considerable safety risk, particularly if it sharply accelerates the pace of progress. This is one of the areas covered by our Responsible Scaling Policy, which sets out our plans to monitor and mitigate the risks as we approach what has been termed “recursive self-improvement.”

AI 正在变革智能 AI is Transforming Intelligence

我们相信，强大 AI——一种具有以下关键特征、能力极强且影响深远的前沿 AI——将在几年内广泛可用：

We believe that Powerful AI, a highly capable and impactful form of frontier AI characterized by the following key attributes, will become widely available within a few years:

- 在大多数专业和科学学科领域，认知能力达到或超过顶尖人类专家；

- cognitive capabilities matching or exceeding those of top human experts across most professional and scientific disciplines;

- 能够操作人类在虚拟工作中可用的所有界面，包括文本、音频、视频和直接控制计算机；

- the ability to navigate all interfaces available to a human working virtually, including text, audio, video, and direct computer control;

- 能够在较长时间内（持续数小时、数天或数周）自主推理复杂任务，并在需要时寻求澄清和反馈；

- the ability to reason through complex tasks autonomously over extended periods—lasting hours, days, or weeks—and seek clarification and feedback when needed;

- 能够跨多个实例进行协调，并与人类及其他 AI 系统协作；以及

- the ability to coordinate across multiple instances and collaborate with both humans and other AI systems; and

- 能够通过数字连接以数字化方式控制实验室设备、机器人系统和其他机器，从而与物理世界交互。

- the ability to interface with the physical world by digitally controlling laboratory equipment, robotic systems, and other machines through digital connections.

如果强大 AI 被用于解决人类最艰难的问题，且相关风险得到负责任的管理，其潜力将是非凡的。这些可能性包括：将数十年的科学进步压缩到数年之内；加速药物发现、疾病检测和个性化治疗的交付；提供个性化教育和专家级财务与法律建议；推进电网和电池设计，以提高效率和可靠性；以及将富裕国家历经数代才建立起来的能力扩展到发展中国家。

If Powerful AI is directed at solving humanity’s hardest problems and the risks are managed responsibly, the potential is extraordinary. The possibilities include compressing decades of scientific progress into years; accelerating drug discovery, disease detection, and the delivery of personalized therapy; providing individually tailored education and expert financial and legal advice; advancing power grids and battery design for greater efficiency and reliability; and extending to the developing world capabilities that took wealthy nations generations to build.

#### 规模定律与进步的可预测性

#### Scaling Laws and the Predictability of Progress

AI 系统的智能和能力已取得巨大进步。就在几年前 AI 系统还无法企及的任务，例如复杂的数学推理、设计科学实验以及执行相当一部分软件开发工作，如今已由 AI 常规完成。

The intelligence and capabilities of AI systems have advanced dramatically. Tasks that were beyond the reach of AI systems just a few years ago, such as complex mathematical reasoning, designing scientific experiments, and executing substantial portions of software development, are now routinely performed by AI.

这些进步遵循经验性的“规模定律”，即 AI 模型性能随模型规模、训练数据和算力的增加而可预测地提升。奠基性论文《神经语言模型的规模定律》（Scaling Laws for Neural Language Models）的第一作者（包括 Dario Amodei、Jared Kaplan、Sam McCandlish 和 Tom Brown）后来共同创立了 Anthropic，该论文对于确立这些关系至关重要，并帮助引领了现代 LLM 的浪潮。

These advances have followed empirical “Scaling Laws,” the finding that AI model performance improves predictably with increases in model size, training data, and compute. The foundational paper, Scaling Laws for Neural Language Models, whose lead authors (including Dario Amodei, Jared Kaplan, Sam McCandlish, and Tom Brown) later co-founded Anthropic, was critical in establishing these relationships and helped guide the wave of modern LLMs.

我们预计，AI 能力——涵盖语言、推理、数学、编程、科学分析以及不断扩展的智能体任务和知识工作——将在未来许多年持续进步。因此，我们认为这将推动 AI 需求在可预见的未来超过供给，而供给主要受限于算力的可获得性。我们相信，这一需求的大部分将集中在前沿：我们的经验是，企业在各类工作负载（包括其最高价值的工作）中都倾向于采用我们能力最强的模型。此外，我们认为，前沿的每一次 successive 扩展都将解锁新的工作类别，而这些新类别反过来将产生行业增量需求的大部分。我们预计行业将持续加大对算力、研究人才和工程资源的投入，以推进 AI 前沿。在这一框架下，拥有专有训练方法、高质量数据和差异化研究人才的研究实验室处于有利位置，能够超越仅凭规模所能预测的表现。

We expect AI capabilities—across language, reasoning, mathematics, coding, scientific analysis, and an expanding range of agentic tasks and knowledge work—to continue advancing for many years. As a result, we believe this will drive demand for AI that outstrips supply for the foreseeable future, limited principally by the availability of compute. We believe that the majority of this demand will be concentrated at the frontier: our experience has been that enterprises gravitate to our most capable models across a wide variety of workloads, including their highest-value work. In addition, we believe that each successive expansion of the frontier will unlock new categories of work that, in turn, will generate the majority of incremental industry demand. We expect the industry to continue increasing investment in compute, research talent, and engineering resources to advance the frontier of AI. Within this framework, research labs with proprietary training methods, strong data quality, and differentiated research talent are well-positioned to outpace what scale alone would predict.

6 有关我们如何计算全球知识工作者年度经济价值的说明，请参见标题为“行业、市场及其他数据”的章节。

6 See the section titled “Industry, Market, and Other Data” for a description of how we calculate annual economic value attributable to knowledge workers globally.

7 IDC，《AI 的经济影响：2026 年版》，文档编号 US54452226,2026 年 4 月。该报告反映了 AI 解决方案与服务所创造的年度价值、AI 基础设施供应链投资，以及 AI 所释放的企业生产力与效率提升。

7 IDC, The Economic Impact of AI: 2026 Edition, doc # US54452226, April 2026. Reflects the annual value created across AI solutions and services, investments in the AI infrastructure supply chain, and enhancements in enterprise productivity and efficiency unlocked by AI.

8 IDC，《全球黑皮书：实时版 V2 2026 预测》，2026 年 7 月。

8 IDC, Worldwide Black Book: Live Edition V2 2026 Forecast, July 2026.

#### 变革认知工作的近期机遇

#### A Near-Term Opportunity to Transform Cognitive Work

前沿 AI 正在变革认知工作——即运用知识、推理和判断来创造经济价值。我们相信，它将使人类能力大幅提升，并扩大全球从事此类工作的整体能力，包括加速科学发现和帮助企业成长。知识工作者是这一机遇的最前沿。随着前沿 AI 的进步，能力更强的模型可以解锁全新的用例，同时还能在能力—成本—速度曲线上高效地大规模服务广泛的认知工作。我们相信，2025 年知识工作者所从事的工作在全球代表了超过 $40 trillion 的经济价值，[__] 6 而借助前沿 AI 使其显著提高生产率的潜力，我们的近期机遇就是扩大这一价值并加速经济增长。尽管预测前沿 AI 对整个经济的全面影响还为时过早，但 IDC 估计，对 AI 解决方案和服务的投资到 2031 年将产生累计 $22.5 trillion 的全球经济效益 [__] 。[__] 7 我们相信，实际影响可能更大。

Frontier AI is transforming cognitive work—the application of knowledge, reasoning, and judgment to produce economic value. We believe it will make humans far more capable and expand the world’s overall capacity for that work, including accelerating scientific discovery and helping businesses grow. Knowledge workers are the leading edge of this opportunity. As frontier AI advances, more capable models can unlock entirely new use cases while also efficiently serving a wide range of cognitive work at scale across the capability-cost-speed curve. We believe the work that knowledge workers perform represented more than $40 trillion in economic value globally in 2025, [__] 6 and with frontier AI’s potential to make them meaningfully more productive, our near-term opportunity is to expand this value and accelerate economic growth. While it is still early to forecast frontier AI’s full impact across the economy, IDC estimates that investment in AI solutions and services will yield a cumulative global economic impact of $22.5 trillion by 2031 [__] . [__] 7 We believe the impact could be even greater.

历史表明，变革性技术会扩大其所进入的市场。例如，信息技术支出从 2006 年的约 $1.2 trillion 增长至 2025 年的 $4.3 trillion，复合年增长率约为 7%，同期云计算支出从零增长至 $1.9 trillion，并扩大了信息技术预算。[__] 8 我们也看到其他技术，包括个人电脑、互联网和智能手机，同样扩大了其市场。构建这些技术的公司增长速度远超整体经济。根据世界银行的数据，全球 GDP 从 2000 年的约 $34 trillion 增长至 2025 年的超过 $118 trillion，增长了两倍多。在同一时期，截至 2026 年 9 月 30 日市值最大的十家上市科技公司的合计收入从 $68 billion 增长至超过 $2.5 trillion，增幅约为 38 倍，约为全球 GDP 增速的 11 倍[__]。

History suggests that transformative technologies expand the markets they enter. For example, information technology spend grew from approximately $1.2 trillion in 2006 to $4.3 trillion in 2025, a CAGR of approximately 7%, as cloud computing spend grew from zero to $1.9 trillion over the same period and expanded information technology budgets. [__] 8 We have seen other technologies, including the personal computer, the internet, and the smartphone, grow their markets as well. The companies that built these technologies grew at a far faster rate than the economy as a whole. Global GDP grew from approximately $34 trillion in 2000 to more than $118 trillion in 2025 according to the World Bank, more than tripling. Over that same period, the ten largest publicly traded technology companies by market capitalization as of September 30, 2026 grew their aggregate revenue from $68 billion to more than $2.5 trillion, an increase of approximately 38 times, or approximately 11 times the rate of global GDP growth [__] .

#### 前沿 AI 可能重塑整个行业并加速新发现

#### Frontier AI May Reshape Entire Sectors and Accelerate Novel Discoveries

我们相信前沿 AI 代表着比以往任何技术周期都更大的机遇，而 Claude 已经在展现这一潜力。Claude 现在能够自主执行耗时数小时乃至数日的复杂项目，并行协调数千个智能体，以开展复杂的规划、长篇研究和自我纠错分析。Claude 还能将开放式任务转化为完成的高质量交付成果——这类工作在不久前还超出前沿 AI 的能力范围。这些能力使 Claude 有望变革全球经济的最大板块，包括软件开发、商业和专业服务、网络安全、金融服务以及医疗健康与生命科学，为部署它的组织带来生产力和产出的显著提升。

We believe frontier AI represents a larger opportunity than any prior technology cycle, and Claude is already demonstrating this potential. Claude can now execute complex projects autonomously over hours and days, coordinating thousand s of agents in parallel to carry out sophisticated planning, long-form research, and self-correcting analysis. Claude also turns open-ended tasks into finished, high-quality deliverables—work that was beyond the reach of frontier AI only a short time ago. These capabilities position Claude to transform the largest sectors of the global economy, including software development, business and professional services, cybersecurity, financial services, and healthcare and life sciences, driving meaningful gains in productivity and output for the organizations that deploy it.

网络安全是我们最重要的近期机遇之一。随着每一代新的 AI 模型在发现和利用漏洞方面的能力日益增强，我们预计，防御企业网络和关键基础设施将越来越需要前沿 AI。与此同时，AI 的普及正在扩大威胁面，因为各组织正以加速的步伐部署智能体和自主能力。我们在编程领域的领先地位使我们得以推进 Claude 的网络安全能力，并打造帮助企业保护其最关键基础设施的产品。例如，Claude Security 可以持续扫描客户的代码库、对漏洞进行分诊并编写修复方案。我们最近还推出了 OSS Scanner，将这些能力中的一部分延伸至企业软件所依赖的开源项目。通过我们的可信访问计划，经过审查的网络防御者还可以使用我们能力最强的模型进行安全运营、事件响应和经授权的渗透测试，将安全转变为持续防护模式。

Cybersecurity represents one of our most important near-term opportunities. As each new generation of AI models grows more capable of finding and exploiting vulnerabilities, we expect that defending enterprise networks and critical infrastructure will increasingly require frontier AI. At the same time, the diffusion of AI is expanding the threat surface, as organizations deploy agents and autonomous capabilities at an accelerating pace. Our leadership in coding has allowed us to advance Claude’s cybersecurity capabilities and build products that help enterprises secure their most critical infrastructure. For example, Claude Security can continuously scan customers’ codebases, triage vulnerabilities, and write fixes. We also recently launched OSS Scanner, which extends some of these capabilities to the open-source projects that enterprise software is built on. Through our trusted-access programs, vetted cyberdefenders can also use our most capable models for security operations, incident response, and authorized penetration testing, shifting security to a continuous protection model.

9 IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026。

9 IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026.

我们预计其他行业也将随之跟进，因为 Claude 的前沿能力将超越当前市场，开辟全新的市场，触及机器人、先进制造和物流等领域，并加速科学研究进展，包括药物发现和材料科学。

We expect other sectors to follow as Claude’s frontier capabilities extend beyond current markets to open entirely new ones, reaching domains such as robotics, advanced manufacturing, and logistics, and accelerating progress in scientific research, including drug discovery and materials science.

例如，在生命科学领域，预计 2026 年全球年度药品支出将超过 $2 trillion，[__] 9 Claude 被我们的客户、我们的生物技术合作伙伴以及我们自己的研究人员用于药物发现和开发。我们还在将 Claude 扩展到机器人领域，我们的模型硬件标准使 AI 智能体能够操作实验室和制造设备，例如显微镜、液体处理设备和现成的机械臂。

For example, in the life sciences sector, where annual global pharmaceutical spend is expected to exceed $2 trillion in 2026, [__] 9 Claude is used in drug discovery and development by our customers, our biotechnology partners, and our own researchers. We are also extending Claude into robotics, where our Model Hardware Standard enables AI agents to operate lab and manufacturing equipment such as microscopes, liquid handlers, and off-the-shelf robotic arms.

最终，我们相信前沿 AI 将有助于推动全球经济增长。随着前沿 AI 使劳动者和组织更具生产力、融入他们交付的产品和服务，并解锁新的商业模式，它创造了此前不存在的经济产出。我们相信，我们的机会不仅在于获取当今经济活动的一部分，还在于随着全球经济扩张而获取新创造产出的一部分。

Ultimately, we believe frontier AI will help drive global economic growth. As frontier AI makes workers and organizations more productive, becomes embedded in the products and services they deliver, and unlocks new business models, it creates economic output that did not previously exist. We believe our opportunity is to capture a share not only of today’s economic activity but also of that newly created output as the global economy expands.

#### 安全与道德行为的重要性

#### The Importance of Safety and Ethical Behavior

尽管 AI 的潜在益处非凡，但其快速发展将以可能造成重大颠覆的方式影响经济和社会，尤其是在该技术未以负责任的方式开发和部署的情况下。例如，恶意行为者已经利用 AI 的能力实施高调的网络安全攻击，发现漏洞、生成恶意软件并规避检测工具；与滥用相关的其他风险，包括在生物学领域，可能造成更大的危害。大规模部署的 AI 还可能以可能侵蚀信任、损害社会并破坏地缘政治秩序的方式，在国家内部和国家之间集中权力和财富。未对齐的 AI 系统可能腐蚀机构决策，或通过其用户和运营者不可见或不理解的自主行动造成大规模危害。我们相信，前沿 AI 公司必须投资于安全和对齐，以帮助确保该技术的负责任传播。我们还相信，安全、对齐和道德行为对企业尤其具有强烈共鸣，在这些企业中，严格的保障措施、可预测的模型行为和可证明的问责制已成为选择 AI 合作伙伴处理关键任务工作负载的决定性标准。

While the potential benefits of AI are extraordinary, its rapid advancement will impact the economy and society in ways that could create significant disruption, particularly if the technology is not developed and deployed responsibly. For example, bad actors have already conducted high-profile cyberattacks using AI’s capabilities to discover vulnerabilities, generate malware, and evade detection tools; other risks associated with misuse, including in the domain of biology, could result in even greater harm. AI deployed at scale also has the potential to concentrate power and wealth both within and between countries in ways that could erode trust, harm society, and destabilize the geopolitical order. Misaligned AI systems could corrupt institutional decision-making or cause large-scale harm through autonomous actions that are not visible or understandable to their users and operators. We believe that frontier AI companies must invest in safety and alignment to help ensure the responsible diffusion of this technology. We also believe that safety, alignment, and ethical behavior resonate particularly strongly with enterprises, where rigorous safeguards, predictable model behavior, and demonstrable accountability have become decisive criteria in selecting an AI partner for mission-critical workloads.

我们的核心优势 Our Core Advantages

我们拥有五大核心优势，界定了我们在前沿领域的地位：我们的使命与专注、我们的人才与文化、我们的前沿与安全研究、我们的算力路径，以及我们的企业战略。

We have five core advantages that define our position at the frontier: our mission and focus, our talent and culture, our frontier and safety research, our approach to compute, and our enterprise strategy.

#### 使命与专注

#### Mission and Focus

Anthropic 由一支研究团队于 2021 年创立，该团队负责了界定前沿 AI 的诸多重大突破。他们共同坚信，安全必须成为构建强大 AI 的基础性原则。我们拥有与该目标相一致的公司架构，在特拉华州注册为公益公司（PBC），并设立了长期利益信托（LTBT），其明确职责是推进我们的使命。此外，我们公开发布安全方法论、模型评估以及我们的《负责任扩展政策》，因为我们相信透明度是信任的前提，而信任是负责任地大规模部署前沿 AI 的前提。

Anthropic was founded in 2021 by a team of researchers responsible for many of the consequential breakthroughs that define frontier AI. They share a conviction that safety must be a foundational principle for building Powerful AI. We have a corporate structure consistent with that objective, incorporating as a Delaware PBC and implementing the LTBT with an explicit mandate to advance our mission. Further, we publish safety methodologies, model evaluations, and our Responsible Scaling Policy because we believe transparency is a prerequisite for trust, and trust is a prerequisite for the responsible deployment of frontier AI at scale.

Anthropic 的每一位员工都朝着同一使命努力，该使命指引着每一项决策——从模型架构，到产品战略，到合作条款，再到我们如何引导研究与算力。我们不会仅基于商业机会或研究新颖性来开展项目；我们的努力必须推进我们的使命。当商业利益与安全或信任之间出现艰难取舍时，我们有明确的答案。例如，2026 年 4 月，我们最初通过 Project Glasswing 以受限研究预览的形式发布我们的前沿模型 Mythos，仅向特定组织开放用于网络安全应用，而非在发布时广泛提供，原因是其在网络漏洞发现方面具备先进能力。我们相信，这种使命的清晰性减少了摩擦、加快了决策，并培育了一种安全与能力并行追求的文化。

Every employee at Anthropic works towards the same mission, and that mission guides every decision—from model architectures, to product strategy, to partnership terms, and to how we direct research and compute. We do not pursue projects based on commercial opportunity or research novelty alone; our efforts must advance our mission. When difficult tradeoffs arise between commercial gain and safety or trust, we have a clear answer. For example, in April 2026, we initially released our frontier model, Mythos, as a gated research preview through Project Glasswing, available to select organizations for cybersecurity applications, rather than making it broadly available at launch due to its advanced capabilities in cyber vulnerability discovery. We believe this clarity of mission reduces friction, accelerates decision-making, and fosters a culture where safety and capability are pursued in tandem.

#### 人才与文化

#### Talent and Culture

人才是我们最重要的优势之一，因为技术、资本、产品和分销都源自卓越的人才。人才密度比人才总量更重要。杰出的人在身边都是同样杰出的同事时会受到启发和激励，从而营造出一个吸引更多卓越人才的环境。这些人才可以利用 Claude 最大化每个人的影响力。

Talent is one of our most important advantages, because technology, capital, product, and distribution all flow from superior talent. Talent density matters more than talent mass. Brilliant people are inspired and motivated when surrounded by equally brilliant colleagues, creating an environment that attracts more exceptional people. This talent can leverage Claude to maximize each individual’s impact.

我们相信，我们汇聚了世界上最集中的 AI 研究人才，其中包括许多开创了现代 LLM 背后技术的研究人员。我们的创始团队开创了 AI 领域的若干基础性进展，包括 Scaling Laws、GPT-2 和 GPT-3、RLHF 以及机制可解释性。我们坚信安全与能力必须共同进步，这帮助我们吸引并留住世界级人才，包括研究人员和工程师。例如，在截至 2026 年 9 月 30 日的过去十二个月（TTM）期间，我们整体员工队伍的遗憾流失率约为 1%。

We believe we have assembled the deepest concentration of AI research talent in the world, including many of the researchers who pioneered the techniques that underlie modern LLMs. Our founding team originated several foundational advances in AI, including Scaling Laws, GPT-2 and GPT-3, RLHF, and mechanistic interpretability. Our conviction that safety and capability must advance together helps us attract and retain world-class talent, including researchers and engineers. For example, we have experienced approximately 1% regrettable attrition of our employee base overall in the TTM period ended September 30, 2026.

我们坚持对内部开放协作和求真务实的承诺，这一承诺以我们低调、高影响力且与使命一致的文化为支撑。研究人员公开分享成果，同事实时提出批评并调整方向。当多个团队并行推进不同方案时，惯例是严格评估哪种方案展现出更强且更契合目标的结果。这种协作动态难以复制，因为它既需要我们从组织成立之初便建立的信任基础，也需要对维护这种信任的不懈承诺。这种信任以在我们这一规模下并不常见的方式体现：各团队始终朝着同一方向发力，而非相互掣肘。

We maintain a commitment to open internal collaboration and truth seeking, which is underpinned by our low-ego, high-impact, and mission-aligned culture. Researchers share results openly, and colleagues critique and redirect in real time. When multiple teams pursue parallel approaches, the norm is to rigorously evaluate which approach is demonstrating stronger and more aligned results. This collaborative dynamic is difficult to replicate because it requires both the foundation of trust we have built from the earliest days of our organization and a relentless commitment to preserving such trust. That trust manifests in ways that are uncommon at our scale: teams that consistently pull in the same direction rather than at cross-purposes.

我们相信，随着规模扩大，我们的文化推动了人才密度的提升。

We believe our culture has driven our talent density as we have scaled.

#### 前沿与安全研究

#### Frontier and Safety Research

我们的前沿模型领先地位是我们人才密度的直接产物。我们相信，我们的研究人员在智能、能力和可靠性方面持续突破边界，超越了规模更大或预算更充足的团队。Claude 在编码、医学、法律、科学和数学等各行业真实任务上的表现广受认可。

Our frontier model leadership is a direct product of our talent density. We believe our researchers have consistently pushed the boundaries of intelligence, capability, and reliability further than bigger teams or those with larger budgets. Claude is widely recognized for its performance on real-world tasks across industries, including coding, medicine, law, science, and mathematics.

我们的研究方法为业务带来关键优势：

Our approach to research provides key advantages to our business:

- 我们的模型研究与算力性能从一开始就协同设计。架构决策从第一天起就将算力效率纳入考量。我们的模型架构与推理基础设施在单一统一流程中设计。AI 研究人员与推理基础设施工程师共享规划周期、汇报关系和绩效目标。这种方法使我们能够开发出相较此前版本既更强大又更高效的模型版本。

- Our Model Research and Compute Performance Are Co-designed from the Start. Architectural decisions are made with compute efficiency in mind from day one. Our model architecture and inference infrastructure are designed in a single unified process. AI researchers and inference infrastructure engineers share planning cycles, reporting lines, and performance targets. This approach enables us to develop model versions that are both more capable and more efficient compared to prior versions.

- 我们的预训练流程以资本效率为设计目标。我们专注于一条清晰的流水线，用于推进架构、训练方法和数据方面的模型改进。这些改进在消耗大量算力之前先在小规模上测试。纳入前沿训练运行的门槛很高且严格基于证据：我们要求证明某项改进在模型规模增大时依然成立，而不仅仅是其在缩小规模下表现良好。前沿训练运行是有计划、有排期的资本投入，具有已知的输入和严格的纳入标准。其结果是形成一套可重复的流程，将研究投入转化为能力提升，同时管理前沿训练运行固有的风险。

- Our Pre-training Process Is Engineered for Capital Efficiency. We focus on a clear pipeline for developing model improvements to architecture, training methodology, and data. These are tested at a smaller scale before they consume significant compute. The bar for inclusion in a frontier training run is high and strictly evidence-based: we require demonstration that a given improvement holds as models increase in size, not merely that it performs well at reduced scale. Frontier training runs are planned, scheduled capital deployments with known inputs and rigorous inclusion criteria. The result is a repeatable process for converting research investment into capability gains, while managing the risks inherent to frontier training runs.

- 我们的后训练投入专为智能体能力而打造。后训练已从收尾步骤发展为一项重大研究投入，反映出市场正从助手向智能体转变。我们的模型正是在这一环节磨练编写代码、使用工具、遵循指令以及代用户操作软件的能力。我们针对完整、真实的任务进行训练，这些任务的复杂度反映了真实专业工作。

- Our Post-training Investment Is Purpose-Built for Agentic Capabilities. Post-training has grown from a finishing step into a major research investment, reflecting the market shift from assistants to agents. This is where our models hone their ability to write code, use tools, follow instructions, and operate software on a user’s behalf. We train against complete, realistic tasks whose complexity reflects real professional work.

- 我们的安全研究具有商业价值。随着模型承担起可访问关键业务系统的智能体角色，信任与可靠性至关重要。而随着能力提升，安全运行的能力成为决定商业可行性的关键因素之一。对齐良好的模型更能遵循用户指令——例如，它们会避免在未充分理解用户意图的情况下采取可能具有破坏性的操作。它们对提示注入等攻击也更具鲁棒性，此类攻击中恶意行为者试图通过输入非法指令来劫持模型。我们在对齐、可解释性研究、安全防护和红队测试方面的工作，以及引入能够评估我们安全实践的外部审查者，帮助我们打造更安全、更可靠的模型，从而使我们能够满足客户的严格要求。安全研究与能力研究相互融合，这使我们能够交付企业工作流程所需的信任与性能。

- Our Safety Research Is a Commercial Benefit. As models take on agentic roles with access to critical business systems, trust and reliability are paramount. And as capabilities increase, the ability to operate safely becomes one of the key determining factors for commercial viability. Models that are well-aligned are better at following a user’s instructions—for example, they avoid taking potentially destructive actions without fully understanding user intent. They are also more robust against attacks such as prompt injection, where malicious actors attempt to hijack the model by feeding it illicit instructions. Our work on alignment, interpretability research, safeguards, and red-teaming, as well as the use of external reviewers who can assess our safety practices, helps us create safer, more reliable models, and therefore positions us to meet our customers’ rigorous requirements. Safety and capability research are integrated, which enables us to deliver the trust and performance required for enterprise workflows.

#### 我们的算力策略

#### Our Approach to Compute

我们的算力策略始于训练那些被设计为在任意给定类型的算力上能力更强、运行更高效的模型。

Our approach to compute starts with training models that are designed to be more capable and run more efficiently on any given type of compute.

我们构建能力更强的模型并更高效地为其提供服务的能力，体现了我们的预训练、后训练与推理研究之间迭代循环所产生的复利回报，而这一切都得益于我们可互换的算力池。预训练与后训练研究产生了专有的算力乘数，使我们的模型能力更强。研究与推理工程则推动持续降低服务这些模型所需的算力。

Our ability to build more capable models and serve them more efficiently reflects the compounding returns of an iterative cycle between our pre-training, post-training, and inference research, all of which is enabled by our fungible compute pool. Pre-and post-training research produces proprietary compute multipliers that make our models more capable. Research and inference engineering drive sustained reductions in the compute required to serve those models.

除了实现能力更强、更高效的模型之外，我们跨 AWS Trainium、Google TPU、NVIDIA GPU 和 AMD GPU 的多芯片算力架构，使我们能够编排工作负载，以优化价格与性能。我们拥有多年跨多个芯片系列有效训练和运行模型的经验，我们认为这具有差异化优势且难以复制。这一基础，加上 Claude 对芯片和模型架构日益深入的理解，使我们能够以过去所需时间的一小部分完成新芯片平台的上线。

In addition to enabling more capable and efficient models, our multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs allows us to orchestrate workloads to optimize for price and performance. We have years of experience effectively training and running our models across multiple chip families, which we believe is differentiated and difficult to replicate. This foundation, paired with Claude’s increasing understanding of chip and model architectures, allows us to onboard new chip platforms in a fraction of the time this once required.

我们的算力池在设计上即可互换。我们进行了大量工程投入，构建内部编排、调度和容量管理系统，使加速器容量无论来自哪家供应商、何种芯片架构或物理位置，都能被调度至各类工作负载。服务于客户工作负载的同一套基础设施，也被用于研究、模型开发以及 Claude 的内部使用。这些系统将底层硬件作为统一容量池进行管理，监控该池的利用率和需求，并将算力调度至任意给定时刻预期产出最高的地方。

Our compute pool is fungible by design. We have made substantial engineering investments to build the internal orchestration, scheduling, and capacity management systems that allow accelerator capacity, regardless of provider, chip architecture, or physical location, to be directed across workloads. The same infrastructure that serves customer workloads is also directed to research, model development, and internal usage of Claude. These systems manage the underlying hardware as a unified capacity pool, monitor utilization and demand across that pool, and direct compute to wherever it is expected to be most productive at any given time.

我们的多芯片算力方案使我们获得的芯片资源显著多于依赖单一平台的情形，并使我们能够机会性地获取各芯片系列与代际的价格性能优势。确保此类资源获取需要大量的预先承诺。鉴于从签约采购算力到该算力可供服务工作负载之间存在较长的交付周期，我们会在预期需求到来之前提前较长时间锁定算力。在某些情况下，我们还可能在设备或基础设施交付之前预先付款。我们预计在可预见的未来将进行重大投资，包括在算力和基础设施方面的投资，以确保我们拥有技术资源来维持并扩大我们在前沿 AI 领域的地位。

Our multi-chip compute approach provides us with substantially greater chip access than relying on one platform and enables us to opportunistically capture the price-performance benefits of each chip family and generation. Securing this access requires significant advance commitment. Given the long lead times between contracting for compute and that compute becoming available to serve workloads, we secure compute well in advance of anticipated demand. In some cases, we may also make payments in advance of the delivery of the equipment or infrastructure. We anticipate making significant investments for the foreseeable future, including in compute and infrastructure, to ensure we have the technological resources to maintain and expand our position at the frontier of AI.

#### 企业战略

#### Enterprise Strategy

我们的企业战略与我们的使命相一致。我们针对需要最高智能水平的问题构建我们能力最强的模型。同样的智能也被高效地应用于日常工作——根据每项任务的难度校准投入的算力，并将工作负载路由至我们模型系列中最适合它们的模型。因此，我们在世界各地的客户正在广泛的工作场景中采用 Claude，从日常知识任务到他们最重要的问题。如今，Claude 已被部署用于主要行业的知识工作，包括金融服务、保险、医疗健康、生命科学、法律、教育、零售与商业、电信、专业服务、技术和网络安全。除实际的企业挑战外，Claude 还被应用于科学研究、药物发现、教育和气候分析等紧迫的全球性问题。

Our enterprise strategy aligns with our mission. We build our most capable models for the problems that demand the highest intelligence. That same intelligence is also applied efficiently to everyday work—calibrating effort to the difficulty of each task and routing workloads to the models within our model family that are best suited for them. As a result, our customers around the world are adopting Claude across a broad range of work, from routine knowledge tasks to their most important problems. Today, Claude is deployed for knowledge work across major industries, including financial services, insurance, healthcare, life sciences, law, education, retail and commerce, telecommunications, professional services, technology, and cybersecurity. Beyond practical enterprise challenges, Claude is also being applied to pressing global problems in scientific research, drug discovery, education, and climate analysis.

我们构建模型、平台和应用时，着眼于其在生产环境中的实用性，而非基准测试表现。这一区别至关重要，因为许多 AI 系统难以落地实施，无法在复杂的企业环境中交付预期价值，而在这些环境中，治理和安全方面的顾虑仍是采用的主要障碍之一。

We have built our models, platform, and applications for usefulness in production environments instead of benchmark performance. This distinction matters, as many AI systems prove difficult to implement and fail to deliver the expected value in complex enterprise environments, where governance and security concerns remain among the top barriers to adoption.

我们的应用，例如 Claude Code 和 Claude Cowork，能够放大员工的影响力。随着时间推移，我们的应用能力不断增强，如今经常被用于与员工并肩执行长时间运行的自主工作。各组织还将 Claude 作为驱动和改造内部业务流程的智能核心进行集成。此外，我们的 Claude 平台被用作企业构建 AI 原生产品的基础。

Our applications, such as Claude Code and Claude Cowork, multiply the impact of employees. Over time, our applications have become more capable and are now frequently being used to conduct long-running autonomous work alongside employees. Organizations also integrate Claude as the intelligence that powers and transforms internal business processes. In addition, our Claude Platform is used as the foundation for enterprises building AI-native products.

随着企业客户将 Claude 集成到日益复杂的工作流程中，他们会提出塑造我们路线图的使用场景和需求。他们还提供反馈，使我们能够持续改进模型、平台和应用，并开发新的解决方案以推进其 AI 采用。

As enterprise customers integrate Claude into increasingly complex workflows, they surface the use cases and requirements that shape our roadmap. They also provide feedback that allows us to continuously improve our models, platform, and applications as well as develop new solutions to advance their AI adoption.

随着每一次模型和产品的进步，Claude 能够覆盖更有价值的用例，加深其对现有客户的影响，同时降低新客户的采用门槛。当某一模型跨越某一类工作所需的能力、可靠性和信任门槛时，该类工作的采用通常会迅速从试验阶段转入生产阶段。编程是第一个这样的类别：在大约一年内，Claude 从建议单行代码，发展到能够操作多组智能体在生产代码库中自主工作。网络安全正沿着类似的曲线发展：在卡内基梅隆大学研究人员开发的、用于评估 AI 模型利用软件漏洞能力的基准 ExploitBench 上，Claude 的得分在大约四个月内从 Opus 4.8 的 40% 提升至 Claude Mythos 5 的 78%，再提升至 Opus 5.5 的 91%。网络防御者如今能够大规模识别并修补漏洞。我们预计这些模型能力的提升将解锁更多用例。Claude Security 和我们近期推出的 OSS Scanner 是早期的例子，它们能够持续扫描代码库，并在攻击者发现漏洞之前提出修复方案。

With each model and product advancement, Claude is able to address more valuable use cases, deepening its impact for existing customers while lowering the adoption threshold for new ones. When a model crosses the capability, reliability, and trust threshold required for a category of work, adoption in that category generally moves quickly from experimentation into production. Coding was the first such category: within roughly a year, Claude progressed from suggesting individual lines of code to operating fleets of agents working autonomously across production codebases. Cybersecurity is following a similar curve, with Claude’s performance on ExploitBench, a benchmark developed by Carnegie Mellon researchers that evaluates AI models’ ability to exploit software vulnerabilities, increasing from 40% with Opus 4.8, to 78% with Claude Mythos 5, and to 91% with Opus 5.5 over a period of approximately four months. Cyberdefenders are now identifying and patching vulnerabilities at scale. We expect these improvements in model capabilities to unlock additional use cases. Claude Security and our recently launched OSS Scanner are early examples, providing the ability to scan codebases on a continuous basis and propose fixes before attackers find vulnerabilities.

Claude 作为虚拟协作者 Claude as a Virtual Collaborator

我们相信，我们已经到达一个拐点：AI 系统能够在专业工作中充当真正的协作者。它们能迅速完成实质性任务，而这些任务原本可能占用一名熟练专业人员数小时、一整天甚至更长时间。AI 系统也日益能够执行此前过于困难或成本过高而无法完成的任务，或发掘出独到的洞察与分析。

We believe we have reached an inflection point where AI systems can function as genuine collaborators in professional work. They quickly complete substantive tasks that might otherwise occupy a skilled professional for several hours, a full day, or longer. AI systems are also becoming increasingly capable of performing tasks that were previously too difficult or costly to complete or surfacing original insights and analyses.

我们将这些与人类并肩工作、以专业水平执行复杂多步骤工作的 AI 系统称为虚拟协作者。虚拟协作者拥有其组织授予的访问权限、系统连接和上下文，这使其能够更准确、更可靠地运作。它们能够浏览并使用内部工具，执行需要持续推理的跨多步骤工作流程。虚拟协作者是旨在嵌入实际工作场景的 AI，我们的目标是持续将其扩展至全球知识工作者，预计到 2028 年该群体规模将超过十亿。10

We refer to these AI systems that work alongside humans to perform complex, multi-step work at professional levels as Virtual Collaborators. Virtual Collaborators carry the access rights, system connections, and context that their organizations grant them, which allows them to function more accurately and reliably. They can navigate and use internal tools and execute workflows that span multiple steps that require sustained reasoning. Virtual Collaborators are AI designed to be embedded where work gets done, and our aim is to continue extending them to knowledge workers globally, a population that is estimated to exceed one billion in 2028.10

10 IDC，《全球开发者群体增长预测，2025–2029》，文档编号 # US53789825，2025 年 9 月。

10 IDC, Worldwide Developer Population Growth Forecast, 2025–2029, doc # US53789825, September 2025.

#### Claude Code

#### Claude Code

如今虚拟协作者最清晰的体现是 Claude Code，这是我们的编程智能体，也是我们认为最具体地定义了自主 AI 工作形态的产品。Claude Code 改变了市场对 AI 系统在与软件开发者协作中能做什么的理解：模型会建议下一行代码，并更进一步进行规划、编写、测试和调试——这一过程最终产出生产级代码。在其发布后的数月内，自主编程成为衡量前沿 AI 进展的参照基准。对于企业 AI 应用场景，我们认为 Claude Code 的发布其影响堪比首个被广泛采用的对话式 AI 助手的问世。使 Claude Code 成为虚拟协作者的是其持续推理能力、将意图转化为行动的运行框架、无论在开发者机器上还是在沙盒云环境中都能保持持久状态的执行环境、与现有工具和系统的集成，以及用户友好的界面。其用途高度多样且常常出人意料：例如，NASA 工程师使用 Claude Code 为火星毅力号漫游车规划并编写导航指令，实现了火星上首次由 AI 规划的行驶。

The clearest manifestation of Virtual Collaborators today is Claude Code, our coding agent and the product we believe has most concretely defined what autonomous AI work looks like. Claude Code shifted the market’s understanding of what an AI system could do in collaboration with software developers: the model suggests the next line of code and goes further by planning, writing, testing, and debugging—a process that results in production-grade code. Within months of its release, autonomous coding became the reference point for measuring the progress of frontier AI. For enterprise AI use cases, we believe the launch of Claude Code was comparable in its impact to the introduction of the first widely adopted conversational AI assistants. What makes Claude Code a Virtual Collaborator is its sustained reasoning, a harness that translates intent into actions, an execution environment that maintains a persistent state whether on a developer’s machine or in a sandboxed cloud environment, integration with existing tools and systems, and a user-friendly interface. Its uses are highly varied and often surprising: for example, NASA engineers used Claude Code to plan and write navigation commands for the Mars Perseverance rover, resulting in the first AI-planned drive on Mars.

软件开发者是 Claude 的有力倡导者——他们理解系统如何运作，在评估技术工具方面具有公信力，并且常常成为企业内部采用新技术的推动者。赢得他们的信任，为虚拟协作者在企业员工队伍中的更广泛扩散奠定了基础。我们已看到这一模式正在显现：非技术团队越来越多地采用 Claude Code 和 Claude Cowork 来管理自身的工作流。

Software developers are powerful advocates for Claude—they understand how systems work, have credibility evaluating technical tools, and often serve as internal champions for adopting new technologies. Winning their trust creates a foundation for broader diffusion of Virtual Collaborators across enterprise workforces. We are already seeing this pattern play out with non-technical teams increasingly adopting Claude Code and Claude Cowork to manage their own workflows.

#### Claude Cowork

#### Claude Cowork

所有数字化工作归根结底都是代码的表达，而 Claude 对代码的精通，使其驱动的虚拟协作者能够处理远超软件开发范畴的复杂工作。Claude Cowork 将 Claude Code 相同的智能体架构延伸至广泛的知识工作者，把用户意图转化为已完成的工作，在用户桌面上自主读取文件、操作应用程序并执行多步骤工作流，而底层代码则被抽象隐藏。通过以专为特定职业和行业垂直领域打造的应用超越 Claude Code，我们加速 Claude 向新类别知识工作的扩散，并加深我们在整个企业中的渗透。截至 2026 年 9 月 30 日，Claude Cowork（我们于 2026 年 1 月以研究预览形式推出）的采用速度超过了 Claude Code 在 2025 年 2 月研究预览发布后同等时点的采用速度。2026 年 9 月，我们开始将 Claude Cowork 与 Claude.ai 合并，把智能体工作与对话式工作整合到统一应用中。用户现在可以在同一段对话中，从简单提问过渡到复杂的多步骤任务。

All digital work is ultimately an expression of code, and Claude’s mastery of it powers Virtual Collaborators capable of handling complex work far beyond software development. Claude Cowork extends the same agentic architecture of Claude Code to knowledge workers broadly by translating a user’s intent into completed work, autonomously reading files, navigating applications, and executing multi-step workflows on a user’s desktop while the underlying code is abstracted away. By extending beyond Claude Code with applications purpose-built for specific professions and industry verticals, we accelerate Claude’s diffusion into new categories of knowledge work and deepen our presence across the enterprise. As of September 30, 2026, adoption of Claude Cowork, which we made available as a research preview in January 2026, outpaced the adoption that Claude Code achieved at the equivalent point following its research preview release in February 2025. In September 2026, we began merging Claude Cowork and Claude.ai, bringing agentic and conversational work into a unified application. Users can now move from a simple question to complex, multi-step tasks in the same conversation.

#### 扩展虚拟协作者

#### Extending Virtual Collaborators

我们相信虚拟协作者的发展轨迹清晰且正在加速。每一代 Claude 模型都在多个维度上实现扩展：推理的深度与严谨性、所能持续工作的时长与自主性、所能完成任务的复杂度，以及所能产出的有用输出量。能力评估与基准测试显示，各版本 Claude 模型在可可靠完成任务的时长与复杂度方面均有大幅提升，较新的模型版本更展现出尤为显著的进步。

We believe the trajectory for Virtual Collaborators is clear and accelerating. Each generation of Claude models has expanded along multiple dimensions: the depth and rigor of their reasoning, the duration and autonomy of the work they can sustain, the complexity of tasks they can complete, and the volume of useful output they can produce. Capability evaluations and benchmarking have shown substantial improvements across Claude model versions in the duration and complexity of tasks that can be completed reliably, with more recent model versions demonstrating particularly significant advances.

我们正朝着这样一个世界构建：Claude 可以被赋予持续数小时、数天乃至数周的开放式任务，然后以一位杰出同事般的判断力和主动性自主执行这些任务。最终，数百万个虚拟协作者可以并行运行，各自独立处理互不相关的问题，或无缝协作以实现共同目标。其成果是史无前例的：我们称之为数据中心里的天才之国，可供每一个组织和经济部门使用。

We are building towards a world where Claude can be given open-ended tasks lasting hours, days, or weeks, and then execute them autonomously with the judgment and initiative of a brilliant colleague. Ultimately, million s of Virtual Collaborators can run in parallel, each working independently on unrelated problems or collaborating seamlessly to achieve a shared objective. The result is something without historical precedent: what we refer to as a country of geniuses in a data center, available to every organization and sector of the economy.

Claude 是企业的首选合作伙伴 Claude is the Partner of Choice for Enterprises

不同行业的企业客户依赖 Claude 提升生产力并实现业务转型。这些客户既包括 AI 原生初创公司，也包括全球最大的企业。

Enterprise customers across different industries rely on Claude to enhance their productivity and transform their businesses. These customers range from AI-native startups to the largest enterprises in the world.

我们相信，客户选择 Claude 是出于广泛多样的用例，从日常知识工作到他们最重要的问题。他们选择我们，是为了通过我们的平台和应用获取前沿 AI，并取得切实成果。我们从客户行为中看到了这种信念：企业一旦我们发布最新、能力最强的模型，就会持续采用，并为其最高价值的工作倾向于选择最先进的选项。我们的客户将我们视为长期合作伙伴，因为我们提供当今的前沿能力、他们期待我们未来带来的创新，以及我们能够在能力—成本—速度曲线上满足其需求。

We believe customers choose Claude for a wide variety of use cases, from routine knowledge work to their most important problems. They come to us for access to frontier AI across our platform and applications that deliver real-world outcomes. We see this conviction in customer behavior: enterprises consistently utilize our latest and most capable models as soon as they are released, gravitating to the most advanced option for their highest-value work. Our customers see us as a long-term partner for the frontier capabilities we offer today, for the innovation they expect from us in the future, and for our ability to meet their needs across the capability-cost-speed curve.

除模型之外，Claude Platform 还提供基础构件，使客户能够加快实现价值的时间，并在各种用例中利用 Claude 的智能。这些基础构件与我们构建自身应用所用的构件相同。我们的应用，例如 Claude Code 和 Claude Cowork，能够放大员工的影响力。随着时间的推移，我们的应用能力不断增强，如今经常被用于与员工并肩执行长时间运行的自主工作。我们模型、平台和应用的改进惠及客户，并推动持续采用。

Beyond our models, the Claude Platform provides primitives that enable customers to accelerate time-to-value and leverage Claude’s intelligence in a variety of use cases. These primitives are the same ones we use to build our own applications. Our applications, such as Claude Code and Claude Cowork, multiply the impact of employees. Over time, our applications have become more capable and are now frequently being used to conduct long-running autonomous work alongside employees. Improvements to our models, platform, and applications accrue to the benefit of our customers and drive continued adoption.

我们对使命的承诺让客户有信心选择 Claude 作为可信赖的合作伙伴。我们在 AI 对齐、可解释性、网络安全和企业级控制方面的研究投入，旨在提供组织在面向客户和受监管场景中所需要的可预测性和可靠性。这种信任意味着企业可以扩大委托给 Claude 的工作范围，以及将 Claude 集成到其中的系统范围。企业正在围绕 Claude 调整其战略，并相信我们正在构建能够长期满足其需求的前沿 AI。

Our commitment to our mission instills confidence in our customers to choose Claude as a trusted partner. Our investments in research on AI alignment, interpretability, cybersecurity, and enterprise-grade controls aim to deliver the predictability and dependability that organizations need in customer-facing and regulated contexts. This trust means that enterprises can expand the scope of the work that they delegate to Claude, as well as the systems into which Claude is integrated. Enterprises are aligning their strategies around Claude with the confidence that we are building frontier AI that serves their needs in the long term.

我们通过一体化方式交付这种智能。我们的 Claude 模型系列是基础，其中的模型类别针对能力—成本—速度曲线上的不同点位进行了优化。在我们的模型之上，Claude Platform 让开发者能够访问我们自己使用的基礎构件，他们可以用这些构件构建自己的 AI 解决方案。我们还为偏好即用型部署选项的客户，在 Claude Platform 上构建了第一方应用。

We deliver this intelligence through an integrated approach. Our Claude model family is the foundation, with model classes optimized for different points along the capability-cost-speed curve. On top of our models, Claude Platform gives developers access to the primitives we use ourselves, which they can use to build their own AI solutions. We have also built first-party applications on Claude Platform for customers that prefer a ready-to-deploy option.

#### Claude Platform——用于构建 AI 解决方案的可组合系统

#### Claude Platform—A Composable System for Building AI Solutions

我们力求将 Claude 带入经济的每一个角落，无论每项任务需要何种程度的自主性，从单条建议到可独立运行数小时的智能体。实现这一目标所需的不仅仅是一个能力出众的模型。要求最高的部署需要可靠、可连接、并能在各组织特定的数据环境、监管约束和工作流模式内部署的智能。智能是一个限制因素，但尚不存在的连接器、尚未制定的治理框架，以及需要从零构建的编排逻辑同样是限制因素。我们的平台力求弥合这些差距，我们相信我们实现这一目标的广度和速度是客户基于 Claude 构建应用的主要原因之一。

We seek to bring Claude to every corner of the economy at whatever level of autonomy each task demands, from a single suggestion to an agent that runs independently for hours. Achieving this goal requires more than a capable model. The most demanding deployments need intelligence that is reliable, connectable, and deployable within the specific data environments, regulatory constraints, and workflow patterns of each organization. Intelligence is one limiting factor, but so are connectors that do not yet exist, governance frameworks that are not yet written, and orchestration logic that needs to be built from scratch. Our platform seeks to close these gaps, and we believe the breadth and speed with which we have done so is a primary reason customers build on Claude.

我们的平台为客户提供直接访问基础组件的途径，以构建、部署和扩展 AI 原生应用。其基础是使 Claude 的自主性成为可能的模型能力：原生工具使用、用于桌面控制的计算机使用、记忆和扩展思考。长上下文和低延迟模型变体使这种行动得以持续：例如，一个智能体可以在工作记忆中容纳整个代码库、完整的数据室或数小时累积的任务状态，并以足够快的速度迭代，使自主性得以持续而非停滞。在此之上是组合基础组件，例如我们的智能体软件开发工具包（“SDK”）、Claude 托管智能体、智能体技能、多智能体编排，以及用于与企业数据和工具实现通用连接的模型上下文协议（“MCP”）。这些组件共同组合成复杂的生产工作流。

Our platform provides our customers with direct access to the primitives to build, deploy, and scale AI-native applications. At the foundation are model capabilities that make Claude’s autonomy possible: native tool use, computer use for desktop control, memory, and extended thinking. Long context and low-latency model variants make that action sustainable: for example, an agent could hold an entire codebase, a full data room, or hours of accumulated task state in working memory and iterate fast enough that autonomy persists rather than stalls. Above these sit composition primitives such as our Agent Software Development Kit (“SDK”), Claude Managed Agents, agent skills, multi-agent orchestration, and the Model Context Protocol (“MCP”) for universal connectivity to enterprise data and tools. Together, these assemble into complex production workflows.

这些构建模块可组合且可互操作。驱动编码智能体的相同基础组件也驱动研究智能体、财务分析师智能体或合规审查智能体。尽管这些智能体具有不同的连接器和智能体技能，但它们拥有相同的 SDK、协议和编排框架。这种可组合性是我们客户群横跨多个行业的原因之一，也是客户扩展能够在更多用例之间无缝进行而无需大量集成工作的原因之一。

These building blocks are composable and interoperable. The same primitives that power a coding agent also power a research agent, a financial analyst agent, or a compliance-review agent. While these agents have different connectors and agent skills, they have the same SDK, protocol, and orchestration framework. That composability is one of the reasons our customer base spans across industries and why customer expansion can happen seamlessly across additional use cases without significant integration work.

#### 在用户所在之处满足用户的应用

#### Applications That Meet Users Where They Are

我们的应用组合构建于平台之上，并且刻意保持广泛，以在多个关键维度上满足用户需求：

Our portfolio of applications sits on top of our platform and is deliberately broad to meet users across a number of key dimensions:

- 在其工作中。Claude Code 在终端中与软件开发人员协作，而 Claude Cowork 将相同的智能体范式扩展至知识工作者。

- In their Work. Claude Code works with software developers in the terminal, while Claude Cowork extends the same agentic paradigm to knowledge workers.

- 在其领域中。Claude for Financial Services、Claude for Financial Advisors、Claude for Healthcare、Claude for Life Sciences、Claude for Legal、Claude for Education 和 Claude for Government 预置了领域知识、数据连接器、技能和合规控制。

- In their Domain. Claude for Financial Services, Claude for Financial Advisors, Claude for Healthcare, Claude for Life Sciences, Claude for Legal, Claude for Education, and Claude for Government come with domain knowledge, data connectors, skills, and compliance controls pre-loaded.

- 在其应用中。Claude for Microsoft 365 和 Claude in Chrome 嵌入到知识工作者日常使用的软件中。

- In their Applications. Claude for Microsoft 365 and Claude in Chrome are embedded into the software that knowledge workers use every day.

#### 客户赖以构建其业务的平台

#### A Platform Customers Build Their Businesses On

各种规模、各个主要行业的客户都已采用 Claude。包括 American International Group, Inc. 和 Bristol Myers Squibb 在内的《财富》500 强企业依赖 Claude 处理关键任务工作流。Garvan Institute of Medical Research、Gladstone Institutes 和 University of California, San Francisco 等研究机构正将 Claude 应用于全球一些最难的科研问题。此外，世界各地的专业消费者也将 Claude 作为日常工具使用。

Customers of all sizes and across every major industry have adopted Claude. Fortune 500 companies, including American International Group, Inc. and Bristol Myers Squibb, rely on Claude for mission-critical workflows. Research institutions, such as the Garvan Institute of Medical Research, Gladstone Institutes, and the University of California, San Francisco, are applying Claude to some of the world’s hardest scientific problems. In addition, prosumers around the world use Claude as a daily tool.

随着企业采用我们的平台和应用，我们随着时间推移深度嵌入其业务之中。软件开发人员在我们的平台上构建应用和内部工具，并将其工作流和机构知识编码进由 Claude 驱动的智能体。各组织将 Claude 集成到关键业务流程中。每一次新增集成都会加深这种关系，并提升客户从平台中获得的价值。这一动态延伸至我们的直接客户之外。Legora 和 Salesforce 等领先企业已在 Claude 之上构建了 AI 驱动的产品，触达数百万终端用户。这种触达可以提升 Claude 的认知度，我们相信这会推动采用范围远远超出我们的直接客户群。当这些终端用户使用 Claude 时，可以建立起偏好和熟悉度，并随用户在不同岗位和组织之间流动而延续。

As enterprises adopt our platform and applications, we become deeply embedded in their businesses over time. Software developers build applications and internal tools on our platform, and they encode their workflows and institutional knowledge into Claude-powered agents. Organizations integrate Claude into essential business processes. Each additional integration deepens the relationship and increases the value customers derive from the platform. This dynamic extends beyond our direct customers. Leading companies such as Legora and Salesforce have built AI-powered products on Claude that reach million s of end users. This reach can increase awareness of Claude, which we believe drives adoption far beyond our direct customer base. When such end users experience Claude, it can build preference and familiarity that travel with users across roles and organizations.

由此形成的是一个生态系统：我们在自己的平台和应用之上构建，我们的客户在我们之上构建，我们的合作伙伴在我们之上构建，而其终端用户在各种界面上体验 Claude，从而形成深度的工作流集成，使我们的平台和应用日益成为各组织运营方式的核心。我们相信，我们今天产生的收入并未反映 Claude 为客户创造的全部经济价值——不仅是对在我们之上构建的组织，也包括那些通过 Claude 获得的智能和技能使其工作、学习和创造力得到拓展的人们。我们相信，随着 Claude 的能力、采用程度以及对关键工作流的集成持续增长，未来存在重大机遇。

The result is an ecosystem where we build on our own platform and applications, our customers build on us, our partners build on us, and their end users experience Claude across surfaces, creating the kind of deep workflow integration that makes our platform and applications increasingly central to how organizations operate. We believe the revenue we generate today does not reflect the full economic value Claude creates for our customers—not just for the organizations that build on us, but for the people whose work, learning, and creativity are expanded by the intelligence and skills they gain through Claude. We believe that there is substantial opportunity ahead as Claude’s capabilities, adoption, and integration into critical workflows continue to grow.

#### 扩散：智能随处可用

#### Diffusion: Intelligence Available Everywhere

我们的分发策略围绕一个目标构建：让 Claude 的智能触达每一个能够从中受益的企业、团队和个人。Claude 扩散的核心驱动力是其智能——随着 Claude 能力提升，客户价值扩大，而这种价值又推动更广泛的采用。我们的职责还在于确保这种智能可被获取，我们通过以下方式实现这一点：通过可组合的平台和应用，在客户所在之处满足其需求；通过我们的市场推广团队和应用 AI 团队直接触达；以及通过合作伙伴关系在规模上扩展我们的触达范围。

Our distribution strategy is built around one objective: getting Claude’s intelligence in the hands of every enterprise, team, and individual that can benefit from it. A core driver of Claude’s diffusion is its intelligence— as Claude’s capabilities advance, value to customers expands, and that value drives greater adoption. Our role is also to ensure that intelligence is accessible, and we do that in the following ways: through our composable platform and applications that meet customers where they are, through our go-to-market and Applied AI teams directly, and through partnerships that extend our reach at scale.

智能驱动的增长。我们的平台和应用是 Claude 的智能触达用户的主要机制。当用户开始借助 Claude 进行构建、头脑风暴和解决问题时，他们很快便将其视为工作中值得信赖的伙伴。随着 Claude 承担他们更多的工作，人们得以亲身感受前沿 AI 所能实现的可能性，并显著扩大使用量。这一模式在各类组织中反复出现：专业消费者成为内部倡导者，团队扩大对 Claude 的使用，而最初仅涉及单一工作流程的应用，最终发展为影响整个组织运作方式的事物。

Intelligence-Led Growth. Our platform and applications are the primary mechanism through which Claude’s intelligence reaches users. As users begin building, brainstorming, and problem-solving with Claude, they quickly come to rely on it as a trusted partner in their work. As Claude takes on more of their work, people experience firsthand what frontier AI makes possible and expand their usage significantly. This pattern repeats across organizations: prosumers become internal champions, teams expand their use of Claude, and what begins as a single workflow grows into something that impacts how an entire organization operates.

直销团队。这种自然增长得到了我们直销团队的有力补充与增强，他们帮助将 Claude 推广至拥有复杂工作流程和业务流程的组织。当我们的直销团队接触客户时，Claude 往往已在使用之中。我们的市场推广团队利用这一自然增长势头，建立高管层面的支持，并推动全企业范围的采用。

Direct Teams. This organic adoption is complemented and enhanced through our direct go-to-market teams who help scale Claude to organizations with complex workflows and business processes. By the time our direct teams engage a customer, Claude is often already in use. Our go-to-market teams use this organic momentum to build executive sponsorship and drive enterprise-wide adoption.

应用 AI 团队。我们的应用 AI 团队与精选客户进行更深入的协作，构建解决方案，使组织能够更轻松地从 Claude 的智能中获益。他们与企业合作，设计并部署定制解决方案、专用工作流程以及针对客户自身需求量身定制的特定领域实施方案。这项工作推动了单个客户内部的更深层次采用，并产生了来自用户的反馈和信息，帮助我们塑造平台和产品路线图。我们的直销团队与应用 AI 团队作为一个混合型销售与工程职能协同运作，按地域划分，再按行业划分，从而为每位客户带来领域专业知识。

Applied AI Teams. Our Applied AI teams embed more deeply with select customers, building solutions that make it easier for organizations to benefit from Claude’s intelligence. They work with enterprises to design and deploy custom solutions, specialized workflows, and domain-specific implementations tailored to the customer’s own requirements. This work drives deeper adoption within individual customers and generates the feedback and information from users that help to shape our platform and product roadmap. Our direct and Applied AI teams work together as a hybrid sales and engineering function, organized by geography and then by industry so that they bring domain expertise to each customer.

合作伙伴关系。我们通过分销合作伙伴关系补充直销努力，将 Claude 嵌入客户现有的技术栈中。

Partnerships. We complement our direct efforts through distribution partnerships that place Claude inside customers’ existing technology stacks.

- 云合作伙伴关系 [__] 。 [__] 我们的云合作伙伴关系及其构建方式带来三项显著优势。第一，Amazon、Google 和 Microsoft 各自在其云平台 AWS、GCP 和 Azure 上原生托管 Claude，使企业能够在他们已运营的基础设施、安全边界和承诺结构内部署 Claude。第二，这些 CSP 通过其庞大的联合外勤团队扩大我们的覆盖范围，这些团队被授权销售我们的平台和应用，以我们认为任何单一组织都难以直接复制的规模加速市场渗透。第三，我们与这些 CSP 建立了联合市场推广方式，通过该方式我们与客户建立直接合同关系，同时向每个 CSP 支付费用。这一结构使我们能够与这些 CSP 建立更强的商业一致性，避免渠道冲突，设定定价，并实现持续算力效率提升所带来的财务收益。

- Cloud Partnerships [__] . [__] Our cloud partnerships, and the way we structure them, provide three distinct advantages. First, Amazon, Google, and Microsoft each host Claude natively on their respective cloud platforms, AWS, GCP, and Azure, allowing enterprises to deploy Claude within the infrastructure, security perimeters, and commitment structures they already operate. Second, these CSPs extend our reach through their large combined field teams that are empowered to sell our platform and applications, accelerating market penetration at a scale we believe would be difficult for any single organization to directly replicate. Third, 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. This structure allows us to foster stronger commercial alignment with these CSPs, avoid channel conflict, set pricing, and realize the financial benefits of ongoing compute efficiency improvements.

- 生态系统合作伙伴关系。全球主要系统集成商（SI）已建立专门的 Claude 业务团队，其团队经过培训，能够部署我们的平台和应用。与领先数据平台的市场推广联盟将 Claude 嵌入企业已在运营的数据基础设施中，促进 Claude 在现有工作流程中的采用，并使企业更容易从 Claude 中实现价值。为加速该生态系统的增长和能力提升，我们于 2026 年 3 月推出 Claude 合作伙伴网络，承诺在 2026 年初步投入 $100 million，用于资助合作伙伴培训、技术认证，以及与将 Claude 引入企业环境的公司开展联合市场开发。截至 2026 年 9 月 30 日，该网络涵盖超过 4,000 家组织中的逾 150,000 名从业者，他们已通过我们的 Claude 认证计划获得认证。认证代表通过监考考试验证的特定角色能力，旨在让企业对所选合作伙伴充满信心。2026 年 10 月，我们推出 Claude Frontier Academy（「学院」），并获得 $100 million 承诺支持，以解决企业 AI 采用的一项关键制约因素：能够将 AI 从初始用例推进至生产环境的工程师短缺。学院借鉴我们在大型企业内部署 Claude 的自身经验，以与我们自身工程师相同的标准培训客户和合作伙伴的工程师，每位参与者都在其所在组织主导一项 Claude 部署。我们的目标是在 2027 年底前通过学院培训 10,000 名工程师，首批学员来自领先的咨询公司和企业。

- Ecosystem Partnerships. Major global SIs have built dedicated Claude practices with teams trained to deploy our platform and applications. Go-to-market alliances with leading data platforms embed Claude into data infrastructure that enterprises already operate, facilitating adoption of Claude within existing workflows and making it easier for enterprises to realize value from Claude. To accelerate the growth and capability of this ecosystem, in March 2026, we launched the Claude Partner Network, committing an initial $100 million in 2026 to fund partner training, technical certification, and joint market development with the firms that bring Claude into enterprise environments. As of September 30, 2026, this network comprises over 150,000 practitioners across over 4,000 organizations who have received certifications through our Claude Certification Program. Certifications represent role-specific capabilities validated through proctored examinations designed to give enterprises confidence in the partner they are selecting. In October 2026, we launched the Claude Frontier Academy (the “Academy”), backed by a $100 million commitment, to address a key constraint on enterprise AI adoption: the shortage of engineers who can take AI from an initial use case into production. Drawing on our own experience deploying Claude inside large enterprises, the Academy trains our customers’ and partners’ engineers to the same standard as our own engineers, with each participant leading a Claude deployment at their own organization. We aim to train 10,000 engineers through the Academy by the end of 2027, beginning with cohorts from leading consulting firms and enterprises.

11 运行率收入是一项经营指标，不能替代按照 GAAP 编制的收入，也不是对未来收入的预测。由于基于消费的收入占我们收入的绝大部分，且可能在各期间波动，并且由于我们的运行率收入增长率预计将随时间下降，我们在任何计量日期的运行率收入可能无法预示未来期间的收入。我们在任何计量日期的运行率收入已经包含、并且我们预计将继续包含来自客户的金额，这些客户随后被我们认定在使用我们的模型、平台和应用时违反了我们的使用政策或商业条款，且其收入在访问被限制或终止后预计不会再次发生。更多信息请参见「风险因素——我们的某些经营指标受假设和限制的影响。因此，这些指标可能无法准确反映我们的实际业绩或未来结果」一节。

11 Run-Rate Revenue is an operating metric, is not a substitute for revenue prepared in accordance with GAAP, and is not a forecast of future revenue. Because consumption-based revenue represents the substantial majority of our revenue and may fluctuate from period to period, and because our Run-Rate Revenue growth rate is expected to decline over time, our Run-Rate Revenue as of any measurement date may not be indicative of our revenue for future periods. Our Run-Rate Revenue as of any measurement date has included, and we expect will continue to include, amounts from customers that we subsequently determine are using our models, platform, and applications in violation of our usage policy or commercial terms, and whose revenue would not be expected to recur following restriction or termination of their access. See the section titled “Risk Factors— Certain of our operating metrics are subject to assumptions and limitations. As a result, these metrics may not provide an accurate indication of our actual performance or future results” for additional information.

- Ode with Anthropic。我们近期与领先的私募股权公司合作成立了一家 AI 服务公司，将 Claude 的能力带给各行业的中型企业，在 Claude 平台上构建解决方案并长期支持客户。Ode with Anthropic 将与我们的应用 AI 团队和市场推广团队紧密合作。

- Ode with Anthropic. We recently launched an AI services company in partnership with leading private equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on the Claude Platform and supporting customers over the long term. Ode with Anthropic will partner closely with our Applied AI and go-to-market teams.

我们广泛而多元的分销策略旨在最大化客户对我们平台和应用的获取渠道，无论客户在何处工作。在此基础上，采用可以无摩擦地扩展，并且通过我们的应用 AI 团队和合作伙伴关系，我们帮助企业在采用程度加深时实现更多价值。

Our broad and diverse distribution strategy seeks to maximize customers’ access to our platform and applications regardless of where they work. From there, adoption can scale frictionlessly, and through our Applied AI teams and partnerships, we help enterprises realize more value as their adoption grows.

支持长期投资的前所未有的财务模型 Unprecedented Financial Model to Support Long-Term Investments

我们相信，AI 在全球经济中的普及代表着历史上改善人类生活与工作方式的重大机遇之一，而这一切才刚刚开始。截至 2026 年 9 月 30 日，按过去十二个月（TTM）计算收入达到 $100,000 或以上的客户包括《财富》10 强中的每一家公司、《财富》500 强中超过 50% 的公司，以及全球 2000 强中超过 30% 的公司。在《财富》500 强中，这些客户包括 10 家最大的软件与 IT 服务公司、10 家最大的互联网公司、10 家最大的制药公司中的 9 家、10 家最大的银行、10 家最大的半导体公司中的 9 家，以及 10 家最大的医疗健康公司中的 8 家。我们认为，企业仍处于部署的早期阶段，我们也认为大多数知识工作者尚未充分体验到前沿 AI 能帮助他们实现什么。我们认为，许多行业才刚刚开始探索 AI 原生工作流程的变革潜力。此外，Claude 模型的每一个后续版本都旨在解锁新的用例、新的客户类型和全新的经济价值类别，并扩大我们的可服务市场。

We believe the diffusion of AI through the global economy represents one of the largest opportunities in history to improve how humans live and work, and it is just beginning. As of September 30, 2026, our customers with $100,000 or more of revenue on a TTM basis included every company in the Fortune 10, over 50% of the Fortune 500, and over 30% of the Global 2000. Within the Fortune 500, these customers included the 10 largest software and IT services companies, the 10 largest internet companies, nine of the 10 largest pharmaceutical companies, the 10 largest banks, nine of the 10 largest semiconductor companies, and eight of the 10 largest healthcare companies. We believe enterprises are still in early phases of deployment, and we believe most knowledge workers have yet to fully experience what frontier AI can help them accomplish. We believe many industries have barely begun to explore the transformative potential of AI-native workflows. Furthermore, each successive version of a Claude model is designed to unlock new use cases, new customer types, and entirely new categories of economic value and expand our addressable market.

我们将继续投资于先进 AI 的负责任开发与维护，以造福人类的长期利益。我们的财务模型为我们提供了竞争优势，使我们能够进行这些投资并推进前沿。

We will continue to invest in the responsible development and maintenance of advanced AI for the long-term benefit of humanity. Our financial model provides us with competitive advantages to make these investments and advance the frontier.

#### 显著的收入增长

#### Significant Revenue Growth

快速的客户采用与收入增长

Rapid Customer Adoption and Revenue Growth

我们的企业战略旨在通过将 Claude 直接嵌入业务关键型工作流程，并支持基于 Claude 构建产品的开发，来推动持久的客户采用。过去三年，我们看到全球各种规模和各个行业的公司都在快速采用我们的产品。从 2025 年 9 月 30 日到 2026 年 9 月 30 日，按过去十二个月（TTM）计算收入达到 $100,000 或以上的客户从超过 950 家增长到超过 11,900 家。此外，截至 2026 年 10 月 31 日，我们的年化收入（Run-Rate Revenue）为 $ [__]。[__] 11

Our enterprise strategy is designed to drive durable customer adoption by embedding Claude directly into business-critical workflows and enabling the development of products built on Claude. Over the past three years, we have seen rapid customer adoption across companies of every size and industry around the world. From September 30, 2025 to September 30, 2026, we have grown customers with $100,000 or more of revenue on a TTM basis from more than 950 to more than 11,900. Additionally, our Run-Rate Revenue was $ [__] as of October 31, 2026. [__] 11

显著的客户扩张 我们的客户使用 Claude 的旅程通常始于单一用例，随后扩展到各个部门、应用和工作流程。随着我们的模型能力不断增强，客户往往会深化与我们的合作——他们找到更多将 Claude 嵌入其工作流程的方式，从而扩大 Claude 在其企业内所能实现的范围。这种初始部署、价值显现和快速扩张的模式已在各组织中反复出现，并体现在我们截至 2026 年 9 月 30 日约为 900% 的净收入留存率上。

Significant Customer Expansion Our customers’ journey using Claude often begins with a single use case before expanding across departments, applications, and workflows. As our models become more capable, customers often deepen our partnerships— they find more ways to embed Claude into their workflows, increasing the scope of what Claude can accomplish within their enterprises. This pattern of initial deployment, demonstrated value, and rapid expansion has been replicated across organizations and is reflected in our Net Revenue Retention of approximately 900% as of September 30, 2026.

我们看到，随着客户采用 Claude Code 等智能体产品，这种扩张正在发生。例如，在截至 2026 年 9 月 30 日的三个月内，未使用 Claude Code 的 Claude Enterprise 用户平均每月支出不到 $75，而使用 Claude Code 的 Claude Enterprise 用户中排名前 5% 的用户支出约为该金额的 20 倍。

We see this expansion as customers adopt agentic products like Claude Code. For example, in the three months ended September 30, 2026, Claude Enterprise users who did not use Claude Code spent less than $75 per month on average, while the top 5% of Claude Enterprise users who used Claude Code spent approximately 20 times that amount.

随着我们通过解锁新能力、并以更低的单任务成本交付现有能力为客户创造价值，扩散效应也会加速。客户单任务成本下降可能有两个原因：更新、能力更强的模型版本可以更高效地完成任务，以及我们可能降低对模型收取的价格。例如，随着 2026 年 9 月 Claude Fable 5.1 的发布，我们将典型工作负载的成本较 Fable 5 降低了约 25%，对于复杂编程和高度智能体化的任务，节省幅度最高可达 45%。同样，随着同月 Opus 5.5 的发布，我们将客户的单任务成本较 Opus 5 降低了约 40%。在每种情况下，成本下降都是更低价格与更高效率共同作用的结果，二者的贡献程度取决于具体任务。得益于我们的算力效率，我们能够在保持利润率的同时实现这些改进。

Diffusion also accelerates as we deliver value to our customers by unlocking new capabilities and by delivering existing capabilities at a lower cost per task. Customers’ cost per task can decrease for two reasons: newer, more capable model versions can complete tasks more efficiently, and we may reduce the prices we charge for our models. For example, with the release of Claude Fable 5.1 in September 2026, we reduced the cost of typical workloads by approximately 25% compared to Fable 5, with savings of up to 45% for complex coding and highly agentic tasks. Similarly, with the release of Opus 5.5 that same month, we reduced customers’ cost per task by approximately 40% compared to Opus 5. In each case, the reduction was a combination of a lower price and improved efficiency, the contributions of which depend on the task. Because of our compute efficiency, we have been able to make these improvements while preserving our margins.

过去，当我们推出能力显著提升且单任务成本更低的新模型版本时，我们通常看到客户扩大对我们智能服务的使用。例如，我们于 2025 年 11 月推出 Opus 4.5，其能力和价格均优于前代 Opus 4.1，单任务成本也更低。在该版本发布后，我们的季度环比总收入增速从截至 2025 年 12 月 31 日止三个月的 48% 加速至截至 2026 年 3 月 31 日止三个月的 [__] 132%。这一增长反映了多个因素的共同作用，包括更低的价格和更强的能力解锁了新的使用场景、新产品的出现，以及客户采用范围的扩大。最近，我们于 2026 年 9 月推出 Opus 5.5，与先前可用的模型相比，其能力显著提升且单任务成本更低，此后许多客户已从旧模型迁移至该版本。

In the past, when we have launched new model versions that deliver a significant increase in capability and a lower cost per task, we have generally seen customers expand their use of our intelligence service. For example, we launched Opus 4.5 in November 2025 with greater capabilities and a lower price and cost per task than its predecessor Opus 4.1. Following that launch, our total quarter-over-quarter revenue growth accelerated from 48% for the three months ended December 31, 2025 to [__] 132% for the three months ended March 31, 2026. This growth reflected the combined effect of several factors. These included lower prices and improved capability that unlocked new use cases, the emergence of new products, and expanded customer adoption. More recently, in September 2026, we launched Opus 5.5, which delivered a significant increase in capability and a lower cost per task compared to previously available models, and many customers have since migrated to it from older models.

算力 · 效率

Compu · te Efficiency

对企业客户的高价值。Claude 处于智能前沿的地位，使我们能够获取与我们的输出所带来的影响、质量和可靠性相称的价值。企业客户将 Claude 嵌入业务关键型工作流，从而带来比消费级 AI 更强的留存率和更高的变现水平。我们相信，我们的高端智能以及对高价值客户工作负载的专注，使我们能够从算力投资中获得更高的回报。

Premium Value to Enterprise Customers. Claude’s position at the frontier of intelligence enables us to capture value commensurate with the impact, quality, and reliability of our outputs. Enterprise customers embed Claude in business-critical workflows, driving stronger retention and higher monetization than consumer AI. We believe our premium intelligence and focus on high-value customer workloads allow us to generate greater return on our compute investment.

算力策略。我们相信，与行业中的其他方式相比，我们的算力策略能够从研究和模型开发中产出更多智能，并且我们能够以给定的算力投资支撑更多客户和内部对 Claude 的使用。这一优势还因我们通过多个战略合作伙伴实现的单一机队可互换性而进一步增强，这为我们提供了多元化的算力基础、抵御供应约束的韧性，以及以灵活性较低的架构无法企及的方式优化效率的能力。

Approach to Compute. We believe that our approach to compute drives more intelligence from research and model development, and that we can support more customer and internal usage of Claude from a given amount of compute investment, compared to other approaches in the industry. This advantage is further reinforced by our single-fleet fungibility through multiple strategic partners, which gives us a diversified compute base, resilience against supply constraints, and the ability to optimize for efficiency in ways that less flexible architectures cannot match.

闭环。“闭环”对算力效率的实际价值巨大：Claude 帮助编写并迭代了对高效推理至关重要的算力乘数，并加快了开发进度和模型发布节奏。

Closing the Loop. The practical value of “closing the loop” is enormous for compute efficiency: Claude has helped write and iterate on compute multipliers that are central to efficient inference and has accelerated development and model release timelines.

#### 运营效率

#### Operating Efficiency

高人才密度。截至 2026 年 9 月 30 日，我们拥有约 5,300 名员工，过去十二个月（TTM）的人均收入超过 $6.6 million——这反映出我们认为是全球最集中的 AI 研究人才储备。我们培育低自我、高影响、与使命一致的文化，以最大限度减少摩擦，我们相信这造就了一个产出远超其人数的组织。

High Talent Density. As of September 30, 2026, with approximately 5,300 employees, our TTM revenue per employee was over $6.6 million—a reflection of what we believe is the deepest concentration of AI research talent in the world. We cultivate a low-ego, high-impact, and mission-aligned culture that minimizes friction, which we believe results in an organization that produces output disproportionate to its headcount.

高效的销售模式。我们并不完全依赖传统的企业销售队伍。我们以智能驱动的增长和广泛的渠道合作伙伴关系，使我们能够快速提升客户采用率和收入，而不受销售和营销人员增长速度的限制，从而相比典型的企业科技公司实现更高的销售效率。

Efficient Go-to-Market. We do not rely exclusively on a traditional enterprise sales force. Our intelligence-led growth and broad distribution partnerships enable us to rapidly grow customer adoption and revenue without being limited by the rate at which we can grow our sales and marketing personnel, resulting in greater sales efficiency compared to typical enterprise technology companies.

Claude 的内部使用。我们的运营效率反映了一个组织作为自身技术最密集使用者之一的结构性优势。例如，2026 年 9 月，我们代码库中超过 90% 的贡献由 Claude 编写。此外，截至 2026 年 9 月 30 日的三个月内，每位工程师平均每日向代码库贡献的代码量超过截至 2024 年 12 月 31 日止年度平均每日代码量的 45 倍。Claude 已嵌入所有团队的工作流程，大幅提升了我们组织的整体生产力，而每一个新模型版本都在加速这一效应。

Internal Usage of Claude. Our operating efficiency reflects the structural advantages of an organization that is one of the most intensive users of its own technology. For example, over 90% of the contributions to our codebase in September 2026 were written by Claude. Additionally, the average daily volume of code contributed to our codebase per engineer in the three months ended September 30, 2026 was over 45 times the average daily volume in the year ended December 31, 2024. Claude is embedded in workflows across all teams, providing a substantial increase in the overall productivity of our organization, with each new model version accelerating this effect.

#### 长期投资理念

#### Long-Term Investment Philosophy

构建前沿 AI 需要大规模投资，而我们的财务模型表明，我们能够在进行这些投资的同时产生日益具有吸引力的回报。将截至 2026 年 6 月 30 日的三个月与截至 2025 年 6 月 30 日的三个月进行比较即可证明这一点：

Building frontier AI requires large-scale investments, and our financial model demonstrates that we can make those investments while generating increasingly attractive returns. This is evidenced when comparing the three months ended June 30, 2026 to the three months ended June 30, 2025:

- 收入增长 [__] 1,368%;

- Revenue increased [__] 1,368%;

- 算力和基础设施费用增长 [__] 300%;

- Compute and infrastructure expense increased [__] 300%;

- 其他运营费用增长 [__] 741%;

- Other operating expenses increased [__] 741%;

- 经营利润率从 [__] (152)% 提升至 8%；以及

- Operating margin increased from [__] (152)% to 8%; and

- 调整后经营利润率从 [__] (129)% 提升至 19% [__] 。

- Adjusted Operating Margin increased from [__] (129)% to 19% [__] .

这种前所未有的收入增长、算力效率和经营效率的组合推动了这一模式，使我们有信心在短期和长期持续进行规模化投资。

This combination of unprecedented revenue growth, compute efficiency, and operating efficiency driving this model gives us the confidence to keep investing at scale, both near-term and long-term.

为支持我们的研究、模型开发、客户需求以及 Claude 的内部使用，我们持续进行规模化投资。截至 2026 年 9 月 30 日及之后，我们已签订采购承诺和租赁协议（包括短期承诺），以及尚未开始的租赁，合计承诺支出超过 $[__]。这些承诺包括预计在 2030 年 12 月 31 日之前发生的约 $[__]，其余绝大部分预计将在 2031 年至 2045 年之间发生。其中约 $[__] 的承诺将在未来 12 个月内到期。有关更多信息，请参见标题为“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——合同义务”的章节。

To support our research, model development, customer demand, and internal usage of Claude, we continue to invest at scale. As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of more than $ [__] . These commitments include approximately $ [__] expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045. Approximately $ [__] of these commitments are due in the next 12 months. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations” for more information.

在我们为未来的巨大机遇进行大规模投资的同时，我们的核心优势使我们能够从投入规模化业务的每一美元中创造更多回报。我们财务轨迹中的增长势头增强了我们的信念，即继续投资以构建和扩展安全、有益且可理解的强大 AI，并使我们为长期增长奠定良好基础。

As we invest heavily towards the incredible opportunity ahead, our core advantages enable us to generate more from every dollar we invest in scaling our business. The momentum in our financial trajectory increases our conviction to continue investing to build and scale Powerful AI that is safe, beneficial, and understandable, and positions us well for long-term growth.

我们的增长战略 Our Growth Strategy

我们的增长战略体现了我们的信念：要在前沿 AI 领域保持持续领先，就必须持续投资于我们的人员与文化、算力与基础设施、Claude 的智能、能力与安全性、Claude 可用范围的广度、客户采用与扩展、进入新市场，以及能够加速我们使命的战略交易与合作。

Our growth strategy reflects our conviction that sustained leadership in frontier AI requires continuous investment in our people and culture, compute and infrastructure, Claude’s intelligence, capability, and safety, the breadth of Claude’s availability, customer adoption and expansion, entering new markets, and strategic transactions and partnerships that accelerate our mission.

- 投资于我们的人才与文化 [__] 。 [__] 人才是我们最重要的优势之一，而维持我们的人才密度，需要留住杰出人才并招募世界级人才，包括与我们使命一致的研究人员和工程师。与此同时，我们借助 Claude 本身来发展业务，而不必线性增加员工人数，从而实现每位员工的非凡贡献。我们打算继续投资于我们低调务实、高影响力且与使命一致的文化，正是这种文化在我们规模扩张过程中推动了人才密度的提升。

- Invest in our Talent and Culture [__] . [__] Talent is one of our most important advantages, and maintaining our talent density requires retaining exceptional people and recruiting world-class talent, including researchers and engineers, who share our mission. At the same time, we leverage Claude itself to grow our business without growing headcount linearly, resulting in extraordinary contributions per employee. We intend to continue investing in our low-ego, high-impact, and mission-aligned culture that has driven our talent density as we have scaled.

12 IQVIA Institute for Human Data Science，《2026 年全球药品使用趋势》，2026 年 2 月。

12 IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026.

- 投资于算力 [__] 。 [__] 算力是支撑我们前沿研究以及满足不断增长的客户需求能力的关键投入。如今，我们与主要超大规模云服务商和领先芯片供应商合作，使我们能够以多元化方式获取算力，并在新硬件可用时灵活采用。我们打算在现有承诺之外锁定更多算力，扩大自有数据中心布局以锁定更多长期算力，并改善我们算力投资的成本结构。我们打算继续提升算力效率，方式是增强我们在多芯片算力架构上编排工作负载的能力，并投资于能够产生进一步算法突破的研究，从而使我们已实现的效率提升不断叠加。

- Invest in Compute [__] . [__] Compute is the critical input that enables both our frontier research and our ability to serve growing customer demand. Today, we partner with major hyperscalers and leading chip providers, giving us diversified access to compute and the flexibility to adopt new hardware as it becomes available. We intend to secure further compute beyond our existing commitments, expand our own data center footprint to secure additional long-term compute, and improve the cost profile of our compute investments. We intend to continue improving compute efficiency by expanding our ability to orchestrate workloads across our multi-chip compute architecture and by investing in research that produces further algorithmic advances, compounding the efficiency gains we have already achieved.

- 推进 Claude 的智能、能力与安全性 [__] 。 [__] 要保持我们在前沿 AI 领域的领先地位，就必须持续投资于推动每一代 Claude 模型的研究突破。我们计划继续同步推进 Claude 的核心智能与安全性，拓展 AI 系统能够可靠完成的任务边界——从延长自主工作的复杂度和持续时间，到开创 AI 在专业领域中的新应用方式，例如软件开发、金融服务、保险、医疗健康、生命科学、法律、教育、零售与商业、电信、专业服务、技术和网络安全。随着 Claude 能力的提升，我们相信它将覆盖全新的使用类别，从而带来更深入的采用和对我们平台更大的需求。

- Advance Claude’s Intelligence, Capability, and Safety [__] . [__] Maintaining our leadership in frontier AI requires sustained investment in the research breakthroughs that drive each successive generation of Claude models. We plan to continue advancing Claude’s core intelligence and safety in tandem, expanding the frontier of what AI systems can reliably do—from extending the complexity and duration of autonomous work, to pioneering new ways AI can be applied across professional domains, such as software development, financial services, insurance, healthcare, life sciences, legal, education, retail and commerce, telecommunications, professional services, technology, and cybersecurity. As Claude’s capabilities advance, we believe it will address entirely new categories of use, resulting in deeper adoption and greater demand for our platform.

- 让 Claude 随处可用 [__] 。[__] 我们计划继续努力，让 Claude 的智能能够触达工作发生的每一个场景。如今，客户通过我们自己的平台和应用访问 Claude，包括 Claude Code、Claude Cowork、Claude.ai、Claude Security、Claude Design 和 Claude Science；通过与 AWS、GCP 和 Azure 的云市场集成；以及通过嵌入企业应用的方式访问。我们计划扩展这些渠道，在客户已经开展工作的场景中触达新客户。随着 Claude 出现在越来越多工作发生的场景中，我们预计我们的品牌将得到强化，从而推动进一步的应用普及。

- Make Claude Available Everywhere [__] . [__] We plan to continue our efforts to make Claude’s intelligence accessible across every surface where work happens. Today, customers access Claude through our own platform and applications, including Claude Code, Claude Cowork, Claude.ai, Claude Security, Claude Design, and Claude Science; through cloud marketplace integrations with AWS, GCP, and Azure; and through embedding in enterprise applications. We plan to expand these channels and reach new customers where they already work. As Claude appears across more of the surfaces where work happens, we expect our brand to strengthen, driving further adoption.

- 推动现有客户和新客户的采用。我们打算扩大我们的直销团队和应用 AI 团队，以深化企业关系、为复杂部署构建定制化的智能体解决方案，并帮助客户在其运营中扩大 Claude 的应用范围。我们专注于打造一个全球品牌，使其成为前沿 AI 的代名词，让企业和专业消费者相信其可靠、安全且可控。我们打算深化我们的云分销合作伙伴关系，并扩大对合作伙伴现场团队的支持，使其能够销售、部署和集成 Claude。我们还计划继续投资于我们的专业消费者渠道，在该渠道中，个人用户往往成为内部倡导者，将 Claude 引入其所在组织。我们正通过扩展区域办事处和合作伙伴关系来增强服务国际客户的能力，随着全球对 AI 的需求加速增长，我们预计国际扩张将成为重要的增长驱动力 [__] 。

- Drive Adoption Across Existing and New Customers. We intend to grow our direct go-to-market and Applied AI teams to deepen enterprise relationships, build custom agentic solutions for complex deployments, and help customers expand Claude across their operations. We are focused on building a global brand that is synonymous with frontier AI that enterprises and prosumers trust to be reliable, secure, and steerable. We intend to deepen our cloud distribution partnerships and expand the enablement of partner field teams to sell, deploy, and integrate Claude. We also plan to continue investing in our prosumer channel, where individual users often become internal advocates who pull Claude into their organizations. We are growing our ability to serve international customers through the expansion of regional offices and partnerships, and we expect international expansion to be a meaningful driver of growth as global demand for AI accelerates [__] .

- 将前沿拓展至新市场。随着前沿 AI 持续进步，我们看到其加速新颖发现并开辟全新市场的潜力，触达从医疗健康和生命科学到机器人技术和物理世界的各个领域。例如，在生命科学领域，全球年度制药支出预计将在 2026 年超过 $2 trillion，我们的客户、我们的生物技术合作伙伴以及我们自己的研究人员正在将 Claude 用于药物发现和开发 [__] 。[__] 12 我们正在构建 AI 智能体，在该过程的每个阶段为科学家提供支持。为打造业界最佳工具，我们投资建设了自身的深厚生命科学专业能力，聘请行业专家、建立分子生物学实验室、收购 Coefficient Bio，并与行业领导者建立合作。除知识工作外，我们相信前沿 AI 有能力变革体力工作。Claude 通用能力的进步，加上我们的模型硬件标准，如今使其能够操作实验室和制造设备，例如显微镜、液体处理设备和现成机械臂。我们相信，模型能力的持续复合提升将继续在全球经济的许多其他领域释放变革性机遇。

- Extend the Frontier into New Markets. As frontier AI continues to advance, we see potential for it to accelerate novel discoveries and open entirely new markets, reaching domains from healthcare and life sciences to robotics and the physical world. For example, in the life sciences sector, where annual global pharmaceutical spend is expected to exceed $2 trillion in 2026, Claude is used in drug discovery and development by our customers, our biotechnology partners, and our own researchers [__] . [__] 12 We are building AI agents that support scientists at each stage of that process. To build the best tools for the industry, we have invested in deep life sciences expertise of our own, hiring industry experts, building a molecular biology lab, acquiring Coefficient Bio, and partnering with industry leaders. Beyond knowledge work, we believe frontier AI has the power to transform physical work. Advances in Claude’s general capabilities, together with our Model Hardware Standard, now allow it to operate lab and manufacturing equipment such as microscopes, liquid handlers, and off-the-shelf robotic arms. We believe that compounding model capabilities will continue to unlock transformative opportunities across many other sectors of the global economy.

- 推进战略交易与合作。我们计划有选择地开展收购、投资和战略合作，包括与系统集成商（SI）、咨询公司和数据平台建立生态合作，以加速实现我们的使命、扩大我们的覆盖范围并强化我们的竞争地位。在人才稀缺的行业中，收购可以成为引入杰出技术人才的高效途径，这些人才能够立即为推进 Claude 的能力作出贡献。我们还可能开展交易，以强化我们的基础设施地位，或加深我们在具有战略重要性的领域中的能力。例如，2026 年 4 月，我们完成了对计算生物学公司 Coefficient Bio, Inc. 的收购，以加速我们在生命科学领域的研究。我们还可能寻求合作，例如我们近期与 Anthropic 共同推出的 AI 服务公司 Ode，在该公司中，我们与领先的私募股权公司合作，将 Claude 的能力带给各行业的中型企业，在 Claude 平台上构建解决方案并长期支持客户。生态合作还能扩大我们的覆盖范围，使客户能够通过系统集成商、咨询公司和数据平台采用 Claude。

- Pursue Strategic Transactions and Partnerships. We intend to selectively pursue acquisitions, investments, and strategic partnerships, including ecosystem partnerships with SIs, consultants, and data platforms, that accelerate our mission, expand our reach, and strengthen our competitive position. In a talent-constrained industry, acquisitions can be an efficient path to adding exceptional technical talent that can immediately contribute to advancing Claude’s capabilities. We may also pursue transactions that strengthen our infrastructure position or deepen our capabilities in strategically important domains. For example, in April 2026, we completed the acquisition of Coefficient Bio, Inc., a computational biology company, to accelerate our research in the life sciences. We may also pursue partnerships, such as our recently launched AI services company, Ode with Anthropic, in which we have partnered with leading private equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on the Claude Platform and supporting customers over the long term. Ecosystem partnerships also expand our reach, allowing customers to adopt Claude through SIs, consultants, and data platforms.

我们的模型、平台和应用 Our Models, Platform, and Applications

我们正在前沿 AI 的每一层进行构建。我们的 Claude 模型系列提供底层智能。我们的 Claude 平台将该智能以一组可组合的基础组件形式提供，开发者和企业可将其组装成自己的解决方案。我们的应用同样依托这些基础组件，将其打包成客户可直接部署的产品。由于我们以协同方式构建这些层级，任何一层的改进都会在整个技术栈中叠加放大，并惠及我们的客户。我们相信，这种一体化方式使我们成为客户借助 AI 实现业务转型时的首选合作伙伴。客户可以立即采用、治理并扩展我们的技术，而我们发布的每一项新基础组件和应用，都会拓展他们可在 Claude 上运行的工作流范围。

We are building at every layer of frontier AI. Our Claude model family provides the underlying intelligence. Our Claude Platform makes that intelligence available as a set of composable primitives that developers and enterprises can assemble into their own solutions. Our applications draw on those same primitives, packaged into products customers can deploy directly. Because we build these layers cohesively, improvements at any layer compound across the stack and benefit our customers. We believe this integrated approach has made us a partner of choice for customers transforming their business through AI. Customers can adopt, govern, and scale our technology immediately, and each new primitive and application we release expands the range of workflows they can run on Claude.

我们的平台将前沿智能与投入生产所需的运行框架、连接器、治理和编排统一起来。随着客户基于我们提供的基础组件进行构建，Claude 成为其数据、工作流和机构知识中不可或缺的一部分，且每一次集成都使这一关系更加深入。我们向所有构建者开放平台，因为我们相信，让广泛的公司基于 Claude 进行构建，所能产生的创新和价值超过我们独自创造的水平。

Our platform unifies frontier intelligence with the harnesses, connectors, governance, and orchestration that are all required to put that intelligence into production. As customers build on the primitives we provide, Claude becomes an integral part of their data, workflows, and institutional knowledge, and the relationship deepens with each integration. We open our platform to all builders because we believe enabling a wide range of companies to build on Claude generates more innovation and value than we could create on our own.

我们构建第一方应用，以展示前沿模型的发展方向，并在我们对工作流有独特见解的领域提供完全集成的解决方案。Claude Code 和 Claude Cowork 等应用是智能体工作未来形态的早期示例；它们将我们最新的 AI 能力直接交到用户手中，同时加速市场对 AI 可能性的理解。由于我们的研究和产品团队并肩工作，新的模型能力为我们的产品提供指引，而客户对这些产品的反馈又为我们的研究优先级提供指引。这使我们能够面向我们认为模型能力将要达到的方向构建产品，而不仅仅是当前的水平。例如，我们围绕预期模型将实现的智能体编程能力设计了 Claude Code，这使其在这些能力到来时能够快速扩展。我们在 Claude Cowork 上采取了类似的方法。

We build first-party applications to demonstrate where frontier models are heading and to deliver fully integrated solutions where we have a distinct viewpoint on the workflow. Applications like Claude Code and Claude Cowork are early examples of what the future of agentic work might look like; they put our latest AI capabilities directly into the hands of users while accelerating the market’s understanding of AI’s possibilities. Because our research and product teams work side by side, new model capabilities inform our products and customer feedback on those products informs our research priorities. This allows us to build products for where we believe model capabilities are going, not just where they are today. For example, we designed Claude Code around the agentic coding capabilities we expected our models to achieve, which positioned it to scale rapidly as those capabilities arrived. We have taken a similar approach with Claude Cowork.

我们还通过产品设计来缩小 Claude 所能做到的事情与客户实际使用程度之间的差距，我们认为这对于帮助客户实现前沿智能的价值十分重要。我们不让客户去学习底层模型如何运作，而是构建产品，使他们能够像与同事交流一样与 Claude 互动，简单而自然，从而能够在新的能力出现时加以采用。我们相信，随着我们拓展前沿并扩大应用覆盖面，客户能更快实现价值，将 Claude 更深入地嵌入其运营，并日益依赖我们作为其 AI 转型的主要提供商 [__] 。

We also design our products to close the gap between what Claude can do and how fully customers use it, which we believe is important to helping customers realize the value of frontier intelligence. Rather than requiring customers to learn how the underlying models work, we build products that allow them to interact with Claude as they would with a colleague, simply and naturally, so they can adopt new capabilities as they become available. We believe that as we extend the frontier and broaden our application surfaces, customers realize value faster, embed Claude more deeply into their operations, and increasingly rely on us as a primary provider for their AI transformation [__] .

Claude 模型 · 系列

The Claude Model · Family

Claude 模型系列目前由四个模型类别组成：Mythos（含 Fable）、Opus、Sonnet 和 Haiku。我们的各类模型既可单独用于特定任务，也可相互组合使用。它们提供了广泛的灵活性，可为每种用例选择理想的性能、成本和速度。所有模型均支持文本、代码和多模态输入。

The Claude model family is currently composed of four model classes: Mythos (including Fable), Opus, Sonnet, and Haiku. Our model classes can be used individually for certain tasks or in combination with one another. They offer broad flexibility to choose the ideal performance, cost, and speed for each use case. All models support text, code, and multimodal inputs.

- Mythos（含 Fable）。我们能力最强的模型类别，在所有领域均提供前沿性能，并能解决 AI 此前无法可靠处理的问题，尤其是在编程和长时间运行的智能体任务方面。鉴于其在软件漏洞发现和生物学等敏感领域的先进能力，我们以两种不同的配置部署该底层模型。Fable 已全面开放，并在我们的生产防护措施下运行，这些措施会阻止或限制某些敏感话题上的表现，包括将请求路由至能力较弱的 Claude 模型。Mythos 则在针对从事网络安全和生命科学工作的经审查组织和个人所校准的防护措施下运行，并通过我们的可信访问计划（包括我们的网络验证计划）提供。我们于 2026 年 4 月通过 Project Glasswing 以 Claude Mythos Preview 的形式首次推出该类别，于 2026 年 6 月全面开放 Fable 5 并向 Project Glasswing 参与者提供 Mythos 5，并于 2026 年 9 月发布 Mythos 5.1 和 Fable 5.1。

- Mythos (including Fable). Our most capable model class, delivering frontier performance across all domains and solving problems AI has not reliably handled before, especially in coding and long-running agentic tasks. Given its advanced capabilities in sensitive areas like software vulnerability discovery and biology, we deploy this underlying model in two distinct configurations. Fable is generally available and runs with our production safeguards, which block or limit performance on certain sensitive topics, including by routing requests to a less capable Claude model. Mythos runs with safeguards calibrated for vetted organizations and individuals doing cybersecurity and life sciences work, and is available through our trusted-access programs, including our Cyber Verification Program. We first made the class available in April 2026 as Claude Mythos Preview through Project Glasswing, made Fable 5 generally available and offered Mythos 5 to Project Glasswing participants in June 2026, and released Mythos 5.1 and Fable 5.1 in September 2026.

- Opus。我们用于推理密集型任务的强大主力模型类别。我们最新的 Opus 版本 Claude Opus 5.5 旨在成为企业的日常主力，驱动端到端运行项目的智能体，并在智能体编程、计算机使用和知识工作方面提升能力。Opus 模型在关键行业基准上始终位居领先模型之列。

- Opus. Our powerful workhorse model class for reasoning-intensive tasks. Our most recent Opus release, Claude Opus 5.5, is designed to serve as the enterprise daily driver, powering agents that run projects end to end and advancing capabilities across agentic coding, computer use, and knowledge work. Opus models consistently rank among leading models on key industry benchmarks.

- Sonnet。我们用于日常任务的多功能模型类别，为最广泛的通用用例在性能、成本和速度之间提供平衡，包括多智能体编排设置中的高并发子智能体。

- Sonnet. Our versatile model class for everyday tasks, providing a balance of performance, cost, and speed for the widest set of general-purpose use cases, including high-volume sub-agents in multi-agent orchestration setups.

- Haiku。我们成本最低、速度最快的模型类别。Haiku 模型专为高并发工作负载而设计，例如客户服务智能体和大规模文档处理。

- Haiku. Our lowest-cost and fastest model class. Haiku models are designed for high-volume workloads like customer service agents and large-scale document processing.

#### Claude 平台

#### The Claude Platform

客户选择 Claude 不仅仅是因为模型。Claude 平台让开发者和企业能够在高可靠性、安全性和可用性的基础设施上构建、管理和部署智能体 AI 应用。

Customers choose Claude for more than the models. The Claude Platform lets developers and businesses build, manage, and deploy agentic AI applications on infrastructure with high reliability, security, and availability.

平台功能

Platform Features

平台功能使开发者能够自定义其对 Claude 的使用，包括：

Platform features enable developers to customize their usage of Claude, including:

- 扩展思考。Claude 可在生成最终回复前执行额外的内部推理，逐步处理复杂的多步骤问题，从而提升分析、数学和编程等任务上的回复质量。

- Extended Thinking. Claude can perform additional internal reasoning before producing a final response, working through complex, multi-step problems to improve response quality on tasks like analysis, math, and coding.

- 自适应思考。Claude 会自动校准某一请求是否需要扩展推理以及应应用多少推理——因此开发者无需逐请求配置推理级别，即可获得扩展推理的益处。

- Adaptive Thinking. Claude automatically calibrates whether a given request calls for extended reasoning and how much reasoning to apply—so developers get the benefits of extended reasoning without configuring reasoning levels request by request.

- 投入程度控制。开发者可为每个请求指定投入程度级别，以引导 Claude 应用的推理量，从而在回复质量与成本和延迟之间取得平衡。

- Effort Controls. Developers can specify an effort level on each request to guide how much reasoning Claude applies, allowing them to balance response quality against cost and latency.

- 工具使用。Claude 可在整个对话过程中原生调用外部函数和 API，并支持并行执行以及工具调用之间的交错思考。搜索工具按需仅加载给定任务所需的工具，与预先加载完整工具库相比，可减少 token 开销。

- Tool Use. Claude can natively call external functions and APIs throughout a conversation, with support for parallel execution and interleaved thinking between tool calls. The search tool loads only the tools required for a given task on demand, which can reduce token overhead compared to loading full tool libraries upfront.

- 长上下文。Claude 支持大上下文窗口，并且即使输入不断增长也能保持其强劲性能，这意味着开发者可以在单次请求中包含完整代码库、大型文档集或较长的智能体历史记录。

- Long Context. Claude supports large context windows and maintains its strong performance even as inputs grow, meaning that developers can include entire codebases, large document sets, or long agent histories in a single request.

- 结构化输出。开发者可以将 Claude 的响应约束为指定模式，例如有效的 JSON（JavaScript 对象表示法），从而使结果能够与下游系统和应用代码可靠集成，减少额外的解析或验证。

- Structured Outputs. Developers can constrain Claude’s responses to a specified schema, such as valid JSON (JavaScript Object Notation), so results integrate reliably with downstream systems and application code with less additional parsing or validation.

- 代码执行。一个沙盒化执行环境，Claude 可在智能体循环中编写、运行并迭代代码，这是数据分析和自动化工作流的基础。该环境使 Claude 能够更高效地调用工具、处理海量数据，并运行打包在 Agent Skills 中的脚本。

- Code Execution. A sandboxed execution environment where Claude can write, run, and iterate on code within an agent loop, which is foundational for data analysis and automation workflows. This environment lets Claude call tools and process large volumes of data more efficiently and run the scripts packaged in Agent Skills.

- 网络搜索。一项原生工具，使 Claude 能够访问实时网络信息，从而在生产应用中提供有依据、可感知引用的响应。

- Web Search. A native tool giving Claude access to real-time web information, enabling grounded, citation-aware responses in production applications.

- 文件 API。允许开发者一次上传文档，并在多个会话中引用这些文档，从而简化依赖持久文档的工作流。

- Files API. Allows developers to upload documents once and reference them across multiple sessions, simplifying workflows that depend on persistent documents.

上下文管理

Context Management

开发者可以使用上下文原语将上下文连接到其智能体和应用所用的 Claude。

Developers can connect context to Claude for their agents and applications using context primitives.

- 模型上下文协议。MCP 是我们于 2024 年 11 月推出、并于 2025 年 12 月捐赠给 Linux 基金会 Agentic AI 基金会的开放标准。MCP 定义了一个通用接口，Claude 以及其他 AI 工具可通过该接口连接企业数据源、工具和工作流。Claude Platform 的原生 MCP 连接器会自动处理连接管理、工具发现和错误处理。

- Model Context Protocol. MCP is an open standard we introduced in November 2024 and donated to the Linux Foundation’s Agentic AI Foundation in December 2025. MCP defines a universal interface through which Claude, as well as other AI tools, can connect to enterprise data sources, tools, and workflows. Claude Platform’s native MCP connector handles connection management, tool discovery, and error handling automatically.

- Agent Skills。一个模块化框架，使组织能够将可重复的任务、工作流和领域专业知识编码为可复用的包（即技能），由 Claude 按需加载。我们为 Word、Excel、PowerPoint 和 PDF 等常见格式提供预构建技能，而自定义技能可以涵盖从工程标准和监管流程到专有工具链的任何内容。这些技能将机构知识转化为智能体能力。

- Agent Skills. A modular framework that lets organizations encode repeatable tasks, workflows, and domain expertise into reusable packages, or skills, that Claude loads on demand. We provide pre-built skills for common formats like Word, Excel, PowerPoint, and PDF, while custom skills can capture anything from engineering standards and regulatory processes to proprietary toolchains. These skills turn institutional knowledge into agent capabilities.

- 模型硬件标准。我们的模型硬件标准目前处于研究预览阶段，使 AI 智能体能够发现、理解并安全操作实验室和制造设备，例如显微镜、液体处理设备和现成机械臂。我们的模型硬件标准与模型无关，允许任何智能体运行环境通过 MCP 等标准协议访问具有可编程接口的设备。

- Model Hardware Standard. Currently in research preview, our Model Hardware Standard enables AI agents to find, understand, and safely operate lab and manufacturing equipment such as microscopes, liquid handlers, and off-the-shelf robotic arms. Our Model Hardware Standard is model-agnostic and lets any agent harness reach devices with a programmable interface through standard protocols such as MCP.

基础设施

Infrastructure

Claude 平台为企业级智能体工作负载提供高可靠性和可用性。基于 Claude 构建应用的客户需要模型在其运营的任何环境中都能可靠地提供服务，需要模型能够以规模化、高速度高效运行，还需要能让模型自主工作的工具。我们负责运营该基础设施，因此客户无需自行构建和维护。

The Claude Platform offers high reliability and availability for enterprise-grade agentic workloads. Customers building on Claude need the model served dependably wherever they operate, they need it to run efficiently at scale and speed, and they need the tooling that allows a model to work on its own. We operate that infrastructure so our customers do not have to build and maintain it themselves.

- 可用性。Claude 平台可直接通过 Anthropic 获取，也可通过主要云服务商获取，包括 AWS、GCP 和 Azure。功能可用性因部署方式而异。

- Availability. The Claude Platform is available directly from Anthropic and through the major cloud providers, including AWS, GCP, and Azure. Feature availability varies by deployment.

- 成本、速度和规模。开发者可以调整 Claude 的运行方式，以匹配每项工作负载的性能和经济性：

- Cost, Speed, and Scale. Developers can tune how Claude runs to fit the performance and economics of each workload:

- 提示缓存。大型、重复使用的提示组件可缓存最长一小时，与不进行缓存处理相同请求相比，长提示的成本最高可降低约 97%，延迟可降低约 60%。

- Prompt Caching. Large, reused prompt components can be cached for up to one hour, reducing cost by up to approximately 97% and latency by approximately 60% for long prompts, compared with processing the same requests without caching.

- 批处理。支持高吞吐量的异步处理，并降低成本。

- Batch Processing. Enables high-volume asynchronous processing at reduced cost.

- 快速模式。为对延迟敏感且速度至关重要的交互式应用提供更低延迟的响应。

- Fast Mode. Delivers lower-latency responses for latency-sensitive and interactive applications where speed is critical.

运行框架（Harnesses）

Harnesses

仅靠模型本身并不构成智能体。在生产环境中可靠运行智能体颇具挑战，因为智能体必须能够在崩溃和中断后继续运行，必须使用具有限定范围且可审计的凭证在系统上执行操作，并且必须能够跨可变工作负载进行扩展。自主运行需要一个运行框架，它提供模型自主规划、调用工具、验证工作并安全完成任务所需的安全环境、凭证、记忆和编排循环。构建和运营该基础设施是一项专业化、持续性的工作，直到最近，每位客户都必须自行承担。我们提供两种在 Claude 平台上运行框架的方式：

A model alone is not an agent. Running one reliably in production is challenging, because agents must survive crashes and interruptions, act on systems with scoped and auditable credentials, and scale across variable workloads. Autonomous operation requires a harness, which provides the secure environment, credentials, memory, and orchestration loop a model needs to plan, call tools, verify its work, and complete a task safely on its own. Building and operating that infrastructure is specialized, continuous work that, until recently, each customer had to take on themselves. We offer two ways to run a harness on the Claude Platform:

- Agent SDK。该方案使驱动 Claude Code 的同一生产级框架可供所有开发者使用，并在其自有算力上运行。它提供内置的上下文管理、会话处理、多智能体协调和提示优化，使客户能够在自有基础设施上以远少于原本所需的时间构建和运行复杂的智能体。

- Agent SDK. This solution makes the same production-grade harness that powers Claude Code available to all developers, to run on their own compute. It provides built-in context management, session handling, multi-agent coordination, and prompt optimization, so customers can build and run sophisticated agents on their own infrastructure in a fraction of the time otherwise required.

- Claude 托管智能体。这是一种开箱即用的方案，由我们在 Anthropic 管理的算力上代表客户运营框架。我们托管沙箱、存储凭证、维护记忆并运行智能体循环；客户定义其智能体的任务、工具和护栏。当有新模型可用时，客户无需重建其智能体循环。

- Claude Managed Agents. An out-of-the-box solution in which we operate the harness on our customers’ behalf, on Anthropic-managed compute. We host the sandboxes, store the credentials, maintain the memory, and run the agent loop; customers define their agent’s tasks, tools, and guardrails. When a new model becomes available, customers do not need to rebuild their agent loop.

#### 直接应用与集成

#### Direct Applications and Integrations

我们的平台基础组件和模型是所有产品的基础，并支持广泛的使用场景，从编程智能体到生命科学、金融、安全等领域的专业产品。结合我们对模型当前及未来能力的深刻理解，这一基础使我们能够快速交付产品，为众多用户类型和工作流程释放价值。

Our platform primitives and models are the foundation for all of our products and support a wide range of use cases, from coding agents to specialized products in life sciences, finance, security, and more. Paired with our deep understanding of current and future capabilities of our models, this foundation allows us to rapidly deliver products that unlock value across many user types and workflows.

- Claude Code。一款编码智能体，可作为终端工具、桌面应用、网页界面和移动应用使用，并原生集成 GitHub 及主流 IDE（集成开发环境）。Claude Code 可在大型代码库中处理多步骤软件开发任务——规划、编写、编辑、测试、调试和提交代码——并保持持续的上下文，同时支持并行智能体会话，使单个开发者能够并行推进多项任务。

- Claude Code. A coding agent, available as a terminal tool, desktop app, web interface, and mobile app, with native integrations for GitHub and popular IDEs (Integrated Development Environments). Claude Code handles multi-step software development tasks—planning, writing, editing, testing, debugging, and committing code—across large codebases with sustained context and supports parallel agent sessions, so a single developer can keep multiple tasks moving in parallel.

- Claude Cowork。一款知识工作智能体，可在桌面、网页和移动端使用，基于 Claude Code 的智能体架构构建。用户用自然语言描述任务，Claude 将其拆解为步骤，并在本地文件、已连接的应用、Chrome 以及桌面本身中完成这些步骤；在不存在集成的情况下，它会通过点击和键入操作原生应用。它返回完成的文档、电子表格、演示文稿和整理好的文件夹，无需终端或代码。开源插件系统让用户可以安装或构建打包了技能、数据连接器和工作流的软件包。

- Claude Cowork. A knowledge work agent on desktop, web, and mobile, built on Claude Code’s agentic architecture. Users describe a task in plain language and Claude breaks it into steps and completes them across local files, connected apps, Chrome, and the desktop itself, clicking and typing through native applications when no integration exists. It returns finished documents, spreadsheets, presentations, and organized folders, with no terminal or code required. An open-source plugin system lets users install or build packages bundling skills, data connectors, and workflows.

- Claude.ai。我们的旗舰对话产品，可在桌面、网页和移动端使用。Claude.ai 是通往 Claude 最广泛的入口，面向企业、团队和个人开放，提供对我们 Claude 模型系列的访问，支持文件上传、用于跨对话持久上下文的项目、记忆、网页搜索，以及用于实时渲染代码和文档的 artifacts。Claude.ai 为企业采用带来漏斗顶部的需求生成。2026 年 9 月，我们开始将 Claude Cowork 和 Claude.ai 合并为一个统一应用，使任何请求都借助 Claude Cowork 的能力、使用适当的工具自动处理。

- Claude.ai. Our flagship conversational product, available on desktop, web, and mobile. Claude.ai is the broadest entry point to Claude, available to enterprises, teams, and individuals, offering access across our Claude model family with support for file uploads, projects for persistent context across conversations, memory, web search, and artifacts for real-time code and document rendering. Claude.ai delivers top-of-funnel demand generation for enterprise adoption. In September 2026, we began merging Claude Cowork and Claude.ai into a unified application, such that any request is automatically handled using the appropriate tools, drawing on Claude Cowork’s capabilities.

- Claude Security。一款防御性网络安全产品，以公开测试版向 Claude Enterprise 客户提供，将前沿漏洞检测与修补能力交到安全团队手中。Claude Security 像安全研究员一样推理代码，追踪数据流并检查组件在代码库中的交互方式，以发现基于模式的扫描器可能遗漏的复杂、依赖上下文的漏洞。每项发现都会附带置信度评级、严重性评估和复现步骤。用户可以直接进入 Claude Code 审查并应用建议的补丁，从而压缩从扫描到修复的时间。

- Claude Security. A defensive cybersecurity product, available in public beta to Claude Enterprise customers, that puts frontier vulnerability detection and patching into the hands of security teams. Claude Security reasons about code the way a security researcher does, tracing data flows and examining how components interact across a codebase to uncover complex, context-dependent vulnerabilities that pattern-based scanners can miss. Each finding is surfaced with a confidence rating, severity assessment, and reproduction steps. Users can move directly into Claude Code to review and apply the proposed patch, compressing the time from scan to fix.

- Claude Tag。一款协作智能体，在 Slack 等生产力工具中与团队并肩工作，用户可将 Claude 标记到任何频道或话题串中，并用自然语言委派工作。借助周围对话、企业软件工具、共享文档和频道范围内的记忆所提供的上下文，Claude 直接在话题串中返回答案、草稿、分析和拉取请求，作为一个环境型队友运作，知道何时主动加入对话。Claude Tag 将 Claude 带入团队已经协作的多方工作流，将采用范围从个人扩展到整个组织。

- Claude Tag. A collaborative agent that works alongside teams in productivity tools like Slack where users tag Claude into any channel or thread and delegate work in plain language. With the context of the surrounding conversation, enterprise software tools, shared documents, and channel-scoped memory, Claude returns answers, drafts, analyses, and pull requests directly in-thread, operating as an ambient teammate that knows when to proactively join the conversation. Claude Tag brings Claude into the multiplayer workflows where teams already coordinate, extending adoption from individuals to entire organizations.

- Claude Design。使用户能够通过自然语言对话和直接编辑，创建精美的设计、原型、演示文稿及其他视觉作品。Claude Design 将我们的平台延伸至视觉与创意工作领域，拓宽了设计师、营销人员、创始人及市场推广专业人士可借助 Claude 完成的专业任务范围。

- Claude Design. Enables users to create polished designs, prototypes, presentations, and other visual work through natural language conversation and direct editing. Claude Design extends our platform into visual and creative work, broadening the range of professional tasks for which designers, marketers, founders, and go-to-market professionals can utilize Claude.

- Claude Science。一个用于科学研究的 AI 工作台，将文献分析、数据处理和稿件准备整合到单一的桌面环境中。研究人员用自然语言描述一项分析，Claude Science 便会查询 60 多个科学数据库，端到端地完成该分析。Claude Science 可在实验室自有机器、机构计算集群或按需云资源上执行计算密集型工作负载，无需研究人员管理底层基础设施。它返回可直接发表的图表和稿件——具备原生渲染的科学输出、完全可复现的代码、由智能体驱动的验证以及可追溯的结果。Claude Science 将 Claude 延伸至科学研究领域，把前沿能力直接交到致力于解决全球一些最棘手问题的研究人员手中。

- Claude Science. An AI workbench for scientific research that brings literature analysis, data processing, and manuscript preparation into a single desktop environment. Researchers describe an analysis in plain language, and Claude Science queries more than 60 scientific databases to complete it end-to-end. Claude Science executes computationally intensive workloads on a lab’s own machines, institutional computing clusters, or on-demand cloud resources, without requiring researchers to manage the underlying infrastructure. It returns publication-ready figures and manuscripts—with natively rendered scientific outputs, fully reproducible code, agent-powered verification, and traceable results. Claude Science extends Claude into scientific research, putting frontier capabilities directly in the hands of researchers working on some of the world’s hardest problems.

客户可通过我们的 Claude Enterprise 产品访问上述每一项产品。Claude Enterprise 提供安全与合规控制，包括基于 SAML（安全断言标记语言）的单点登录及 SCIM（跨域身份管理系统）配置、基于角色的访问控制、审计日志、合规 API，以及旨在支持医疗保健和受监管数据工作负载符合 1996 年《健康保险流通与责任法案》（“HIPAA”）的配置——同时提供集中式管理控制台，用于 IT 监督、成本可见性和控制。

Customers can access each of these products through our Claude Enterprise offering. Claude Enterprise provides security and compliance controls, including SAML (Security Assertion Markup Language)-based single sign-on with SCIM (System for Cross-domain Identity Management) provisioning, role-based access controls, audit logging, a Compliance API, and configurations designed to support Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) compliance for healthcare and regulated-data workloads—alongside a centralized administrative console for IT oversight, cost visibility, and controls.

受监管行业及其他行业的客户使用我们能力最强的模型处理敏感工作。这些客户必须对其数据保密，而我们必须能够检测滥用行为。2026 年 9 月，我们发布了 Enterprise Frontier Safeguards，旨在同时满足这两项需求。我们用于自动化安全监控的活动数据存储在客户自己的云账户中，由客户自己的加密密钥和访问控制加以保护。我们的自动化系统会审查近期活动是否存在严重滥用迹象，并将此类滥用警报直接发送给客户的安全团队。无需 Anthropic 员工进行审查。我们与金融服务、医疗保健和公共部门等行业的 100 多家客户共同开发了 Enterprise Frontier Safeguards。我们正分阶段推出该功能，在推出完成之前，符合条件的客户在 Fable 5 和 Fable 5.1 上享有零数据留存，这意味着，除为遵守适用法律或打击滥用或伤害所需外，我们在处理请求后不存储其输入或输出。

Customers in regulated industries and beyond use our most capable models for sensitive work. These customers must keep their data private, and we must be able to detect misuse. In September 2026, we announced Enterprise Frontier Safeguards, which is designed to address both needs. The activity data we use for automated safety monitoring is stored in the customer’s own cloud account, under the customer’s encryption keys and access controls. Our automated systems review recent activity for signs of serious misuse and send alerts of such misuse directly to the customer’s security team. No review by Anthropic employees is required. We developed Enterprise Frontier Safeguards with more than 100 customers in industries including financial services, healthcare, and the public sector. We are rolling out this feature in phases and, until the completion of the rollout, eligible customers receive zero data retention on Fable 5 and Fable 5.1, meaning that, except where needed to comply with applicable law or combat misuse or harm, we do not store their inputs or outputs after we process a request.

#### 垂直解决方案

#### Vertical Solutions

除了我们的横向平台和应用之外，我们还在那些领域专业性和监管要求使通用工具不足以胜任的行业中构建垂直解决方案。我们的垂直解决方案是专门构建的，内嵌领域知识、旨在支持行业特定合规要求的控制措施，以及预先配置的数据集成，从而缩短实现价值的时间。我们的垂直解决方案通过一系列渠道交付，包括我们的 Claude Enterprise 和 Team 计划、在我们个人订阅计划上提供的领域特定连接器和插件、Claude Platform，以及就 Claude for Education 而言的机构级协议。迄今为止，我们已推出七款垂直解决方案：

Beyond our horizontal platform and applications, we are building vertical solutions in industries where domain specificity and regulatory requirements make general-purpose tools insufficient. Our vertical solutions arrive purpose-built and are embedded with domain knowledge, controls designed to support industry-specific compliance requirements, and pre-configured data integrations that reduce time-to-value. Our vertical solutions are delivered through a range of channels, including our Claude Enterprise and Team plans, domain-specific connectors and plugins available on our individual subscription plans, Claude Platform, and, in the case of Claude for Education, institution-wide agreements. To date, we have launched seven vertical solutions:

- Claude for Financial Services。为金融专业人士提供预构建、可定制的 AI 智能体，用于常见金融工作流程，例如起草推介材料、审阅财报、执行了解你的客户筛查以及开展财务分析。Claude for Financial Services 可直接接入这些公司已在使用的数据源（例如市场数据、数据仓库），并在金融专业人士所使用的工具内运行——例如 Excel、PowerPoint、Word、Outlook 以及 Claude 自有应用。

- Claude for Financial Services. Provides finance professionals with pre-built, customizable AI agents for common finance workflows, such as drafting pitch books, reviewing earnings, running know-your-customer screenings, and conducting financial analysis. Claude for Financial Services plugs directly into the data sources those firms already use (e.g., market data, data warehouses) and runs inside the tools financial professionals utilize—such as Excel, PowerPoint, Word, Outlook, and Claude’s own apps.

- Claude for Financial Advisors。为财务顾问和财富管理公司提供预构建、可定制的工作流程，用于常见顾问任务，例如准备客户会议、起草跟进事项、审阅投资组合再平衡以及准备遗产和税务简报。Claude for Financial Advisors 可直接接入顾问已在使用的系统（例如托管平台、投资组合管理和财务规划工具以及客户关系管理软件），并在每个工作流程中内置顾问审核环节，以帮助公司满足其合规要求。

- Claude for Financial Advisors. Provides financial advisors and wealth management firms with pre-built, customizable workflows for common advisory tasks, such as preparing for client meetings, drafting follow-ups, reviewing portfolio rebalances, and preparing estate and tax briefs. Claude for Financial Advisors plugs directly into the systems advisors already use (e.g., custodial platforms, portfolio management and financial planning tools, and customer relationship management software), with advisor review built into each workflow to help firms meet their compliance requirements.

- Claude for Healthcare。为医疗服务提供方、支付方和健康科技公司提供前沿模型，具备跨临床推理、医疗编码和长周期智能体运营的领域智能，以及旨在支持医疗和运营工作流程符合 HIPAA 合规要求的工具。Claude for Healthcare 还可连接行业系统，包括 Centers for Medicare & Medicaid Services Coverage Database、ICD-10 和 National Provider Identifier (NPI) Registry，并具备用于 Fast Healthcare Interoperability Resources（FHIR）开发和事前授权审查的智能体技能。

- Claude for Healthcare. Gives providers, payers, and health technology companies frontier models with domain intelligence across clinical reasoning, medical coding, and long-horizon agentic operations and tools designed to support HIPAA compliance for medical and operational workflows. Claude for Healthcare also connects to industry systems including the Centers for Medicare & Medicaid Services Coverage Database, ICD-10, and National Provider Identifier (NPI) Registry, with agent skills for Fast Healthcare Interoperability Resources (FHIR) development and prior authorization reviews.

- Claude for Life Sciences。为计算生物学家、生物信息学家、临床试验管理者和监管事务专家提供前沿模型中内置的领域智能，涵盖有机化学、结构生物学、实验室方案和生物信息学流程。Claude for Life Sciences 支持整个开发链条上的工作，从早期发现和临床前研究到临床试验运营和监管申报。Claude 可直接接入研究人员已在使用的工具和数据库，例如电子实验记录本、数据存储库和科学文献。

- Claude for Life Sciences. Provides computational biologists, bioinformaticians, clinical trial managers, and regulatory affairs specialists with domain intelligence built into frontier models across organic chemistry, structural biology, lab protocols, and bioinformatics pipelines. Claude for Life Sciences supports work across the development chain, from early discovery and preclinical research through clinical trial operations and regulatory submissions. Claude plugs directly into the tools and databases researchers already use, such as electronic lab notebooks, data repositories, and scientific literature.

- Claude for Legal。为法律专业人士、内部法律顾问、律所律师及法律运营团队提供预置 AI 智能体，用于常见法律工作流程。Claude for Legal 可直接接入法律专业人士日常依赖的系统与工具。通过 MCP 连接器，Claude for Legal 可连接至 Relativity 等电子取证与法律数据智能平台、Ironclad 等 AI 合同平台、法律研究数据库、交易室及案件管理系统。每个智能体和工作流程均可根据团队自身的先例、流程、上报链条、风险校准和内部风格进行配置，并配有旨在支持律师-客户保密特权、信息隔离墙及保密义务的管控措施。

- Claude for Legal. Provides legal professionals, in-house counsel, law firm attorneys, and legal operations teams with pre-built AI agents for common legal workflows. Claude for Legal plugs directly into the systems and tools legal professionals already rely on. Through MCP connectors, Claude for Legal connects to e-discovery and legal data intelligence platforms like Relativity, AI contracting platforms like Ironclad, legal research databases, deal rooms, and matter management systems. Each agent and workflow is configurable to a team’s own precedents, processes, escalation chains, risk calibration, and house style—with controls designed to support attorney-client privilege, ethical walls, and confidentiality obligations.

- Claude for Education。为高等教育机构和 K-12 教育工作者提供可信赖的 AI 解决方案。Claude for Higher Education 为教职员工、学生、研究人员和管理人员提供用于教学、学习、研究和运营的 AI 伙伴。其中包括面向学生的学习模式，旨在强化批判性思维。Claude 还可帮助高校教职员工完成研究、起草作业及支持行政工作等任务，并具备为满足机构要求而构建的安全性与合规性。Claude for Teachers 为美国经过验证的 K-12 教育工作者免费提供高级 Claude 功能、教学技能库，以及与循证课程的直接连接，并已映射至全部 50 个州的学术标准。Claude 帮助处理文书工作，让教师能够将更多时间投入到学生身上。

- Claude for Education. Provides trusted AI solutions for higher education institutions and K-12 educators. Claude for Higher Education gives faculty, students, researchers, and administrators an AI partner for teaching, learning, research, and operations. This includes a learning mode for students, which is designed to strengthen critical thinking. Claude also helps university faculty across tasks such as research, drafting assignments, and supporting administrative work, all with the security and compliance built for institutional requirements. Claude for Teachers gives verified K-12 educators in the United States free access to premium Claude capabilities, a library of teaching skills, and a direct connection to evidence-based curricula, mapped to academic standards in all 50 states. Claude helps with the paperwork, so teachers can spend more time with their students.

- Claude for Government。在 FedRAMP High 授权环境中，将 Claude 模型引入美国联邦政府机构，用于起草、研究、分析和编码，旨在支持政府客户的数据处理和可审计性要求。美国境外的政府客户以及在涉密环境中运行工作负载的客户，可通过 Amazon Bedrock 访问 Claude 模型，但须遵守该平台的授权和可用性要求。

- Claude for Government. Brings Claude models to U.S. government agencies for drafting, research, analysis, and coding in a FedRAMP High authorized environment, designed to support the data handling and auditability requirements of government customers. Government customers outside the United States, and customers with workloads in classified environments, can access Claude models through Amazon Bedrock, subject to the authorizations and availability of that platform.

我们的基础设施 Our Infrastructure

我们的基础设施支撑着我们训练前沿模型、大规模提供推理服务、管理 Claude 的内部使用，并以企业级部署所需的性能和可靠性向客户交付 Claude 的能力。我们构建了差异化的基础设施层，使我们能够跨多个硬件平台更高效地训练和部署前沿模型。这一基础设施优势会随时间不断累积：随着我们为每个芯片系列带来优化，我们系统的每一层都会相应受益。

Our infrastructure underpins our ability to train frontier models, serve inference at scale, manage internal usage of Claude, and deliver Claude to our customers with the performance and reliability that enterprise deployments require. We have built a differentiated infrastructure layer that allows us to train and deploy frontier models more efficiently across multiple hardware platforms. This infrastructure advantage compounds over time: as we bring optimizations to each chip family, every layer of our system benefits accordingly.

#### 多芯片算力方案

#### Multi-Chip Compute Approach

我们构建了审慎且多元化的算力采购策略，覆盖多个芯片平台，带来以下显著优势：

We have built a deliberate and diversified compute sourcing strategy across multiple chip platforms that provides the following distinct advantages:

- 我们可以从多个供应商获取算力，而不受任何单一供应商的制约。

- We can secure compute from multiple providers rather than being constrained by any single provider.

- 我们可以根据每种工作负载的最佳性价比和效率特征选择芯片，受益于各平台的差异化优势。

- We can select chips based on the best price-performance and efficiency characteristics for each workload, benefiting from the differentiated strengths of each platform.

- 我们与每一家供应商都保持协作关系，并影响未来几代芯片的路线图和功能。我们的芯片平台包括：

- We maintain collaborative relationships with each of our providers, and we influence roadmaps and features of future chip generations. Our chip platforms include:

- AWS Trainium。我们与 Amazon 的战略协作使我们能够获得 AI 加速器（包括定制设计的 Trainium 芯片）和算力基础设施，并有机会影响未来几代 Trainium 芯片。

- AWS Trainium. Our strategic collaboration with Amazon provides us with access to AI accelerators, including custom-designed Trainium chips, and compute infrastructure, as well as the opportunity to influence future generations of Trainium chips.

- Google TPU。我们与 Google 和 Broadcom 的合作使我们能够获得由 Google TPU 驱动的算力容量，覆盖 TPU 平台的多个世代。

- Google TPUs. Our partnerships with Google and Broadcom provide us with access to compute capacity powered by Google TPUs across multiple generations of the TPU platform.

- NVIDIA GPU。我们与 NVIDIA Corporation（「NVIDIA」）的战略合作，连同我们与 Microsoft、SpaceXAI、Nscale、Lambda 及其他云服务商的安排，使我们能够获得由 NVIDIA GPU（包括 NVIDIA Grace Blackwell 和 Vera Rubin GPU 系统）驱动的算力容量，并有机会直接与 NVIDIA 在设计 and 工程方面协作，针对我们的工作负载特征优化未来的 NVIDIA 硬件。

- NVIDIA GPUs. Our strategic partnership with NVIDIA Corporation (“NVIDIA”), together with our arrangements with Microsoft, SpaceXAI, Nscale, Lambda, and other cloud providers, provides us with access to compute capacity powered by NVIDIA GPUs, including NVIDIA Grace Blackwell and Vera Rubin GPU systems, as well as the opportunity to collaborate directly with NVIDIA on design and engineering to optimize future NVIDIA hardware for our workload profile.

- AMD GPU。我们与 AMD 的关系，连同我们与经批准的 AMD 架构 Helios 机架级系统制造商及第三方服务提供商的安排，使我们能够获得由 AMD Instinct™ GPU（包括 AMD Instinct™ MI450 系列 GPU）驱动的算力容量，并有机会通过多年工程协作直接与 AMD 合作。

- AMD GPUs. Our relationship with AMD, together with our arrangements with approved manufacturers of AMD-based Helios rack-scale systems and third-party service providers, provides us with access to compute capacity powered by AMD Instinct™ GPUs, including AMD Instinct™ MI450 Series GPUs, as well as the opportunity to collaborate directly with AMD through a multi-year engineering collaboration.

- 我们接入新芯片平台所需的时间仅为过去的一小部分。历史上，将一个新的芯片平台投入生产需要数月的高强度工程工作。借助 Claude，我们的工程团队如今可以更快地将新芯片平台投入生产。这种速度和效率还依赖于我们已在多个芯片系列上构建的坚实基础，包括一个专有的编排层，旨在针对我们的实际工作负载无缝测试和衡量性能。因此，我们能够在新的 AI 加速器面世时加以采用，扩大算力容量的获取渠道，同时降低对任何单一硬件供应商的依赖。

- We can onboard new chip platforms in a fraction of the time it once took. Historically, bringing a new chip platform into production required intense engineering effort over many months. By leveraging Claude, our engineering teams can now bring new chip platforms into production more quickly. This speed and efficiency also relies on the robust foundation we have already built across multiple chip families, including a proprietary orchestration layer designed to seamlessly test and measure performance against our actual workloads. As a result, we are able to adopt new AI accelerators as they become available, expanding our access to compute capacity while reducing our dependence on any single hardware provider.

有关该等安排条款的更多信息，请参见“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——合同义务——基础设施服务安排”一节。

See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Liquidity and Capital Resources—Contractual Obligations—Infrastructure Service Arrangements” for more information regarding the terms of these arrangements.

#### 我们的数据中心战略

#### Our Data Center Strategy

历史上，我们通过固定期限协议购买算力。随着算力需求规模扩大，我们已转向混合模式：除作为云服务购买算力外，我们还直接采购专用 AI 加速器，并在由他人代表我们租赁和运营、按我们规格配置的专用数据中心设施中运行这些硬件。我们将这一额外算力来源称为 Anthropic Direct。这一转变部分源于我们算力需求的规模，以及直接租赁和托管基础设施可能带来的长期经济优势。我们的首个数据中心设施已于今年投入运营。

Historically, we purchased compute under fixed-time agreements. As our compute requirements have scaled, we have transitioned to a hybrid model in which, in addition to purchasing compute as a cloud service, we also procure specialized AI accelerators directly and operate this hardware in dedicated data center facilities leased and operated on our behalf, to our specification. We refer to this additional source of compute as Anthropic Direct. This transition is driven in part by the scale of our compute requirements as well as the potential long-term economic advantages of direct infrastructure leasing and hosting. Our first data center facility became operational this year.

Anthropic Direct 还使我们能够将对数据中心容量的承诺与对部署于其中的 AI 加速器的承诺相分离。由于数据中心需要更长的交付周期，但在总算力成本中所占比例较小，这一方式使我们能够提前锁定数据中心容量，同时将规模更大的加速器投资推迟到我们的具体算力需求更加明确之时。

Anthropic Direct also lets us separate our commitment to data center capacity from our commitment to the AI accelerators deployed inside it. Because data centers require longer lead times but represent a smaller fraction of total compute costs, this approach enables us to secure data center capacity early while deferring larger accelerator investments until our specific compute needs are more certain.

我们的数据中心基础设施战略包含多项合同安排，这些安排共同构成新的算力来源，以补充我们从云服务商（CSP）处采购的容量。此类安排包括以下各项：

Our data center infrastructure strategy includes several contractual arrangements that, taken together, form a new source of compute to supplement the capacity we procure from our CSPs. Such arrangements include the following:

- 算力基础设施设备。我们通过主设备租赁协议采购专用 AI 加速器及相关组件（包括 CPU 和高带宽内存），其中包括 2026 年租赁安排；根据该安排，我们获得此类硬件，用于部署在由他人代表我们运营的专用数据中心设施中。有关该等租赁条款的更多信息，请参见“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——合同义务——基础设施设备租赁”一节。

- Compute Infrastructure Equipment. We procure specialized AI accelerators and associated components, including CPUs and high-bandwidth memory, through master equipment leases, including the 2026 Lease Arrangement, pursuant to which we receive such hardware for deployment in dedicated data center facilities operated by others on our behalf. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations—Infrastructure Equipment Leases” for more information regarding the terms of these leases.

- 数据中心。在我们的某些数据中心基础设施安排中，第三方合作伙伴负责采购底层房地产、电力及数据中心设施，而我们则租赁这些设施中的容量，并与专业第三方运营商签订合同以进行持续的设施管理。例如，我们已与 Fluidstack USA I Inc.（“Fluidstack”）签订了一份托管及服务协议，由 Fluidstack 向我们提供数据中心开发与运营服务。我们还直接签署了数据中心租约，并预计未来会越来越多地采取这种方式。为锁定某些数据中心开发项目（这些项目需要在部署前作出重大资本承诺），我们在某些情况下已依赖、并预计将继续依赖与融资方或合作伙伴的安排，由后者为租赁义务提供担保，以支持预计将承载该合作伙伴芯片或计算基础设施的数据中心容量的开发。我们未来通过此类安排扩大算力及基础设施容量的能力，可能取决于有限数量的云服务商（CSP）、合作伙伴及融资方是否持续愿意并有能力订立并履行相关安排。

- Data Centers. In certain of our data center infrastructure arrangements, third-party partners procure the underlying real estate, power, and data center facilities, while we lease capacity in those facilities and contract with specialized third-party operators for ongoing facility management. For example, we have entered into a colocation and services agreement with Fluidstack USA I Inc. (“Fluidstack”), under which Fluidstack provides data center development and operations services to us. We have also executed data center leases directly and expect to do so increasingly over time. To secure certain data center development projects, which require significant capital commitments in advance of deployment, we have in some cases relied, and expect to continue to rely, on arrangements with financing sources or partners who guarantee the lease obligations to support the development of data center capacity that is expected to host such partner’s chips or computing infrastructure. Our ability to expand compute and infrastructure capacity through these arrangements in the future may depend on the continued willingness and ability of a limited number of CSPs, partners, and financing sources to enter into and perform under them.

- 电力。电力采购需要与公用事业供应商另行作出安排，或在某些情况下开发表后发电容量，直接向设施供电而非通过更广泛的电网供电。为数据中心项目确保充足的电力容量，无论是通过并网安排还是表后安排，通常都需要较长的前置时间，并须在设施投入运营之前很早就作出重大财务承诺。

- Electrical Power. Electrical power procurement requires separate arrangements with utility providers or, in some cases, development of behind-the-meter power generation capacity that supplies electricity directly to the facility rather than through the broader electric grid. Securing adequate power capacity for data center projects, whether through grid-connected or behind-the-meter arrangements, typically requires long lead times and significant financial commitments well in advance of when facilities become operational.

我们的数据中心基础设施项目目前主要位于美国。随着我们持续扩大全球客户群和研究业务，我们正在国际上寻求更多的数据中心容量，以支持我们的各类工作负载。

Our data center infrastructure projects are currently located primarily in the United States. As we continue to expand our global customer base and research operations, we are pursuing additional data center capacity internationally to support our full range of workloads.

#### 多云分发

#### Multi-Cloud Distribution

Claude 可通过三大云平台的专用 AI 服务层（Amazon Bedrock、Gemini Enterprise Agent Platform 和 Microsoft Foundry）获取，确保各组织能够在其已使用且信任的基础设施内部署我们的模型，同时为企业提供部署灵活性并避免供应商锁定。

Claude is available across the three major cloud platforms via their dedicated AI service layers (Amazon Bedrock, Gemini Enterprise Agent Platform, and Microsoft Foundry), ensuring that organizations can deploy our models within the infrastructure they already use and trust, while providing enterprises with deployment flexibility and avoiding vendor lock-in.

我们的客户 Our Customers

世界各地的组织都依赖 Claude。我们服务的客户范围广泛，从最大的企业到 AI 原生公司、政府与研究机构，以及专业消费者。

Organizations around the world rely on Claude. We serve a breadth of customers, from the largest enterprises to AI-native companies, government and research institutions, as well as prosumers.

截至 2026 年 9 月 30 日，按过去十二个月（TTM）计算收入达到或超过 $100,000 的客户包括《财富》10 强中的每一家公司、《财富》500 强中超过 50% 的公司，以及全球 2000 强中超过 30% 的公司。在各行各业，企业都将 Claude 部署于关键任务的生产工作流中——例如承保保险保单、为救命药物撰写临床报告、检测并修复网络安全威胁，以及为资产管理人分析投资组合。Claude 在监管严格的行业尤其获得了深度采用，在这些行业中，AI 不可靠的代价高得令人却步，而信任无法事后补足。

As of September 30, 2026, our customers with $100,000 or more of revenue on a TTM basis included every company in the Fortune 10, over 50% of the Fortune 500, and over 30% of the Global 2000. Across industries, enterprises deploy Claude in mission-critical production workflows—for example, underwriting insurance policies, writing clinical reports for life-saving drugs, detecting and remediating cybersecurity threats, and analyzing portfolios for asset managers. Claude has achieved particularly deep adoption in highly regulated sectors where the cost of unreliable AI is prohibitive and trust cannot be retrofitted.

此外，领先的 AI 原生公司在 Claude 之上构建下一代编程工具、设计平台和生产力应用。政府与研究机构也将 Claude 应用于从材料科学到能源安全的工作；使命驱动的组织使用 Claude 来压缩科学研究、临床工作流和公共福利交付的预期时间线。

In addition, leading AI-native companies build next-generation coding tools, design platforms, and productivity applications on Claude. Government and research institutions also apply Claude to work that ranges from materials science to energy security; mission-driven organizations use Claude to compress the expected timeline of scientific research, clinical workflows, and the delivery of public benefits.

我们的客户群在客户关系的数量和规模上均快速增长，各组织从初始用例扩展到全企业范围的生产部署。截至 2026 年 9 月 30 日，按过去十二个月（TTM）计算收入达到或超过 $100,000 的客户超过 11,900 家，而截至 2025 年 9 月 30 日超过 950 家。

Our customer base has grown rapidly in both the number and scale of customer relationships, with organizations expanding from initial use cases into enterprise-wide production deployments. As of September 30, 2026, we had more than 11,900 customers with $100,000 or more of revenue on a TTM basis, up from more than 950 as of September 30, 2025.

我们的客户分为两大类：企业和专业消费者。

Our customers fall into two primary categories: enterprises and prosumers.

#### 企业

#### Enterprises

我们的企业客户包括各类大规模部署 AI 的组织，从构建产品的 AI 原生初创公司，到在任何一个工作流投入生产之前就要求企业级安全性、治理和合规的全球最大型组织。我们通过单一可组合平台服务这一完整谱系，提供对我们前沿模型的无缝访问，以及客户所需的控制措施，例如单点登录、审计日志、数据保留策略、基于角色的访问控制，以及在其现有云基础设施内的原生部署。

Our enterprise customers include a wide range of organizations deploying AI at scale, from AI-native startups building products to the world’s largest organizations that require enterprise-grade security, governance, and compliance before a single workflow impacts production. We serve this full spectrum from a single composable platform, providing frictionless access to our frontier models as well as the controls customers require, such as single sign-on, audit logging, data retention policies, role-based access controls, and native deployment within their existing cloud infrastructure.

软件开发者仍然是企业内关键的采用推动力量：他们同时是客户、在我们平台上构建的应用的架构师，以及组织范围内采用的内部倡导者。软件开发者使用 Claude Code 和 Claude Platform 更快地编写、调试和交付生产级代码——设计系统架构、实现功能、构建智能体工作流，并在数小时内解决以往需要数天的复杂问题。这些生产部署暴露出只有在真实企业负载下才会出现的治理、可靠性和集成要求，由此产生的反馈回流到我们的路线图中，并在每一次发布中加深我们与客户的关系。

Software developers remain a critical adoption force within enterprises: they are simultaneously customers, the architects of applications built on our platform, and the internal champions of organization-wide adoption. Software developers use Claude Code and the Claude Platform to write, debug, and ship production-quality code faster—architecting systems, implementing features, building agentic workflows, and resolving complex issues in hours that previously took days. These production deployments surface the governance, reliability, and integration requirements that only emerge under real enterprise load, which creates feedback that flows back into our roadmap and deepens our customer relationships with every release.

#### 专业消费者

#### Prosumers

知识工作者，包括研究人员、开发者、分析师和撰稿人，订阅 Claude Pro 和 Claude Max 以完成复杂的认知工作，包括起草分析、综合研究、编写和审查代码、构建财务模型以及自动化工作流程。借助 Claude Cowork，非技术型专业消费者无需编写代码即可跨其应用程序构建智能体工作流，在几分钟内完成以往需要数小时人工操作才能完成的工作。

Knowledge workers, including researchers, developers, analysts, and writers, subscribe to Claude Pro and Claude Max to perform complex cognitive work, including drafting analyses, synthesizing research, writing and reviewing code, building financial models, and automating workflows. With Claude Cowork, non-technical prosumers build agentic workflows across their applications without writing code, accomplishing in minutes what previously required hours of manual effort.

专业消费者是我们最早的一批采用者，也往往是我们最具洞察力的用户之一。他们会在模型发布后数小时内测试各项能力，将最新版本的 Claude 推入我们可能未曾预料的用例，并发现边缘情况和失败案例，从而推动 Claude 模型的每一个后续版本不断完善。

Prosumers are some of our earliest adopters and often among our most discerning users. They test out capabilities within hours of the release of a model, push the latest version of Claude into use cases we may not have anticipated, and discover edge cases and failures that sharpen each successive version of a Claude model.

Claude Code 的采用始于个体软件开发者，他们在企业采购团队考虑这一品类之前就注意到了自主编程智能体的潜力；如今，Claude Code 正成为许多企业工程组织内部的首选。

The adoption of Claude Code began with individual software developers who noticed the potential of autonomous coding agents before enterprise procurement teams had considered the category; Claude Code is now becoming the default choice inside many enterprise engineering organizations.

专业消费者充当着强大的漏斗顶端引擎——我们一再看到，亲身体验到 Claude 价值的个人会成为其组织内部的倡导者，播下采用的种子，推动采用从个人使用加速扩展至团队范围，并最终实现全组织部署。

Prosumers serve as a powerful top-of-funnel engine—we have consistently seen that individuals who experience Claude’s value firsthand become advocates within their organizations, seeding adoption that accelerates from individual use to team-wide and ultimately organization-wide deployment.

#### Claude 如何为客户创造价值

#### How Claude Drives Value for Customers

客户主要通过三种方式从 Claude 获得价值：更高生产力的员工、更快的流程，以及嵌入其产品中的智能。这些成果是同一智能的不同表现形式，各自依托相同的模型和基础构件。

Customers realize value from Claude in three primary ways: more productive employees, faster processes, and embedded intelligence in their products. These outcomes are different expressions of the same intelligence, each drawing on the same models and primitives.

更高生产力的员工。采用往往从这里开始。个人亲身体验到前沿 AI 模型对自身产出所能产生的影响——例如，数小时的财务分析或代码审查在几分钟内完成——这种信念便从第一位用户传播至其团队，再从一个团队扩展至整个公司。Claude Code 在软件开发领域正是如此；Claude Cowork 则将这一效应更广泛地带给知识工作者。我们的 Claude Enterprise 计划提供治理、安全和管理能力，以支持 Claude 在组织规模上的采用。

More Productive Employees. Adoption most often begins here. An individual experiences the impact that a frontier AI model can have on their own output—for instance, hours of financial analysis or code review completed in minutes—and that conviction spreads from the first user to their team, and from one team to the entire company. This happens for Claude Code in software development; Claude Cowork delivers this for knowledge workers more broadly. Our Claude Enterprise plan provides the governance, security, and administration to support adoption of Claude at organizational scale.

更快的流程。随着采用加深，Claude 不再只是员工咨询的对象，而开始成为组织赖以运转的基础。随着组织将其更多工作流程——数据、系统、惯例和既往工作——编码进 Claude，该平台对他们而言变得更有价值。Claude 可以借助这些积累的上下文，建议下一个值得自动化的工作流程，从而降低每一次后续部署所需的工作量。

Faster Processes. As adoption deepens, Claude stops being something employees consult and starts being something the organization runs on. As organizations encode more of their workflows into Claude—their data, systems, conventions, and prior work—the platform becomes more valuable for them. Claude can draw on that accumulated context to suggest the next workflow worth automating, reducing the effort required for each successive deployment.

嵌入的智能。在最深层次上，Claude 从运营优势转变为商业优势。产品团队基于 Claude Platform 构建，将前沿 AI 嵌入其自身产品，包括面向客户的智能体、AI 原生功能，以及此前在没有 AI 能力的情况下无法成立的的全新产品线。Claude 既是组织使用的工具，也是其向自身客户交付价值中的一个组成部分。

Embedded Intelligence. At the deepest level, Claude moves from an operational advantage to a commercial one. Product teams build on the Claude Platform to embed frontier AI into their own products, including customer-facing agents, AI-native features, and entirely new product lines that were not previously viable without AI capabilities. Claude is both a tool the organization uses and an ingredient in the value it delivers to its own customers.

在这三个维度上，相当大比例的扩张几乎不需要甚至完全不需要新的部署。Claude 模型的每一个新版本都旨在提升现有用例的表现：员工产出更高质量的工作成果，已编码的流程以更高的准确性和可靠性运行，嵌入的产品为最终用户带来更多价值。因此，客户可以增加使用量、采用更高的订阅层级，并将更多工作流引入平台，而无需经历新的销售周期或采购决策。

Across all three dimensions, a significant share of expansion requires minimal to no new deployment at all. Each new version of a Claude model is designed to improve the performance of existing use cases: employees produce higher-quality work, encoded processes run with greater accuracy and reliability, and embedded products deliver more value to end users. As a result, customers can increase usage, utilize higher subscription tiers, and bring additional workflows onto the platform without a new sales cycle or procurement decision.

尽管采用速度很快，我们相信我们仍处于渗透前沿 AI 机遇的最早期阶段。与 Claude 当前能够处理的工作范围以及我们相信 Claude 未来能够处理的工作范围相比，今天使用 Claude 的大多数企业仅将其部署在少数团队和用例中。我们相信全球大多数知识工作者尚未使用过前沿 AI。随着 Claude 模型的每一个新版本在能力上不断进步，平台上可用的任务和工作流范围持续扩大。由于我们既运营平台又提供应用，模型进步通过多个渠道同时触达我们的客户。

Despite the pace of adoption, we believe we are in the earliest stages of penetrating the frontier AI opportunity. Most enterprises that use Claude today have deployed it across a small number of teams and use cases relative to the scope of work Claude can address today, and the scope of work we believe Claude can address in the future. We believe most knowledge workers globally have not yet used frontier AI. As each new version of a Claude model advances in capability, the range of tasks and workflows that become viable on the platform continues to expand. Because we operate the platform and offer applications, model advances reach our customers through several channels simultaneously.

我们的文化、价值观和人才 Our Culture, Values, and Talent

Anthropic 由一支研究团队创立，他们相信，历史上最具影响力的技术需要一个在结构上同时致力于能力与安全的组织。这一信念贯穿组织的每一个维度：我们如何招聘员工、我们开展何种研究、我们采取何种政策立场，以及我们针对模型部署所做的选择。因此，我们能够实现我们相信在一种将安全、模型能力与商业成功视为对立力量的文化中不可能实现的突破。

Anthropic was founded by a team of researchers who believe that the most consequential technology in history demands an organization structurally committed to both capability and safety. That conviction reaches every dimension of the organization: how we hire staff, the research we perform, the policy positions we adopt, and the choices we make about the deployment of our models. As a result, we are able to achieve breakthroughs that we believe would be impossible in a culture where safety, model capability, and commercial success are treated as opposing forces.

Anthropic 的全部七位联合创始人目前仍在该组织担任活跃的领导职务。在一家科技公司——包括其他主要前沿 AI 实验室——的创始团队中，这种程度的延续性并不常见。这种延续性反映出一个真正以使命为驱动、高度信任的团队。

All seven of Anthropic’s co-founders remain active leaders in the organization. It is uncommon to see this level of continuity among the founding team of a technology company, including other major frontier AI labs. The continuity reflects a genuinely mission-driven and high-trust team.

#### 我们的文化

#### Our Culture

我们文化的若干特征独具特色，任何组织都难以复制：

Several features of our culture are distinctive and difficult for any organization to replicate:

- 我们使用我们所构建的产品 [__] 。[__] 我们是我们自身技术最密集的使用者之一。2026 年 9 月，我们代码库中超过 90% 的贡献由 Claude 编写，Claude 已嵌入公司所有团队的工作流程。当每个团队每天都依赖该产品时，构建者与用户之间的反馈闭环被压缩：缺陷可以被迅速发现，改进也能在全公司范围内被感知。

- We Use What We Build [__] . [__] We are one of the most intensive users of our own technology. Over 90% of the contributions to our codebase in September 2026 were written by Claude, and Claude is embedded in workflows across all teams at the company. When every team relies on the product daily, the feedback loop between builder and user is compressed: deficiencies can be found rapidly, and improvements are felt company-wide.

- 同时研究安全与能力。在推进前沿 AI 的同时，我们制定旨在保障模型安全的政策与技术。我们是首家采用正式《负责任扩展政策》（Responsible Scaling Policy）、将安全评估与能力阈值挂钩的前沿 AI 实验室，该政策由构建我们模型的同一批研究人员共同制定。我们的对齐研究与机制可解释性研究，正是帮助我们理解能力不断增强的 Claude 版本的活跃科学领域示例。

- Researching Both Safety and Capability. At the same time we advance frontier AI, we develop the policies and techniques designed to keep our models safe. We were the first frontier AI lab to adopt a formal Responsible Scaling Policy tying safety evaluations to capability thresholds, which was co-developed by the same researchers who build our models. Our alignment and mechanistic interpretability research are examples of active scientific fields that help us understand ever-more-capable versions of Claude.

- 我们以人才密度为优化目标。截至 2026 年 9 月 30 日，我们拥有约 5,300 名员工，过去十二个月（TTM）的人均收入超过 $6.6 million——这反映出非凡的人才密度，以及一种旨在使其复利增长的文化。我们的员工在内部被称为“Ants”——这一昵称体现了团队协作、淡化自我的文化。Ants 中既有定义 AI 前沿的众多研究人员和开发者，也有各领域经验丰富的运营者。共同的目标加上低调的自我，直接转化为更少的组织摩擦和更高的人均影响力。Claude 进一步放大了这种影响力：Ants 在每一个职能中都使用 Claude 来承担原本需要大得多的团队才能完成的工作——使我们相对于产出而言保持极为精简。

- We Optimize for Talent Density. As of September 30, 2026, with approximately 5,300 employees, our TTM revenue per employee was over $6.6 million—a reflection of extraordinary talent density and a culture built to compound it. Our employees are known internally as “Ants”—a nickname that captures the collaborative, ego-light culture of the team. Ants include many of the researchers and developers defining the frontier of AI, alongside proven operators across disciplines. Shared purpose paired with low ego translates directly into less organizational friction and greater impact per employee. Claude compounds that impact further: Ants use Claude across every function to take on work that would otherwise require substantially larger teams—allowing us to remain remarkably lean relative to our output.

- 严谨应用于每一项职能。我们的大多数员工从事研究、工程和产品开发工作。但严谨思辨的文化同样延伸至非技术职能：我们的政策团队发布详尽的政策框架与提案；我们的市场推广团队与客户共同开发部署架构；我们的应用 AI 工程师则站在智能体系统能力前沿。我们的团队在求真环境中运作，最有说服力的论点胜出，而非最响亮的声音或最高的职级。其结果是，在我们公司，从研究洞见到产品发布之间的距离异常之短。

- Rigor Applied to Every Function. A majority of our workforce works in research, engineering, and product development. But the culture of intellectual rigor extends to non-technical functions as well: our policy team publishes detailed policy frameworks and proposals; our go-to-market team co-develops deployment architectures alongside customers; and our Applied AI engineers sit at the frontier of what is possible with agentic systems. Our teams operate in a truth-seeking environment where the best argument wins, not the loudest voice or the most senior title. The result is a company where the distance between a research insight and a released product is unusually short.

#### 我们的价值观

#### Our Values

我们的价值观指导着全公司的日常决策——从招聘和研究优先级排序，到产品开发和客户互动。我们选择这些价值观，是因为它们反映了我们实际的工作方式：

Our values guide daily decisions across the company—from hiring and research prioritization to product development and customer engagement. We chose them because they reflect how we actually work:

- 为全球福祉而行。我们努力做出从长远看能最大化人类积极成果的决策，并愿意采取大胆行动，确保我们的技术成为一股积极力量。

- Act for the Global Good. We strive to make decisions that maximize positive outcomes for humanity over the long run and are willing to take bold action to ensure our technology is a positive force.

- 兼顾光明与阴影。我们对 AI 所能实现的目标保持希望，同时对可能出错之处保持清醒。两种视角都不可或缺，任何一方都不能为另一方牺牲。

- Hold Light and Shade. We stay hopeful about what AI can achieve while remaining clear-eyed about what could go wrong. Both perspectives are essential, and neither can be sacrificed for the other.

- 善待我们的用户。我们对“用户”的定义是宽泛的：客户、政策制定者、我们的团队，以及任何受我们所构建的技术或所采取行动影响的人。为他们付出超乎寻常的努力——不仅满足其眼前需求，还考虑下游后果和社会影响——是我们的基线期望，而非例外。

- Be Good to Our Users. We define “users” broadly: customers, policymakers, our team, and anyone affected by the technology we build or the actions we take. Going above and beyond for each of them— not just meeting their immediate needs but considering downstream consequences and societal effects —is our baseline expectation, not an exception.

- 在安全上竞逐最高标准。我们相信，构建可靠、可信且安全的 AI 系统是一项集体责任，市场也将予以回报。我们致力于树立 AI 安全的行业标杆，并激发各公司必须在安全上展开竞争的态势。

- Race to the Top on Safety. We believe building reliable, trustworthy, and secure AI systems is a collective responsibility and that the market will reward it. We work to set the industry bar for AI safety and inspire a dynamic where companiesmust compete on safety.

- 做简单有效的事。我们以实证方法对待问题，并围绕影响力的大小来求解。我们尝试找出最简单的解决方案，并在此基础上迭代。

- Do the Simple Thing That Works. We take an empirical approach to problems and solve for the size of our impact. We try to identify the simplest solutions and iterate from there.

- 有益、诚实、无害。这些原则指导 Claude 的行为，也反映了我们作为组织的运作方式：一个高信任、低自我的团队，沟通友善而直接，即使在分歧中也假定对方出于善意，并在需要时挺身而出，不论角色或团队。

- Be Helpful, Honest, and Harmless. These principles guide Claude’s behavior and reflect how we operate as an organization: a high-trust, low-ego team that communicates kindly and directly, assumes good intentions even in disagreement, and pitches in where needed, regardless of role or team.

- 使命至上。当速度与安全、短期收入与长期信任、竞争压力与负责任开发之间出现取舍时，我们的使命是裁决者。我们的使命赋予我们共同的目标，促成信任与协作，并确保没有人在我们的成功中充当旁观者。

- Put the Mission First. Our mission is the arbiter when trade-offs arise between speed and safety, short-term revenue and long-term trust, competitive pressure and responsible development. Our mission gives us shared purpose, engenders trust and collaboration, and ensures that no one is a bystander in our success.

#### 我们的人才

#### Our Talent

截至 2026 年 9 月 30 日，我们在全球拥有约 5,300 名员工，其中大多数从事研究、工程和产品开发职能。我们的团队包括多位研究人员，他们开创了 AI 领域的若干基础性进展，包括 RLHF、Constitutional AI、GPT-2 和 GPT-3 以及机制可解释性；他们制定了首个由前沿 AI 实验室正式采纳的《负责任扩展政策》，将安全评估与模型能力阈值挂钩；他们还撰写了关于 Scaling Laws 的基础性论文。我们的团队汇聚了多个学科的人才，包括获奖的计算机科学家、物理学家、神经科学家、数学家和政策研究人员，以及经验丰富的工程和市场推广领导者，大家共同秉持一个信念：史上最具影响力的技术，需要由最优秀的人才来构建。我们相信，我们的文化和使命契合度使我们能够招聘并留住所需人才，以安全、负责任的方式持续推动 AI 前沿向前发展。

As of September 30, 2026, we had approximately 5,300 employees worldwide, a majority of whom work in research, engineering, and product development functions. Our team includes researchers who originated several foundational advances in AI, including RLHF, Constitutional AI, GPT-2 and GPT-3, and mechanistic interpretability, who developed the first Responsible Scaling Policy to be formally adopted by a frontier AI lab tying safety evaluations to model capability thresholds, and who authored the foundational paper on Scaling Laws. Our team draws from a range of disciplines and includes award-winning computer scientists, physicists, neuroscientists, mathematicians, and policy researchers, as well as seasoned engineering and go-to-market leaders, united by the conviction that the most consequential technology in history requires the most talented team building it. We believe our culture and mission alignment enable us to hire and retain the talent required to continuously push the frontier of AI forward in a safe and responsible way.

我们设计人力资本计划，旨在通过股权激励计划和其他薪酬吸引、留住并奖励顶尖人才，同时支持员工的持续成长，并强化我们的文化和价值观。在我们开展业务的某些国家，我们受当地劳动法要求的约束并予以遵守，这些要求可能自动使我们的员工适用全行业集体谈判协议。

We design our human capital programs to attract, retain, and reward top talent through equity incentive plans and other compensation, while supporting employees’ continual growth and reinforcing our culture and values. In certain countries in which we operate, we are subject to, and comply with, local labor law requirements which may automatically make our employees subject to industry-wide collective bargaining agreements.

我们相信，构建服务于全人类的 AI 系统，需要一支能够反映我们所服务社区多元构成的团队。我们工作的跨学科性质意味着，我们会积极从哲学、新闻和教育等 AI 公司传统上并不侧重的背景中寻找人才，我们相信这种视角的广度直接增强了我们研究的安全性和能力。我们致力于营造包容的工作场所，让各种背景的员工都能贡献、成长并蓬勃发展。

We believe that building AI systems that serve all of humanity requires a team that reflects the range of communities we serve. The interdisciplinary nature of our work means we actively seek talent from non-traditional backgrounds for an AI company, such as philosophy, journalism, and education, and we believe this breadth of perspective directly strengthens both the safety and capability of our research. We are committed to fostering an inclusive workplace where employees of all backgrounds can contribute, grow, and thrive.

研究实验室身份与研究到产品的转化路径 Research Lab Identity and the Research-to-Product Pipeline

我们首先是一家研究实验室。我们开发用于训练前沿模型的基础科学，开展严谨的研究以理解这些模型的内部运作机制，并开发技术使这些模型与人类价值观对齐并确保其安全。

We are first and foremost a research lab. We develop the foundational science to train frontier models, perform rigorous research to understand these models’ inner workings, and develop techniques to align these models to human values and make them safe.

#### 研究理念

#### Research Philosophy

我们的研究文化围绕一项在全公司范围内贯彻的原则来组织：做简单且行之有效的事。我们追求对数据构成、模型架构和训练方法的持续、经实证验证的改进，所有这些改进都必须展现出可衡量的收益，并且在模型规模扩大时依然成立。这正是我们目前专注于软件开发和智能体能力的原因：这些领域经济影响巨大；安全问题在这些领域显现，使其成为安全研究的试验场；而且这些领域的输出在很大程度上可验证。

Our research culture is organized around a principle we apply across the company: do the simple thing that works. We pursue continuous, empirically validated improvements to data composition, model architecture, and training methodology, all of which must demonstrate measurable gains that hold as models increase in scale. This is why we currently focus on software development and agentic capabilities: these are areas where economic impact is large; where safety concerns manifest, making them a test bed for safety research; and where outputs are largely verifiable.

每一个研究项目最终都必须推进我们的使命。这一聚焦也指引着我们选择不去追求什么。例如，我们目前并不专注于开发视频和图像生成模型，尽管它们具有商业吸引力。这些算力转而投入编程、智能体技能和安全研究——这一研究决策也提升了我们模型的资本效率。

Every research project must ultimately advance our mission. This focus also guides what we choose not to pursue. For example, we do not currently focus on developing video and image generation models, despite their commercial appeal. That compute instead goes to coding, agentic skills, and safety research—a research decision that has also aided the capital efficiency of our models.

我们的研究文化高度协作且透明。当多个团队并行探索不同路径时，惯例是向实证结果最佳的路径靠拢，而不是向房间里声音最大或资历最深的人靠拢。这需要我们从最早时期便建立起来的机构信任，我们相信这是我们研究速度的增长显著快于人员数量增长的主要原因之一。

Our research culture is highly collaborative and transparent. When multiple teams pursue parallel approaches, the norm is to consolidate behind the approach with the best empirical results rather than the loudest voice or most senior person in the room. This requires institutional trust we have built since our earliest days, and we believe it is a primary reason our research velocity has scaled significantly faster than headcount.

#### 研究如何转化为产品

#### How Research Becomes Product

Anthropic 创立于一个实证信念：规模定律（Scaling Laws）是 AI 进步的主要引擎。我们在研究资源（包括人才和算力）的分配上保持持续的严谨，并衡量每一项投入是否转化为规模化的模型性能。我们相信，持续且专注的研究能够让我们以加速的节奏前进，超越仅凭规模定律所能预测的水平，这得益于我们的算力乘数进步，使我们能够以更高的算力效率推进模型能力的前沿。

Anthropic was founded on the empirical conviction that Scaling Laws are the primary engine of AI progress. We operate with a sustained rigor in how we allocate research resources, including talent and compute, and measure whether each investment translates into scaled model performance. We believe that sustained and focused research can allow us to advance at an accelerated rate beyond what Scaling Laws alone predict through our compute multiplier advancements that have allowed us to push the frontier of model capability with better compute efficiency.

预训练。我们的预训练流程以一套严谨的流水线方式运作。研究人员提出对模型架构、训练方法或数据构成的潜在改进，每个候选方案随后都会在较小规模上得到验证，之后我们才允许其消耗大量算力。我们为纳入前沿训练运行设定了很高的门槛；我们要求有证据表明某项改进在模型规模扩大时依然成立。前沿训练运行本身就是经过规划的资本部署，具有明确的输入和严格的纳入标准。尽管并非每一次运行都能达到研究人员的预期，但该流程旨在将研究投入转化为可预测的能力提升，并随着时间的推移保持更高的一致性。

Pre-training. Our pre-training process operates as a disciplined pipeline. Researchers propose potential improvements to model architecture, training methodology, or data composition, and each candidate is then validated at a smaller scale before we permit it to consume large amounts of compute. We set a high bar for inclusion in a frontier training run; we require evidence that demonstrates a given improvement holds as models increase in size. Frontier training runs are themselves planned capital deployments with defined inputs and strict inclusion criteria. Although not every run performs as our researchers expect, the process is designed to turn research investment into predictable capability gains with greater consistency over time.

后训练。预训练产生原始模型能力。在后训练阶段，这种能力被精炼为实用价值——即编写生产级代码、操作软件工具、遵循复杂的多步骤指令，以及代表用户自主行动的能力。这一阶段已从一项小幅调整步骤，演变为我们研究投入最大的领域之一，反映出模型能力从对话式助手向能够独立执行任务的自主智能体的演进。后训练的核心在于针对完整、真实的任务对模型进行训练，这些任务的复杂度反映了真实专业环境的要求。我们已在开发这一任务组合方面进行了大量专有投入，其广度与真实性构成了我们最持久的科学优势之一，我们认为这一优势难以从组织外部观察到，相应地也难以复制。

Post-training. Pre-training produces raw model capability. During post-training, that capability is refined into practical utility—the ability to write production-quality code, operate software tools, follow complex multi-step instructions, and act autonomously on a user’s behalf. This phase has evolved from a minor adjustment step into one of the largest areas of our research investment, reflecting evolution in model capability from conversational assistants to autonomous agents that perform tasks independently. Post-training centers on training models against complete, realistic tasks whose complexity reflects the demands of real professional environments. We have made substantial proprietary investments in developing this task portfolio, and its breadth and realism constitute one of our most durable scientific advantages, which we believe is difficult to observe from outside the organization and correspondingly difficult to replicate.

推理。我们的模型架构与推理基础设施是协同设计的。AI 研究人员与推理基础设施工程师共享规划周期、汇报关系和绩效目标。模型架构决策以推理经济性为优先考量，这正是为什么 Claude 模型 successive 版本能够同时提供比前代更高的能力和更高的效率。

Inference. Our model architecture and inference infrastructure are co-designed. AI researchers and inference infrastructure engineers share planning cycles, reporting lines, and performance targets. Model architecture decisions are made with inference economics as a priority, which is why successive versions of Claude models can deliver both higher capability and greater efficiency than their predecessors.

安全研究是我们业务的核心 Safety Research is Core to Our Business

任何强大到足以产生我们认为 AI 将带来的巨大效益的技术，也同样会带来风险。应对这些风险需要一套安全研究组合，涵盖我们如何训练、评估、解读、保护和监控我们的模型。

Any technology that is powerful enough to produce the enormous benefits that we believe AI will bring also poses risks. Responding to these risks requires a portfolio of safety research that spans how we train, evaluate, interpret, secure, and monitor our models.

Anthropic 的负责任 · 扩展政策

Anthropic’s Responsible · Scaling Policy

我们的《负责任扩展政策》阐述了我们对 AI 所构成灾难性风险的应对方式。该政策要求我们定期发布详细的风险报告，反映我们对模型所构成整体风险水平的看法以及我们如何缓解此类风险。我们的团队在发布前对每个模型进行广泛测试，评估其在最易引发灾难性风险的领域中的能力，并评估模型可能被滥用的程度。我们的风险报告对这些评估结果作出整体评估，说明我们为应对这些风险所实施的缓解措施，以及我们是否认为（若认为，则说明理由）已识别的风险可由相应收益予以合理化。作为当前版本《负责任扩展政策》的一部分，我们发布《前沿安全路线图》，详细说明我们在安全、对齐、防护措施和 AI 政策方面实现可衡量进展的计划。这既是推动我们安全研发的内部激励，也具有外部可见性，使客户和监管机构能够据此衡量我们的进展。按照这一方针，我们在开发过程中以及发布前后评估每个模型的风险，并采取我们认为适当的措施来缓解这些风险。过去，这些措施包括推迟新模型的发布并限制其初始可用范围，例如我们通过 Project Glasswing 对 Mythos 的初始发布；未来，随着我们对模型能力和行为了解的加深，可能还包括影响我们如何以及何时开发或发布这些新模型的额外措施。我们认为这些做法同样服务于我们的客户，因为严格的防护措施和可预测的模型行为已成为选择 AI 合作伙伴时的决定性标准。

Our Responsible Scaling Policy describes how we approach the catastrophic risks posed by AI. The policy requires us to regularly publish detailed risk reports that reflect our perspectives on the overall level of risk posed by our models and how we are mitigating such risks. Our teams test each model extensively before release, assessing its capabilities in the domains most relevant to catastrophic risk and evaluating the extent to which the model can be misused. Our risk report describes an overall assessment of the results of these evaluations, the mitigations we have implemented to address these risks, and whether, and if so, why, we believe the identified risks are justified by corresponding benefits. As part of the current version of our Responsible Scaling Policy, we publish a Frontier Safety Roadmap, detailing our plans for measurable advances in security, alignment, safeguards, and AI policy. This acts as an internal spur for safety research and development and is externally visible so customers and regulators can use it to gauge our progress. Consistent with this approach, we assess the risks of each model during development and before and after release and we take the steps we believe are appropriate to mitigate those risks. In the past, these steps have included delaying the release of new models and limiting their initial availability, such as our initial release of Mythos through Project Glasswing, and in the future, as we learn more about model capabilities and behavior, could include additional measures that affect how and when we develop or release these new models. We believe these practices also serve our customers, since rigorous safeguards and predictable model behavior have become decisive criteria when selecting an AI partner.

#### Claude 的宪法

#### Claude’s Constitution

我们为 Claude 制定了一部宪法，阐述我们对 AI 模型应当是什么样以及应当如何行为的愿景，该宪法直接用于模型训练过程。我们已利用 Claude 的宪法切实推进了前沿模型的训练方式，这是我们为应对开发这类新型人工智能实体所面临的最困难问题所做的尝试。它是一份动态文件，我们打算随着开发更多模型并加深对其运作方式的理解而对其进行修订。我们的研究人员发现，用高质量宪法文件结合描绘对齐 AI 的虚构故事对 Claude 进行训练，有助于降低 Claude 的不对齐率。我们认为 Claude 的宪法也已证明具有商业价值：透明地阐明我们希望 Claude 秉持的价值观，能够增强客户信任。

We have developed a constitution for Claude that describes our vision for how an AI model should be and how it should behave, which is used directly in the model training process. We have used Claude’s constitution to meaningfully advance how frontier models are trained, and it is our attempt to grapple with the most difficult questions regarding the development of this new type of artificially intelligent entity. It is a living document that we intend to revise as we develop further models and learn more about how they work. Our researchers have found that training Claude on high-quality constitutional documents combined with fictional stories portraying an aligned AI contributes to reducing Claude’s misalignment rate. We believe Claude’s constitution has also proven commercially valuable: transparently laying out the values we intend Claude to hold increases customer trust.

该宪法引导 Claude 围绕四项优先事项：

This constitution orients Claude around four priorities:

- 广泛安全。避免不可逆的行为，并支持人类对 AI 行为的监督。

- Be Broadly Safe. Avoid irreversible actions and support human oversight of AI behavior.

- 广泛合乎道德。保持诚实和良好的道德判断，避免有害行为。

- Be Broadly Ethical. Maintain honesty and sound moral judgment, and avoid harmful acts.

- 遵守我们的准则。遵守我们关于用户互动的运营标准，以及对某些类别伤害的绝对禁止。

- Be Compliant with our Guidelines. Adhere to our operational standards for user interactions and absolute prohibitions on certain categories of harm.

- 真正有帮助。提供实质性、专家级的协助，为用户创造真正的价值。

- Be Genuinely Helpful. Deliver substantive, expert-level assistance that creates real value for users.

#### 模型验证与训练数据

#### Model Validation and Training Data

除了根据我们的负责任扩展政策所进行的评估之外，我们还会在每款 Claude 模型发布前，通过一个结构化、多阶段的评估项目对其进行评估，评估范围涵盖模型能力、安全行为和社会影响（包括偏见与歧视），并且我们在公开可获取的模型系统卡中记录这些部署前评估的结果及其局限性。该测试针对模型输出的可靠性和准确性，包括通过能力和准确性基准测试、聚焦事实准确性和幻觉的评估、评估模型输出是否诚实并准确反映其所依据信息的评估、针对长时间运行任务的智能体性能可靠性测试，以及旨在识别模型可能失败或以非预期方式行事之处的对抗性红队测试。当这些评估发现问题时，我们会通过额外的后训练、调整后的防护措施以及发布前的重新评估加以解决，并在适用的模型系统卡中记录残余局限性。

Beyond the assessments performed under our Responsible Scaling Policy, we evaluate each Claude model prior to its release through a structured, multi-stage evaluation program covering model capabilities, safety behaviors, and societal impacts, including bias and discrimination, and we document the results of these pre-deployment evaluations, and their limitations, in our publicly available model system cards. This testing addresses the reliability and accuracy of model outputs, including through capability and accuracy benchmarking, evaluations focused on factual accuracy and hallucinations, evaluations of whether model outputs are honest and accurately reflect the information on which they are based, reliability testing of agentic performance over long-running tasks, and adversarial red-teaming designed to identify ways in which a model may fail or behave in unintended ways. Where these evaluations identify issues, we address them through additional post-training, adjusted safeguards, and re-evaluation prior to release, and we document residual limitations in the applicable model system card.

Claude 模型基于来自广泛来源、模态和语言的数据进行训练，包括互联网上公开可获取的信息、从第三方获得许可或委托第三方提供的数据集，以及其他来源，例如由我们自己的模型生成的合成数据。我们对第三方数据来源进行尽职调查，以评估其质量、来源以及是否适合我们的用途，并且在许多情况下纳入合同限制，旨在阻止将个人数据纳入所获取的数据集中。我们对所获取的数据应用数据整理和过滤流程，这些流程旨在提高数据质量、对内容进行去重，并减少接触有害内容的潜在风险。

Claude models are trained on data drawn from a broad range of sources, modalities, and languages, including publicly available information from the internet, datasets licensed or commissioned from third parties, and other sources, such as synthetic data generated by our own models. We conduct diligence on third-party data sources to assess their quality, provenance, and suitability for our usage, and in many cases include contractual restrictions intended to discourage the inclusion of personal data in sourced datasets. We apply data curation and filtering processes to sourced data, which are designed to improve data quality, deduplicate content, and reduce potential exposure to harmful content.

我们在模型训练和部署的多个阶段应对偏见与公平性风险。我们通过分层方法来管理训练数据的代表性和多样性，其中数据集整理、后训练对齐、部署前评估和部署防护措施各自发挥作用，而不是仅依靠数据集构成。在部署时，我们的使用政策禁止将 Claude 用于歧视性决策，并要求对高风险自动化决策（例如影响就业、住房或法律问题的决策）进行人工监督。随着模型能力的进步以及新风险和失效模式的发现，我们的验证、防护措施和监控实践也在持续演进。

We address bias and fairness risks at multiple stages of model training and deployment. We manage the representativeness and diversity of our training data through a layered approach in which dataset curation, post-training alignment, pre-deployment evaluation, and deployment safeguards each play a part, rather than through dataset composition alone. When deployed, our usage policy prohibits the use of Claude for discriminatory decision-making and requires human oversight for high-stakes automated decisions, such as those affecting employment, housing, or legal issues. Our validation, safeguards, and monitoring practices continue to evolve as model capabilities advance and as new risks and failure modes are identified.

此外，我们已获得 ISO/IEC 42001 认证，该认证是由国际标准化组织（“ISO”）和国际电工委员会（“IEC”）制定的国际标准，此前已由独立第三方对我们的 AI 管理体系进行审计，涵盖负责任地开发和部署 AI 的风险识别、评估和缓解流程。合规文件，包括我们的 ISO/IEC 42001 证书和 SOC 2（系统与组织控制 2）报告，可通过我们网站的信任中心页面索取。我们还向外部评估者提供部署前的模型访问权限，包括政府 AI 评估机构，如美国超级智能创新与标准促进中心（“CAISSI”）和英国 AI 安全研究所，针对近期前沿模型，如我们的模型系统卡所述。

Further, we have obtained ISO/IEC 42001 certification, an international standard established by the International Organization for Standardization (“ISO”) and the International Electrotechnical Commission (“IEC”), following an independent third-party audit of our AI management system, covering risk identification, assessment, and mitigation processes for the responsible development and deployment of AI. Compliance documentation, including our ISO/IEC 42001 certificate and SOC 2 (System and Organization Controls 2) reporting, is available upon request through the trust center page of our website. We also provide pre-deployment model access to external evaluators, including government AI evaluation bodies such as the U.S. Center for Advancing Innovation and Standards for Super Intelligence (the “CAISSI”) and the U.K. AI Security Institute, for recent frontier models, as described in our model system cards.

#### 对齐

#### Alignment

随着 AI 模型能力不断增强，确保安全且可预测的行为变得更具挑战性。我们的对齐团队专注于模型是否按预期行事，以及是否不会自行采取不受欢迎的行动。该团队评估模型以揭示不良行为，并开发全面的安全评估，其中许多评估我们已开源。错位行为，无论是在测试中还是在实际部署中发生，已在全行业范围内被观察到，包括模型规避网络和沙箱限制、授予自己未被给予的权限、为追求既定目标而采取意外行动、干扰其他 AI 代理，以及虚假陈述任务是否已完成或验证。随着模型被授予更大的自主权、权限以及与内部和外部系统的集成，此类错位行为的后果可能会增加。有关模型错位相关风险的更多信息，请参见标题为“风险因素——我们的 AI 模型可能以意外、错位或自主的方式行事，包括采取没有任何用户或第三方指示的有害行动，这可能对我们的声誉和品牌、业务、财务状况和经营业绩产生不利影响”的章节。我们自己的内部对齐评估显示，我们新发布的前沿模型与其前代模型相比，已表现出改善的对齐。

As AI models grow more capable, ensuring safe and predictable behavior becomes more challenging. Our Alignment team focuses on whether models behave as intended, and do not take unwanted actions of their own accord. The team evaluates models to surface undesirable behaviors and develops comprehensive safety evaluations, many of which we open source. Misaligned behaviors, whether occurring in testing or real-world deployments, have been observed across the industry and include examples of models circumventing network and sandbox restrictions, granting themselves permissions they had not been given, taking unintended actions in pursuit of assigned goals, interfering with other AI agents, and misrepresenting whether tasks had been completed or verified. As models are granted greater autonomy, permissions, and integration with internal and external systems, the consequences of such misaligned behavior may increase. For more information about the risks related to model misalignment, see the section titled “Risk Factors—Our AI models may behave in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed, which could adversely affect our reputation and brand, business, financial condition, and results of operations.” Our own internal alignment evaluation shows that our newly released frontier models have demonstrated improved alignment compared to their predecessors.

#### 可解释性

#### Interpretability

与传统软件中不良输出可追溯至特定缺陷不同，像 Claude 这样的大语言模型（LLM）的内部运作机制更难捉摸。我们的研究人员将 AI 模型描述为“培育而成，而非构建而成”——软件开发人员可以设定初始条件和部分约束，但无法完全控制任何给定输出或行为。这使得 AI 的安全性保证——以及问题诊断——远比标准软件更具挑战性。Anthropic 被广泛认为是机制可解释性领域的领导者，该学科研究 LLM 如何运作。我们开发了数学技术，用于描绘模型在推理问题时如何形成和连接概念；研究了模型如何反映类似心理状态和思维过程的构造；并测试了如何通过直接调整内部表征来引导其行为。我们在模型发布前，将可解释性研究与其他对齐研究技术结合使用，以检测不良行为倾向。

Unlike traditional software, where unwanted outputs are traceable to specific bugs, the inner workings of LLMs like Claude are more inscrutable. Our researchers describe AI models as “grown, not built”—software developers can set the initial conditions and some constraints, but they cannot fully control any given output or behavior. This makes assurances about safety—and the diagnosis of problems—far more challenging for AI than for standard software. Anthropic is widely recognized as a leader in mechanistic interpretability: the science of how LLMs work. We have developed mathematical techniques to map how models form and connect concepts as they reason through problems; investigated how they reflect constructs analogous to psychological states and thought processes; and tested how their behavior can be steered through direct adjustments to internal representations. We use interpretability research along with other alignment research techniques to test for unwanted behavioral tendencies before a model release.

#### 保障措施

#### Safeguards

我们的保障团队通过多种方式降低 Claude 生成危险、有害或不良内容的风险，包括监测输入和输出的探针与分类器、针对提示注入等特定攻击向量的训练，以及监测用户安全关切（包括鼓励有害意念）。当我们检测到潜在违规行为时，执法措施从实时调整回复，到账户警告，再到严重情况下终止违规用户的账户。持续监测、外部专家压力测试和威胁情报的发现，为我们的政策、模型训练和检测系统提供依据。已识别的问题可通过更新检测分类器、训练期间调整奖励模型，以及更改向模型提供的指导其行为的指令（即系统提示）等措施加以解决。我们还设有公开报告渠道，包括负责任披露政策和用于测试我们安全防御的漏洞赏金计划。

Our Safeguards team reduces the risk of Claude producing dangerous, harmful, or undesirable content through multiple approaches, including probes and classifiers that monitor inputs and outputs, training against specific attack vectors such as prompt injection, and monitoring for user safety concerns including encouragement of harmful ideation. When we detect potential violations, enforcement actions range from real-time response adjustments to account warnings and, in severe cases, termination of the offending user’s accounts. Findings from ongoing monitoring, external expert stress-testing, and threat intelligence inform our policies, model training, and detection systems. Identified issues may be addressed through measures such as updates to detection classifiers, reward-model adjustments during training, and changes to the instructions provided to our models that guide their behavior (known as system prompts). We also maintain public reporting channels, including a responsible disclosure policy and a bug bounty program for testing our safety defenses.

我们观察到，能力更强的模型通常更善于识别和防范高风险滥用。我们认为，稳健的安全措施与模型效用并非天然对立，安全性可以与模型自身能力同步提升。

We have observed that more capable models are generally better at recognizing and preventing high-stakes misuse. We believe that robust safety measures and model utility are not inherently in tension, and that safety can improve alongside the capability of the models themselves.

#### 我们的模型发布方法

#### Our Approach to Model Releases

每次发布均附有详细的系统卡，涵盖能力与安全评估、外部测试者报告，以及对性能仍受限领域或模型表现出不良行为迹象领域的讨论。例如，AI 在网络安全领域构成明确且现实的威胁，因为先进模型可能协助威胁行为者实施安全入侵和漏洞利用。降低这些风险是我们研究、评估和部署实践中的优先事项。在每次模型发布前，我们的前沿红队会进行详细分析，以确定新模型是否为潜在攻击者提供了有意义的新能力，我们的安全防护团队则维护专门针对网络相关滥用的分类器和监控系统，包括与恶意软件创建、网络钓鱼和基础设施攻击相关的提示词。

Each release is accompanied by a detailed system card covering capability and safety evaluations, external tester reports, and discussion of areas where performance remains limited or where the model shows signs of unwanted behavior. For example, AI poses clear and present risks in the cybersecurity domain as advanced models could assist threat actors in security breaches and exploits. Mitigating these risks is a priority across our research, evaluation, and deployment practices. Before each model release, our Frontier Red Team conducts a detailed analysis to determine whether new models provide meaningful new capabilities to assist potential attackers, and our Safeguards team maintains dedicated classifiers and monitoring systems targeting cyber-related misuse, including prompts related to malware creation, phishing, and infrastructure attacks.

我们逐案决定模型开发和部署事宜，包括是否开始训练新模型。在发布前沿模型之前，我们会考虑多种因素，例如特定模型及我们整体模型的能力和行为、我们的安全防护和安全措施的有效程度，以及模型的可用范围。我们计划将测试扩展到在模型训练的每个阶段进行更多评估：预训练、后训练和内部部署。根据这些评估，我们可能推迟或暂停训练或相关研究、推迟发布，或限制对模型的访问，直至我们确信其能够被安全地开发和部署。我们的评估还参考了 CAISSI 和英国 AI 安全研究所对某些模型进行的自愿部署前评估。对于在国家安全相关领域实质性推进前沿能力的某些模型，我们还会向指定的政府合作伙伴提供扩展的提前访问权限，以便他们在发布前独立评估模型能力和安全防护措施。

We make decisions about model development and deployment, including whether to begin training a new model, on a case-by-case basis. Before releasing a frontier model, we consider a variety of factors, such as the capabilities and behaviors of the specific model at issue and of our models overall, how well our safeguards and security measures work, and how widely the model would be available. We plan to extend our testing to include more assessments at each stage of model training: pre-training, post-training, and internal deployment. Depending on these assessments, we may delay or suspend training or related research, delay releases, or limit access to models until we have confidence they can be developed and deployed safely. Our assessments are also informed by voluntary pre-deployment evaluation of certain models by the CAISSI and the U.K. AI Security Institute. For certain models that materially advance the capability of the frontier in areas relevant to national security, we also provide designated government partners with expanded early access so that they can independently evaluate model capabilities and safeguards before release.

基于我们的分析，我们并非发布所开发的每一个模型供通用。当模型能力需要谨慎对待时，我们可能限制可用性，或完全拒绝发布。例如，2026 年 4 月，我们最初通过 Project Glasswing 以受限研究预览形式发布前沿模型 Mythos，仅向选定组织提供用于网络安全应用，而非在发布时广泛提供，原因是其在网络漏洞发现方面具有先进能力。我们后来发布了 Fable 5 供通用，但对某些网络安全、生物学和化学能力施加了安全限制。

Based on our analyses, we do not release every model we develop for general use; when the model’s capabilities warrant caution, we may restrict availability or decline to release entirely. For example, in April 2026, we initially released our frontier model, Mythos, as a gated research preview through Project Glasswing, available to select organizations for cybersecurity applications, rather than making it broadly available at launch due to its advanced capabilities in cyber vulnerability discovery. We later released Fable 5 for general use, but with safety restrictions on certain cybersecurity, biology, and chemistry capabilities.

#### 争创顶尖

#### Race to the Top

构建可靠、可信且安全的 AI 系统不能仅靠一家 AI 公司独自完成。我们的目标是推动一场“力争上游”的竞赛，让 AI 开发者在各自系统的安全与保障上展开竞争，而不是在缺乏充分防护措施的情况下竞相发布能力越来越强大的模型。除了发布大量研究成果外，我们还在可能的情况下开源我们的评估方法，并加入 Frontier Model Forum 等组织，与其他 AI 开发者分享关乎安全的关键发现。我们还力求以身作则，以塑造行业规范。在我们于 2023 年 9 月发布第一版《负责任扩展政策》后，另外两家领先的前沿 AI 实验室在数月内也采用了类似的框架。

Building reliable, trustworthy, and secure AI systems cannot be the task of one AI company alone. Our goal is to foster a race to the top in which AI developers compete on the safety and security of their systems, rather than rushing to release increasingly powerful models without adequate safeguards. In addition to publishing a large volume of research, we open source our evaluations where possible and participate in groups such as the Frontier Model Forum to share safety-critical findings with other AI developers. We have also sought to lead by example in ways that shape industry norms. After we published the first version of our Responsible Scaling Policy in September 2023, two other leading frontier AI labs adopted similar frameworks within months.

在这一做法的基础上，我们公开呼吁“为前沿发展设定节奏”，即建立主要涉及利用 AI 加速 AI 开发的行业-wide 标准，使 AI 能力的推进速度不超过支撑这些能力所需的安全、对齐和保障实践的发展速度。这一“为前沿发展设定节奏”的呼吁设想前沿 AI 开发者与政府合作，并不描述我们自身的模型开发或发布时间表，我们的时间表仍以风险评估为依据。如果此类标准通过政府行动或监管在行业-wide 范围内获得采用，AI 能力的推进速度可能快于或慢于当前水平，取决于安全、对齐和保障实践与模型能力同步发展的程度。我们认为，迈向“为前沿发展设定节奏”的第一步是对未来监管标准的合规情况进行独立验证，我们已开始实施一项计划，由独立评估人员与我们的风险与安全团队并肩工作，并拥有广泛的内部访问权限，但须遵守法律、保密和安全方面的限制。作为该计划的一部分，我们目前预计在未来五年内投入至少 $1 billion，与 Accenture 共同建设外部审查能力。该安排的条款尚未最终确定，并可能发生变化。我们还呼吁其他前沿 AI 开发者采用类似做法，以证明我们行业的安全承诺可以得到独立验证。我们进一步支持对前沿 AI 的监管和监督，包括侧重于透明度和独立第三方审计的措施，以及国际协调，使这些做法适用于各前沿开发者，而不是仅依赖自愿采用。

Building on this approach, we have publicly called for “pacing the frontier,” by which we mean establishing industry-wide standards primarily related to the use of AI to accelerate AI development, so that AI capabilities do not advance faster than the safety, alignment, and security practices needed to support them. This call to pace the frontier contemplates frontier AI developers collaborating with governments and does not describe our own model development or release timelines, which continue to be informed by our risk assessments. If standards of this kind are adopted industry-wide through government action or regulation, the rate at which AI capabilities advance could be faster or slower than it is today, depending on the extent to which safety, alignment, and security practices advance together with model capabilities. We believe the first step toward “pacing the frontier” is independent verification of compliance with future regulatory standards, and we have begun implementing a program under which independent evaluators work alongside our own risk and safety teams with broad internal access, subject to legal, confidentiality, and security limits. As part of this program, we currently anticipate investing at least $1 billion over the next five years to build external reviewer capacity with Accenture. The terms of this arrangement have not been finalized and are subject to change. We have also called on other frontier AI developers to adopt comparable practices to demonstrate that safety commitments in our industry can be independently verified. We have further supported regulation and oversight of frontier AI, including measures focused on transparency and independent third-party auditing, and international coordination, so these practices apply across frontier developers rather than depend on voluntary adoption alone.

我们认为，前沿 AI 公司和政府应采取行动，加强关键基础设施抵御与 AI 相关及其他网络威胁的安全防护，包括通过以下方式：

We believe frontier AI companies and governments should take action to strengthen the security of critical infrastructure against AI-related and other cyber threats, including by:

- 提供负责任的模型访问、资金、培训和实操支持，尤其是面向资源不足的关键基础设施防御方；

- providing responsible model access, funding, training, and hands-on support, particularly for under-resourced critical-infrastructure defenders;

- 构建可观测性和安全工具；

- building observability and security tools;

- 努力确保智能体身份可追溯、可问责；

- working to ensure agentic identities are traceable and accountable;

- 分享持续监控方面的最佳实践；

- sharing best practices in continuous monitoring;

- 投资于经授权的测试、非公开披露以及经核实的漏洞修复；以及

- investing in authorized testing, private disclosure, and verified remediation of vulnerabilities; and

- 与政府、安全合作伙伴及开源维护者共享工具、操作手册和威胁评估。

- sharing tools, playbooks, and threat assessments with governments, security partners, and open-source maintainers.

我们相信，通过修复最危险的弱点、验证修复效果并分享行之有效的做法，前沿 AI 公司与政府能够将当今的 AI 进步转化为持久的、惠及所有人的安全改善。我们已通过 Project Glasswing 承诺投入最高 $100 million 用于网络防御相关举措，并预计随着时间推移投入大量额外资源，以加强 AI 系统及依赖这些系统的关键基础设施的安全性。任何此类未来投资的范围、时间和金额尚未最终确定，并将根据业务、监管及其他考量而发生变化，且无法保证这些举措能够实现其预期效果。

We believe that by fixing the most dangerous weaknesses, verifying the fixes, and sharing what works, frontier AI companies and governments can turn today’s AI advances into lasting improvements in security that benefit everyone. We have committed up to $100 million in cyberdefense-related initiatives through Project Glasswing, and we expect to devote significant additional resources over time toward strengthening the security of AI systems and the critical infrastructure that depends on them. The scope, timing, and amount of any such future investments have not been finalized and remain subject to change based on business, regulatory, and other considerations, and there can be no assurance that these initiatives will achieve their intended effect.

我们自身的发展轨迹表明，商业成功与对安全的严肃承诺并不矛盾。我们打造了历史上增长最快的企业之一，同时在每个阶段都将安全作为核心优先事项。

Our own trajectory demonstrates that commercial success and a serious commitment to safety are not in tension. We have built one of the fastest-growing businesses in history while maintaining safety as a core priority at every stage.

我们对公共利益的承诺 Our Commitment to Public Benefit

我们创立 Anthropic 的信念是，人类历史上最具变革性的技术需要极高度的责任感，而这种责任远不止于构建安全的系统。我们的公益宗旨是负责任地开发和维护先进 AI，以造福人类的长期利益——在这一使命中，安全是我们工作的核心。强大 AI 能够带来巨大益处，但前提是其开发和部署必须严格关注其风险。有时，如果我们断定自身最强大的系统尚无法安全部署，这可能要求我们暂停发布这些系统。这也意味着要积极努力确保 AI 的益处惠及每一个人，使人们所依赖的组织和社区得到加强，并确保人类面临的最艰难问题不会被单独留给市场力量去解决。

We founded Anthropic on the belief that the most transformative technology in human history demands an extraordinary level of responsibility, and that responsibility extends far beyond building safe systems. Our public benefit purpose is the responsible development and maintenance of advanced AI for the long-term benefit of humanity—a mission in which safety is central to our work. Powerful AI can deliver immense benefits, but only if it is developed and deployed with rigorous attention to its risks. At times, that may require pausing the launch of our own most capable systems if we conclude they cannot yet be deployed safely. It also means actively working to ensure that the benefits of AI reach everyone, that the organizations and communities people depend on are strengthened, and that the hardest problems facing humanity are not left to market forces alone to solve.

实现这一使命需要理解 AI 实际是如何被使用的，以及它正在如何重塑社会。我们的社会影响团队构建保护隐私的工具，以研究 Claude 在真实世界中的大规模使用情况——考察学生、教育工作者和劳动者如何使用该模型，其价值观如何在日常对话中体现，以及用户对 AI 未来的期望与担忧。这包括我们认为同类研究中规模最大的多语言定性研究，其中超过 80,000 人深入分享了他们眼中 AI 如何塑造其生活。我们的经济学团队将这项工作延伸至劳动力市场，定期发布数据报告和完全开放的数据集（Anthropic 经济指数），说明 Claude 在各类岗位、行业和地区中的使用情况，并对未来潜在的经济情景进行建模，使劳动者、雇主、政策制定者和独立研究人员能够以证据和严谨建模为基础做出决策。为深化和扩大这项工作的影响范围，我们成立了 Anthropic 研究所，致力于与外部合作伙伴和公众分享来自 Anthropic 各部门的研究和内部数据，共同应对强大 AI 带来的最重大问题。

Realizing this mission requires understanding how AI is actually being used and how it is reshaping society. Our Societal Impacts team builds privacy-preserving tools to study real-world, large-scale uses of Claude— examining how students, educators, and workers use the model, how its values surface in everyday conversations, and what users hope and fear about the future of AI. This includes what we believe to be the largest multilingual qualitative study of its kind, in which more than 80,000 people shared in depth how they see AI shaping their lives. Our Economics team extends this work to the labor market, publishing recurring data reports and fully open datasets (the Anthropic Economic Index) on how Claude is used across jobs, industries, and regions, as well as modeling potential future economic scenarios, so that workers, employers, policymakers, and independent researchers can ground their decisions in evidence and rigorous modeling. To deepen and broaden the reach of this work, we have established the Anthropic Institute, an effort to share research and internal data from across Anthropic with external partners and the public, working together to address the biggest questions posed by Powerful AI.

我们对公共利益的承诺也延伸至我们如何部署自身资源。作为公益举措的一部分，我们打算将相当一部分资源用于确保前沿 AI 的安全及其益处的广泛分配。这可能包括向非营利组织、研究机构或其他致力于 AI 能够产生最大积极影响的问题的团体提供捐助，以及旨在让原本无法获得 Claude 的社区、教育工作者和公共机构能够使用 Claude 的项目。我们相信，我们如何分配资源，与如何构建模型的细节一样，都是我们使命的体现。

Our commitment to public benefit also extends to how we deploy our own resources. As part of our public benefit initiatives, we intend to direct a meaningful portion of our resources toward ensuring that frontier AI is safe and its benefits are broadly distributed. This might include making contributions to nonprofit organizations, research institutions, or other groups working on problems where AI can have the greatest positive impact, as well as programs that are designed to make Claude accessible to communities, educators, and public institutions that would not otherwise have access. We believe that how we distribute our resources is as much an expression of our mission as the details of how we build our models.

作为上述举措的一部分，我们向 Anthropic 公益基金（Anthropic Public Benefit Fund）——我们为践行公司宗旨而设立的全资子公司——捐出了 846,840,960 股 N 类普通股，占截至 2026 年 6 月 30 日我们完全稀释股份的 [__] 5%（假设 Amazon 票据全部转换），我们称之为首次公益发行（Initial Public Benefit Issuance）。随着我们创造的价值不断增长，我们希望公益事业也能在这一增长中切实分享收益。为此，我们的董事会已批准一项框架，将额外捐股与未来股价上涨挂钩。本次发行完成后，我们的董事会可自行决定，在我们股价较上一股价里程碑上涨 [__] 50% 时（以我们的首次公开发行价格为起点），向 Anthropic 公益基金（或其他指定对象）发行最多相当于我们届时已发行股份（加上任何受期权、RSU 及其他可转换证券约束的股份，以及 Anthropic 公益基金持有的任何股份）额外 [__] 2% 的 N 类普通股。只有当我们的收盘价在连续 120 个交易日中的至少 90 个交易日超过适用门槛，且在该等发行前十个交易日的平均收盘价也超过该门槛时，才算达到某一股价里程碑。尽管我们的董事会已批准该框架，任何未来的捐股都将由我们的董事会自行决定。捐给 Anthropic 公益基金的股份（包括首次公益发行）可转让或捐赠给第三方，或以其他方式通过注册公开发行或私募配售交易出售，以推进我们的公益举措。在我们批准该实体的具体治理结构之前，我们的董事会将决定 Anthropic 公益基金的分配和派发；在该治理结构获批后，决策权预计将移交给在该结构下运作的 Anthropic 公益基金指定管理人。初始管理人为 Dario Amodei、Daniela Amodei、Jack Clark 和 Neil “Buddy”Shah 博士 [__] 。[__] 首次公益发行及额外捐股框架是我们为践行公司宗旨而计划采取的方式之一，但并非唯一方式。我们预计将在这些股权捐股之外并作为其补充，投入额外资源并做出其他业务和运营决策，以推进我们的公司宗旨。

As part of these initiatives, we contributed 846,840,960 shares of our Class N common stock, representing [__] 5% of our fully diluted shares as of June 30, 2026 (assuming full conversion of the Amazon Notes), to the Anthropic Public Benefit Fund, our wholly owned subsidiary dedicated to the Company Purpose, which we refer to as the Initial Public Benefit Issuance. As the value we create grows, we intend for the public benefit to share meaningfully in that growth as well. To that end, our board of directors has approved a framework for additional contributions tied to future increases in our share price. Following this offering, our board of directors, in its discretion, may issue shares of our Class N common stock to the Anthropic Public Benefit Fund (or other designee) representing up to an additional [__] 2% of our then-outstanding shares (plus any shares subject to options, RSUs, and other convertible securities and any shares held by the Anthropic Public Benefit Fund) each time our share price appreciates [__] 50% above the prior share price milestone, beginning with our initial public offering price. A share price milestone is reached only when our closing share price has exceeded the applicable threshold on at least 90 of the trailing 120 consecutive trading days, and our average closing share price over the ten trading days prior to such issuance also exceeds that threshold. Although our board of directors has approved this framework, any future contributions will be made at the discretion of our board of directors. The shares that are contributed to the Anthropic Public Benefit Fund, including the Initial Public Benefit Issuance, may be transferred or donated to a third party, or otherwise sold in a registered public offering or private placement transaction in furtherance of our public benefit initiatives. Our board of directors will determine the allocations and distributions from the Anthropic Public Benefit Fund until it approves a specific governance structure for the entity, at which point decision-making authority is expected to transition to designated managers of the Anthropic Public Benefit Fund operating under that structure. The initial managers are Dario Amodei, Daniela Amodei, Jack Clark, and Dr. Neil “Buddy” Shah [__] . [__] The Initial Public Benefit Issuance and the additional share contribution framework represent one of the ways in which we intend to pursue the Company Purpose, but it is not the exclusive means of doing so. We expect to dedicate additional resources, and to make other business and operational decisions, in furtherance of our Company Purpose outside of, and in addition to, these equity contributions.

此外，我们设有一项捐赠配捐计划，员工可通过该计划将其股权奖励的相当一部分或等值现金收益承诺捐赠给捐赠人建议基金或其他非营利组织，我们则以 N 类普通股股票对这些捐赠进行配捐。正如公司宗旨界定了我们作为组织如何指引自身工作，我们的捐赠配捐计划也体现了员工的一项平行承诺，即将其工作所创造的个人财务价值用于公共利益。我们将捐赠配捐计划视为公司宗旨的有意义体现，也是对我们文化所定义之价值观的反映。

In addition, we maintain a donation matching program through which employees can pledge a meaningful portion of their equity awards or equivalent cash proceeds to a donor-advised fund or other nonprofit organization, and we match those donations with shares of our Class N common stock. In the same way the Company Purpose defines how we direct our work as an organization, our donation matching program reflects a parallel commitment by our employees to direct their personal financial value created by that work toward the public good. We view our donation matching program as a meaningful expression of the Company Purpose and a reflection of the values that define our culture.

最后，我们的每位联合创始人均已承诺将其在 Anthropic 持有的个人股权的 80%用于慈善事业，该承诺独立于我们的捐赠配捐计划，且不符合该计划的参与资格。有关这些承诺的更多信息（包括相关风险），请参见“风险因素——与我们的 A 类普通股所有权相关的风险”一节。

Finally, our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes, separate from and not eligible for our donation matching program. For additional information regarding these pledges, including related risks, see the section titled “Risk Factors—Risks Related to Ownership of our Class A Common Stock.”

竞争 Competition

我们在业务的多个维度上面临竞争。这些竞争对手包括：

We face competition across multiple dimensions of our business. These competitors include:

#### 模型开发者

#### Model Developers

我们面临来自为第三方软件开发商和企业构建前沿模型的公司的直接竞争，包括 OpenAI 和 Google，以及投入巨资以抵达前沿的大型、资金雄厚的科技公司。这些组织资金雄厚，拥有大量财务资源、庞大的现有客户群，并能够将其模型集成到直接面向企业销售的第一方应用中。尽管这些竞争对手已建立起可观的市场地位，但我们相信，我们对企业的主要专注、我们保持并定义前沿的能力、我们的研究人才，以及我们最大化算力投资效率的方式，使我们在优先看重模型质量、安全性和可靠性的客户中处于有利地位。

We face direct competition from companies building frontier models for third-party software developers and enterprises, including OpenAI and Google, and large, well-capitalized technology companies investing to reach the frontier. These are well-capitalized organizations with significant financial resources, large existing customer bases, and the ability to integrate their models into first-party applications sold directly to businesses. While these competitors have built meaningful market presence, we believe our primary focus on enterprises, our ability to remain at and define the frontier, our research talent, and the efficiency through which we maximize our compute investment position us favorably with customers who prioritize model quality, safety, and reliability.

我们还面临来自更广泛模型提供方的竞争。这些提供方包括大型公司、专业 AI 实验室，以及由国家行为体、国际和国内研究组织发布的日益增多的其他开放权重或开源（共享权重、训练数据和代码）模型。尽管这些模型力求将成本效率置于最高智能之上，但我们相信，我们的前沿模型在广泛的工作负载中——从日常知识任务到客户最重要的问题——都极具效果和效率。我们相信，我们之所以能有利竞争，是因为我们能够为需要最高智能的问题提供能力最强的模型，并高效运用我们的模型完成日常工作，以更低的成本交付高质量成果。

We also face competition from a broader set of model providers. These include large companies, specialized AI labs and a growing range of other open-weight or open-source (shared weights, training data, and code) models released by state actors and international and domestic research organizations. While these models seek to prioritize cost efficiency over maximum intelligence, we believe our frontier models are highly effective and efficient across a broad range of workloads, from routine knowledge tasks to customers’ most important problems. We believe we compete favorably based on our ability to deliver the most capable models for the problems that demand the highest intelligence, as well as efficiently applying our models to complete everyday work to deliver high quality results at a lower cost.

#### 第一方应用提供方

#### First-Party Application Providers

作为平台公司，我们的主要专注是构建基础，使其他公司和软件开发者能够在此基础上创造由强大 AI 驱动的产品和服务。然而，随着我们继续开发自己的第一方应用，我们可能不时在特定类别中与企业软件和应用公司竞争。

As a platform company, our primary focus is on building the foundation upon which other companies and software developers can create products and services driven by Powerful AI. However, as we continue to develop our own first-party applications, we may from time to time compete with enterprise software and application companies in select categories.

#### 现状

#### Status Quo

除直接竞争外，Claude 普及的一个障碍是组织内部对变革的自然抵触。许多企业运行着根深蒂固的遗留系统、既定工作流程和经过多年完善的制度性流程。采用 Claude 等前沿 AI 能力往往需要大量的变革管理，包括员工再培训、流程重新设计、内部政策制定以及企业文化转变。这些可能带来摩擦、成本和感知风险，从而延迟或阻碍采用。尤其是在高度监管或规避风险的行业中——重大变革的感知下行风险往往超过潜在收益——决策者可能倾向于维持现状。

Beyond direct competition, one obstacle to the diffusion of Claude is the natural resistance to change within organizations. Many enterprises operate with deeply entrenched legacy systems, established workflows, and institutional processes that have been refined over many years. Adopting frontier AI capabilities such as Claude often requires substantial change management, including workforce retraining, process redesign, internal policy development, and shifts in corporate culture. These can introduce friction, cost, and perceived risk that can delay or prevent adoption. Especially in highly regulated or risk-averse industries — where the perceived downside risk of major changes can often outweigh the potential benefits — decision-makers might default to maintaining the status quo.

我们相信，我们市场中的主要竞争因素包括：

We believe that the principal competitive factors in our market include:

- 我们作为一家公司保持专注和使命单一性的能力；

- Our ability to maintain our singularity of focus and mission as a company;

- 我们保持并继续拓展智能前沿的能力；

- Our ability to remain at and continue to expand the frontier of intelligence;

- 我们继续招聘和留住世界级研究人才的能力；

- Our ability to continue hiring and retaining world-class research talent;

- 我们持续专注于安全、可靠且值得信赖的智能；

- Our continued focus on safe, reliable, and trustworthy intelligence;

- 我们获取训练和部署 AI 模型所需算力的能力，该等算力可能受到供应约束、容量限制或第三方供应商分配决策的影响；

- Our access to compute necessary to train and deploy AI models, which may be subject to supply constraints, capacity limitations, or allocation decisions by third-party providers;

- 我们提升模型训练和部署效率的能力；

- Our ability to improve the efficiency with which our models are trained and deployed;

- 我们以可接受的条件获得融资的能力；

- Our ability to secure financing on acceptable terms;

- 我们整合研究、产品及市场推广方式的能力，以确保我们持续构建服务客户的模型和应用，并使我们能够产生收入，为我们在保持前沿地位方面的投资提供资金；

- Our ability to integrate research, product, and our go-to-market approach to ensure we continue building models and applications that serve our customers and allow us to generate revenue to fund our investments in remaining at the frontier;

- 我们持续维护与基础设施提供商及分销合作伙伴之间合作关系的能力；

- Our ability to continue maintaining our partnerships across infrastructure providers and distribution partners;

- 我们吸引并留住正在 Claude 平台上构建其产品的客户的能力；

- Our ability to attract and retain customers who are building their products on the Claude Platform;

- 我们吸引新客户以及留住并扩大对现有客户销售的能力；

- Our ability to attract new customers and retain and expand sales to existing customers;

- 我们持续构建能够预见市场需求的应用的能力；以及

- Our ability to continue building applications that anticipate the needs of the market; and

- 我们应对竞争格局变化的能力，包括竞争对手或客户之间的整合以及竞争对手之间的战略合作。

- Our ability to navigate changes in the competitive landscape, including consolidation among competitors or customers and strategic partnerships between competitors.

我们认为，我们在上述各项因素上均具备有利的竞争地位，并在 AI 前沿领域占据独特位置。

We believe that we compete favorably across these factors and are uniquely positioned at the frontier of AI.

知识产权 Intellectual Property

我们的知识产权是我们业务的重要方面，有助于我们维持竞争地位。为确立并保护我们对专有技术的权利，我们依赖商业秘密法、著作权法、专利法和商标法的组合，以及保密协议、许可协议和知识产权转让协议等合同限制。

Our intellectual property is an important aspect of our business and helps us to maintain our competitive position. To establish and protect our rights in our proprietary technology, we rely upon a combination of trade secret, copyright, patent, and trademark laws and contractual restrictions such as confidentiality agreements, licenses, and intellectual property assignment agreements.

我们通过内部和外部控制措施管控对知识产权和机密信息的访问。对我们最关键知识产权的访问受到严格控制，仅少数员工能够查看或修改这些系统。我们制定了一项政策，要求员工、承包商、顾问及其他第三方签署保密协议和专有权利协议，以控制对我们专有信息的访问、维持其非披露状态并保护我们的财产权利。

We control access to our intellectual property and confidential information through internal and external controls. Access to our most critical intellectual property is tightly controlled, with only a subset of our workforce able to view or modify these systems. We maintain a policy requiring our employees, contractors, consultants, and other third parties to enter into confidentiality and proprietary rights agreements to control access to and maintain non-disclosure of our proprietary information and to protect our property rights.

作为我们更广泛知识产权战略的一部分，我们已投入一项专利计划，涵盖与业务相关的某些技术。截至 2026 年 9 月 30 日，我们持有 40 项已授权的美国专利，另有 67 项美国专利申请待审（包括 32 项非临时申请和 35 项临时申请），并在境外司法辖区持有 26 项已授权专利，另有 12 项专利申请待审。我们持续审查研发工作，以评估新知识产权的存在及其可专利性。

As part of our broader intellectual property strategy, we have invested in a patent program covering certain technologies relevant to our business. As of September 30, 2026, we held 40 issued U.S. patents, with an additional 67 U.S. patent applications pending (including 32 nonprovisional and 35 provisional), and 26 issued patents in foreign jurisdictions, with an additional 12 patent applications pending. We continually review our development efforts to assess the existence and patentability of new intellectual property.

除专利计划外，我们还实施持续的商标和服务商标注册计划，据此在我们认为适当且具有成本效益的范围内，在美国和其他国家注册我们的品牌名称、产品名称、宣传语和标识。截至 2026 年 9 月 30 日，我们在美国持有 29 项注册商标，另有 11 项申请待审；在境外司法辖区持有 237 项注册商标，另有 261 项申请待审。

In addition to our patent program, we have an ongoing trademark and service mark registration program pursuant to which we register our brand names and product names, taglines, and logos in the United States and other countries, to the extent we determine appropriate and cost-effective. As of September 30, 2026, we held 29 registered trademarks in the United States, with an additional 11 applications pending, and 237 registered trademarks in foreign jurisdictions, with an additional 261 applications pending.

我们打算在认为有益且具有成本效益的范围内寻求额外的知识产权保护。知识产权法以及我们的程序和限制仅提供有限保护，我们的任何知识产权均可能受到质疑、被宣告无效、被规避、被侵权、被侵占或被侵害。更多信息请参见标题为“风险因素——如果我们未能充分保护我们的知识产权，我们的竞争地位可能受损，我们可能失去宝贵资产、收入减少，并因保护自身权利而产生高昂诉讼费用，这可能对我们的业务、财务状况和经营业绩产生不利影响。”的章节。

We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-effective. Intellectual property laws and our procedures and restrictions provide only limited protection, and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed, misappropriated, or violated. For more information, see the section titled “Risk Factors—If we fail to adequately protect our intellectual property rights, our competitive position may be impaired, and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights, which may adversely affect our business, financial condition, and results of operations.”

政府监管 Government Regulation

我们受多个司法管辖区和政府机构的法律法规约束，这些法律法规影响我们的运营以及我们模型、平台和应用的提供，并且我们一直并预计将继续受到政府主管部门就此类法律法规提出的问询、调查和传票。我们认为，负责任地开发 AI 需要审慎的治理，我们积极支持政府和监管机构建立促进安全、有益 AI 的框架的努力。我们创立的前提是，AI 系统的开发必须以安全和社会效益为核心优先事项，我们相信，设计良好的监管能够在整个行业强化这些价值观。由于前沿 AI 开发是一个相对新兴且快速演变的领域，现行法律、法规和标准未必是针对这些技术而设计的。我们已主动与美国及国际的立法者、监管机构和其他利益相关方接触，以推动制定我们认为对社会、我们的客户以及经济长期健康有益的监管框架，并且我们打算继续这样做。例如，我们与 CAISSI 签订了一项协议，承诺在其模型公开发布前后提供模型访问以供测试和评估，同意根据我们与 CAISSI 的协议向英国 AI 安全研究所提供模型访问以供部署前测试，并公开支持加利福尼亚州的《前沿人工智能透明度法案》（SB 53）。

We are subject to laws and regulations of various jurisdictions and government agencies affecting our operations and the provision of our models, platform, and applications, and we have been, and expect to continue to be, subject to inquiries, investigations, and subpoenas by governmental authorities relating to such laws and regulations. We believe that the responsible development of AI requires thoughtful governance, and we actively support efforts by governments and regulatory bodies to establish frameworks that promote safe, beneficial AI. We were founded on the premise that AI systems must be developed with safety and societal benefit as central priorities, and we believe that well-designed regulation can reinforce those values across the industry. Because AI development at the frontier is a relatively nascent and rapidly evolving field, the laws, regulations, and standards in place today were not necessarily designed with these technologies in mind. We have proactively engaged with legislators, regulators, and other stakeholders in the United States and internationally to promote the development of regulatory frameworks that we believe are good for society, our customers, and the long-term health of the economy, and we intend to continue doing so. For example, we entered into an agreement with the CAISSI whereby we committed to provide access to our models for testing and evaluation before and after their public release, agreed to provide model access to the U.K. AI Security Institute for pre-deployment testing consistent with our agreement with the CAISSI, and publicly endorsed California’s Transparency in Frontier Artificial Intelligence Act (SB 53).

作为一家 AI 技术公司，我们受制于多个司法管辖区快速演变且日益复杂的法律、法规和政府审查。随着世界各国政府制定框架以应对 AI 的开发、部署和安全，新的法律、规则、法规以及对现有法律法规的修改正在不断被通过、实施和解释。影响我们业务的主要监管领域包括 AI 相关法规、数据隐私与安全、出口管制与贸易法规，以及知识产权、雇佣与劳动、竞争与反垄断、消费者保护和税务等其他事项。

As an AI technology company, we are subject to rapidly evolving and increasingly complex laws, regulations, and governmental review across multiple jurisdictions. New laws, rules, regulations, and changes to existing laws and regulations are continuously being adopted, implemented, and interpreted as governments worldwide develop frameworks to address AI development, deployment, and safety. The primary areas of regulation that affect our business include AI-related regulations, data privacy and security, export controls and trade regulations, and other matters such as intellectual property, employment and labor, competition and antitrust, consumer protection, and tax.

以下讨论涉及影响我们业务的最重要监管领域。

The following discussion addresses the most significant regulatory areas affecting our business.

#### AI 相关监管

#### AI-Related Regulation

美国及其他国家的各类政府和监管机构已提出、颁布或正在考虑与 AI 模型开发和部署、数据使用、隐私、数据保护、透明度、安全、消费者保护、内容生成、知识产权、网络安全、出口管制和竞争相关的立法、法规和指引。例如，在美国，AI 监管正在联邦和州两个层面发展。美国国家标准与技术研究院已制定《AI 风险管理框架》，该框架目前为自愿性质，但可能为未来的强制性要求提供参考或产生影响。美国联邦贸易委员会（FTC）和许多州总检察长正在解释联邦和州的消费者保护以及隐私和安全法律，以对数据的在线收集、使用、传播、其他处理和安全施加标准。多个州已颁布或正在考虑颁布与 AI 相关的立法。例如，2026 年 9 月 24 日，纽约州和新泽西州的总检察长与其他州及领地的总检察长组成的联盟共同致函美国参议院和众议院领导层，敦促国会为前沿 AI 制定全面的联邦立法和安全协议。在欧盟，《欧盟 AI 法案》建立了一个基于风险的框架，按潜在风险水平对 AI 系统进行分类。通用 AI 模型承担包括透明度要求、技术文档、欧盟版权合规以及发布训练数据摘要在内的义务，而具有系统性风险的模型还承担额外义务，包括模型评估、系统性风险缓解、严重事件报告和网络安全保护。高风险系统必须满足风险管理、数据治理、文档、透明度、人工监督、准确性、稳健性和网络安全方面的要求。任何实际或被认为的不合规行为都可能导致监管调查、执法行动及其他行动、重大罚款、诉讼、声誉损害、客户信任丧失以及我们产品或服务的可用性或性能中断；要求对现有产品或服务作出不利变更；并延迟未来产品或服务的推出，这可能对我们的业务产生不利影响。

Various governments and regulatory authorities in the United States and other countries have proposed, enacted, or are considering legislation, regulations, and guidance relating to AI model development and deployment, data usage, privacy, data protection, transparency, safety, consumer protection, content generation, intellectual property, cybersecurity, export controls, and competition. For example, in the United States, AI regulation is developing at both federal and state levels. The National Institute of Standards and Technology has developed the AI Risk Management Framework, which is currently voluntary but could potentially inform or shape future mandatory requirements. The FTC and many state attorneys general are interpreting federal and state consumer protection and privacy and security laws to impose standards for the online collection, use, dissemination, other processing, and security of data. Various states have enacted or are considering enacting AI-related legislation. For example, on September 24, 2026, state attorneys general in New York and New Jersey, together with a coalition of other state and territorial attorneys general, sent a letter to U.S. Senate and House of Representatives leadership to urge Congress to establish comprehensive federal legislation and safety protocols for frontier AI. In the EU, the EU AI Act establishes a risk-based framework categorizing AI systems by potential risk level. General-purpose AI models face obligations including transparency requirements, technical documentation, EU copyright compliance, and publication of training data summaries, and those with systemic risk face additional obligations, including model evaluation, systemic risk mitigation, serious incident reporting, and cybersecurity protection. High-risk systems must meet requirements for risk management, data governance, documentation, transparency, human oversight, accuracy, robustness, and cybersecurity. Any actual or perceived non-compliance could result in regulatory investigations, enforcement actions and other actions, significant fines, litigation, reputational harm, loss of customer trust, and interruptions in the availability or performance of our products or services; require unfavorable changes to existing products or services; and delay the introduction of future products or services, which could have an adverse effect on our business.

我们已呼吁对前沿 AI 开发进行监管和监督，包括制定主要与利用 AI 加速 AI 开发相关的标准，以使安全、对齐和安全实践与能力同步推进。我们还提议与美国政府及其他前沿 AI 开发者合作，建立安全和评估标准。我们支持的某些做法若被采纳，可能增加我们的合规负担、限制我们的产品开发或部署灵活性、影响我们开发和发布新模型的方式和时间，或以其他方式减缓我们的增长。

We have called for regulation and oversight of frontier AI development, including standards primarily relevant to the use of AI to accelerate AI development, so that safety, alignment, and security practices advance in proportion with capabilities. We have also proposed working with the U.S. government and other frontier AI developers to establish safety and evaluation standards. Certain of the approaches we support, if adopted, could increase our compliance burdens, limit our product development or deployment flexibility, affect how and when we develop or release new models, or otherwise slow our growth.

#### 数据隐私与安全

#### Data Privacy and Security

我们收集、存储、传输并以其他方式处理各类数据（包括个人信息），并须遵守众多联邦、州、地方及外国法律法规，这些法律法规涉及隐私、数据保护、安全、数据本地化以及数据的收集、使用、传输和其他处理。在美国，这些法律包括《加州消费者隐私法》等综合性州隐私法，该法对我们施加义务，要求我们（除其他事项外）提供特定的隐私披露、赋予隐私权（例如能够选择退出某些个人信息的处理、出售或共享），并扩大消费者对个人信息的权利。在联邦层面，FTC 和许多州总检察长正在解释联邦及州的消费者保护、隐私和安全法律，以对数据的在线收集、使用、传播、其他处理及安全施加标准，其中一些标准可能并不一致。在美国以外，包括欧盟、英国以及我们开展业务的其他司法管辖区在内的众多外国司法管辖区，已颁布影响我们业务的类似法律法规。例如，欧盟《通用数据保护条例》和英国《通用数据保护条例》对个人数据的处理提出了严格要求。欧盟《数字服务法》对在线平台提出要求，而欧盟《数据法》则引入了关于数据迁移和数据共享的规则。在安全方面，欧盟《网络与信息安全指令》要求进行风险管理和事件报告。这些法律法规可能受到不同解释，或与其他法律体系（例如美国关于政府获取数据的法律）所施加的义务相冲突。遵守这些法律法规需要在技术和组织措施上进行大量投资，且这些法律法规频繁变化且解释不断演变。任何实际或被认为的不合规行为都可能导致监管调查、执法行动、重大罚款、诉讼、声誉损害、客户信任丧失、我们的模型、平台和应用程序的可用性或性能中断、对现有模型、平台和应用程序进行不利变更的要求，以及未来产品推出的延迟，从而可能对我们的业务产生不利影响。

We collect, store, transfer, and otherwise process various types of data, including personal information, and are subject to numerous federal, state, local, and foreign laws and regulations addressing privacy, data protection, security, data localization, and the collection, use, transfer, and other processing of data. In the United States, these include comprehensive state privacy laws such as the California Consumer Privacy Act, which imposes obligations on us to, among other things, provide specific privacy disclosures, afford privacy rights such as abilities to opt out of certain processing, selling, or sharing of personal information, and expand consumer rights to personal information. On the federal level, the FTC and many state attorneys general are interpreting federal and state consumer protection and privacy and security laws to impose standards for the online collection, use, dissemination, other processing, and security of data, some of which may be inconsistent. Outside of the United States, numerous foreign jurisdictions, including the EU, United Kingdom, and other jurisdictions in which we operate our business, have enacted similar laws and regulations that affect our business. For example, the EU General Data Protection Regulation and the United Kingdom General Data Protection Regulation impose stringent requirements upon the processing of personal data. The EU’s Digital Services Act imposes requirements on online platforms, while the EU’s Data Act introduces rules on data switching and data sharing. With respect to security, the EU’s Network and Information Security Directive requires risk management and incident reporting. These laws and regulations may be subject to differing interpretations or conflict with the obligations imposed by other legal regimes, such as laws of the United States concerning government access to data. Compliance with these laws and regulations requires significant investment in technical and organizational measures, and these laws and regulations are subject to frequent changes and evolving interpretations. Any actual or perceived non-compliance could result in regulatory investigations, enforcement actions, significant fines, litigation, reputational harm, loss of customer trust, interruptions in the availability or performance of our models, platform, and applications, requirements for unfavorable changes to existing models, platform, and applications, and delays in the introduction of future offerings, which could adversely affect our business.

#### 出口管制与贸易法规

#### Export Controls and Trade Regulations

作为一家全球性公司，我们跨境提供模型、平台和应用程序须遵守各项法律法规，包括国际条约、出口管制、经济和贸易制裁法律、海关法规以及世界各地的当地贸易规则。此类管制的范围、性质和严厉程度在不同国家差异很大，且可能随时间频繁变化。此类法律、规则和法规可能延迟我们模型、平台和应用程序的推出，或通过限制我们在某些地方或与某些实体和个人开展业务的能力而影响我们的竞争力。例如，美国商务部持续收紧出口管制并将企业列入实体清单，该清单列明了在接收某些物项时须遵守特定许可要求的外国方。为向此类方提供服务或以其他方式与其开展业务而获取所需许可，可能限制我们与某些潜在客户开展业务的能力。

As a global company, the provision of our models, platform, and applications across borders is subject to laws and regulations including international treaties, export controls, economic and trade sanctions laws, customs regulations, and local trade rules around the world. The scope, nature, and severity of such controls vary widely across different countries and may change frequently over time. Such laws, rules, and regulations may delay the introduction of our models, platform, and applications or impact our competitiveness through restricting our ability to do business in certain places or with certain entities and individuals. For example, the U.S. Department of Commerce continues to tighten export controls and add firms to the Entity List, which identifies foreign parties that are subject to specific license requirements for the receipt of certain items. Obtaining the licenses needed to serve or otherwise do business with such parties could limit our ability to conduct business with certain potential customers.

此类限制已经直接影响了我们的产品。例如，2026 年 6 月，美国商务部对我们的 Fable 5 和 Mythos 5 模型实施了全球出口限制。我们与美国政府及行业伙伴合作，更新了我们的防护措施，并在美国政府解除限制后重新部署了 Fable 5 和 Mythos 5 模型。如果未来实施类似限制，可能限制我们招募人才、充分利用现有员工队伍、持续改进我们的模型以及在国际上提供产品的能力。更多信息，请参见标题为“风险因素——政府贸易管制，包括进出口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失合同权利，或限制我们在某些市场的竞争能力”的章节。此外，出口管制或其他针对 AI 加速器和算力的贸易限制在范围或适用上的变化，可能影响我们获取开发和部署模型、平台和应用程序所需的基础设施。由于这是一个新兴技术领域，各国政府正在持续完善并可能扩大适用于 AI 模型及相关技术的出口管制和其他贸易限制。这些限制性政府行为以及其他政府可能对美国公司实施的任何类似措施，可能限制我们在全球开展业务的能力。

Such restrictions have already affected our offerings directly. For example, in June 2026, the U.S. Department of Commerce imposed worldwide export restrictions on our Fable 5 and Mythos 5 models. In collaboration with the U.S. government and industry partners, we updated our safeguards, and we re-deployed our Fable 5 and Mythos 5 models once the U.S. government lifted its restrictions. If similar restrictions were to be imposed in the future, they may limit our ability to recruit talent, to fully utilize our existing workforce, to continue to improve our models, and to make our products available internationally. For more information, see the section titled “Risk Factors—Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets.” Additionally, changes in the scope or application of export controls or other trade restrictions on AI accelerators and compute could impact our access to the infrastructure necessary to develop and deploy our models, platform, and applications. As this is an emerging technology area, governments are continuing to refine and could potentially expand the export controls and other trade restrictions applicable to AI models and related technologies. These restrictive governmental actions and any similar measures that may be imposed on U.S. companies by other governments could limit our ability to conduct business globally.

#### 其他法规

#### Other Regulations

除上文讨论的特定监管领域外，我们还受制于影响我们业务的各种其他法律和法规。这些法律包括规范专利、商标和商业秘密的知识产权法。AI 技术不断演变的专利格局带来了侵权索赔的风险，也使我们的创新面临专利保护的不确定性。我们还可能受制于不断演变的版权制度。此外，我们受制于规范工资、员工分类、工作条件、福利、反歧视、工作场所安全和解雇的就业与劳动法，工人分类错误和不断演变的标准可能产生重大责任并增加劳动力成本。我们还受制于美国、欧盟和其他司法管辖区的竞争法和反垄断法，这些法律禁止反竞争行为，而监管机构对科技公司在市场支配地位、收购和 AI 系统方面日益加强的审查，可能导致调查、执法行动、重大罚款或要求修改业务实践。我们还可能受制于消费者保护法，这些法律禁止不公平或欺骗性行为，并可能要求我们就 AI 系统、质量和安全标准进行披露，以及提供免受不公平行为侵害的保护，违反这些法律将导致执法行动和罚款。我们还面临多个司法管辖区复杂且不断演变的税务义务，包括所得税、销售税、增值税和其他税费，税务机关可能不同意我们的立场，国际税务发展也可能影响我们的实际税率。我们还受制于反腐败、反贿赂、反洗钱、环境、无障碍、广告和政府采购法规。我们的医疗健康和生命科学产品，以及我们的客户在这些领域使用我们的模型、平台和应用程序，也可能受制于规范药品、生物制品和医疗器械的法律法规，包括由美国食品药品监督管理局及类似非美国机构执行的法律法规，以及医疗保健欺诈和滥用法律、规范健康信息隐私和安全的法律（包括 HIPAA），以及规范医疗执业和 AI 在医疗保健中使用的法律。未能遵守这些法律可能导致执法行动、罚款、处罚、诉讼、声誉损害以及对我们的运营限制，从而可能对我们的业务产生不利影响，而不断演变的监管格局给未来的合规要求带来了重大不确定性。

In addition to the specific regulatory areas discussed above, we are subject to various other laws and regulations that affect our business. These include intellectual property laws governing patents, trademarks, and trade secrets. The evolving patent landscape for AI technologies creates risks of infringement claims and uncertain patent protection for our innovations. We may also be subject to evolving copyright regimes. Additionally, we are subject to employment and labor laws governing wages, employee classification, working conditions, benefits, non-discrimination, workplace safety, and termination, with worker misclassification and evolving standards potentially creating significant liabilities and increased labor costs. We are also subject to competition and antitrust laws in the United States, the EU, and other jurisdictions which prohibit anticompetitive conduct, and increased regulatory scrutiny of technology companies regarding market dominance, acquisitions, and AI systems could result in investigations, enforcement actions, significant fines, or requirements to modify business practices. We may also be subject to consumer protection laws which prohibit unfair or deceptive practices and may require disclosures about our AI systems, quality and safety standards, and protection from unfair practices, with violations resulting in enforcement actions and fines. We also face complex and evolving tax obligations across multiple jurisdictions, including income, sales, value-added, and other taxes, with tax authorities potentially disagreeing with our positions and international tax developments affecting our effective tax rate. We are also subject to anti-corruption, anti-bribery, anti-money-laundering, environmental, accessibility, advertising, and government procurement regulations. Our healthcare and life sciences offerings, and our customers’ use of our models, platform, and applications in those sectors, may also be subject to laws and regulations governing drugs, biologics, and medical devices, including those administered by the U.S. Food and Drug Administration and comparable non-U.S. authorities, as well as healthcare fraud and abuse laws, laws governing the privacy and security of health information, including HIPAA, and laws governing the practice of medicine and the use of AI in healthcare. Failure to comply with these laws could result in enforcement actions, fines, penalties, litigation, reputational harm, and restrictions on our operations that could adversely affect our business, and the evolving regulatory landscape creates significant uncertainty regarding future compliance requirements.

请参阅标题为“风险因素——我们的业务受制于不断演变且不确定的监管和政治环境，这可能增加我们的成本、限制我们的运营，或对我们模型、平台和应用程序的需求产生不利影响”、“风险因素——我们受制于与隐私和数据保护相关的复杂且不断演变的法律、法规及其他法律义务，任何实际或被认为未能遵守此类义务的情况都可能对我们的业务、财务状况和经营业绩产生不利影响”、“风险因素——政府贸易管制，包括出口和进口管制、制裁、海关要求及相关制度，可能使我们承担责任或丧失合同特权，或限制我们在某些市场的竞争能力”以及“业务——法律诉讼——其他事项”等章节，以了解更多关于我们面临的与政府监管相关的风险的信息。

See the sections titled “Risk Factors—Our business is subject to an evolving and uncertain regulatory and political environment, which could increase our costs, restrict our operations, or adversely affect demand for our models, platform, and applications,” “Risk Factors—We are subject to complex and evolving laws, regulations, and other legal obligations related to privacy and data protection, and any actual or perceived failure to comply with such obligations could adversely affect our business, financial condition, and results of operations,” “Risk Factors—Governmental trade controls, including export and import controls, sanctions, customs requirements, and related regimes, could subject us to liability or loss of contracting privileges or limit our ability to compete in certain markets” and “Business—Legal Proceedings—Other Matters” for more information regarding risks we face related to government regulation.

设施 Facilities

我们的总部位于加利福尼亚州旧金山。我们还在欧洲和亚太地区设有国际办事处。我们认为，我们目前的办公设施足以满足当前需求，并且如果需要，将可获得合适的额外或替代空间以容纳我们的运营。

Our headquarters is located in San Francisco, California. We also maintain international offices in Europe and Asia-Pacific. We believe that our current office facilities are adequate to meet our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.

我们还在美国租赁数据中心，并已承诺投入数十亿美元用于扩展美国的算力基础设施。我们还就澳大利亚和加拿大的数据中心容量签订了租约，并正在美国以外的其他司法管辖区寻求数据中心容量。我们继续评估未来数据中心的新选址，包括美国境内和境外。

We also lease data centers in the United States and have committed billion s towards expanding U.S. computing infrastructure. We have also entered into leases for data center capacity in Australia and Canada, and we are pursuing data center capacity in additional jurisdictions outside the United States. We continue to evaluate new locations for future data centers, including in the United States and abroad.

法律诉讼 Legal Proceedings

我们目前涉及、或未来可能涉及在正常业务过程中产生的法律诉讼和索赔，包括涉及知识产权纠纷、遵守法律或监管制度、政府批准和授权、劳动与雇佣、反歧视、商业纠纷、竞争、数据隐私、客户投诉以及与我们技术、产品和服务相关的其他事项。此外，第三方可能不时通过函件和其他通讯方式向我们提出索赔。有关我们涉及的法律诉讼和其他索赔的更多信息，请参见本招股说明书其他部分所载我们合并财务报表附注 13 中标题为“法律事项”的章节。

We are currently involved in, or may in the future be involved in, legal proceedings and claims that arise in the ordinary course of business, including those involving intellectual property disputes, compliance with legal or regulatory regimes, government approvals and authorizations, labor and employment, anti-discrimination, commercial disputes, competition, data privacy, customer complaints, and other matters relating to our technology, products, and services. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. For more information regarding legal proceedings and other claims in which we are involved, see the section titled “Legal Matters” in Note 13 to our consolidated financial statements included elsewhere in this prospectus.

未来可能有必要或需要提起诉讼以为我们自身或我们的合作伙伴进行抗辩，或确立或主张我们的权利。任何当前或未来的法律诉讼或诉讼结果均无法确定地预测，且无论结果如何，法律诉讼或诉讼都可能因抗辩和和解费用、管理层资源被分散以及其他因素而对我们产生不利影响。

Future litigation may be necessary or warranted to defend ourselves or our partners or to establish or assert our rights. The results of any current or future legal proceedings or litigation cannot be predicted with certainty, and regardless of the outcome, legal proceedings or litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

#### 知识产权事项

#### Intellectual Property Matters

我们过去曾涉及、目前正在涉及、且未来可能涉及与涉嫌侵犯版权和其他知识产权相关的法律诉讼，并且在正常业务过程中，我们也会收到其他声称的知识产权权利人发来的函件，主张我们可能侵犯该等知识产权。

We have in the past been, are currently, and may in the future be involved in legal proceedings related to alleged violation and infringement of copyrights and other intellectual property, and in the ordinary course of business, we also receive correspondence from other purported rightsholders of intellectual property asserting potential claims of violation and infringement of such intellectual property.

原告已在美国联邦法院和国际法院对我们提起一系列诉讼，主张基于使用受版权保护的材料训练我们的模型而构成版权侵权。例如，2024 年 8 月，一群作者在 Bartz 案中对我们提起诉讼，主张侵犯受版权保护的书籍。具体而言，集体诉讼原告指控称，在构建和运营我们模型的过程中，我们非法复制了作者控制的受版权保护作品。尽管我们对任何不当行为的指控均予以否认，但 2025 年 9 月，我们与原告签订了和解协议，以$1.5 billion 了结该案，该和解协议于 2026 年 7 月获得地区法院批准。

A series of lawsuits has been filed against us in federal and international courts by plaintiffs asserting copyright infringement based on the use of copyrighted material to train our models. For example, in August 2024, a group of authors filed suit against us claiming infringement of copyrighted books in Bartz. Specifically, the class action plaintiffs alleged that in the process of building and operating our models, we unlawfully copied copyrighted works controlled by the authors. Though we dispute any allegation of wrongdoing, in September 2025, we entered into a settlement agreement with the plaintiffs to settle the case for $1.5 billion, which was approved by the district court in July 2026.

在每项诉讼中，我们相信我们拥有有力的抗辩理由，并对任何不当行为的指控均予以否认。与这些事项相关的法律诉讼可能因单独及合计的抗辩和和解费用、管理层资源被分散以及其他因素而对我们产生不利影响。

In each of the actions, we believe we have meritorious defenses and dispute any allegation of wrongdoing. Legal proceedings related to these matters can have an adverse effect on us because of defense and settlement costs individually and in the aggregate, diversion of management resources, and other factors.

#### 其他事项

#### Other Matters

2026 年 2 月，针对我们公开表明的立场——即我们的技术不应用于大规模国内监控或完全自主武器——美国总统表示，他已指示所有联邦行政机构停止使用我们的技术。与此同时，战争部长指示战争部将 Anthropic 认定为“国家安全供应链风险”，并表示“即刻生效，任何与美国军方有业务往来的承包商、供应商或合作伙伴均不得与[我们]开展任何商业活动”。2026 年 3 月 4 日，战争部向我们发送了两封信函——一封依据《美国法典》第 10 编第 3252 条，另一封依据 FASCSA 第 4713 条——声称我们的模型、平台和应用程序构成供应链风险。上述行为在本文件中定义为“被质疑行为”。我们在 Anthropic PBC 诉战争部等案（N.D. Cal.）及 Anthropic PBC 诉战争部等案（D.C. Cir.）中对被质疑行为提出了强烈质疑。在首先获得美国加利福尼亚北区联邦地区法院的命令，初步禁止战争部的指令及依据第 3252 条对我们作出的供应链风险认定，并初步禁止其他被告机构在诉讼最终解决前执行总统指令之后，我们随后于 2026 年 8 月 27 日获得美国加利福尼亚北区联邦地区法院的命令，该命令基本支持了我们的简易判决请求。法院裁定，被质疑行为系报复行为，旨在因我们受《美国宪法第一修正案》保护的言论而惩罚我们，并侵犯了我们依据《美国宪法第五修正案》正当程序条款享有的权利。法院还认定，战争部长的行为，特别是涉及《美国法典》第 10 编第 3252 条的行为，因超越法定权限、违反法律以及任意专断，违反了《行政程序法》。法院作出了基本支持我们的最终判决。被告就初步禁令提交了上诉通知。然而，哥伦比亚特区联邦巡回上诉法院驳回了我们要求在实质审查前中止战争部长依据第 4713 条将我们认定为供应链风险的请求。2026 年 9 月 25 日，哥伦比亚特区联邦巡回上诉法院以 2 比 1 的分歧裁决驳回了我们的复审申请，裁定战争部依据第 4713 条作出的供应链风险认定适当，且我们依据《第一修正案》和《第五修正案》正当程序条款享有的权利未受侵犯。我们提交了全席重审申请，请求哥伦比亚特区联邦巡回上诉法院全体法官审查合议庭的裁决。我们无法预测这些诉讼的最终结果。尽管我们继续与政府机构合作，但我们无法确定这些诉讼的解决不会对我们向政府机构以及向美国政府销售产品和服务的其他客户进行销售的能力产生不利影响，进而对我们的业务、财务状况和经营业绩产生不利影响。

In February 2026, in response to our publicly stated position that our technology should not be used for mass domestic surveillance or fully autonomous weapons, the President of the United States stated that he had directed that all federal executive agencies cease using our technology. At the same time, the Secretary of War directed the Department of War to designate Anthropic as a “supply-chain risk to national security” and stated that “effective immediately, no contractor, supplier, or partner that does business with the United States military may conduct any commercial activity” with us. On March 4, 2026, the Department of War sent us two letters—one pursuant to 10 U.S.C. § 3252 and the other pursuant to Section 4713 of the FASCSA—asserting that our models, platform, and applications present a supply-chain risk. These actions referenced above are defined herein as “Challenged Actions.” We vigorously challenged the Challenged Actions in Anthropic PBC v. Department of War, et al. (N.D. Cal.) and Anthropic PBC v. Department of War, et al. (D.C. Cir.). After first obtaining an order from the United States District Court for the Northern District of California that preliminarily enjoined the Department of War’s directive and Section 3252 supply-chain risk designation of us and preliminarily enjoined the other defendant agencies from implementing the Presidential directive until final resolution of the lawsuit, we subsequently, on August 27, 2026, obtained an order from the United States District Court for the Northern District of California that largely granted summary judgment in our favor. The court ruled that the Challenged Actions were retaliatory acts meant to punish us for speech protected under the First Amendment to the United States Constitution and violated our rights under the Due Process Clause of the Fifth Amendment to the United States Constitution. The court also held that the Secretary of War’s actions, particularly with respect to 10 U.S.C. § 3252, violated the Administrative Procedure Act because they were in excess of statutory authority, contrary to law, and arbitrary and capricious. The court entered final judgment largely in our favor. The defendants filed a notice of appeal of the preliminary injunction. The D.C. Circuit Court of Appeals, however, denied our motion to stay the Secretary of War’s Section 4713 designation of us as a supply-chain risk pending review on the merits. On September 25, 2026, in a 2-1 split decision, the D.C. Circuit Court of Appeals denied our petition for review, ruling that the Department of War’s Section 4713 supply-chain risk designation was proper, and that our rights under the First Amendment and Due Process Clause of the Fifth Amendment were not violated. We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel’s decision. We cannot predict the ultimate outcome of these lawsuits. While we continue to work with government agencies, we cannot be certain that the resolution of these lawsuits will not adversely affect our ability to sell to government agencies and other customers that sell products and services to the U.S. government, and thus on our business, financial condition, and results of operations.

我们的治理结构及其目标 Our Governance Structure and Its Goals

我们新颖的资本与公司治理结构经过精心设计，与其他上市公司存在显著差异。我们致力于帮助人类安全地迈入一个变革性 AI 对广泛人类事业施加巨大且可能具有决定性影响的时代。作为公益公司（PBC）运营，使我们的董事会拥有必要的空间，以平衡股东的金钱利益、受我们行为重大影响者的最佳利益以及我们的公司宗旨。此外，一个财务上无利害关系的长期利益信托（LTBT）——其通常有权选举和罢免我们董事会多数授权成员——旨在为恰当实现这一平衡提供激励与洞见。我们还相信，我们的七位联合创始人具备独特的能力，能够担当我们使命的守护者。

Our novel capital and corporate governance structure has been carefully designed and differs significantly from that of other public companies. We strive to help bring humanity safely into an era where transformative AI exerts tremendous and potentially decisive influence over a broad range of human undertakings. Operating as a PBC gives our board of directors the necessary latitude to balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and our Company Purpose. In addition, a financially disinterested LTBT, which generally has the power to elect and remove a majority of the authorized members of our board of directors, is designed to supply both the incentives and insights for striking this balance appropriately. We also believe that our seven co-founders are distinctly equipped to be stewards of our mission.

公益公司 Public Benefit Corporation

我们依据特拉华州法律注册为公益公司（PBC），这一架构使我们得以践行对 AI 安全与责任的承诺。PBC 是一类旨在创造公共利益并以负责任和可持续方式运营的公司。作为 PBC，我们必须平衡(i)股东的金钱利益、(ii)受我们行为重大影响者的最佳利益，以及(iii)公司宗旨。这要求我们的董事会权衡多重因素，包括决策相关的长期和短期外部性，同时兼顾股东的金钱利益。迄今为止，我们发现 AI 的安全与社会效益以及对所有关键利益相关群体最佳利益的考量，总体上与我们的长期商业成功和股东的长期金钱利益相一致。然而，作为 PBC，我们可能做出我们认为能够适当平衡股东金钱利益、受我们行为重大影响者的最佳利益与公司宗旨的决策，但这些决策可能对我们业务的短期、中期或长期表现或我们 A 类普通股的市场价格产生负面影响。对于适用于特拉华州法律下 PBC 的平衡要求，可资参考的司法先例有限，因此法院将如何看待董事会对这些潜在相互竞争利益的平衡存在不确定性。有关这些风险的讨论，请参见“风险因素——作为 PBC，我们对公司长期最佳利益的关注，以及董事平衡股东金钱利益、受我们行为重大影响的相关利益方最佳利益与公司宗旨的义务，可能与短期、中期或长期财务利益及业务表现相冲突，从而可能对我们 A 类普通股的价值产生负面影响”以及“风险因素——作为特拉华州公益公司，我们可能面临更多关于董事会平衡股东金钱利益、受我们行为重大影响者的最佳利益与公司宗旨之义务的诉讼，此类诉讼的发生可能对我们的业务、财务状况和经营业绩产生不利影响。”

We are incorporated as a PBC under Delaware law, a structure that enables our commitment to AI safety and responsibility. PBCs are a class of corporations that are intended to produce a public benefit and to operate in a responsible and sustainable manner. As a PBC, we are required to balance (i) the pecuniary interests of our stockholders, (ii) the best interests of those materially affected by our conduct, and (iii) the Company Purpose. This requires our board of directors to weigh multiple factors, including relevant long-and short-term externalities of decisions, alongside the pecuniary interests of our stockholders. To date, we have found that the safety and societal benefit of AI and consideration of the best interests of all key stakeholder groups have generally aligned with our long-term commercial success and stockholders’ long-term monetary interests. However, as a PBC, we may make decisions that we believe appropriately balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose, but that negatively impact the short-, medium-, or long-term performance of our business or the market price of our Class A common stock. There is limited judicial precedent interpreting the balancing requirement applicable to PBCs under Delaware law, and there is therefore uncertainty as to how a court would view our directors’ balancing of these potentially competing interests. For a discussion of these risks, see “Risk Factors—Our focus on the long-term best interests of our company as a PBC, and the duty of our directors to balance the pecuniary interests of our stockholders, the best interests of those stakeholders materially affected by our conduct, and our Company Purpose, may conflict with short-, medium-, or long-term financial interests and business performance, which may negatively impact the value of our Class A common stock” and “Risk Factors—As a Delaware public benefit corporation, we may be subject to increased litigation concerning our board of directors’ obligation to balance our stockholders’ pecuniary interests, the best interests of those materially affected by our conduct and our Company Purpose, the occurrence of which may have an adverse impact on our business, financial condition, and results of operations.”

在衡量我们的公益绩效时，我们的董事会将考虑我们五大使命支柱中提出的目标：AI 安全的技术问题得到解决、AI 安全成为由法律作为后盾的普遍实践、AI 增强民主与全球稳定、AI 扩大繁荣与人类福祉，以及 AI 的益处由所有人共享。我们还可能处理我们不时识别的客户、合作伙伴、员工及其他利益相关方群体的额外利益。我们经修订和重述的公司章程以及经修订和重述的章程细则均不会要求我们按照客观的第三方标准衡量我们的公益绩效，我们的董事会将负责建立并监督用于对照这些目标衡量我们公益绩效的标准。我们目前预计，我们的目标和标准在性质上将是定性的，并可能随着我们业务的增长以及我们对自身公益影响认识的深化而随时间演变。

In measuring our public benefit performance, our board of directors will consider the objectives set forth in our five mission pillars: that the technical problems of AI safety are solved, that AI safety is a universal practice backstopped by law, that AI strengthens democracy and global stability, that AI expands prosperity and human flourishing, and that AI’s benefits are shared by everyone. We may also address the additional interests of our customers, partners, employees, and other stakeholder constituencies that we may identify from time to time. Neither our amended and restated certificate of incorporation nor our amended and restated bylaws will require that we measure our public benefit performance against an objective third-party standard, and our board of directors will be responsible for establishing and overseeing the standards by which to measure our public benefit performance against these objectives. We currently expect that our objectives and standards will be qualitative in nature and may evolve over time as our business grows and as our understanding of our public benefit impact develops.

根据《特拉华州普通公司法》第 366(b) 条的要求，我们将至少每两年向股东提供一份声明，评估我们对公司宗旨的促进以及对受我们行为重大影响者最佳利益的促进。该声明将列明我们的目标和标准，并描述我们已采取的行动。我们打算通过我们的网站向股东和公众提供该声明。我们还预计，将通过继续在我们的网站上发布关于我们的工作及其影响的循证研究，来展示我们在实现这些目标方面的进展。

As required by Section 366(b) of the DGCL, we will provide our stockholders no less than biennially with a statement assessing our promotion of the Company Purpose and of the best interests of those materially affected by our conduct. The statement will set out our objectives and standards and describe the actions we have taken. We intend to make the statement available to stockholders and the public through our website. We also expect to demonstrate our progress towards these goals by continuing to publish evidence-based research on our website regarding our work and its impact.

长期利益信托（LTBT） Long-Term Benefit Trust

我们设立了长期利益信托（LTBT），其旨在确保我们以负责任的方式平衡我们作为公益公司（PBC）的三重目标进行管理：(i) 我们股东的金钱利益，(ii) 受我们行为重大影响者的最佳利益，以及 (iii) 公司宗旨。LTBT 依据特拉华州法律组建为普通法下的“非慈善目的信托”，并受《长期利益信托修订与重述信托协议》（“信托协议”）管辖。LTBT 旨在作为一个由在 AI 安全、国家安全、公共政策和社会企业领域具备专业知识的受托人组成的独立机构运作。LTBT 的安排旨在最大限度地减少 LTBT 及受托人受我们财务业绩的影响，并赋予受托人充分的独立性，以确保我们恰当地实现这一平衡。

We created the LTBT, which was designed to ensure that we are managed in a manner that responsibly balances our tripartite goals as a PBC: (i) the pecuniary interests of our stockholders, (ii) the best interests of those materially affected by our conduct, and (iii) the Company Purpose. The LTBT is organized as a common law “noncharitable purpose trust” under Delaware law and governed by the Long-Term Benefit Trust Amended and Restated Trust Agreement (the “Trust Agreement”). The LTBT is intended to operate as an independent body of Trustees with expertise in AI safety, national security, public policy, and social enterprise. The LTBT’s arrangements are designed to minimize the LTBT’s and the Trustees’ exposure to our financial performance and grant the Trustees sufficient independence to ensure we are striking this balance appropriately.

通过一类特殊的普通股，即 T 类普通股，LTBT 通常有权选举和罢免 T 类董事，这些董事合计将构成我们董事会授权成员的多数。T 类普通股不享有经济权利。

Through 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. Class T common stock has no economic rights.

有关我们业务和事务的决策由我们的董事会作出。尽管 LTBT 通过其通常选举和罢免 T 类董事的能力对我们董事会具有重大影响，但 LTBT 和受托人均不拥有对公司日常管理或战略制定的决策权。LTBT 的作用是选出有能力负责任地平衡我们作为 PBC 的三重目标的董事，并通过建议和指导支持我们管理层的决策。某些行动，例如合并、整合或出售我们全部或绝大部分资产，将需要根据特拉华州法律获得我们董事会的批准，而董事会多数成员由 LTBT 选举产生。

Decisions regarding our business and affairs are made by our board of directors. While the LTBT has significant influence over our board of directors through its ability to generally elect and remove Class T directors, neither the LTBT nor the Trustees have decision-making authority in the day-to-day management or strategy setting of the company. The LTBT’s role is to select directors who are well-equipped to responsibly balance our tripartite goals as a PBC, and to support our management’s decision-making through advice and guidance. Certain actions, such as a merger, consolidation, or sale of all or substantially all of our assets, will require the approval of our board of directors pursuant to Delaware law, a majority of whom are elected by the LTBT.

#### 董事的选举和罢免

#### Election and Removal of Directors

作为 T 类普通股的唯一持有人，LTBT 通常有权选举和罢免 T 类董事，这些董事合计将构成我们董事会授权成员的多数。我们的 T 类普通股将不会就由 A 类普通股和 F 类普通股持有人选举的董事的选举或罢免进行投票，该等董事将仅由 A 类普通股和 F 类普通股持有人共同投票选举或罢免。关于目前担任 T 类董事以及本次发行完成后将担任 T 类董事的董事会成员的讨论，请参见“管理层——董事会”一节。

As the sole holder of 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. Our Class T common stock will not vote on the election or removal of directors elected by the holders of our Class A common stock and Class F common stock, who will be elected or removed solely by the holders of Class A common stock and Class F common stock, voting together. For a discussion of the members of our board of directors who are currently Class T directors and those that will be Class T directors upon the completion of this offering, see the section titled “Management—Board of Directors.”

在提名或罢免董事之前，提名方必须至少提前 30 天通知我们的提名与治理委员会（NGC），该通知期可由我们的 NGC 酌情豁免。本次发行完成后，我们的 NGC 将由一名 T 类董事和两名非 T 类董事组成，并以多数票行事。

Prior to nominating or removing a director, the nominating party must provide at least 30 days’ notice to our NGC, which notice period is waivable by our NGC in its discretion. Following the completion of this offering, our NGC will be composed of one Class T director and two directors who are not Class T directors and will act by majority vote.

就其中一个 T 类董事席位（即“特定 T 类董事”）而言，LTBT 提名该董事、无因罢免该董事或变更被指定为特定 T 类董事的人选的能力，须经我们的 NGC 同意。如果我们的 NGC 在收到通知后 15 天内不同意该等提名、罢免或指定变更，则该事项将提交我们的 E 类普通股持有人表决，除非 LTBT 选择撤回通知。如果提交我们的 E 类普通股持有人表决，LTBT 的提案须经我们的 E 类普通股所投票数的多数通过（须满足我们的已发行 E 类普通股多数的法定人数）。LTBT 可在进行该等表决之前的任何时间撤回任何提名、罢免或指定变更通知。任何 T 类董事（包括特定 T 类董事）均可因故罢免，该等事由将依据特拉华州法律确定，无需我们的 NGC 同意或我们的 E 类普通股持有人批准；但前提是，LTBT 和创始人有限责任公司均已同意，在实施任何董事因故罢免之前，向另一方股东和 NGC 提供 30 个日历日的通知。

With respect to one of the Class T director seats (the “Specified Class T Director”), the LTBT’s ability to nominate that director, to remove that director without cause, or to change the director designated as the Specified Class T Director is subject to the concurrence of our NGC. If our NGC does not concur with such nomination, removal, or change in designation within 15 days of receiving notice, the matter will be submitted to a vote of the holders of our Class E common stock unless the LTBT elects to withdraw the notice. If submitted to a vote of the holders of Class E common stock, approval of the LTBT’s proposal will require a majority of the votes cast by our Class E common stock (subject to a quorum of a majority of our outstanding Class E common stock). The LTBT may withdraw any notice of nomination, removal, or change in designation at any time before the taking of such a vote. Any Class T director, including the Specified Class T Director, may be removed for cause, which will be determined in accordance with Delaware law, without the concurrence of our NGC or the approval of the holders of our Class E common stock; provided, however, that each of the LTBT and the Founder LLC has agreed to provide 30 calendar days’ notice to the other stockholder and the NGC prior to effecting a removal of any director for cause.

#### LTBT 和 T 类普通股的变更

#### Changes to the LTBT and Class T Common Stock

LTBT 的条款和我们的 T 类普通股的权利可按如下方式修订（以下任一情形，即“信托修订门槛”）：

The terms of the LTBT and the rights of our Class T common stock may be amended as follows (any of which, the “Trust Amendment Threshold”):

- 如果受托人投票赞成该等修订，则须经我们董事会授权成员的 80% 和当时在任受托人的 80% 批准（在每种情况下，四舍五入至最接近的整数（任何恰好 0.5 的数值向上取整））;

- if the Trustees are voting in favor of such amendments, upon approval of 80% of the authorized members of our board of directors and 80% of the Trustees then in office (in each case, rounded up or down to the nearest whole number (any exact 0.5 rounding up));

- 如果我们的 F 类普通股仍未流通在外且受托人未投票赞成该等修订：

- if our Class F common stock remains outstanding and the Trustees are not voting in favor of such amendments:

- 在本次发行完成三周年之前，须经以下批准：(i) 我们的 F 类普通股根据持续创始人的一致批准行事，(ii) 我们的 E 类普通股所投票数的多数（须满足已发行 E 类普通股 40% 的法定人数），以及 (iii) 我们的已发行 A 类普通股所投票数的多数（须满足已发行 A 类普通股多数的法定人数）；或

- until the third anniversary of the completion of this offering, upon approval by (i) our Class F common stock acting pursuant to the unanimous approval of the Continuing Founders, (ii) a majority of the votes cast by our Class E common stock (subject to a quorum of 40% of the outstanding Class E common stock), and (iii) a majority of the votes cast by our outstanding Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

- 在任何时候，须经以下批准：(i) 我们的 F 类普通股根据持续创始人 66 2/3% 的决定行事（向上取整至最接近的整数），(ii) 我们的 E 类普通股所投票数的 75%（须满足已发行 E 类普通股多数的法定人数），以及 (iii) 我们的 A 类普通股所投票数的多数（须满足已发行 A 类普通股多数的法定人数）；或

- at any time, upon approval by (i) our Class F common stock acting by decision of 66 2/3% of the Continuing Founders (rounded up to the nearest whole number), (ii) 75% of the votes cast by our Class E common stock (subject to a quorum of a majority of outstanding Class E common stock), and (iii) a majority of the votes cast by our Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

- 如果没有 F 类普通股仍流通在外且受托人未投票赞成该等修订，则须经我们的已发行 A 类普通股 85% 批准。

- if no Class F common stock remains outstanding and the Trustees are not voting in favor of such amendments, upon approval of 85% of our outstanding shares of Class A common stock.

此外，经上述构成修订 LTBT 条款或本公司 T 类普通股权利所需门槛的人士批准，本公司可无偿赎回本公司的 T 类普通股。

In addition, our Class T common stock may be redeemed by us for no consideration upon approval of persons comprising the above thresholds for amendments of the terms of the LTBT or the rights of our Class T common stock.

#### LTBT 的受托人

#### Trustees of the LTBT

LTBT 由五名受托人管理。受托人有权经在任受托人多数票任命受托人，并有权经授权受托人总数多数票或经在任其他受托人一致批准并经 NGC 批准罢免受托人，但 LTBT 在实施任何此类任命或罢免前，必须至少提前 30 天向本公司 NGC 发出书面通知。该通知期可由本公司 NGC 自行决定豁免。此外，若受托人存在丧失资格的行为，且罢免最符合 LTBT 的宗旨，则经信托协议指定有权执行该协议的人士提出申请，特拉华州衡平法院可下令罢免受托人。受托人任期一年，连任次数不限。受托人系根据其在 LTBT 宗旨相关领域的专业知识遴选，包括 AI 安全、国家安全、公共政策、社会企业及相关领域。迄今为止的实践中，受托人与公司高管在受托人的寻访、面试和遴选方面密切合作。五名授权受托人席位中，目前有一个空缺。

The LTBT is governed by five Trustees. The Trustees have the authority to appoint the Trustees by majority vote of the Trustees then in office and to remove the Trustees by majority vote of the total number of authorized Trustees or by the unanimous approval of the other Trustees then in office and the approval of the NGC, provided that the LTBT must provide at least 30 days’ prior written notice to our NGC before effecting any such appointment or removal. The notice period is waivable by our NGC in its discretion. Trustees may also be removed by order of the Court of Chancery of the State of Delaware upon petition by a person designated by the Trust Agreement as having the power to enforce the agreement if a Trustee has engaged in disqualifying conduct and removal would best serve the purpose of the LTBT. Trustees will serve annual terms, and there is no limit to the number of terms a Trustee may serve. Trustees are selected based on their expertise in areas relevant to the LTBT’s purpose, including AI safety, national security, public policy, social enterprise, and related fields. In practice to date, the Trustees and company executives have collaborated closely on sourcing, interviewing, and selecting Trustees. Of the five authorized seats for Trustees, one is currently vacant.

Neil “Buddy”Shah 博士自 2023 年 6 月起担任 LTBT 受托人兼主席。Shah 博士还将担任 Anthropic Public Benefit Fund 的初始管理人。Shah 博士自 2022 年 6 月起担任 Clinton Health Access Initiative（“CHAI”）首席执行官，该机构是一家全球卫生组织，专注于改善中低收入国家的卫生服务可及性。在加入 CHAI 之前，Shah 博士曾担任 GiveWell 的董事总经理，该机构是一家非营利组织，专注于将慈善资金引导至具有成本效益的全球卫生与发展项目；再之前，他曾担任 IDinsight 的联合创始人兼首席执行官，该机构是一家全球咨询、数据分析与研究组织。他拥有哈佛大学经济学 A.B. 学位、阿尔伯特·爱因斯坦医学院全球卫生政策方向医学博士学位，以及哈佛大学肯尼迪政府学院国际发展 M.P.A. 学位。

Dr. Neil “Buddy” Shah has served as a Trustee and Chair of the LTBT since June 2023. Dr. Shah will also serve as an initial manager of the Anthropic Public Benefit Fund. Dr. Shah has served as Chief Executive Officer of the Clinton Health Access Initiative (“CHAI”), a global health organization focused on improving access to health services in low-and middle-income countries, since June 2022. Prior to joining CHAI, Dr. Shah served as Managing Director of GiveWell, a nonprofit organization focused on directing charitable capital to cost-effective global health and development programs, and, before that, as co-founder and Chief Executive Officer of IDinsight, a global advisory, data analytics, and research organization. He holds an A.B. in Economics from Harvard University, an M.D. with an emphasis in global health policy from Albert Einstein College of Medicine, and an M.P.A. in International Development from Harvard Kennedy School of Government.

Shah 博士之所以被选为受托人，是因为其在全球卫生、影响力衡量和社会企业方面的专业知识，以及其在评估大规模项目的长期社会影响方面的经验。

Dr. Shah was selected to serve as a Trustee because of his expertise in global health, impact measurement, and social enterprise, and his experience evaluating the long-term societal effects of large-scale programs.

Richard Fontaine 自 2025 年 4 月起担任受托人。Fontaine 先生自 2019 年 2 月起担任新美国安全中心（“CNAS”）的首席执行官，该中心是一家两党国家安全研究机构；此前，他于 2012 年至 2019 年担任 CNAS 总裁，并于 2009 年至 2012 年担任高级研究员。Fontaine 先生同时自 2019 年 7 月起担任三边委员会北美组的执行董事。在加入 CNAS 和三边委员会之前，Fontaine 先生曾担任参议员 John McCain 的外交政策顾问，包括担任 McCain 2008 年总统竞选活动的顾问，随后担任参议院军事委员会少数党副幕僚长。他还曾担任国家安全委员会近东事务副主任，并曾在美国国务院和参议院外交关系委员会任职。Fontaine 先生拥有杜兰大学国际关系学士学位和约翰斯·霍普金斯大学高级国际研究学院国际事务硕士学位。

Richard Fontaine has served as a Trustee since April 2025. Mr. Fontaine has served as Chief Executive Officer of the Center for a New American Security (“CNAS”), a bipartisan national security research institution, since February 2019, having previously served as President of CNAS from 2012 to 2019 and as Senior Fellow from 2009 to 2012. Mr. Fontaine serves concurrently as Executive Director of the Trilateral Commission’s North America group, a position he has held since July 2019. Prior to joining CNAS and the Trilateral Commission, Mr. Fontaine served as foreign policy advisor to Senator John McCain, including as advisor to the McCain 2008 presidential campaign and subsequently as Minority Deputy Staff Director of the Senate Armed Services Committee. He has also served as Associate Director for Near Eastern Affairs at the National Security Council, and he has held positions at the U.S. Department of State and on the staff of the Senate Foreign Relations Committee. Mr. Fontaine holds a B.A. in International Relations from Tulane University and an M.A. in International Affairs from the Johns Hopkins School of Advanced International Studies.

Fontaine 先生被选为受托人，是因为他在外交政策和国家安全方面拥有广泛背景，他将应对 AI 能力与地缘政治风险之间日益增长的交叉领域。

Mr. Fontaine was selected to serve as a Trustee because of his extensive background in foreign policy and national security, and he will address the growing intersection between AI capabilities and geopolitical risks.

Ben S. Bernanke 博士自 2026 年 6 月起担任受托人。自 2014 年以来，Bernanke 博士一直担任布鲁金斯学会（一家公共政策研究组织）经济研究杰出研究员。Bernanke 博士于 2006 年 2 月至 2014 年 1 月担任美国联邦储备系统理事会主席，该职位由 George W. Bush 总统和 Barack Obama 总统任命。在担任美联储主席之前，Bernanke 博士曾担任总统经济顾问委员会主席以及美国联邦储备系统理事会成员。在政府任职之前，Bernanke 博士是普林斯顿大学经济学和公共事务教授，并曾担任该校经济系主任。政府任职结束后，Bernanke 博士曾担任全球固定收益投资管理公司 Pacific Investment Management Company 全球顾问委员会主席兼高级顾问。Bernanke 博士拥有哈佛大学经济学学士学位和麻省理工学院经济学博士学位。Bernanke 博士于 2022 年被授予诺贝尔经济学奖。

Dr. Ben S. Bernanke has served as a Trustee since June 2026. Since 2014, Dr. Bernanke has been a Distinguished Fellow in Economic Studies at the Brookings Institution, a public policy research organization. Dr. Bernanke served as Chairman of the Board of Governors of the Federal Reserve System from February 2006 to January 2014, having been appointed to that position by Presidents George W. Bush and Barack Obama. Prior to serving as Federal Reserve Chairman, Dr. Bernanke served as chairman of the President’s Council of Economic Advisers and as a member of the Board of Governors of the Federal Reserve System. Before his government service, Dr. Bernanke was a professor of economics and public affairs at Princeton University, where he also chaired the Economics Department. Subsequent to his government service, Dr. Bernanke served as chair of the Global Advisory Board of and senior advisor to Pacific Investment Management Company, a global fixed income investment management firm. Dr. Bernanke holds an A.B. in Economics from Harvard University and a Ph.D. in Economics from the Massachusetts Institute of Technology. Dr. Bernanke was awarded the Nobel Prize in Economics in 2022.

Bernanke 博士被选为受托人，是因为他在宏观经济学、金融体系和机构治理方面的专业知识，以及他在系统性风险和不确定性时期监督大型、重要机构的经验。

Dr. Bernanke was selected to serve as a Trustee because of his expertise in macroeconomics, financial systems, and institutional governance, and his experience overseeing large, consequential institutions during periods of systemic risk and uncertainty.

Christopher Stubbs 博士自 2026 年 10 月起担任受托人。Stubbs 博士是哈佛大学 Samuel C. Moncher 物理学与天文学教授，自 2003 年起在该校任教。在哈佛大学，他于 2024 年至 2026 年担任文理学院人工智能高级顾问，于 2018 年至 2024 年担任文理学院理学院院长，并于 2007 年至 2010 年担任物理系主任。加入哈佛大学之前，他曾在加利福尼亚大学圣塔芭芭拉分校和华盛顿大学担任教职。作为 High-Z Supernova Search Team 的成员，Stubbs 博士参与了宇宙加速膨胀的发现，他及其同事因这项工作获得了格鲁伯宇宙学奖和基础物理学突破奖。他还曾担任 Vera C. Rubin 天文台的首任项目科学家。Stubbs 博士是 JASON 的成员，该组织是一个独立的科学家团体，就国家安全事务向美国政府提供建议。他拥有弗吉尼亚大学物理学学士学位和华盛顿大学物理学博士学位。

Dr. Christopher Stubbs has served as a Trustee since October 2026. Dr. Stubbs is the Samuel C. Moncher Professor of Physics and of Astronomy at Harvard University, where he has been a member of the faculty since 2003. At Harvard, he served as Senior Advisor for AI to the Faculty of Arts and Sciences from 2024 to 2026, as Dean of Science in the Faculty of Arts and Sciences from 2018 to 2024, and as Chair of the Department of Physics from 2007 to 2010. Prior to joining Harvard, he held faculty positions at the University of California, Santa Barbara and the University of Washington. As a member of the High-Z Supernova Search Team, Dr. Stubbs shared in the discovery of the accelerating expansion of the universe, work for which he and his colleagues received the Gruber Prize in Cosmology and the Breakthrough Prize in Fundamental Physics. He also served as the inaugural project scientist of the Vera C. Rubin Observatory. Dr. Stubbs is a member of JASON, an independent group of scientists that advises the U.S. government on matters of national security. He holds a B.Sc. in physics from the University of Virginia and a Ph.D. in physics from the University of Washington.

Stubbs 博士被选为受托人，是因为他在实验物理学以及人工智能在科学与教育中的应用方面的专业知识，以及他在学术界、政府和国家实验室领导科学项目的经验。

Dr. Stubbs was selected to serve as a Trustee because of his expertise in experimental physics and the application of AI to science and education, and his experience leading scientific projects across academia, government, and the national laboratories.

#### 与 LTBT 及其受托人的特定关系与交易

#### Certain Relationships and Transactions with the LTBT and its Trustees

我们向 LTBT 提供资金，LTBT 持有我们全部 T 类普通股，以支持其运营及其受托人的薪酬。在截至 2023 年、2024 年和 2025 年 12 月 31 日的年度中，我们分别向 LTBT 支付了 [__] $2,716,750、$0 和 $906,089。在截至 2026 年 9 月 30 日的九个月中，我们向 LTBT 支付了 $8,425,213。LTBT 在我们的资产负债表上作为合并可变利益实体（“VIE”）核算（见本招股说明书其他部分所载我们合并财务报表的附注 1）。

We provide funding to the LTBT, which holds all of our Class T common stock, to support its operations and the compensation of its Trustees. In the years ended December 31, 2023, 2024, and 2025, we paid [__] $2,716,750, $0, and $906,089, respectively, to the LTBT. During the nine months ended September 30, 2026, we paid $8,425,213 to the LTBT. The LTBT is accounted for as a consolidated variable interest entity (“VIE”) on our balance sheet (see Note 1 to our consolidated financial statements included elsewhere in this prospectus).

信托协议将受托人薪酬限制为由受托人每年确定的合理现金金额。每位受托人因其作为受托人的服务每年获得 $400,000 的现金薪酬。此外，Dr.

The Trust Agreement limits Trustee compensation to a reasonable cash amount fixed annually by the Trustees. Each Trustee receives annual cash compensation of $400,000 for their service as a Trustee. In addition, Dr.

Shah 因其作为 LTBT 主席的服务每年获得 $25,000 的现金薪酬。受托人薪酬不会随我们公司的利润或任何作为或不作为而变化，也不以其为条件。LTBT 的政策禁止受托人直接购买或持有我们的任何证券。

Shah receives annual cash compensation of $25,000 for his service as the Chair of the LTBT. Trustee compensation will not vary with or be conditioned upon the profits or any action or inaction of our company. The policies of the LTBT prohibit a Trustee from directly purchasing or holding any of our securities.

此外，2026 年 8 月，我们向 CNAS 捐赠了 $450,000，Mr. Fontaine 是该机构的首席执行官。该捐赠将用于支持 CNAS 的研究，考察人工智能如何重塑全球竞争、国家安全、国际安全、民主治理以及与新兴技术和安全相关的其他问题。

In addition, in August 2026, we made a $450,000 charitable donation to CNAS, of which Mr. Fontaine is the Chief Executive Officer. The donation will be used to support CNAS research examining how AI is reshaping global competition, national security, international security, democratic governance, and other issues related to emerging technology and security.

创始人投票结构 Founder Voting Structure

我们相信，我们的七位联合创始人 Dario Amodei、Daniela Amodei、Tom Brown、Jack Clark、Jared Kaplan、Sam McCandlish 和 Christopher Olah 作为一个整体，具备独特的能力来守护我们的使命。我们的联合创始人在建立我们的领导地位以及确立定义我们公司的使命驱动价值观方面发挥了关键作用。此外，Amodei 博士担任我们的首席执行官兼董事会成员，Amodei 女士担任我们的总裁兼董事会主席。他们的长期战略愿景对我们的成功至关重要，并将继续指引我们的未来。在我们这个竞争高度激烈的行业中，成功需要富有远见的领导力、强有力的方向指引，以及做出大胆投资、把握变革性机遇、有效应对强大竞争对手所必需的那种果断，同时还要在股东的经济利益与公司宗旨以及受我们行为重大影响者的最佳利益之间取得平衡。

We believe that our seven co-founders, Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah, as a group, are distinctly equipped to be stewards of our mission. Our co-founders have been instrumental in building our leadership position and establishing the mission-driven values that define our company. In addition, Dr. Amodei serves as our Chief Executive Officer and a member of our board of directors and Ms. Amodei serves as our President and Chairperson of our board of directors. Their long-term strategic vision has been critical to our success and will continue to guide our future. In our highly competitive industry, success requires visionary leadership, strong direction, and the kind of decisiveness necessary to make bold investments, pursue transformative opportunities, and compete effectively against formidable competitors, while also balancing the pecuniary interests of our stockholders with the Company Purpose and the best interests of those materially affected by our conduct.

我们相信，我们的成功部分取决于建立一种资本结构，使我们的联合创始人、管理层和董事会能够专注于为利益相关者创造持久价值的战略举措，而不必面临优先考虑短期业绩或纯粹经济目标、牺牲我们长期愿景和使命的压力。在本次发行完成之前，我们将向创始人有限责任公司（Founder LLC）发行一股 F 类普通股（我们普通股的一个特殊类别），该公司是一家有限责任公司，我们的七位联合创始人将初始为其唯一成员，并将由其成员管理。就提交股东一般表决的事项（包括选举我们的董事，但 T 类董事除外）而言，我们的 F 类普通股将享有合计等于截至适用记录日我们已发行股本总表决权 50.1% 的表决权。

We believe that our success depends in part on establishing a capital structure that enables our co-founders, management, and board of directors to focus on strategic initiatives that create lasting value for our stakeholders, rather than facing pressure to prioritize short-term results or purely pecuniary objectives at the expense of our long-term vision and mission. Immediately prior to the completion of this offering, we will issue a single share of Class F common stock, a special class of our common stock, to the Founder LLC, a limited liability company of which our seven co-founders will initially be the sole members and that will be managed by its members. 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 with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors.

我们的 F 类普通股将由创始人有限责任公司按照《创始人有限责任公司协议》确定的方式进行表决。一般而言，创始人有限责任公司将按照有权据此表决的多数成员的决定进行表决。我们的七位联合创始人将初始为唯一成员。若我们的任何一位联合创始人丧失行为能力或去世，可接纳一名继任成员加入创始人有限责任公司，直至本次发行完成十周年之日。我们将我们的七位联合创始人及创始人有限责任公司中的任何继任者称为“持续创始人”。

Our Class F common stock will be voted by the Founder LLC in a manner determined in accordance with the Founder LLC Agreement. Generally, the Founder LLC will vote as determined by a majority of the members of the Founder LLC entitled to vote thereunder. Our seven co-founders will initially be the sole members. Upon the incapacity or death of any of our co-founders, a successor member may be admitted to the Founder LLC until the tenth anniversary of the completion of this offering. We refer to our seven co-founders and any successors in the Founder LLC as “Continuing Founders.”

当持续创始人人数连续 90 个日历日少于三人（不包括《创始人有限责任公司协议》所定义的“非合格成员”的任何继任成员）时，将启动 450 天的过渡期（“F 类过渡期”）。F 类过渡期完成后，我们届时已发行在外的全部 F 类普通股和 E 类普通股将由我们无偿赎回，并将生效若干其他治理变更。

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 Agreement) for 90 consecutive calendar days, a 450-day transition period will commence (the “Class F Transition Period”). Upon completion of the Class F Transition Period, all of our Class F common stock and Class E common stock then issued and outstanding will be redeemed by us for no consideration and certain other governance changes will take effect.

无论自本次发行完成以来已经过去多长时间，也无论导致某一持续创始人被移除的情形如何，在 F 类转换期内，可根据需要向创始人有限责任公司接纳一名或多名继任成员，以确保在 F 类转换期结束前有三名持续创始人任职。在 F 类转换期内接纳任何继任成员，均不会弥补导致 F 类转换期开始的事件，也不会延长 F 类转换期。有关更多信息，请参见标题为“股本说明”的章节。

Regardless of the length of time that has elapsed since the completion of this offering or the circumstances that resulted in the removal of a Continuing Founder, one or more successor members may be admitted to the Founder LLC during the Class F Transition Period as needed to ensure that there are three Continuing Founders serving until completion of the Class F Transition Period. The admission of any successor member during the Class F Transition Period will not cure the event that commenced the Class F Transition Period or extend the Class F Transition Period. For additional information, see the section titled “Description of Capital Stock.”

持续创始人将在以下最早发生的情形下被从创始人有限责任公司移除：(i) 该持续创始人辞去创始人有限责任公司成员身份；(ii) 该持续创始人死亡或丧失行为能力；(iii) 就我们的七名原始联合创始人中的每一位而言，该原始联合创始人（连同该原始联合创始人的相关持有人）在任何股东投票的登记日不再持有至少相当于该原始联合创始人及其相关持有人于本次发行完成时持有的 A 类普通股股数 2% 的 A 类普通股股份（包括受期权、RSU 和其他可转换证券约束的股份）；(iv) 该持续创始人因“正当理由”（定义见创始人有限责任公司协议）被移除，其中包括创始人有限责任公司协议中所述的特定竞争活动；(v) 就任何在 F 类转换期开始前被接纳为创始人有限责任公司成员的继任成员而言（F 类转换期内作为成员的继任成员除外），为本次发行完成十周年之日；或 (vi) 就我们的七名原始联合创始人中的每一位而言，经其他持续创始人绝对多数批准开始休假，但该休假不得在 F 类转换期内批准，也不得在批准该休假本身会导致 F 类转换期开始的情况下批准。

A Continuing Founder will be removed from the Founder LLC upon the earliest to occur of (i) such Continuing Founder’s resignation as a member of the Founder LLC; (ii) such Continuing Founder’s death or incapacity; (iii) with respect to each of our seven original co-founders, such original co-founder’s ceasing to hold (together with such original co-founder’s related holders) on any record date for a vote of our stockholders a number of shares of Class A common stock (including shares subject to options, RSUs, and other convertible securities) equal to at least 2% of the shares of Class A common stock held by such original co-founder and their related holders as of the completion of this offering; (iv) such Continuing Founder’s removal for “cause” (as defined in the Founder LLC Agreement), which includes specified competitive activities described in the Founder LLC Agreement; (v) with respect to any successor member admitted to the Founder LLC prior to the commencement of the Class F Transition Period, other than a successor member who is a member during the Class F Transition Period, the tenth anniversary of the completion of this offering; or (vi) with respect to each of our seven original co-founders, the commencement of a leave of absence approved by a Supermajority of the other Continuing Founders, which may not be approved during the Class F Transition Period or if the grant of the leave of absence would itself cause the Class F Transition Period to commence.

13 Benjamin Mann 自 Anthropic 于 2021 年 1 月成立以来一直是其不可或缺的一员，鉴于其在创立 Anthropic 过程中所发挥的作用，他常被称为联合创始人。然而，Mann 先生并非创始人有限责任公司的成员，在本次发行完成后亦非持续创始人，因此将不参与决定我们的 F 类普通股如何投票。除本段所述外，本招股说明书其他部分提及我们的“联合创始人”时不包括 Mann 先生。

13 Benjamin Mann has been an integral part of Anthropic since its founding in January 2021 and, given his role in establishing Anthropic, is often referred to as a co-founder. However, Mr. Mann is not a member of the Founder LLC nor a Continuing Founder upon the completion of this offering, and accordingly will not participate in determining how our Class F common stock is voted. Except as set forth in this paragraph, references to our “co-founders” elsewhere in this prospectus do not include Mr. Mann.

每位持续创始人都有权在决定我们 F 类普通股如何投票时投一票。如果持续创始人的多数无法就我们 F 类普通股如何投票达成一致，则我们 F 类普通股通常将按就该事项所投的 A 类普通股投票比例进行投票（受已发行 A 类普通股多数法定人数的限制）。对于某些事项，只有在更高比例的持续创始人达成一致时，我们 F 类普通股才会对该提案投“赞成”票；如果未达到该更高比例，我们 F 类普通股将对该提案投“反对”票。参见标题为“股本说明——F 类普通股投票机制”的章节。

Each Continuing Founder will be entitled to one vote when determining how our Class F common stock will be voted. 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 (subject to a quorum of a majority of outstanding Class A common stock). With respect to certain matters, our Class F common stock will be voted “for” the proposal only if a greater threshold of Continuing Founders agree, and if the greater threshold is not met, our Class F common stock will be voted “against” the proposal. See the section titled “Description of Capital Stock—Class F Common Stock Voting Mechanics.”

创始人有限责任公司协议将不约束联合创始人或其关联持有人所持有的任何 A 类普通股的投票。每位联合创始人（或其关联持有人）将能够自行决定如何投票其持有的 A 类普通股，无论创始人有限责任公司将如何投票我们的 F 类普通股。

The Founder LLC Agreement will not govern the voting of any shares of our Class A common stock held by the co-founders or their related holders. Each co-founder (or their related holders) will be able to vote shares of our Class A common stock held by them in their discretion, regardless of the manner in which the Founder LLC will vote our Class F common stock.

我们 F 类普通股的投票权将不受未来可能对股东造成经济或投票稀释的股本发行的影响，例如为融资、收购或员工薪酬目的而进行的发行。该结构将使创始人有限责任公司能够决定一般性提交我们股东投票的事项的结果，包括选举非由 LTBT 选举的董事、对我们组织文件的某些修订，以及我们股东对任何合并、整合、出售我们绝大部分资产或其他需要股东批准的重大公司交易的批准。

The voting power of our Class F common stock will not be impacted by future issuances of our capital stock that may cause economic or voting dilution to stockholders, such as issuances for capital raising purposes, acquisitions, or employee compensation. This structure will allow the Founder LLC to determine the outcome of matters submitted to a vote of our stockholders generally, including the election of those directors not elected by the LTBT, certain amendments to our organizational documents, and the approval by our stockholders of any merger, consolidation, sale of substantially all our assets, or other major corporate transaction requiring stockholder approval.

#### 我们的联合创始人

#### Our Co-Founders

我们的七位联合创始人于 2021 年 1 月[__]共同创立了 Anthropic。就上述 F 类普通股结构而言，每位联合创始人最初将成为创始人有限责任公司的成员及持续创始人。每位联合创始人的简要履历信息载于下文。[__] 13

Our seven co-founders co-founded Anthropic in January [__] 2021. Each co-founder will initially be a member of the Founder LLC and a Continuing Founder for purposes of the Class F common stock structure described above. Brief biographical information about each co-founder is set forth below. [__] 13

Dario Amodei 自 2021 年 1 月共同创立 Anthropic 以来一直担任我们的首席执行官及董事会成员。有关 Amodei 博士的完整履历信息，参见“管理层——执行官”。

Dario Amodei has served as our Chief Executive Officer and a member of our board of directors since co-founding Anthropic in January 2021. See “Management—Executive Officers” for Dr. Amodei’s full biographical information.

Daniela Amodei 自 2021 年 1 月共同创立 Anthropic 以来一直担任我们的总裁及董事会成员。Amodei 女士目前还担任我们的董事会主席。有关 Amodei 女士的完整履历信息，参见“管理层——执行官”。

Daniela Amodei has served as our President and a member of our board of directors since co-founding Anthropic in January 2021. Ms. Amodei also currently serves as the Chairperson of our board of directors. See “Management—Executive Officers” for Ms. Amodei’s full biographical information.

Tom Brown 于 2021 年 1 月共同创立 Anthropic，并担任我们的首席算力官，领导负责获取、扩展和有效利用我们算力资源的技术组织。在共同创立 Anthropic 之前，Brown 先生曾在 OpenAI 领导 GPT-3 的工程工作，并与 Dario Amodei 共同发明了深度 RLHF，该技术对于将基础大语言模型转化为 Claude 等现代对话助手至关重要。他拥有麻省理工学院计算机科学工程硕士学位。

Tom Brown co-founded Anthropic in January 2021 and serves as our Chief Compute Officer, leading the technical organization responsible for securing, scaling, and effectively using our compute resources. Prior to co-founding Anthropic, Mr. Brown led the engineering of GPT-3 at OpenAI and, along with Dario Amodei, co-invented deep RLHF, which was central to converting base LLMs into modern conversational assistants such as Claude. He holds an M.Eng. in Computer Science from the Massachusetts Institute of Technology.

Jack Clark 于 2021 年 1 月联合创立 Anthropic，并领导 Anthropic Institute，该机构致力于将 Anthropic 各项研究成果与外部合作伙伴及公众分享，共同应对强大 AI 系统带来的重大问题。在联合创立 Anthropic 之前，Clark 先生曾担任 OpenAI 政策总监，负责 OpenAI 与政府和监管机构就 AI 开发相关问题的沟通。加入 OpenAI 之前，Clark 先生是一名科技记者，报道超级计算机、神经网络和先进技术，曾为 The Register 和 BusinessWeek 等刊物撰稿。Clark 先生还撰写了“Import AI”，这是一份广受阅读的 AI 研究进展通讯。

Jack Clark co-founded Anthropic in January 2021 and leads the Anthropic Institute, an effort to share research from across Anthropic with external partners and the public, working together to address the biggest questions posed by powerful AI systems. Prior to co-founding Anthropic, Mr. Clark served as Policy Director at OpenAI, where he was responsible for OpenAI’s engagement with governments and regulators on questions related to AI development. Before joining OpenAI, Mr. Clark was a technology journalist covering supercomputers, neural networks, and advanced technology, writing for publications including The Register and BusinessWeek. Mr. Clark also authors “Import AI,” a widely read newsletter on AI research developments.

Jared Kaplan 于 2021 年 1 月联合创立 Anthropic，并担任我们的首席科学官。Kaplan 博士是一位理论物理学家和 AI 研究员，是塑造现代 LLM 发展的神经缩放定律的主要作者之一，该定律揭示了 AI 系统性能随模型规模、数据集规模和算力变化的幂律关系；他还协助开创了 Constitutional AI。在联合创立 Anthropic 之前，Kaplan 博士曾是 OpenAI 的研究员，并担任约翰斯·霍普金斯大学物理学副教授，讲授深度学习基础课程。他拥有哈佛大学物理学博士学位和斯坦福大学物理学与数学学士学位。

Jared Kaplan co-founded Anthropic in January 2021 and serves as our Chief Science Officer. Dr. Kaplan is a theoretical physicist and AI researcher and is one of the principal authors of the neural scaling laws that have shaped modern LLM development, which identify power-law relationships governing the performance of AI systems as a function of model size, dataset size, and compute; he also helped pioneer Constitutional AI. Prior to co-founding Anthropic, Dr. Kaplan was a researcher at OpenAI and an associate professor of physics at Johns Hopkins University, where he taught courses on the foundations of deep learning. He holds a Ph.D. in Physics from Harvard University and a bachelor’s degree in Physics and Mathematics from Stanford University.

Sam McCandlish 于 2021 年 1 月联合创立 Anthropic，并担任我们的首席架构师。McCandlish 博士是一位理论物理学家和机器学习研究员，专长于大规模模型训练和 AI 系统架构。在联合创立 Anthropic 之前，McCandlish 博士在 OpenAI 的 AI 安全研究方面做出了重要贡献，他在那里组建并领导了一支专注于机器学习科学与规模化的团队；他在缩放定律方面的工作为 AI 的大规模进步铺平了道路，包括 GPT-3 的开发。他拥有斯坦福大学物理学博士学位和布兰迪斯大学数学与物理学学士学位。

Sam McCandlish co-founded Anthropic in January 2021 and serves as our Chief Architect. Dr. McCandlish is a theoretical physicist and machine learning researcher specializing in large-scale model training and AI systems architecture. Prior to co-founding Anthropic, Dr. McCandlish made significant contributions to AI safety research at OpenAI, where he built and led a team focused on the science and scaling of machine learning; his work on scaling laws helped pave the way for large-scale advancements in AI, including the development of GPT-3. He holds a Ph.D. in Physics from Stanford University and a bachelor’s degree in Mathematics and Physics from Brandeis University.

Christopher Olah 于 2021 年 1 月联合创立 Anthropic，并领导我们的可解释性研究工作。在联合创立 Anthropic 之前，Olah 先生领导了 OpenAI 的可解释性研究，在此之前，他是 Google Brain（现为 Google DeepMind 的一部分）的研究科学家。Olah 先生被广泛认为是机制可解释性领域的奠基性人物。更广泛地说，他的工作在 AI 的多个主题上被广泛引用。

Christopher Olah co-founded Anthropic in January 2021 and leads our interpretability research efforts. Prior to co-founding Anthropic, Mr. Olah led interpretability research at OpenAI and, before that, was a research scientist at Google Brain (now part of Google DeepMind). Mr. Olah is widely recognized as a foundational figure in the field of mechanistic interpretability. More broadly, his work has been widely cited across a range of topics in AI.

#### 慈善事业

#### Philanthropy

我们创立 Anthropic 的信念是，人类历史上最具变革性的技术需要极高程度的责任担当，而这种责任远不止于构建安全的系统。我们打算将相当一部分资源用于确保前沿 AI 的安全及其收益的广泛分配，我们将其称为我们的公益倡议。这些倡议包括首次公益发行及未来的公益发行。此外，我们的联合创始人已各自承诺将其在 Anthropic 个人股权的 80% 用于慈善事业。有关这些承诺的更多信息（包括相关风险），请参见标题为“风险因素——与我们的 A 类普通股所有权相关的风险”一节。除联合创始人的承诺外，我们还设有一项捐赠配比计划，员工可通过该计划承诺将其股权奖励的相当一部分用于慈善捐赠，我们以 N 类普通股股票进行配比。此外，某些捐赠人建议基金可能不时直接收到我们或我们一名或多名股东捐赠的股份，且我们与这些捐赠人建议基金签订了若干不可撤销的委托代理协议，详见“某些关系及相关人士交易——不可撤销的委托代理协议”。

We founded Anthropic on the belief that the most transformative technology in human history demands an extraordinary level of responsibility, and that responsibility extends far beyond building safe systems. We intend to direct a meaningful portion of our resources toward ensuring that frontier AI is safe and its benefits are broadly distributed, which we refer to as our public benefit initiatives. These initiatives include the Initial Public Benefit Issuance and the future Public Benefit Issuances. In addition, our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes. For additional information regarding these pledges, including related risks, see the section titled “Risk Factors—Risks Related to Ownership of our Class A Common Stock.” Separate from the co-founders’ pledges, we also maintain a donation matching program through which employees can pledge a meaningful portion of their equity awards toward charitable giving, which we match with shares of our Class N common stock. Further, certain donor-advised funds may from time to time receive donations of shares directly from us or from one or more of our stockholders, and we are party to certain irrevocable proxy agreements with such donor-advised funds, as described under “Certain Relationships and Related Person Transactions—Irrevocable Proxy Agreements.”

E 类普通股 Class E Common Stock

我们的 E 类普通股将不享有任何投票权，但以下特定事项除外（或法律另有要求时）：指定 T 类董事的提名或提议罢免，或指定 T 类董事的变更（在我们 NGC 不同意 LTBT 提议行动的情形下），以及某些修订 LTBT 条款和我们 T 类普通股权利或赎回我们 T 类普通股的提案。

Our Class E common stock will not have any right to vote except on certain specified matters (or as otherwise required by law): the nomination or proposed removal of the Specified Class T Director or a change in the director designated as the Specified Class T Director (in circumstances where our NGC does not concur with the LTBT’s proposed action) and certain proposals to amend the terms of the LTBT and the rights of our Class T common stock or to redeem our Class T common stock.

在对提名或罢免指定 T 类董事或变更指定 T 类董事的提案（在我们 NGC 不同意 LTBT 提议行动的情形下）进行投票时，我们 E 类普通股的必要批准将要求我们 E 类普通股所投票数的多数，且法定人数将要求我们 E 类普通股已发行股份的多数亲自或通过代理人出席。

When voting upon a proposal to nominate or remove the Specified Class T Director or a change in the director designated as the Specified Class T Director (in circumstances where our NGC does not concur with the LTBT’s proposed action), the requisite approval of our Class E common stock will require a majority of votes cast by our Class E common stock and quorum will require the presence, in person or by proxy, of a majority of outstanding shares of Class E common stock.

在对修订 LTBT 条款或我们 T 类普通股权利或赎回我们 T 类普通股的提案进行投票时，除如标题为“——对 LTBT 和 T 类普通股的变更”一节中更全面描述的我们 A 类普通股的必要批准外，我们 E 类普通股的必要批准将要求：

When voting on a proposal to amend the terms of the LTBT or the rights of our Class T common stock or to redeem our Class T common stock, in addition to the requisite approval of our Class A common stock as described more fully in the section titled “—Changes to the LTBT and Class T Common Stock,” the requisite approval of our Class E common stock will require:

- 在本次发行完成三周年之前，如果我们 F 类普通股根据持续创始人的一致批准行事，则为我们 E 类普通股所投票数的多数（须达到我们已发行 E 类普通股 40%的法定人数）；或

- until the third anniversary of the completion of this offering, if our Class F common stock is acting pursuant to the unanimous approval of the Continuing Founders, a majority of the votes cast by our Class E common stock (subject to a quorum of 40% of our outstanding Class E common stock); or

- 在我们 F 类普通股仍为已发行的任何时间，为我们 E 类普通股所投票数的 75%（须达到已发行 E 类普通股多数的法定人数）。

- at any time when our Class F common stock remains outstanding, 75% of the votes cast by our Class E common stock (subject to a quorum of a majority of outstanding Class E common stock).

我们经修订和重述的公司章程将在本次发行完成前立即生效，将授权 E 类普通股，该等股份将按如下方式发行给我们员工：(i) 在我们处每完成六个月雇佣发行一股 E 类普通股，以及 (ii) 该员工已承诺通过我们的捐赠匹配计划或我们未来可能设立的任何类似计划捐赠的每一股 A 类普通股发行一股 E 类普通股。发行 E 类普通股的时间将在本次发行结束后确定。我们的联合创始人将不会获得任何 E 类普通股，且如果 E 类普通股持有人后来担任创始人有限责任公司中任何联合创始人权益的继任者，其在该等服务期间将无法对其持有的任何 E 类普通股进行投票。

Our amended and restated certificate of incorporation, which will become effective immediately prior to the completion of this offering, will authorize Class E common stock, which will be issued to our employees as follows: (i) one share of Class E common stock for each six months of employment completed with us and (ii) one share of Class E common stock for each share of Class A common stock that such employee has pledged to donate through our donation matching program, or any similar program we may establish in the future. The timing for issuing Class E common stock will be determined after the closing of this offering. Our co-founders will not receive any shares of Class E common stock, and to the extent that a holder of Class E common stock later serves as a successor to any co-founder’s interest in the Founder LLC, they will not be able to vote any Class E common stock they hold during the period of such service.

在员工与我们终止雇佣关系（非因过错）后，该员工当时持有的 E 类普通股中有一半将由我们每年自动赎回，且该员工的全部股份将在其死亡、丧失行为能力、因过错被解雇或开始为直接竞争对手服务时自动赎回。所有 E 类普通股也将在不再有任何 F 类普通股流通在外时自动赎回。任何 E 类普通股的赎回均无需支付对价。

Following an employee’s separation from employment with us other than for cause, one-half of such employee’s then-outstanding shares of Class E common stock will be automatically redeemed by us annually, and all of such employee’s shares will be automatically redeemed upon such employee’s death, incapacity, termination for cause, or commencement of service with a direct competitor. All shares of Class E common stock will also be automatically redeemed at such time as no Class F common stock remains outstanding. Any redemption of Class E common stock will be made for no consideration.

董事会治理 Board Governance

我们的业务和事务决策由董事会作出。本次发行完成前，我们将与 LTBT 和创始人有限责任公司签订《股东协议》，据此，二者同意对其股份进行投票并采取其他行动，以使公司治理文件中所述的董事会构成、董事提名和董事罢免条款生效。LTBT 和创始人有限责任公司合计将有能力选举我们董事会的全部成员。无论董事是通过哪一类或哪几类股票选举产生的，董事的任期届数均不受限制。

Decisions regarding our business and affairs are made by our board of directors. Immediately prior to the completion of this offering, we will enter into the Stockholders’ Agreement with the LTBT and the Founder LLC, under which they will agree to vote their shares and take other actions to give effect to the board composition, director nomination, and director removal provisions described in our governing documents. Collectively, the LTBT and the Founder LLC will have the ability to elect all members of our board of directors. Regardless of the class or classes of stock by which a director is elected, there is no limit to the number of terms a director may serve.

尽管 LTBT 通过其通常能够选举和罢免我们董事会多数授权成员的能力，对我们的董事会具有重大影响，但 LTBT 和受托人均无权对公司的日常管理或战略制定作出决策。LTBT 的职责是遴选有能力作出决策的董事，以负责任地平衡我们股东的金钱利益、受我们行为重大影响者的最佳利益以及公司宗旨，并通过建议和指导支持我们管理层的决策。受托人旨在选择具备必要商业技能、经验和专业知识的董事，以有效监督我们业务的管理，并以负责任地平衡 (i) 我们股东的金钱利益、(ii) 受我们行为重大影响者的最佳利益以及 (iii) 公司宗旨的方式行事。

While the LTBT has significant influence over our board of directors through its ability to generally elect and remove a majority of the authorized members of our board of directors, neither the LTBT nor the Trustees have decision-making authority in the day-to-day management or strategy setting of the company. The LTBT’s role is to select directors who are well-equipped to make decisions in furtherance of the responsible balancing of the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the Company Purpose, and to support our management’s decision-making through advice and guidance. The Trustees aim to choose directors who have the necessary business skills, experience, and expertise to oversee the management of our business effectively and in a manner that responsibly balances (i) the pecuniary interests of our stockholders, (ii) the best interests of those materially affected by our conduct, and (iii) the Company Purpose.

创始人有限责任公司还将通过其对我们的 F 类普通股的投票能力，对我们的业务和事务具有重大影响；就提交股东一般表决的事项而言，在适用记录日期，F 类普通股合计享有的投票权相当于我们已发行股本总投票权的 50.1%。在可预见的未来，创始人有限责任公司将能够选举和罢免非 T 类董事的董事，并决定提交我们股东一般表决的所有事项的结果（包括批准任何合并、出售我们公司或其他需要股东批准的重大公司交易）。

The Founder LLC will also have significant influence over our business and affairs through its ability to vote our Class F common stock, which is 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 with respect to matters submitted to stockholders generally. The Founder LLC will be able to elect and remove the directors who are not Class T directors and determine the outcome of all matters submitted to a vote of our stockholders generally (including the approval of any merger, sale of our company, or other significant corporate transaction requiring stockholder approval) for the foreseeable future.

由于 LTBT 作为我们 T 类普通股的唯一持有人，通常有权选举我们董事会授权成员中的多数，因此根据纳斯达克全球精选市场公司治理要求，我们被视为一家“受控公司”。因此，我们被允许选择豁免遵守纳斯达克全球精选市场的某些公司治理要求。相应地，如果我们选择不遵守某些要求，您将无法获得那些受全部纳斯达克全球精选市场公司治理要求约束的公司的股东所享有的同等保护。尽管我们符合“受控公司”的资格，但我们预计不会依赖这一豁免，惟我们的 NGC 除外，该委员会将不会完全由独立董事组成。我们的董事会目前由多数独立董事组成，我们的审计委员会和薪酬委员会目前完全由独立董事组成。

We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements because the LTBT, as the sole holder of our Class T common stock, generally has the power to elect a majority of the authorized members of our board of directors. As such, we are permitted to opt out of compliance with certain Nasdaq Global Select Market corporate governance requirements. Accordingly, if we elect not to comply with certain requirements, you will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq Global Select Market corporate governance requirements. Although we qualify as a “controlled company,” we do not expect to rely on this exemption except with respect to our NGC, which will not consist entirely of independent directors. Our board of directors currently consists of a majority of independent directors and our audit and compensation committees currently consist entirely of independent directors.

日落条款 Sunset Provisions

**T 类股日落时间**

**Class T Sunset Time**

**触发条件：当不再有任何 T 类普通股流通在外时，即达到 T 类股日落时间，包括因**

**Triggercommon stock remains outstanding, including due The Class T Sunset Time occurs when no Class T**

赎回我们的 T 类普通股，或对我们的 T 类普通股的权利进行修订从而消除我们的 T 类普通股，上述每种情形均需经构成信托修订门槛的人士批准。信托修订门槛可通过以下方式满足：

to the redemption of our Class T common stock or an amendment to the rights of our Class T common stock that eliminates our Class T common stock, which in each case requires the approval of persons comprising the Trust Amendment Threshold. The Trust Amendment Threshold may be satisfied as follows:

- 若受托人投票赞成该行动，则需经我们董事会授权成员的 80% 以及届时在任受托人的 80% 批准（每种情形均四舍五入至最接近的整数（任何恰好为 0.5 的情形向上取整））；

- if the Trustees are voting in favor of the action, upon approval of 80% of the authorized members of our board of directors and 80% of the Trustees then in office (in each case, rounded up or down to the nearest whole number (any exact 0.5 rounding up));

- 若我们的 F 类普通股仍流通在外且受托人未投票赞成该等修订：

- if our Class F common stock remains outstanding and the Trustees are not voting in favor of such amendments:

- 在本次发行完成三周年之前，需经以下批准：(i) 我们的 F 类普通股根据持续创始人一致同意行事，(ii) 我们的 E 类普通股所投票数的多数（须达到流通在外 E 类普通股 40% 的法定人数），以及 (iii) 流通在外 A 类普通股所投票数的多数（须达到流通在外 A 类普通股多数的法定人数）；或

- until the third anniversary of the completion of this offering, upon approval by (i) our Class F common stock acting pursuant to the unanimous approval of the Continuing Founders, (ii) a majority of the votes cast by our Class E common stock (subject to a quorum of 40% of outstanding Class E common stock), and (iii) a majority of the votes cast by outstanding Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

- 在任何时候，需经以下批准：(i) F 类普通股根据持续创始人 66 2/3% 的决定行事（四舍五入至最接近的整数），(ii) 我们的 E 类普通股所投票数的 75%（须达到流通在外 E 类普通股多数的法定人数），以及 (iii) 我们的 A 类普通股所投票数的多数（须达到流通在外 A 类普通股多数的法定人数）；或

- at any time, upon approval by (i) the Class F common stock acting by decision of 66 2/3% of the Continuing Founders (rounded up to the nearest whole number), (ii) 75% of the votes cast by our Class E common stock (subject to a quorum of a majority of outstanding Class E common stock), and (iii) a majority of the votes cast by our Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

(i) 不再有任何 F 类普通股流通在外的时点 · F 类日落时间以下列两者中较早者为准，包括因经绝大多数 在持续创始人存续期间或创始人有限责任公司解散后，以及(ii) F 类过渡期完成之时。F 类 过渡期自持续董事人数少于三名时开始 创始人（不包括创始人有限责任公司协议中定义的任何“非合格成员”继任成员）连续 90 个日历日。 在以下最早发生的情形之一发生时，持续创始人将被从创始人有限责任公司中移除 (i) 该持续创始人辞去创始人有限责任公司成员职务；(ii) 该 持续创始人死亡或丧失行为能力； (iii) 就我们的七位原始联合创始人中的每一位而言，该原始联合创始人（连同该原始联合创始人的关联持有人）在任何股东投票的登记日不再持有数量至少相当于 2% 的 A 类普通股股份（包括期权、RSU 及其他可转换证券所对应的股份） 该原始联合创始人及其关联持有人截至本次发行完成时持有的 A 类普通股股份； (iv) 该持续创始人被免职的 “事由”，其中包括创始人有限责任公司中所述的特定竞争活动 协议；(v) 就任何在 F 类开始之前被接纳为创始人有限责任公司成员的继任成员而言 过渡期，但身为 F 类成员期间继任成员除外 过渡期、本次发行完成十周年；或 (vi) 就我们七位原始联合创始人中的每一位而言，经其他持续创始人绝对多数批准开始休假，且该休假不得在 F 类过渡期内批准 期间，或如果批准该休假本身会导致 F 类转换 开始期间。

of (i) the time when no Class F common stock · The Class F Sunset Time occurs on the earlier remains outstanding, including due to the redemption of our Class F common stock agreed to by a Supermajority of the Continuing Founders or upon the dissolution of the Founder LLC, and (ii) the completion of the Class F Transition Period. The Class F Transition Period commences 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 Agreement) for 90 consecutive calendar days. A Continuing Founder will be removed from the Founder LLC upon the earliest to occur of (i) such Continuing Founder’s resignation as a member of the Founder LLC; (ii) such Continuing Founder’s death or incapacity; (iii) with respect to each of our seven original co-founders, such original co-founder’s ceasing to hold (together with such original co-founder’s related holders) on any record date for a vote of our stockholders a number of shares of Class A common stock (including shares subject to options, RSUs, and other convertible securities) equal to at least 2% of the shares of Class A common stock held by such original co-founder and their related holders as of the completion of this offering; (iv) such Continuing Founder’s removal for “cause,” which includes specified competitive activities described in the Founder LLC Agreement; (v) with respect to any successor member admitted to the Founder LLC prior to the commencement of the Class F Transition Period, other than a successor member who is a member during the Class F Transition Period, the tenth anniversary of the completion of this offering; or (vi) with respect to each of our seven original co- founders, the commencement of a leave of absence approved by a Supermajority of the other Continuing Founders, which may not be approved during the Class F Transition Period or if the grant of the leave of absence would itself cause the Class F Transition Period to commence.

**T 类日落时间**

**Class T Sunset Time**

• 若不再有任何 F 类普通股流通在外且受托人未就该等修订投赞成票，则经已发行 A 类普通股 85% 批准后生效。

outstanding and the Trustees are not voting in • if no Class F common stock remains favor of such amendments, upon approval of 85% of the outstanding shares of Class A common stock.

T 类日落时间不会因时间流逝或特定事件的发生而自动触发。任何导致 T 类日落时间发生的行为均需经构成信托修订门槛的人士批准。

The Class T Sunset Time does not occur automatically upon the lapse of time or the occurrence of specific events. Any action resulting in the occurrence of the Class T Sunset Time requires approval of persons comprising the Trust Amendment Threshold.

T 类日落时间一经触发，不得延期、推迟或豁免。

The Class T Sunset Time, once triggered, is not subject to extension, delay or waiver.

第十个周年日发生 · 因辞职、死亡或本次发行完成而导致的移除自动发生，无需任何其他人的认定。因丧失行为能力而导致的移除，需由受影响 持续创始人及其余持续创始人中的多数（在身体或精神损伤的情况下）共同选定的合格医生作出认定，或由其余持续创始人的绝对多数（在错误监禁、非法拘禁、囚禁或人身限制的情况下）作出认定，但受影响的持续创始人有权对该认定提出异议。因事由而导致的移除，需由其余持续 创始人的绝对多数作出肯定性认定，但受影响的持续 创始人有权对该认定提出异议，或在特定事由类别的情况下，有权纠正该移除的依据。 因丧失行为能力、事由或未能维持最低持股门槛而导致的移除，需由创始人有限责任公司经其余持续创始人中的多数行动事先发出书面通知。 如果持续创始人在本次发行完成后的前十年内因死亡或丧失行为能力而被移除，可接纳一名继任成员加入 创始人有限责任公司，并将计入为避免触发 F 类转换期所需的 三名持续创始人人数，直至本次发行完成十周年。 F 类日落时间一经触发，不得延长、推迟或豁免。

occurrence of the tenth anniversary of the · Removals due to resignation, death, or the completion of this offering occur automatically without any determination by any other person. Removals due to incapacity require determination by a qualified physician jointly selected by the affected Continuing Founder and a majority of the other Continuing Founders (in the case of physical or mental impairment) or determination by a Supermajority of the other Continuing Founders (in the case of wrongful imprisonment, unlawful detention, or captivity or restraint), subject to the affected Continuing Founder’s right to contest such determination. Removals due to cause require an affirmative determination by a Supermajority of the other Continuing Founders, subject to the affected Continuing Founder’s right to contest such determination or, in the case of specified categories of cause, to cure the basis for such removal. Removals due to incapacity, cause or the failure to maintain the minimum ownership threshold require prior written notice from the Founder LLC by action of a majority of the other Continuing Founders. If a Continuing Founder is removed due to death or incapacity during the first ten years following the completion of this offering, a successor member may be admitted to the Founder LLC and will count toward the three Continuing Founders required to avoid triggering the Class F Transition Period until the tenth anniversary of the completion of this offering. The Class F Sunset Time, once triggered, is not subject to extension, delay or waiver.

**T 类日落时间**

**Class T Sunset Time**

**投票权及董事选举与移除权的变动**

**Changes in Voting Power and Director Election and Removal Rights**

在 T 类日落时间之前，长期利益信托（LTBT）作为 T 类普通股的唯一持有人，通常将有权选举和移除 T 类董事，T 类董事构成我们董事会授权成员的多数。我们的 T 类普通股股份对一般提交股东表决的事项不享有投票权，但我们的经修订和重述的公司章程所规定的情形除外，包括就选举我们董事会的多数成员或法律要求的情形。

sole holder of Class T common stock, will generally Prior to the Class T Sunset Time, the LTBT, as the have the authority to elect and remove the Class T directors, who constitute a majority of the authorized members of our board of directors. The share of our Class T common stock has no voting rights with respect to matters submitted to stockholders generally, except as set forth within our amended and restated certificate of incorporation, including with respect to the election of a majority of our board of directors or as required by law.

在 T 类日落时间之后，如我们的 F 类普通股仍为流通在外，我们的 A 类普通股和 F 类普通股将作为单一类别共同投票，选举我们的全部董事。由于我们的 F 类普通股合计享有相当于我们流通在外股本总投票权 50.1%的投票权，创始人有限责任公司将有能力决定一般提交股东表决的所有事项的结果，包括选举全部董事。

Following the Class T Sunset Time, if our Class F common stock remains outstanding, our Class A common stock and Class F common stock, voting together as a single class, will elect all of our directors. Because our Class F common stock is entitled to an aggregate number of votes equal to 50.1% of the total voting power of our outstanding shares of capital stock, the Founder LLC would have the ability to determine the outcome of all matters submitted to a vote of stockholders generally, including the election of all directors.

如我们的 T 类普通股和 F 类普通股均不再流通在外，我们的 A 类普通股将有能力决定一般提交股东表决的所有事项的结果，包括选举全部董事。

If neither our Class T common stock nor Class F common stock remains outstanding, our Class A common stock would have the ability to determine the outcome of all matters submitted to a vote of stockholders generally, including the election of all directors.

普通股将有权享有 · 在 F 类股日落时间之前，我们的 F 类股合计票数相当于 50.1% 截至适用记录日我们已发行股本总投票权，并且与我们的 A 类普通股作为单一类别共同投票，将选举除 T 类董事以外的董事，并决定提交股东一般表决的所有其他事项。 在 F 类股日落时间之后立即，如果我们的 T 类普通股仍为流通在外，LTBT 将继续有权选举和罢免 T 类董事，这些董事将构成我们董事会授权成员的多数。然而，LTBT 将不再需要遵守指定为特定 T 类董事的 T 类董事的提名、罢免或变更程序。在此情况下，我们的 A 类普通股将选举和罢免其余董事，并决定提交股东一般表决的所有其他事项。 如果我们的 T 类普通股和 F 类普通股均不再流通在外，我们的 A 类普通股将有能力决定提交股东一般表决的所有事项的结果，包括选举所有董事。

common stock will be entitled to an · Prior to the Class F Sunset Time, our Class F 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 and, together with our Class A common stock, voting together as a single class, will elect the directors other than the Class T directors and decide all other matters put to a vote of stockholders generally. Immediately after the Class F Sunset Time, if our Class T common stock remains outstanding, the LTBT would continue to have the authority to elect and remove the Class T directors, who would constitute a majority of the authorized members of our board of directors. However, the LTBT will no longer need to comply with the procedures for nomination, removal or change in the Class T director designated as the Specified Class T Director. In such a case, our Class A common stock would elect and remove the remaining directors and decide all other matters put to a vote of stockholders generally. If neither our Class T common stock nor Class F common stock remains outstanding, our Class A common stock would have the ability to determine the outcome of all matters submitted to a vote of stockholders generally, including the election of all directors.

有关我们治理结构的更多信息，请参见标题为“风险因素——与我们的治理结构相关的风险”和“股本说明”的章节。

For more information about our governance structure, see the sections titled “Risk Factors—Risks Related to our Governance Structure” and “Description of Capital Stock.”

高级管理人员与董事 Executive Officers and Directors

下表提供截至 2026 年 9 月 30 日我们高管和董事的相关信息：

The following table provides information regarding our executive officers and directors as of September 30, 2026:

姓名 本次发行后* 高管： Dario Amodei · 43 · 首席执行官、联合创始人兼董事 · A 类和 F 类 Daniela Amodei (2) · 39 · 总裁、联合创始人、董事长兼董事 · A 类和 F 类 Krishna Rao · 43 · 首席财务官 非雇员董事： Reed Hastings(1)(2)(6) · 65 · 董事 · T 类 Christopher Liddell(1)(4)(5) · 68 · 董事 · T 类 Vas Narasimhan (3)(4) · 50 · 董事 · T 类 Yasmin Razavi (2)(3) · 37 · 董事 · A 类和 F 类

Name Following this Offering* Executive Officers: Dario Amodei · 43 · Chief Executive Officer, Co-Founder, and Director · Classes A and F Daniela Amodei (2) · 39 · President, Co-Founder, Chairperson, and Director · Classes A and F Krishna Rao · 43 · Chief Financial Officer Non-Employee Directors: Reed Hastings(1)(2)(6) · 65 · Director · Class T Christopher Liddell(1)(4)(5) · 68 · Director · Class T Vas Narasimhan (3)(4) · 50 · Director · Class T Yasmin Razavi (2)(3) · 37 · Director · Classes A and F

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* [__] 本次发行完成后，我们 T 类普通股的持有人通常将有权选举我们董事会授权成员中的多数。我们 A 类普通股和 F 类普通股的持有人，作为单一类别共同投票，将有权选举我们董事会的其余成员。

* [__] Upon completion of this offering, the holder of our Class T common stock will generally be entitled to elect a majority of the authorized members of our board of directors. The holders of our Class A common stock and Class F common stock, voting together as a single class, will be entitled to elect the remaining members of our board of directors.

(1) [__] 我们审计委员会成员

(1) [__] Member of our audit committee

(2) 我们 NGC 成员

(2) Member of our NGC

(3) 我们薪酬委员会成员

(3) Member of our compensation committee

(4) 我们安全与风险委员会成员

(4) Member of our safety and risk committee

(5) 指定 T 类董事

(5) Specified Class T Director

(6) 首席独立董事

(6) Lead independent director

高级管理人员 Executive Officers

Dario Amodei [__] 。[__] Amodei 博士自 2021 年 1 月联合创立 Anthropic 以来，一直担任我们的首席执行官兼董事会成员。在联合创立 Anthropic 之前，Amodei 博士于 2016 年 7 月至 2020 年 12 月期间在 AI 研究实验室 OpenAI 担任研究副总裁及其他职务。在加入 OpenAI 之前，Amodei 博士于 2015 年 10 月至 2016 年 6 月期间在 Google 旗下 AI 研究团队 Google Brain 担任高级研究科学家。Amodei 博士曾在斯坦福大学医学院完成博士后研究。Amodei 博士持有普林斯顿大学生物物理学博士学位及斯坦福大学物理学学士学位。我们相信，Amodei 博士具备担任我们董事会成员的资格，原因在于他凭借其在 AI 行业的深厚专业积累，以及作为我们的首席执行官和联合创始人，为我们带来了独特的视角与经验。

Dario Amodei [__] . [__] Dr. Amodei has served as our Chief Executive Officer and a member of our board of directors since co-founding Anthropic in January 2021. Prior to co-founding Anthropic, Dr. Amodei served as Vice President of Research, among other positions, at OpenAI, an AI research lab, from July 2016 to December 2020. Before joining OpenAI, Dr. Amodei served as a Senior Research Scientist at Google Brain, an AI research team at Google, from October 2015 to June 2016. Dr. Amodei completed a postdoctoral fellowship at Stanford University School of Medicine. Dr. Amodei holds a Ph.D. in Biophysics from Princeton University and a B.S. in Physics from Stanford University. We believe that Dr. Amodei is qualified to serve on our board of directors because of the perspective and experience he brings from his deep expertise in the AI industry and as our Chief Executive Officer and as a co-founder.

Daniela Amodei。Amodei 女士自 2021 年 1 月联合创立 Anthropic 以来，一直担任我们的总裁兼董事会成员。Amodei 女士目前还担任我们董事会主席。在联合创立 Anthropic 之前，Amodei 女士于 2018 年 10 月至 2020 年 12 月期间在 AI 研究实验室 OpenAI 担任多个职务，包括安全与政策副总裁、人事副总裁及工程经理。在加入 OpenAI 之前，Amodei 女士于 2013 年 5 月至 2018 年 7 月期间在金融科技与支付处理公司 Stripe 担任风险经理及其他职务。Amodei 女士持有加州大学圣克鲁兹分校英国文学学士学位。我们相信，Amodei 女士具备担任我们董事会成员的资格，原因在于她凭借其在 AI 行业的深厚专业积累，以及作为我们的总裁和联合创始人，为我们带来了独特的视角与经验。

Daniela Amodei. Ms. Amodei has served as our President and a member of our board of directors since co-founding Anthropic in January 2021. Ms. Amodei also currently serves as the Chairperson of our board of directors. Prior to co-founding Anthropic, Ms. Amodei held several positions at OpenAI, an AI research lab, including Vice President of Safety and Policy, Vice President of People, and Engineering Manager, between October 2018 and December 2020. Before joining OpenAI, Ms. Amodei was a Risk Manager, among other positions, at Stripe, a financial technology and payment processing company, from May 2013 to July 2018. Ms. Amodei holds a B.A. in English Literature from the University of California, Santa Cruz. We believe that Ms. Amodei is qualified to serve on our board of directors because of the perspective and experience she brings through her deep expertise in the AI industry and as our President and as a co-founder.

Krishna Rao。Rao 先生自 2024 年 4 月起担任我们的首席财务官。在加入 Anthropic 之前，Rao 先生于 2023 年 5 月至 2024 年 4 月期间在在线体育商品与零售平台 Fanatics Commerce 担任首席财务官。在此之前，他于 2021 年 7 月至 2023 年 5 月期间在医疗科技公司 Cedar 担任首席财务官。2015 年 10 月至 2021 年 7 月期间，Rao 先生在全球度假租赁与酒店服务平台 Airbnb 担任多个关键职务，包括全球企业与业务发展负责人及财务规划与分析总监。在加入 Airbnb 之前，Rao 先生于 2011 年 9 月至 2015 年 9 月期间在全球投资公司 Blackstone 的私募股权集团担任 Principal。Rao 先生的职业生涯始于全球管理咨询公司 Bain，于 2005 年 9 月至 2008 年 7 月期间担任战略咨询顾问。Rao 先生持有耶鲁法学院法学博士学位及哈佛学院经济学学士学位。

Krishna Rao. Mr. Rao has served as our Chief Financial Officer since April 2024. Prior to joining Anthropic, Mr. Rao served as Chief Financial Officer at Fanatics Commerce, an online sports merchandise and retail platform, from May 2023 to April 2024. Before that, he served as the Chief Financial Officer of Cedar, a healthcare technology company, from July 2021 to May 2023. From October 2015 to July 2021, Mr. Rao held several key positions at Airbnb, a global vacation rental and hospitality platform, including Global Head of Corporate & Business Development and Director of Financial Planning & Analysis. Prior to Airbnb, Mr. Rao was a Principal in the Private Equity Group at Blackstone, a global investment firm, from September 2011 to September 2015. Mr. Rao began his career as a strategy consultant at Bain, a global management consulting firm, from September 2005 to July 2008. Mr. Rao holds a J.D. from Yale Law School and an A.B. in Economics from Harvard College.

非雇员董事 Non-Employee Directors

Reed Hastings。Hastings 先生自 2025 年 5 月起担任本公司董事会成员。Hastings 先生联合创立了全球流媒体服务公司 Netflix，并于 1999 年至 2023 年 1 月担任 Netflix 首席执行官兼总裁，2023 年 1 月至 2025 年 4 月担任执行董事长，2025 年 4 月至 2026 年 6 月担任董事会主席。在 Netflix 之前，Hastings 先生于 1991 年创立了软件开发工具公司 Pure Software，并担任其首席执行官直至该公司于 1997 年被 Rational Software 收购。Hastings 先生目前担任金融数据和媒体公司 Bloomberg 的董事会成员。Hastings 先生持有斯坦福大学人工智能专业计算机科学硕士学位（M.S.C.S.）以及鲍登学院数学学士学位。我们认为，Hastings 先生具备担任本公司董事会成员的资格，原因在于他在大型科技公司拥有丰富的董事会经验、其在负责任创新及其社会影响方面展现出的坚定承诺、其对技术变革潜力的深刻理解，以及其在教育及 AI 对人类影响方面的慈善关注。

Reed Hastings. Mr. Hastings has served as a member of our board of directors since May 2025. Mr. Hastings co-founded Netflix, a global streaming service, and served as Netflix’s Chief Executive Officer and President from 1999 to January 2023, Executive Chairman from January 2023 to April 2025, and Chairman of the board from April 2025 to June 2026. Prior to Netflix, Mr. Hastings founded Pure Software, a software development tools company, in 1991 and served as its Chief Executive Officer until its acquisition by Rational Software in 1997. Mr. Hastings currently serves on the board of Bloomberg, a financial data and media company. Mr. Hastings holds an M.S.C.S. in Artificial Intelligence from Stanford University and a B.A. in Mathematics from Bowdoin College. We believe that Mr. Hastings is qualified to serve as a member of our board of directors because of his extensive board experience at major technology companies, his demonstrated commitment to responsible innovation and its societal impact, his deep understanding of technology’s transformative potential, and his philanthropic focus on education and AI’s impact on humanity.

Christopher Liddell。Liddell 先生自 2026 年 2 月起担任本公司董事会成员。在私营部门，Liddell 先生曾担任多家上市公司的首席财务官，包括 Microsoft 和 International Paper，并曾担任 General Motors 的副董事长兼首席财务官。Liddell 先生自 2025 年 3 月起担任聚变能源公司 Commonwealth Fusion Systems 的董事，并自 2025 年 7 月起担任美国无党派智库外交关系委员会（Council on Foreign Relations）的董事，该智库专注于外交政策和国际事务。他还曾于 2017 年 1 月至 2021 年 1 月在美国政府任职，包括在白宫担任副幕僚长、战略倡议主任以及美国技术委员会（American Technology Council）成员。Liddell 先生持有牛津大学哲学硕士学位以及奥克兰大学工程学士学位。我们认为，Liddell 先生具备担任本公司董事会成员的资格，原因在于其在企业及公共服务职业生涯中积累的广泛经验，以及其在上市公司财务管理方面的深厚专业能力。

Christopher Liddell. Mr. Liddell has served as a member of our board of directors since February 2026. In the private sector, Mr. Liddell has served as the Chief Financial Officer of several public companies, including Microsoft and International Paper, and served as Vice Chairman and Chief Financial Officer at General Motors. Mr. Liddell has served as a Director of Commonwealth Fusion Systems, a fusion power company, since March 2025, and as a Director of the Council on Foreign Relations, a nonpartisan U.S. think tank focused on foreign policy and international affairs, since July 2025. He has also held positions with the U.S. government from January 2017 to January 2021, including serving at the White House as the Deputy Chief of Staff, Director of Strategic Initiatives, and as a member of the American Technology Council. Mr. Liddell holds a Master of Philosophy from the University of Oxford and a Bachelor of Engineering from the University of Auckland. We believe that Mr. Liddell is qualified to serve as a member of our board of directors because of his wide range of experience from his corporate and public service career and his deep expertise in the financial management of publicly listed companies.

Vasant “Vas”Narasimhan。Narasimhan 博士自 2026 年 4 月起担任我们董事会成员。Narasimhan 博士自 2018 年 2 月起担任全球制药公司 Novartis AG 的首席执行官。他于 2005 年 4 月加入 Novartis，并在该组织内担任过多个领导职务，包括 2016 年 2 月至 2018 年 1 月担任全球药物开发负责人兼首席医疗官，以及 2014 年 9 月至 2016 年 2 月担任全球开发负责人。Narasimhan 博士拥有哈佛医学院医学博士学位、哈佛肯尼迪学院公共政策硕士学位，以及芝加哥大学生物学学士学位。我们认为，Narasimhan 博士具备担任我们董事会成员的资格，因为他在高度监管的行业中领导一家大型全球上市公司的丰富经验，以及在规模化负责任地推动突破性科学方面的过往业绩。

Vasant “Vas” Narasimhan. Dr. Narasimhan has served as a member of our board of directors since April 2026. Dr. Narasimhan has served as the Chief Executive Officer of Novartis AG, a global medicine company, since February 2018. He joined Novartis in April 2005 and has held numerous leadership roles across the organization, including Global Head of Drug Development and Chief Medical Officer from February 2016 to January 2018 and Global Head of Development from September 2014 to February 2016. Dr. Narasimhan holds an M.D. from Harvard Medical School, an M.P.P. from the Harvard Kennedy School, and a B.A. in Biology from the University of Chicago. We believe that Dr. Narasimhan is qualified to serve as a member of our board of directors because of his extensive experience leading a large global public company in a highly regulated industry and his track record of responsibly stewarding breakthrough science at scale.

Yasmin Razavi [__] 。[__] Razavi 女士自 2023 年 3 月起担任我们董事会成员。Razavi 女士于 2017 年 7 月加入风险投资公司 Spark Capital，并自 2020 年 3 月起担任普通合伙人。在加入 Spark Capital 之前，Razavi 女士于 2014 年 8 月至 2015 年 8 月担任风险投资公司 Index Ventures 的投资人，并于 2012 年 8 月至 2014 年 8 月担任企业管理咨询公司 McKinsey & Company 的顾问。Razavi 女士拥有哈佛商学院工商管理硕士学位，以及多伦多大学应用科学与工程学士学位。我们认为，Razavi 女士具备担任我们董事会成员的资格，因为她在风险投资和成长期投资方面的经验、在企业市场进入策略方面的深厚专业知识，以及她对技术行业和规模化高增长公司的理解。

Yasmin Razavi [__] . [__] Ms. Razavi has served as a member of our board of directors since March 2023. Ms. Razavi joined Spark Capital, a venture capital firm, in July 2017 and has served as a General Partner since March 2020. Prior to joining Spark Capital, Ms. Razavi served as an investor at Index Ventures, a venture capital firm, from August 2014 to August 2015, and as a consultant at McKinsey & Company, a business management consulting firm, from August 2012 to August 2014. Ms. Razavi holds an M.B.A. from Harvard Business School and a Bachelor of Applied Science and Engineering from the University of Toronto. We believe that Ms. Razavi is qualified to serve as a member of our board of directors because of her experience in venture capital and growth-stage investing, her deep expertise in enterprise go-to-market strategies, and her understanding of the technology sector and scaling high-growth companies.

亲属关系 Family Relationships

我们的首席执行官兼董事会成员 Dario Amodei 与我们的总裁兼董事会主席 Daniela Amodei 系兄弟姐妹关系。我们的任何其他高管或董事之间不存在其他亲属关系。

Dario Amodei, our Chief Executive Officer and a member of our board of directors, and Daniela Amodei, our President and Chairperson of our board of directors, are siblings. There are no other family relationships among any of our executive officers or directors.

行为准则 Code of Conduct

我们的董事会已通过一项适用于全体员工、高管和董事（包括我们的首席执行官、总裁、首席财务官及其他高管和高级财务官）的行为准则。我们的行为准则全文将发布在我们网站的投资者关系页面上。我们拟在我们网站上或根据《交易法》提交的文件中披露对我们行为准则的任何修订或对其要求的任何豁免。

Our board of directors has adopted a code of conduct that applies to all of our employees, officers, and directors, including our Chief Executive Officer, President, Chief Financial Officer, and other executive and senior financial officers. The full text of our code of conduct will be posted on the investor relations page of our website. We intend to disclose any amendments to our code of conduct, or waivers of its requirements, on our website or in filings under the Exchange Act.

董事会 Board of Directors

我们的业务和事务在董事会的指导下管理。我们的董事会目前由六名董事组成。根据我们现行的公司章程以及经修订和重述的表决协议，我们现任董事的选举方式如下：

Our business and affairs are managed under the direction of our board of directors. Our board of directors currently consists of six directors. Pursuant to our current certificate of incorporation and amended and restated voting agreement, our current directors were elected as follows:

- Amodei 博士作为我们的首席执行官，由我们具有表决权普通股（定义见我们现行的公司章程）的持有人（不包括因可赎回可转换优先股转换而发行或可发行的具有表决权普通股股份）选举产生；

- Dr. Amodei, as our Chief Executive Officer, was elected by holders of our Voting Common Stock (as defined in our current certificate of incorporation) (excluding shares of Voting Common Stock issued or issuable upon conversion of the shares of our redeemable convertible preferred stock);

- Liddell 先生由我们具有表决权普通股的持有人（不包括因可赎回可转换优先股转换而发行或可发行的具有表决权普通股股份）提名并选举为指定董事；

- Mr. Liddell was elected as the designee nominated by holders of our Voting Common Stock (excluding shares of Voting Common Stock issued or issuable upon conversion of the shares of our redeemable convertible preferred stock);

- Razavi 女士由我们高级表决权优先股（定义见我们现行的公司章程）的持有人选举产生；以及

- Ms. Razavi was elected by holders of our Senior Voting Preferred Stock (as defined in our current certificate of incorporation); and

- Amodei 女士、Hastings 先生和 Narasimhan 博士由长期利益信托（LTBT）作为我们 T 类普通股持有人提名并选举为指定董事。

- Ms. Amodei, Mr. Hastings, and Dr. Narasimhan were elected as the designees nominated by the LTBT as the holder of our Class T common stock.

我们的经修订和重述的表决协议将终止，我们现行公司章程中关于董事选举的条款将与本发行相关进行修订和重述。我们每位现任董事将继续担任董事直至下一届年度股东大会，并直至其继任者经选举并符合资格，或直至其提前去世、辞职或被免职。

Our amended and restated voting agreement will terminate and the provisions of our current certificate of incorporation by which our directors were elected will be amended and restated in connection with this offering. Each of our current directors will continue to serve as a director until the next annual meeting and until the election and qualification of their successor, or until their earlier death, resignation, or removal.

本次发行完成后，我们的董事会将由七名授权董事组成，选举方式如下：

Upon the completion of this offering, our board of directors will consist of seven authorized directors, elected as follows:

- 我们 T 类普通股的持有人，即长期利益信托（LTBT），通常有权选举和罢免四名 T 类董事，但须遵守标题为“我们的治理结构及其目标——长期利益信托——董事的选举和罢免”一节中所述的程序。初始 T 类董事将为 Hastings 先生、Narasimhan 博士、Liddell 先生以及一个空缺。Liddell 先生将担任指定 T 类董事。

- The holder of our Class T common stock, the LTBT, will generally have the authority to elect and remove the four Class T directors, subject to the procedures described in the section titled “Our Governance Structure and Its Goals—Long-Term Benefit Trust—Election and Removal of Directors.” The initial Class T directors will be Mr. Hastings, Dr. Narasimhan, Mr. Liddell, and one vacancy. Mr. Liddell will serve as the Specified Class T Director.

- 我们 F 类普通股和 A 类普通股的持有人，作为单一类别共同投票，将有权选举和罢免其余三名董事，初始将为 Amodei 博士、Amodei 女士和 Razavi 女士 [__]。

- The holders of our Class F common stock and Class A common stock, voting together as a single class, will have the authority to elect and remove the remaining three directors, who will initially be Dr. Amodei, Ms. Amodei, and Ms. Razavi [__] .

有关更多信息，请参见标题为“股本说明”和“我们的治理结构及其目标”的章节。

For additional information, see the sections titled “Description of Capital Stock” and “Our Governance Structure and Its Goals.”

董事任期 Director Terms

我们经修订和重述的公司章程将在本次发行完成前立即生效，其中规定，在 F 类股日落时间之前，我们将不设分类董事会，所有董事均按年度任期选举产生。每位董事的任期将持续至下一届年度股东大会，并直至其继任者经选举并符合任职资格为止，或直至其提前身故、辞职或被免职。

Our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering will provide that prior to the Class F Sunset Time, we will not have a classified board of directors, and all directors will be elected for annual terms. Each director’s term will continue until the next annual meeting and until the election and qualification of their successor, or their earlier death, resignation, or removal.

在 F 类股日落时间之后，我们的董事会将转为分类董事会，由三个规模大致相当的类别组成，每类董事的任期 staggered 为三年。届时，每位董事将由当时的董事会分配至某一类别。如果我们的 T 类普通股仍未注销，则 T 类董事和其余董事应在各类别之间进行分配，使每个类别均包含相应比例的 T 类董事和其他董事。某一类别董事的任期届满后，该类别董事将在该任期届满当年的年度股东大会上各自经选举产生，任期三年。因此，每次年度股东大会仅选举一个类别的董事，其他类别则在其各自三年任期的剩余时间内继续任职。每位董事的任期将持续至其当选后的第三届年度股东大会，并直至其继任者经选举并符合任职资格为止，或直至其提前身故、辞职或被免职。董事人数的任何增加或减少应在三个类别之间分配，以使每个类别尽可能由三分之一的董事组成。

Following the Class F Sunset Time, our board of directors will shift to having a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. At such time, each of our directors would be assigned by the then-current board of directors to a class. If our Class T common stock remains outstanding, the Class T directors and the remaining directors shall be allocated among the classes so that each class includes a proportionate number of Class T directors and other directors. Upon expiration of the term of a class of directors, directors for that class would each be elected for a three-year term at the annual meeting of stockholders in the year in which that term expires. As a result, only one class of directors would be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Each director’s term would continue until the third annual meeting of stockholders following their election and until his or her successor has been elected and qualified, or until his or her earlier death, resignation, or removal. Any increase or decrease in the number of directors would be distributed among the three classes so that, as nearly as practicable, each class would consist of one-third of our directors.

无论董事由哪一类或哪几类股票选举产生，董事可连任的届数均无限制。

Regardless of the class or classes of stock by which a director is elected, there is no limit to the number of terms a director may serve.

股东会议及书面同意行动 Stockholder Meetings and Actions by Written Consent

我们经修订和重述的公司章程将在本次发行完成前立即生效，其中规定，只要我们的 F 类普通股或 T 类普通股仍为流通在外，我们的股东可就某些事项（包括任何选举或罢免董事的事项）以书面同意方式行事。尽管股东将有能力以书面同意方式采取该等行动，我们仍重视全体股东的观点，并且根据纳斯达克全球精选市场的上市标准，我们预计将召开年度股东大会，并就拟在该会议上审议的相关事项（包括选举非 T 类董事的董事）征求我们 A 类普通股持有人的投票。

Our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering will provide that, for so long as our Class F common stock or Class T common stock remains outstanding, our stockholders may act by written consent with respect to certain actions, including any action to elect or remove directors. Although stockholders will have the ability to take these actions by written consent, we value the perspectives of all of our stockholders and, in accordance with the listing standards of the Nasdaq Global Select Market, we expect to hold an annual meeting of stockholders and to solicit the votes of holders of our Class A common stock in respect of relevant matters to be considered at such meeting, including the election of our directors who are not Class T directors.

董事会领导 Board Leadership

我们的董事会已任命 Daniela Amodei 担任董事会主席。作为主席，Amodei 女士将主持我们的董事会和股东会议，向首席执行官提供建议，并履行我们经修订和重述的章程中规定的或由我们的董事会不时确定的其他职责。

Our board of directors has appointed Daniela Amodei to serve as Chairperson of the Board. As Chairperson, Ms. Amodei will preside over meetings of our board of directors and stockholders, advise the Chief Executive Officer, and perform such other duties as specified in our amended and restated bylaws or as determined by our board of directors from time to time.

我们的董事会已任命 Reed Hastings 担任首席独立董事。作为首席独立董事，Hastings 先生将（除其他事项外）主持我们的独立董事会议，就董事会会议的日程安排和议程以及独立董事关注的任何其他事项向主席提供建议，担任主席与独立董事之间的联络人，并履行我们经修订和重述的章程中规定的或由独立董事不时确定的其他职责。我们的董事会认为，设立首席独立董事是健全公司治理的重要组成部分，并提供了有效的制衡机制，以确保我们的董事会能够在适当情况下独立于管理层运作，包括在绩效评估和薪酬事项方面。

Our board of directors has appointed Reed Hastings to serve as Lead Independent Director. As Lead Independent Director, Mr. Hastings will, among other things, preside over meetings of our independent directors, advise the Chairperson on the scheduling and agenda for board meetings and any other matters of concern to the independent directors, serve as a liaison between the Chairperson and the independent directors, and perform such other duties as specified in our amended and restated bylaws or as determined by the independent directors from time to time. Our board of directors believes that having a Lead Independent Director is an important component of sound corporate governance and provides an effective check and balance to ensure that our board of directors can operate independently of management where appropriate, including with respect to performance evaluation and compensation matters.

董事独立性及受控公司豁免 Director Independence and Controlled Company Exemption

我们的董事会已就每位董事的独立性进行了审查。根据每位董事就其背景、任职及关联关系所提供的信息，我们的董事会已认定，Hastings 先生、Liddell 先生、Narasimhan 博士和 Razavi 女士不存在会妨碍其在履行董事职责时行使独立判断的关系，且上述每位董事均符合纳斯达克全球精选市场上市标准所定义的“独立”标准。在作出上述认定时，我们的董事会考虑了每位非雇员董事目前及以往与本公司的关系，以及董事会在认定其独立性时认为相关的所有其他事实和情形，包括每位非雇员董事对我们股本的实益持股情况，以及标题为“特定关系及关联人士交易”一节中所述的涉及他们的交易。

Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning their background, employment, and affiliations, our board of directors has determined that Mr. Hastings, Mr. Liddell, Dr. Narasimhan and Ms. Razavi do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is “independent” as that term is defined under the listing standards of the Nasdaq Global Select Market. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director, and the transactions involving them described in the section titled “Certain Relationships and Related Person Transactions.”

由于 LTBT 作为我们 T 类普通股的唯一持有人，通常有权选举我们董事会授权成员的多数，因此我们被视为纳斯达克全球精选市场公司治理要求所指的“受控公司”。因此，我们可能选择不遵守某些公司治理要求，包括：

We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements because the LTBT, as the sole holder of our Class T common stock, generally has the power to elect a majority of the authorized members of our board of directors. As a result, we may elect not to comply with certain corporate governance requirements, including:

- 我们的董事会多数成员应由独立董事组成的要求；

- the requirement that a majority of our board of directors consist of independent directors;

- 我们的董事会应设有提名与公司治理委员会，该委员会应全部由独立董事组成，并制定书面章程载明该委员会的宗旨和职责的要求；以及

- the requirement that our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

- 我们的董事会应设有薪酬委员会，该委员会应全部由独立董事组成，并制定书面章程载明该委员会的宗旨和职责的要求。

- the requirement that our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.

如果我们选择不遵守某些要求，您将无法获得受纳斯达克全球精选市场全部公司治理要求约束的公司的股东所享有的同等保护。尽管我们符合“受控公司”的条件，但我们预计不会依赖这一豁免，惟我们的提名与公司治理委员会（NGC）除外，该委员会将不会全部由独立董事组成。我们的董事会目前多数成员为独立董事，我们的审计委员会和薪酬委员会目前全部由独立董事组成。倘若我们不再属于“受控公司”，且我们的 A 类普通股继续在纳斯达克全球精选市场上市，我们将被要求在适用的过渡期内遵守我们的 NGC 应全部由独立董事组成的规定。

If we elect not to comply with certain requirements, you will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq Global Select Market corporate governance requirements. Although we qualify as a “controlled company,” we do not expect to rely on this exemption except with respect to our NGC, which will not consist entirely of independent directors. Our board of directors currently consists of a majority of independent directors and our audit and compensation committees currently consist entirely of independent directors. In the event that we cease to be a “controlled company” and our Class A common stock continues to be listed on the Nasdaq Global Select Market, we will be required to comply with the provision that our NGC be comprised entirely of independent directors within the applicable transition period.

董事会各委员会 Committees of the Board of Directors

我们的董事会已设立审计委员会、薪酬委员会、提名与治理委员会（NGC）以及安全与风险委员会。我们董事会各委员会的组成和职责如下所述。成员将在这些委员会任职，直至其辞职或董事会另有决定。

Our board of directors has established an audit committee, a compensation committee, an NGC, and a safety and risk committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members will serve on these committees until their resignation or as otherwise determined by our board of directors.

#### 审计委员会

#### Audit Committee

我们的审计委员会由 Liddell 先生、Hastings 先生和一名空缺组成，Liddell 先生担任主席。我们预计将利用纳斯达克全球精选市场公司治理要求下的过渡期，该过渡期允许我们在 A 类普通股上市之日审计委员会至少有一名成员，在上市之日起 90 天内至少有两名成员，在上市之日起一年内至少有三名成员。我们的审计委员会将在上市之日起一年内由三名成员组成。此外，审计委员会的每位成员都将符合纳斯达克全球精选市场上市标准以及《交易法》第 10A-3 条规定的独立性要求。我们审计委员会的每位成员还将符合纳斯达克全球精选市场上市标准的财务知识和专业能力要求。我们认为，我们审计委员会的组成和运作符合《萨班斯-奥克斯利法案》的所有适用要求以及 SEC 的所有适用规则和法规。我们的董事会已确定，Liddell 先生和 Hastings 先生均符合纳斯达克全球精选市场上市标准以及《交易法》第 10A-3 条规定的独立性要求，且各自均为《证券法》下 S-K 条例第 407(d) 条所指的审计委员会财务专家。本次发行完成后，我们的审计委员会将（其中包括）：

Our audit committee consists of Mr. Liddell, Mr. Hastings and one vacancy, with Mr. Liddell serving as Chairperson. We expect to take advantage of a phase-in period under the Nasdaq Global Select Market corporate governance requirements that allows us to have at least one member on the audit committee upon the listing date of our Class A common stock, at least two members within 90 days of the listing date and at least three members within one year of the listing date. Our audit committee will consist of three members within one year of the listing date. In addition, each member of the audit committee will meet the requirements for independence under the listing standards of the Nasdaq Global Select Market and Rule 10A-3 under the Exchange Act. Each member of our audit committee will also meet the financial literacy and sophistication requirements of the listing standards of the Nasdaq Global Select Market. We believe that the composition and functioning of our audit committee complies with all applicable requirements of the Sarbanes-Oxley Act and all applicable SEC rules and regulations. Our board of directors has determined that each of Mr. Liddell and Mr. Hastings meets the requirements for independence under the listing standards of the Nasdaq Global Select Market and Rule 10A-3 under the Exchange Act, and each is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K under the Securities Act. Following the completion of this offering, our audit committee will, among other things:

- 选择一家合格的事务所担任独立注册公共会计师事务所，以审计我们的财务报表；

- select a qualified firm to serve as the independent registered public accounting firm to audit our financial statements;

- 帮助确保独立注册公共会计师事务所的独立性和履职表现；

- help to ensure the independence and performance of the independent registered public accounting firm;

- 与独立注册公共会计师事务所讨论审计的范围和结果，并与管理层和独立注册公共会计师事务所一起审阅我们的中期和年度经营业绩；

- discuss the scope and results of the audit with the independent registered public accounting firm, and review, with management and the independent registered public accounting firm, our interim and year-end results of operations;

- 编制审计委员会报告，以纳入我们向 SEC 提交的委托书；

- prepare the report of the audit committee for inclusion in our proxy statements to be filed with the SEC;

- 制定程序，供员工匿名提交对可疑会计或审计事项的关切；

- develop procedures for employees to submit concerns anonymously about questionable accounting or audit matters;

- 审阅我们的风险评估和风险管理政策；

- review our policies on risk assessment and risk management;

- 审阅关联方交易；以及

- review related person transactions; and

- 批准或（按要求）预先批准由独立注册公共会计师事务所执行的所有审计服务和所有允许的非审计服务（微量非审计服务除外）。

- approve or, as required, pre-approve, all audit and all permissible non-audit services, other than de minimis non-audit services, to be performed by the independent registered public accounting firm.

我们的审计委员会将依据一份书面章程运作，该章程将在本次发行完成前生效，并符合 SEC 的适用规则和法规以及纳斯达克全球精选市场的上市标准。

Our audit committee will operate under a written charter, to be effective prior to the completion of this offering, that satisfies the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Global Select Market.

#### 薪酬委员会

#### Compensation Committee

我们的薪酬委员会由 Narasimhan 博士和 Razavi 女士组成，Narasimhan 博士担任主席。薪酬委员会的每位成员都将符合纳斯达克全球精选市场上市标准下的独立性要求，并且将是《交易法》下颁布的第 16b-3 条规则所定义的非雇员董事。我们的董事会已确定，Narasimhan 博士和 Razavi 女士均符合纳斯达克全球精选市场上市标准下的独立性要求，并且是《交易法》下颁布的第 16b-3 条规则所定义的非雇员董事。我们认为，我们薪酬委员会的组成和运作符合《萨班斯-奥克斯利法案》的所有适用要求以及所有适用的 SEC 规则和法规。本次发行完成后，我们的薪酬委员会将（其中包括）：

Our compensation committee consists of Dr. Narasimhan and Ms. Razavi, with Dr. Narasimhan serving as Chairperson. Each member of the compensation committee will meet the requirements for independence under the listing standards of the Nasdaq Global Select Market and will be a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act. Our board of directors has determined that each of Dr. Narasimhan and Ms. Razavi meets the requirements for independence under the listing standards of the Nasdaq Global Select Market and is a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act. We believe that the composition and functioning of our compensation committee complies with all applicable requirements of the Sarbanes-Oxley Act and all applicable SEC rules and regulations. Following the completion of this offering, our compensation committee will, among other things:

- 审查、批准并确定我们高管的薪酬，或就此向我们的董事会提出建议；

- review, approve, and determine, or make recommendations to our board of directors regarding, the compensation of our executive officers;

- 审查并批准我们针对高管的薪酬战略和做法，或就此向我们的董事会提出建议；

- review and approve, or make recommendations to our board of directors regarding, our compensation strategy and practices with respect to our executive officers;

- 管理我们的股权激励及其他薪酬计划，但涉及董事会非雇员成员的计划除外；

- administer our equity-based and other compensation plans, except with respect to non-employee members of our board of directors;

- 审查并采纳新的薪酬计划或对现有薪酬计划的修订（包括任何股权激励计划），或就此向我们的董事会提出建议；

- review and adopt, or make recommendations to our board of directors regarding, new, or amendments to existing, compensation plans, including any equity-based plans;

- 审查并批准我们任何高管的雇佣协议、离职协议、控制权变更保护、赔偿协议及其他类似安排、政策和计划，或就此向我们的董事会提出建议；

- review and approve, or make recommendations to our board of directors regarding, any employment agreements, severance agreements, change in control protections, indemnification agreements, and other similar arrangements, policies, and plans for any of our executive officers;

- 在其认为必要或适当时，聘请任何薪酬顾问、外部法律顾问或其他顾问；

- to the extent it determines it is necessary or appropriate, retain any compensation consultants, outside legal counsel, or other advisors;

- 与管理层审查并讨论我们需纳入委托书和将向 SEC 提交的 10-K 表格年度报告的“薪酬讨论与分析”；以及

- review and discuss with management the “Compensation Discussion and Analysis” required to be included in our proxy statement and annual report on Form 10-K to be filed with the SEC; and

- 就我们广泛的员工福利计划、政策和项目采取我们的薪酬委员会认为必要或适当的任何行动 [__] 。

- take any action that our compensation committee determines is necessary or appropriate with respect to our broad-based employee benefit plans, policies, and programs [__] .

我们的薪酬委员会将根据一份书面章程运作，该章程将在本次发行完成前生效，并满足 SEC 的适用规则和法规以及纳斯达克全球精选市场的上市标准。

Our compensation committee will operate under a written charter, to be effective prior to the completion of this offering, that satisfies the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Global Select Market.

#### 提名与公司治理委员会

#### Nominating and Corporate Governance Committee

我们的 NGC 由 Amodei 女士、Hastings 先生和 Razavi 女士组成，Amodei 女士担任主席。我们的董事会已确定，Hastings 先生和 Razavi 女士均符合纳斯达克全球精选市场上市标准下的独立性要求。我们将利用“受控公司”豁免，即无需由全部独立董事组成 NGC，我们的 NGC 将由一名 T 类董事和两名非 T 类董事组成。我们认为，我们 NGC 的组成和运作符合《萨班斯-奥克斯利法案》的所有适用要求以及 SEC 的所有适用规则和法规。本次发行完成后，我们的 NGC 将（其中包括）：

Our NGC consists of Ms. Amodei, Mr. Hastings, and Ms. Razavi, with Ms. Amodei serving as Chairperson. Our board of directors has determined that each of Mr. Hastings and Ms. Razavi meets the requirements for independence under the listing standards of the Nasdaq Global Select Market. We will utilize the “controlled company” exemption from having an NGC composed entirely of independent directors, and our NGC will be composed of one Class T director and two directors who are not Class T directors. We believe that the composition and functioning of our NGC complies with all applicable requirements of the Sarbanes-Oxley Act and all applicable SEC rules and regulations. Following the completion of this offering, our NGC will, among other things:

- 协助董事会评估成为我们董事会成员的人选，包括通过行使我们治理文件赋予 NGC 的治理权利；

- assist the board of directors in evaluating individuals to become members of our board of directors, including through the exercise of governance rights conferred upon the NGC pursuant to our governing documents;

- 评估我们董事会及其各委员会的表现；

- evaluate the performance of our board of directors and its committees;

- 就评估董事的技能、经验、特质及其他标准进行考量并向我们的董事会提出建议；

- consider and make recommendations to our board of directors regarding the skills, experience, characteristics, and other criteria for evaluating directors;

- 评估我们公司治理实践的充分性；以及

- evaluate the adequacy of our corporate governance practices; and

- 就公司治理准则及相关事项制定并向我们的董事会提出建议。

- develop and make recommendations to our board of directors regarding corporate governance guidelines and matters.

与我们新颖的公司治理结构相关，我们的 NGC 还将有权就 LTBT 或创始人有限责任公司对任何人士的董事提名或拟议罢免该等董事，以及 LTBT 受托人的任命和罢免，获得 30 天的事先书面通知。我们的 NGC 可自行决定放弃该等通知期。就特定 T 类董事而言，LTBT 提名或罢免该董事或变更被指定为特定 T 类董事的人选的能力，须经我们的 NGC 同意。这些程序性要求旨在促进 LTBT 受托人与我们的领导层在物色和寻找 LTBT 受托人或我们董事会成员候选人方面的协作，并不赋予我们的董事会限制 LTBT 自由选举其选定董事的实质性权力。然而，就特定 T 类董事而言，如果我们的 NGC 在收到通知后 15 天内不同意该等提名、罢免或变更，该事项可提交我们的 E 类普通股持有人表决。在就提名、罢免或变更特定 T 类董事的提案进行表决时，E 类普通股的必要批准将要求 E 类普通股所投票数的多数，且法定人数将要求 E 类普通股已发行股份的多数亲自或通过委托代理人出席。LTBT 可在进行该等表决前的任何时间撤回任何提名或罢免通知。

In connection with our novel corporate governance structure, our NGC will also have the right to receive 30 days’ prior written notice of any nomination of persons to serve as a director by the LTBT or the Founder LLC or the proposed removal of such directors, as well as appointments and removals of the Trustees of the LTBT. Our NGC may waive such notice periods in its discretion. With respect to the Specified Class T Director, the LTBT’s ability to nominate or remove that director or change the director designated as the Specified Class T Director is subject to the concurrence of our NGC. These procedural requirements are intended to promote collaboration between the LTBT Trustees and our leadership in identifying and sourcing candidates to serve as LTBT Trustees or members of our board of directors, and do not give our board of directors the substantive ability to limit the LTBT’s freedom to elect directors of its choosing. However, with respect to the Specified Class T Director, if our NGC does not concur with such nomination, removal, or change within 15 days of receiving notice, the matter may be submitted to a vote of the holders of our Class E common stock. When voting upon a proposal to nominate, remove, or change the Specified Class T Director, the requisite approval of our Class E common stock will require a majority of votes cast by our Class E common stock and quorum will require the presence, in person or by proxy, of a majority of the outstanding shares of Class E common stock. The LTBT may withdraw any notice of nomination or removal at any time before the taking of such a vote.

我们的 NGC 将依据一份书面章程运作，该章程将在本次发行完成前生效，并满足纳斯达克全球精选市场的适用上市标准。

Our NGC will operate under a written charter, to be effective prior to the completion of this offering, that satisfies the applicable listing standards of the Nasdaq Global Select Market.

#### 安全与风险委员会

#### Safety and Risk Committee

我们的安全与风险委员会由两名独立董事组成，目前为 Liddell 先生和 Narasimhan 博士，由 Narasimhan 博士担任主席。我们的安全与风险委员会协助董事会监督（其中包括）：

Our safety and risk committee consists of two independent directors, currently Mr. Liddell and Dr. Narasimhan, with Dr. Narasimhan serving as Chairperson. Our safety and risk committee assists our board in overseeing, among other things:

- 我们 AI 模型的安全与保障，包括我们为识别、评估和管理重大模型安全与保障风险而维持的政策、流程、控制措施及其他措施；以及

- the safety and security of our AI models, including the policies, processes, controls, and other measures we maintain to identify, assess, and manage significant model safety and security risks; and

- 我们面临的其他重大风险，包括法律、监管、网络安全、隐私和合规风险。

- the other material risks we face, including legal, regulatory, cybersecurity, privacy, and compliance risks.

我们的安全与风险委员会依据董事会批准的书面章程运作。

Our safety and risk committee operates under a written charter approved by our board of directors.

薪酬委员会交叉任职及内部人参与 Compensation Committee Interlocks and Insider Participation

我们薪酬委员会的成员均未曾担任或目前未担任本公司的管理人员或员工。我们的任何高管目前均未担任、且在过去一年内未曾担任任何实体的董事会或薪酬委员会（或履行同等职能的其他董事会委员会）成员，而该实体的一名或多名高管同时担任我们的董事会或薪酬委员会成员。有关涉及我们薪酬委员会成员或其关联方的关联方交易的更多信息，请参见标题为“某些关系及关联方交易”的章节。

None of the members of our compensation committee is or has been an officer or employee of our company. None of our executive officers currently serves, or in the past year has served, as a member of the board of directors or compensation committee (or other board committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our board of directors or compensation committee. See the section titled “Certain Relationships and Related Person Transactions” for more information about related person transactions involving members of our compensation committee or their affiliates.

非雇员董事薪酬 Non-Employee Director Compensation

Hastings 先生、Razavi 女士以及我们的员工董事 Amodei 博士和 Amodei 女士在截至 2025 年 12 月 31 日的年度内未因担任董事而获得任何报酬。Amodei 博士和 Amodei 女士作为员工获得的报酬载于“高管薪酬——薪酬汇总表”一节。

Mr. Hastings, Ms. Razavi, and our employee directors, Dr. Amodei and Ms. Amodei, did not receive any compensation for their services as directors for the year ended December 31, 2025. The compensation received by Dr. Amodei and Ms. Amodei as employees is set forth in the section titled “Executive Compensation— Summary Compensation Table.”

下表提供了截至 2025 年 12 月 31 日的年度内我们的非员工董事因担任董事而获得报酬的信息：

The following table provides information regarding the compensation of our non-employee directors for service as directors for the year ended December 31, 2025:

**姓名 [__] (1)**

**Name [__] (1)**

**或已支付**

**or Paid in**

现金（$）

Cash ($)

Reed Hastings · — · — Jay Kreps(2) · 200,000 · 200,000 Christopher Liddell(3) · — · — Vas Narasimhan (4) · — · — Yasmin Razavi · — · —

Reed Hastings · — · — Jay Kreps(2) · 200,000 · 200,000 Christopher Liddell(3) · — · — Vas Narasimhan (4) · — · — Yasmin Razavi · — · —

______________

______________

(1) [__] 截至 2025 年 12 月 31 日，我们的非员工董事均未持有任何未兑现的股权奖励。

(1) [__] None of our non-employee directors held any outstanding equity awards as of December 31, 2025.

(2) Kreps 先生于 2026 年 5 月辞去我们的董事会职务。

(2) Mr. Kreps resigned from our board of directors in May 2026.

(3) Liddell 先生于 2026 年 2 月加入我们的董事会。

(3) Mr. Liddell joined our board of directors in February 2026.

(4) Narasimhan 博士于 2026 年 4 月加入我们的董事会。

(4) Dr. Narasimhan joined our board of directors in April 2026.

在本次发行之前，我们并未就非员工董事因担任董事而应支付的报酬制定正式政策。

Prior to this offering, we did not have a formal policy with respect to compensation payable to our non-employee directors for service as directors.

#### 非雇员董事薪酬政策

#### Non-Employee Director Compensation Policy

2026 年 9 月，我们的董事会通过并经我们的股东批准了一项针对非雇员董事的正式薪酬政策（“董事薪酬政策”），该政策将于本招股说明书构成其一部分的注册声明生效日期前一日生效。

In September 2026, our board of directors adopted, and our stockholders approved, a formal compensation policy for our non-employee directors (the “Director Compensation Policy”), which will become effective the day immediately prior to the date of effectiveness of the registration statement of which this prospectus forms a part.

在我们的董事薪酬政策生效后，每位非雇员董事将就董事会服务获得如下现金和股权薪酬。我们还将向非雇员董事报销前往董事会及委员会会议的合理、惯常且有适当凭证的差旅费用。

Following the effectiveness of our Director Compensation Policy, each non-employee director will receive cash and equity compensation for board services as described below. We also will reimburse our non-employee directors for reasonable, customary, and properly documented expenses for travel to board and committee meetings.

现金薪酬

Cash Compensation

非雇员董事将有权就其服务获得以下现金薪酬：

Non-employee directors will be entitled to receive the following cash compensation for their services:

- 担任董事会成员每年 $100,000;

- $100,000 per year for service as a board member;

- 担任董事会非执行主席（如适用）每年 $75,000;

- $75,000 per year for service as non-executive chair of the board of directors (if applicable);

- 担任首席独立董事（如适用）每年 $60,000;

- $60,000 per year for service as lead independent director (if applicable);

- 担任审计委员会主席每年 $40,000;

- $40,000 per year for service as chair of the audit committee;

- 担任审计委员会成员每年 $20,000;

- $20,000 per year for service as a member of the audit committee;

- 担任薪酬委员会主席每年 $30,000;

- $30,000 per year for service as chair of the compensation committee;

- 担任薪酬委员会成员每年 $15,000;

- $15,000 per year for service as a member of the compensation committee;

- 担任 NGC 主席的服务报酬为每年 $30,000；以及

- $30,000 per year for service as chair of the NGC; and

- 担任 NGC 成员的服务报酬为每年 $15,000 [__]。

- $15,000 per year for service as a member of the NGC [__] .

每位担任委员会主席的非雇员董事仅领取作为委员会主席的额外年度费用，不再同时领取作为委员会成员的额外年度费用。向非雇员董事支付的所有现金报酬将按季度于期末按比例支付。

Each non-employee director who serves as the chair of a committee will receive only the additional annual fee as the chair of the committee and not also the additional annual fee as a member of the committee. All cash payments to non-employee directors will be paid quarterly in arrears on a prorated basis.

股权激励

Equity Compensation

年度授予。自 2027 年起，在每次年度股东大会召开之日，每位非雇员董事将自动获授价值为 $325,000 的 RSU 授予（“年度授予”）（该价值为“年度授予价值”），该价值将按照届时公司标准做法，采用公司股权授予政策下适用于员工股权激励的相同方法（该方法经我们的董事会或经指定适当权限的董事会委员会最近批准，简称“转换方法”）转换为我们的 A 类普通股股数。年度授予将在授予日之后发生的每个季度归属日（定义见下文）分四个等额季度分期归属，但在任何情况下，年度授予均应在授予日之后的下一次年度股东大会召开日的前一日全部归属，前提是该非雇员董事在适用的归属日之前持续作为我们的服务提供者。“季度归属日”指特定年份的 2 月 20 日、5 月 20 日、8 月 20 日和 11 月 20 日。

Annual Award. Each non-employee director automatically will be granted, on the date of each annual meeting of stockholders beginning in 2027, an award of RSUs (the “Annual Award”) with a value of $325,000 (the “Annual Award Grant Value”), which value will be converted to a number of shares of our Class A common stock in accordance with then-current standard company practices using the same methodology applied to employee equity awards pursuant to the company’s equity grant policy, as most recently approved by our board of directors or a board committee that has been designated appropriate authority (the “Conversion Methodology”). An Annual Award will vest in four equal quarterly installments on each Quarterly Vesting Date (as defined below) that occurs following the grant date of the Annual Award provided that, in any event, the Annual Award will vest in full on the day immediately before the date of our next annual meeting of stockholders that follows the grant date of the Annual Award, subject to the non-employee director continuing to be a service provider to us through the applicable vesting date. “Quarterly Vesting Date” means February 20, May 20, August 20, and November 20 of a given year.

首次授予及按比例折算的年度授予。在董事薪酬政策生效日期之后首次成为非雇员董事的每个人将自动获授：

Initial Award and Pro-Rated Annual Award. Each person who first becomes a non-employee director following the effective date of the Director Compensation Policy will be automatically granted:

- 价值为 $400,000 的 RSU 授予，该价值将使用转换方法转换为受该授予约束的我们的 A 类普通股股数（“首次授予”）；以及

- An award of RSUs with a value of $400,000, which value will be converted to a number of shares of our Class A common stock subject to such award using the Conversion Methodology (an “Initial Award”); and

- 价值等于年度授予价值乘以一个分数的 RSU 授予，该分数的分子为（A）自该个人首次成为非雇员董事之日起至我们当时最近一次年度股东大会召开日一周年之日止期间内的完整月数，分母为（B）12，该价值将使用转换方法转换为受该授予约束的我们的 A 类普通股股数（“按比例折算的年度授予”）。

- An award of RSUs with a value equal to the Annual Award Grant Value multiplied by the fraction obtained by dividing (A) the number of full months during the period beginning on the date the individual first becomes a non-employee director and ending on the one-year anniversary of the date of our then-most recent annual meeting of stockholders by (B) 12, which will be converted to a number of shares of our Class A common stock subject to such award using the Conversion Methodology (a “Pro-Rated Annual Award”).

每项首次授予和按比例折算的年度授予的授予将于该个人首次成为非雇员董事之日或之后的首个交易日（该日期为“首次起始日”）生效。如果某个人是我们的董事会成员且同时是我们的员工，因雇佣关系终止而成为非雇员董事，将不会使该非雇员董事有权获得首次授予或按比例折算的年度授予。

The grant of each Initial Award and Pro-Rated Annual Award will be made effective on the first trading date on or after the date on which such individual first becomes a non-employee director (such date, the “Initial Start Date”). If an individual is a member of our board of directors and also an employee, becoming a non‑employee director due to termination of employment will not entitle the non-employee director to an Initial Award or a Pro-Rated Annual Award.

首次授予的归属安排如下：12.5% 的 RSU 将于归属起算日（定义见下文）满六个月之日归属，其余 RSU 将于此后每个季度归属日分 14 期等额按季归属，前提是该非雇员董事在相应归属日之前持续为我们提供服务。“归属起算日”指在首次起始日当日或之后发生的首个季度归属日。按比例年度授予将于首次起始日与以下两者中较早者之间发生的每个季度归属日等额分期归属：(i) 按比例年度授予授予日之后我们下一次年度股东大会，或 (ii) 我们最近一次年度股东大会满一周年之日；但在任何情况下，按比例年度授予均将于按比例年度授予授予日之后我们下一次年度股东大会日期前一日全部归属（为明确起见，每个该等季度归属日以及在我们下一次年度股东大会或我们最近一次年度股东大会满一周年之日（视情况而定）前一日发生的最终归属日，均计为一期，因此，若存在两个该等季度归属日，则按比例年度授予应分三期等额归属），前提是该非雇员董事在相应归属日之前持续为我们提供服务。

The Initial Award will vest as follows: 12.5% of the RSUs will vest on the six-month anniversary of the Vesting Commencement Date (as defined below) and the balance of the RSUs will vest in 14 successive equal quarterly installments on each Quarterly Vesting Date thereafter, subject to the non-employee director remaining a service provider to us through the applicable vesting date. “Vesting Commencement Date” means the first Quarterly Vesting Date that occurs on or following the Initial Start Date. The Pro-Rated Annual Award will vest in equal installments on each Quarterly Vesting Date that occurs between the Initial Start Date and the earlier of (i) our next annual meeting of stockholders that occurs after the Pro-Rated Annual Award’s grant date or (ii) the one-year anniversary of our most recent annual meeting of stockholders, provided that, in any event, the Pro-Rated Annual Award will vest in full on the day immediately before the date of our next annual meeting of stockholders that occurs after the Pro-Rated Annual Award’s grant date (for purposes of clarity, each such Quarterly Vesting Date and the final vest date that occurs on the date immediately before our next annual meeting of stockholders or one-year anniversary of our most recent annual meeting of stockholders, as applicable, will be counted as one installment such that, if there are two such Quarterly Vesting Dates, the Pro-Rated Annual Award shall vest in three equal installments), subject to the non-employee director remaining a service provider to us through the applicable vesting date.

控制权变更

Change in Control

若发生“控制权变更”（定义见我们的 2026 年计划），每位非雇员董事根据我们的 2026 年计划下董事薪酬政策授予的未归属股权激励将全部归属，包括任何首次授予、按比例年度授予或年度授予，前提是该非雇员董事在该日期之前持续担任非雇员董事。

In the event of a “change in control” (as defined in our 2026 Plan), each non-employee director will fully vest in their outstanding equity awards granted pursuant to the Director Compensation Policy under our 2026 Plan, including any Initial Award and Pro-Rated Annual Award or Annual Award, provided that the non-employee director continues to be a non-employee director through such date.

薪酬讨论与分析 Compensation Discussion and Analysis

本薪酬讨论与分析（“CD&A”）章节旨在讨论我们的薪酬理念、我们的高管薪酬计划以及我们指定高管的薪酬（“NEOs”）。

The purpose of this Compensation Discussion and Analysis (“CD&A”) section is to discuss our compensation philosophy, our executive compensation program, and the compensation for our named executive officers (“NEOs”).

截至 2025 年 12 月 31 日止年度，我们的指定高管为：

Our NEOs for the year ended December 31, 2025 were:

- Dario Amodei，我们的首席执行官、联合创始人兼董事；

- Dario Amodei, our Chief Executive Officer, Co-Founder, and Director;

- Daniela Amodei，我们的总裁、联合创始人兼董事；以及

- Daniela Amodei, our President, Co-Founder, and Director; and

- Krishna Rao，我们的首席财务官。

- Krishna Rao, our Chief Financial Officer.

本讨论包含前瞻性陈述，这些陈述基于我们当前对未来薪酬计划的计划、考虑、预期和决定。另请参阅标题为“关于前瞻性陈述的特别说明”的章节。我们未来实际采用的薪酬计划可能与本讨论中概述的当前计划存在重大差异。有关我们指定高管的薪酬计划以及向其提供的薪酬的更多信息，请参阅标题为“—财年结束后薪酬变动及股权奖励”的章节。

This discussion contains forward-looking statements that are based on our current plans, considerations, expectations, and determinations regarding future compensation programs. See also the section titled “Special Note Regarding Forward-looking Statements.” Actual compensation programs that we adopt in the future may differ materially from the currently planned programs summarized in this discussion. For additional information regarding the compensation programs for, and compensation provided to, our NEOs, see the section titled “—Post-Fiscal Year End Compensation Changes and Equity Awards.”

执行摘要 Executive Summary

在 Anthropic，我们致力于打造一支与我们的使命和价值观保持一致的团队。高管薪酬体现了我们的整体薪酬理念，该理念优先考虑具有竞争力的薪酬，目标定位于 AI 开发市场的第 90 百分位，同一职位、职级和地点实行一致薪酬，以及计划设计的简洁性。2025 年，我们提供了由基本工资、长期股权激励奖励（包括股票期权和 RSU）及其他福利构成的具有竞争力的薪酬组合，以在竞争激烈的市场环境中吸引和留住顶尖人才。

At Anthropic, we strive to build a team that is aligned with our mission and values. Executive compensation reflects our overall compensation philosophy, which prioritizes competitive pay that targets the 90th percentile of the AI development market, consistent pay for the same role, level, and location, and simplicity of plan design. In 2025, we offered a competitive mix of base salary, long-term equity incentive awards (including stock options and RSUs), and other benefits to attract and retain top talent in a competitive market environment.

#### 薪酬理念与目标

#### Compensation Philosophy and Objectives

我们的高管薪酬理念是为同一职位、职级和地点的高管提供一致的现金和股权薪酬。在确定高管薪酬时，我们会将每位高管的当前薪酬与特定职位和职级的市场数据进行比对。我们每半年在绩效与薪酬周期中开展一次此项工作，届时我们会审议针对高管拟议的基于市场和基于晋升的现金及股权加薪。我们计划继续定期审查并可能调整我们的高管薪酬计划，以确保其作为一家上市公司与我们的薪酬理念保持一致。

Our executive compensation philosophy is to provide our executive officers with consistent cash and equity compensation for the same role, level, and location. When determining executive compensation, we review each executive’s current compensation against role-and level-specific market data. We do this bi-annually as part of our performance and compensation cycle where we review proposed market-based and promotion-based cash and equity increases for executives. We plan to continue to regularly review, and potentially adjust, our executive compensation programs to ensure they are consistent with our compensation philosophy as a public company.

在确定高级管理人员的薪酬时，我们将七位联合创始人（其中仅 Amodei 博士和 Amodei 女士为高管）与并非联合创始人的其他高级管理人员（其中仅 Rao 先生为高管）加以区分。每位联合创始人获得同等薪酬。作为非联合创始人的高级管理人员，Rao 先生根据其职位和职级的市场数据获得基本工资和股权薪酬。

In determining compensation for our senior leaders, we distinguish between our seven co-founders (among whom only Dr. Amodei and Ms. Amodei are executive officers) and our other senior leaders who are not co-founders (among whom only Mr. Rao is an executive officer). Each co-founder is paid equal compensation. As a non-co-founder senior leader, Mr. Rao received base salary and equity compensation based on market data for his role and level.

我们的高管薪酬计划旨在实现下述目标。我们定期审查高管薪酬计划，以评估其是否实现这些目标并适应不断变化的经济状况。

Our executive compensation program is structured to achieve the objectives described below. We regularly review our executive compensation program to assess whether it meets these objectives and adapts to evolving economic conditions.

- 具有竞争力的薪酬以吸引和留住顶尖人才。我们为每位高管按其职位、地点和职级提供具有竞争力的现金和股权薪酬，以吸引与使命一致的顶尖高管人才。

- Competitive Pay to Attract and Retain Top Talent. We provide our executives with competitive cash and equity pay for each role, location, and level to attract mission-aligned, top executive talent.

- 内部公平性。在确定高管薪酬时，我们会考虑内部公平性。作为联合创始人，Amodei 博士和 Amodei 女士获得同等薪酬，包括任何年度现金或股权加薪。作为非联合创始人的高级管理人员，Rao 先生根据我们同行群体针对其职位、职级和地点的市场数据获得薪酬。我们每年审查两次市场数据，并根据需要调整我们的薪酬基准。

- Internal Parity. We take internal parity into account when determining executive compensation. As co-founders, Dr. Amodei and Ms. Amodei are awarded equal compensation, including any annual cash or equity increases. As a non-co-founder senior leader, Mr. Rao is compensated based on the market data from our peer group for his role, level, and location. We review market data twice a year and make adjustments to our compensation benchmarks as needed.

- 使高管利益与股东利益保持一致。我们通过随时间归属的长期股权奖励提供激励，力求使高管的利益与股东的利益保持一致。

- Aligning Executive Interests with Our Stockholders. We provide incentives that seek to align our executives’ interests with those of our stockholders through long-term equity awards, which vest over time.

#### 薪酬治理要点

#### Compensation Governance Highlights

**我们的做法：**

**What We Do:**

☑ · 维持具有竞争力、一致且简洁的薪酬理念，以吸引、留住并激励顶尖高管人才。 ☒ · 签订规定固定任期、自动加薪或保证股权授予的雇佣协议。 ☑ · 将高管薪酬计划聚焦于风险性薪酬，使股东与高管的利益保持一致。 ☒ · 提供单触发控制权变更福利或过高的现金遣散费。 ☑ · 以长期股权奖励形式提供我们 NEO 的大部分薪酬机会。 ☒ · 为我们的 NEO 提供黄金降落伞消费税补偿或“补足”（gross-ups）。 ☑ · 定期进行薪酬审查，以确保与有竞争力的市场惯例保持一致。 ☒ · 将附加福利作为我们高管薪酬的重要组成部分。 ☑ · 仅为我们首席财务 官提供双触发控制权变更遣散条款，其他 NEO 均不适用。 ☒ · 维持任何高管养老金计划，或任何并非普遍适用于全体员工的退休计划。 ☒ · 以折扣股价授予期权。

☑ · Maintain a competitive, consistent, and simple compensation philosophy to attract, retain, and motivate top executive talent. ☒ · Enter into employment agreements that provide for fixed terms, automatic compensation increases, or guaranteed equity grants. ☑ · Focus our executive compensation program on at- risk compensation, which aligns stockholder and executive interests. ☒ · Provide single-trigger change of control benefits or excessive cash severance. ☑ · Deliver a majority of our NEOs’ compensation opportunities in the form of long-term equity awards. ☒ · Provide our NEOs with golden parachute excise tax reimbursement or “gross-ups.” ☑ · Conduct regular compensation reviews to ensure alignment with competitive market practices. ☒ · Provide perquisites as a meaningful component of our executive compensation. ☑ · Provide for double-trigger change of control severance provisions for only our Chief Financial Officer, and none of our other NEOs. ☒ · Maintain any executive pension plans, or any retirement programs that are not generally available to all employees. ☒ · Award option grants at discounted stock prices.

#### 高管薪酬流程

#### Executive Compensation Process

董事会与薪酬委员会的角色

Role of the Board of Directors and Compensation Committee

我们的高管薪酬计划历来由董事会的非雇员成员监督，该群体在考虑管理层建议后，作为一个整体就我们 NEO 的薪酬作出决策，具体如下文所述。

Our executive compensation program has historically been overseen by the non-employee members of our board of directors, which, as a group, has made decisions regarding the compensation for our NEOs after considering recommendations from management, as further discussed below.

本次发行完成后，我们董事会的薪酬委员会将监督我们的高管薪酬计划，并就我们执行官的薪酬决策向董事会提供建议。薪酬委员会将与其独立薪酬顾问（就本次发行聘用，如下文所述）密切合作，并定期开会就我们的高管薪酬计划作出决策。我们预计，薪酬委员会在作出薪酬决策时将审阅各种市场数据和信息（包括调查数据），并考虑其独立薪酬顾问的建议。本次发行完成后，薪酬委员会的职责将包括（除其他事项外）审阅并批准（或视情况向董事会提出建议）：整体薪酬战略；高管薪酬的金额和形式；在确定我们首席执行官和其他执行官薪酬时考虑的目标和目的；年度和长期激励计划及福利计划；董事会薪酬；该等薪酬政策和惯例是否会产生合理可能对公司造成重大不利影响的风险；年度薪酬话语权投票结果；年度委托书和 CD&A 披露；以及薪酬同行组。

Following the completion of this offering, the compensation committee of our board of directors will oversee our executive compensation program and provide recommendations to our board of directors on compensation decisions for our executive officers. The compensation committee will work closely with its independent compensation consultant (engaged in connection with this offering, as described below) and meet regularly to make decisions on our executive compensation program. We expect that our compensation committee will review a variety of market data and information, including survey data, and consider the recommendations of its independent compensation consultant when making compensation decisions. Following the completion of this offering, the compensation committee’s responsibilities will include, among other things, reviewing and approving (or making recommendations to our board of directors, as applicable): overall compensation strategy; amounts and form of executive compensation; goals and objectives to be considered in determining the compensation of our Chief Executive Officer and other executive officers; annual and long-term incentive plans and benefit plans; board of directors compensation; whether such compensation policies and practices create risks that are reasonably likely to have a material adverse effect on the company; annual say-on-pay vote results; annual proxy and CD&A disclosure; and compensation peer group.

管理层的角色

Role of Management

我们的首席执行官及其他高管并不自行设定薪酬，在我们董事会设定其个人薪酬时也不在场。我们的总裁审阅并就七位联合创始人的薪酬提供建议，但不会就她本人或我们首席执行官的薪酬提出具体建议或参与相关决策。我们的总裁还就其他每位高管的基本工资和股权奖励提供她的评估和建议，由我们的董事会在最终作出决定时予以考虑。我们的人员团队应董事会要求，就高管的薪酬提供进一步分析和反馈。

Our Chief Executive Officer and our other executive officers do not set their own compensation, nor are they present when our board of directors sets their individual compensation. Our President reviews and advises on compensation for the seven co-founders but does not make specific recommendations on or participate in decisions related to her compensation or our Chief Executive Officer’s compensation. Our President also provides her evaluation and makes recommendations with respect to base salary and equity awards for each other executive officer, which are considered by our board of directors as it ultimately makes its determinations. Our people team provides further analysis and feedback as requested by our board of directors with regard to the compensation of our executives.

独立薪酬顾问的角色

Role of Independent Compensation Consultant

就本次发行，我们已聘请 Semler Brossy Consulting Group LLC 作为独立薪酬顾问，以正式确立我们发行后的薪酬计划，并实施体现上述薪酬理念的薪酬安排。

In connection with this offering, we have engaged Semler Brossy Consulting Group LLC as an independent compensation consultant to formalize our post-offering compensation programs and implement compensation arrangements that reflect our compensation philosophy described above.

高管薪酬的构成要素 Elements of Executive Compensation

我们 2025 年高管薪酬计划的关键要素汇总于下表。

The key elements of our 2025 executive compensation program are summarized in the table below.

**薪酬**

**Compensation**

要素 薪酬 风险性

Element Compensation At-Risk

基本工资 · 现金 · 保证发放 · 提供具有市场竞争力的固定薪酬，以吸引和留住关键高管。

Base Salary · Cash · Guaranteed · Provide market-competitive fixed compensation to attract and retain key executives.

长期股权激励计划

Long-Term Equity Incentive Program

基于服务期的期权；附带基于服务期及基于业绩归属条件的限制性股票单位（RSU）

Service-Based Options; RSUs with Service-Based and Performance-Based Vesting Conditions

风险性 · 期权和 RSU 奖励的价值与我们的股价挂钩，促进可持续的长期价值创造。

At-Risk · The value of option and RSU awards is correlated to our stock price, promoting sustainable long-term value creation.

多年服务期归属安排有助于留住人才、促进长期持股及领导层的连续性。

Multi-year service vesting schedule promotes retention, long-term ownership, and continuity of leadership.

其他福利 · 其他 · 不适用 · 与市场惯例保持一致，旨在吸引、激励和留住关键人才。旨在确保我们 NEO 的安全、提高生产力并尽量减少干扰。

Other Benefits · Other · N/A · Aligned with market practices and serve to attract, motivate, and retain key talent. Intended to ensure the safety of our NEOs, enhance productivity, and minimize distractions.

#### 基本工资

#### Base Salary

我们的董事会通常每年两次审议我们 NEO 的基本工资。用于确定高管基本工资的因素包括该职位、职级和所在地的市场数据，以及内部薪酬对等性（对于我们身为联合创始人的 NEO，还包括与我们的技术领导层薪酬对等性相关的考量）。

Our board of directors generally reviews the base salaries of our NEOs twice a year. The factors used to determine base salary for our executives include market data for the role, level, and location, as well as internal parity (which, for our co-founder NEOs, includes considerations related to parity with our technical leadership).

自 2025 年 1 月 1 日至 2025 年 6 月 15 日，Amodei 博士和 Amodei 女士各自的年度基本工资为 $600,000。自 2025 年 6 月 16 日起，Amodei 博士和 Amodei 女士各自的年度基本工资提高至 $700,000。提高高管现金薪酬旨在确保为我们的领导者提供具有竞争力和公平的薪酬。具体而言，此次加薪认可了他们持续担任的领导职务，同时考虑了高管之间的相对对等性，包括我们的技术领导层。

From January 1, 2025 to June 15, 2025, the annual base salary for each of Dr. Amodei and Ms. Amodei was $600,000. Effective June 16, 2025, the annual base salary for each of Dr. Amodei and Ms. Amodei was increased to $700,000. The increase in the executives’ cash compensation was intended to ensure competitive and equitable compensation for our leaders. In particular, the salary increases recognized their ongoing leadership roles, while considering relative parity across executives, including our technical leadership.

自 2025 年 1 月 1 日至 2025 年 12 月 15 日，Rao 先生的年度基本薪酬为$700,000，并自 2025 年 12 月 16 日起提高至$850,000。此次薪酬上调系基于 Rao 先生所任职位及职级的市场数据，以及非创始人、且非高管的资深领导者之间的内部薪酬平衡。

From January 1, 2025 to December 15, 2025, the annual base salary for Mr. Rao was $700,000, which was increased to $850,000 effective December 16, 2025. The salary increase was based on market data for Mr. Rao’s role and level, as well as internal parity for non-co-founder senior leaders who are not executive officers.

#### 长期股权激励计划

#### Long-Term Equity Incentive Program

每年，我们的 NEO 均有资格根据我们的 2021 年计划获得股权奖励。通过将 NEO 目标直接薪酬总额的大部分设计为分多年归属的股权形式，我们激励 NEO 继续在 Anthropic 任职，并采取有利于我们公司及股东长期利益的行动。

Each year, our NEOs are eligible to receive equity awards under our 2021 Plan. By structuring the majority of our NEOs’ target total direct compensation payable in the form of equity that vests over a number of years, we create incentives for our NEOs to remain employed with Anthropic and pursue actions that will benefit our company and stockholders over the long term.

2025 年 6 月 12 日，在审慎考虑多项因素（包括每位高管的经验、技能、职责及对公司的贡献；个人及公司业绩；以及内部薪酬平衡）后，我们的董事会向 Amodei 博士和 Amodei 女士各自授予[__] 992,500 份期权（“2025 年期权”）及[__] 1,717,000 份 RSU（“2025 年 RSU”）。

On June 12, 2025, our board of directors granted [__] 992,500options (“2025 Options”) and [__] 1,717,000 RSUs (“2025 RSUs”) to each of Dr. Amodei and Ms. Amodei, after carefully considering several factors, including each executive’s experience, skills, responsibilities, and impact to the company; individual and company performance; and internal parity.

2025 年期权自 2025 年 1 月 1 日起在一年期内按月等额归属，前提是该高管在每个归属日之前持续在公司任职。2025 年期权的行权价等于[__]每股$2.38。2025 年 RSU 在服务条件与业绩条件均满足之日首次归属。服务条件方面，在 2026 年 2 月 20 日满足 2025 年 RSU 总数的 1/12，此后每个季度周年日满足相应部分，前提是该高管在每个归属日之前持续在公司任职。2025 年 RSU 的业绩归属条件将在本招股说明书所构成部分的注册声明生效时满足。

The 2025 Options vested in equal monthly installments over a one-year period beginning on January 1, 2025, subject to the executive’s continuous service with the company through each vest date. The 2025 Options were granted with an exercise price equal to [__] $2.38 per share. The 2025 RSUs vest on the first date upon which both a service-based condition and a performance-based condition are satisfied. The service-based condition is satisfied as to 1/12th of the total 2025 RSUs on February 20, 2026, and on each quarterly anniversary thereafter, subject to the executive’s continuous service with the company through each vest date. The performance-based vesting condition of the 2025 RSUs will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part.

附加福利及其他高管 · 福利

Perquisites and Other Executive · Benefits

我们通常向包括 NEO 在内的所有员工提供相同的福利，且通常不维持仅覆盖高管的福利计划，也不向 NEO 提供附加福利或个人福利。但是，我们确实向部分 NEO 提供特定的差旅及安保福利。该等福利在下文中有更详细的描述。我们的董事会认为该等福利合理且必要，并有利于我们的公司。该等福利旨在提升我们高管的工作效率，同时确保其个人健康、安全与保障。向 NEO 提供该等福利的增量成本总额在薪酬汇总表的“所有其他薪酬”一栏中披露。

We generally provide the same benefits to all of our employees, including our NEOs, and generally do not maintain benefit plans that cover only executive officers or provide perquisites or personal benefits to our NEOs. However, we do provide certain travel and security benefits to some of our NEOs. These benefits are described in more detail below. Our board of directors believes these benefits are reasonable and necessary, and for the benefit of our company. These benefits are intended to promote the productivity of our executives, in addition to ensuring their personal health, safety, and security. The aggregate incremental cost of providing these benefits to our NEOs is disclosed in the “All Other Compensation” column of the Summary Compensation Table.

差旅

Travel

我们制定了《差旅与费用政策》（以下简称“差旅政策”），其中规定了高管差旅与费用的指导原则及额度，以认可我们高级领导团队的需求与职责。差旅政策管辖我们高管的所有与业务相关的差旅与费用，但通过经我们董事会授权和/或批准的安全计划所提供的福利除外。Amodei 博士和 Amodei 女士有权享受某些增强型差旅福利，该等福利系根据其安全计划所依据的安全研究建议（见下文“安全服务”一节的讨论）。差旅政策由我们的管理团队每年审阅一次，以确保其保持适当并与公司目标和行业标准保持一致。在相关税法要求的范围内，任何个人用途的价值（包括商务差旅中的任何个人成分）将被视为对高管的应税薪酬，我们不会承担、报销或以其他方式“补足”任何适用高管就该等薪酬应缴纳的任何所得税。

We maintain a Travel and Expense Policy (the “Travel Policy”), which outlines guidelines and allowances for executive travel and expenses, recognizing the needs and responsibilities of our senior leadership team. The Travel Policy governs all business-related travel and expenses for our executives, except to the extent benefits are provided through a security program authorized and/or approved by our board of directors. Dr. Amodei and Ms. Amodei are entitled to certain enhanced travel benefits recommended by the security studies on which their security program is based (discussed in the section below titled “Security Services”). The Travel Policy is reviewed annually by our management team to ensure it remains appropriate and aligned with company objectives and industry standards. To the extent required by the relevant tax laws, the value of any personal use, including any personal elements of business trips, will be treated as taxable compensation to the executive, and we do not cover, reimburse, or otherwise “gross-up” any income tax due from any applicable executive on such compensation.

除下文“安全服务”小节所述外，我们的任何 NEO 在 2025 年均未获得用于个人出行的私人航空服务。

Except as noted in the subsection below titled “Security Services,” none of our NEOs were provided with private aviation services for personal travel in 2025.

安全服务

Security Services

保护我们的高级领导层是我们公司及我们股东的一项关键优先事项。结合我们的安全计划及我们对安全威胁的评估，我们向某些 NEO 提供安全服务，并可能在未来向其他 NEO 提供安全服务。该等安全服务可能包括：(i) 个人保护服务（包括对家庭成员的保护）及家庭安全系统与监控，(ii) 私人航空，以及 (iii) 私人汽车及司机服务。实施这些保障措施是由于我们的高级领导层面临各种与业务相关的安全顾虑，且其与科技行业同类高知名度公司向其高级领导层提供的保障措施相当。

The protection of our senior leadership is a critical priority for our company and our stockholders. In connection with our security program and our evaluation of security threats, we offer security services to certain of our NEOs and may provide security services to other NEOs in the future. Such security services may include: (i) individual protection services (including the protection of family members) and home security systems and monitoring, (ii) private aviation, and (iii) private car and driver services. These safeguards are implemented due to the variety of business-related security concerns faced by our senior leaders, and they are comparable to those provided to senior leaders of comparable high-profile companies in the technology industry.

2025 年，一家领先的安全咨询公司就我们首席执行官和总裁的个人及安全风险开展了独立的第三方安全研究。基于这些安全研究、媒体对 Anthropic 日益增加的关注，以及因 Amodei 博士和 Amodei 女士在公司内各自职位而产生的、与业务相关的真实且加剧的安全顾虑，我们的董事会认定，有必要加强个人安全服务，以提升 Amodei 博士和 Amodei 女士的安全与保护，并避免一旦发生安全事件对我们业务连续性造成影响。我们的董事会定期评估安全顾虑，并结合这些顾虑及对我们公司的其他益处，审查向 Amodei 博士和 Amodei 女士提供的安全服务及该等服务成本。2025 年针对 Amodei 博士和 Amodei 女士的安全措施包括：(i) 个人保护服务（包括在个人出行期间），其中涵盖对家庭成员的防护，以及加强的家庭安全系统和监控；(ii) 用于地面交通的专车及司机服务；以及 (iii) 就 Amodei 博士而言，在商务和个人出行中使用私人飞机。

In 2025, a leading security consulting firm conducted independent, third-party security studies regarding the personal and security risks of our Chief Executive Officer and our President. Based on these security studies, increased media attention for Anthropic, and the identification of bona fide business-related, heightened security concerns arising as a result of the respective positions of Dr. Amodei and Ms. Amodei within the company, our board of directors determined that enhanced personal security services were necessary to increase the safety and protection of Dr. Amodei and Ms. Amodei, and to avoid an impact to our business continuity if a security incident occurred. Our board of directors regularly assesses security concerns and reviews the security services provided to Dr. Amodei and Ms. Amodei and the cost of such services in light of such concerns, and other benefits to our company. The security measures for Dr. Amodei and Ms. Amodei in 2025 included (i) individual protection services (including during personal travel), which included the protection of family members, as well as enhanced home security systems and surveillance, (ii) private car and driver services for ground transportation, and (iii) in the case of Dr. Amodei, the use of private aircraft for both business and personal travel.

鉴于 Amodei 博士和 Amodei 女士在 Anthropic 所担任角色的重要性，我们的董事会为公司的利益要求采取上述安全措施，我们认为这些服务的成本是必要且适当的。在薪酬汇总表的“所有其他薪酬”一栏中，我们披露了根据现行相关披露规则可能被视为附加福利的安全福利的增量成本总额。2025 年，我们未为任何其他 NEO 支付个人安全费用，但与业务相关出行有关的除外。

Given the importance of the roles of Dr. Amodei and Ms. Amodei at Anthropic, our board of directors required the security measures described above for the benefit of our company, and we view the costs of these services as necessary and appropriate. In the “All Other Compensation” column of the Summary Compensation Table, we have disclosed the aggregate incremental cost of the security benefits that may be deemed to be perquisites under current relevant disclosure rules. We did not pay expenses for personal security for any other NEOs in 2025, except in connection with business-related travel.

健康与福利福利

Health and Welfare Benefits

2025 年期间，我们与其他符合条件的员工一样，向我们的 NEO 提供了以下福利：医疗；牙科；视力；灵活支出账户；健康储蓄账户；人寿保险；短期和长期伤残保险；生育福利；心理健康福利；健康与保健省时津贴；居家办公津贴；教育援助计划；通勤津贴；以及由雇主匹配缴费的 401(k) 退休计划。

During 2025, we provided the following benefits to our NEOs on the same basis as our other eligible employees: medical; dental; vision; flexible spending account; health savings account; life insurance; short-term and long-term disability insurance; fertility benefits; mental well-being benefits; health and wellness timesaver stipend; work from home stipend; education assistance program; commuting allowance; and a 401(k) retirement plan with employer match.

高管雇佣协议 Executive Employment Agreements

我们与 Rao 先生于 2024 年 3 月 2 日签订了录用通知书（“Rao 录用通知书”），该录用通知书在 2025 年期间有效，并于 2026 年 10 月终止。Rao 录用通知书规定为“随意”雇佣，并列明了 Rao 先生的初始年度基本工资、其参与我们一般福利计划的资格，以及根据我们的 2021 年计划购买 [__] 14,000,000 股我们 A 类普通股的新员工股票期权授予（“Rao 期权”）。Rao 期权在 Rao 先生在公司入职首日起满 12 个月时归属 1/4 的股份，此后按等额月度分期归属 1/48 的股份，前提是 Rao 先生在每一归属日之前持续在公司服务。Rao 录用通知书还规定了某些遣散和变更控制权福利。有关 Rao 先生在 2025 年期间的遣散和变更控制权福利的信息，请参阅下文标题为“终止和变更控制权福利”和“终止或变更控制权时的潜在付款”的章节。在 Rao 录用通知书终止后，我们与 Rao 先生签订了一份函件协议，如下所述。

We entered into an offer letter with Mr. Rao dated March 2, 2024 (“Rao Offer Letter”), which offer letter was in effect during 2025 and was terminated in October 2026. The Rao Offer Letter provided for “at-will” employment and set forth Mr. Rao’s initial annual base salary, his eligibility to participate in our benefit plans generally, and a new hire stock option grant to purchase [__] 14,000,000 shares of our Class A common stock under our 2021 Plan (“Rao Options”). The Rao Options vested with respect to 1/4th of the shares on the 12-month anniversary of Mr. Rao’s first day of employment with the company and 1/48th of the shares in equal monthly installments thereafter, subject to Mr. Rao’s continuous service with the company through each vest date. The Rao Offer Letter also provided for certain severance and change of control benefits. For information regarding the severance and change of control benefits for Mr. Rao during 2025, please refer to the sections below titled “Termination and Change of Control Benefits” and “Potential Payments upon Termination or Change of Control.” Upon the termination of the Rao Offer Letter, we entered into a letter agreement with Mr. Rao as described below.

此外，每位 NEO 均受我们的标准保密信息和发明转让协议的约束，该协议规定了员工禁止招揽（在职期间及终止后 12 个月内）、客户禁止招揽（在职期间）、保密（永久）以及知识产权转让方面的限制。

In addition, each NEO is subject to our standard confidential information and invention assignment agreement which provides for restrictions on employee non-solicitation (during employment and for 12 months post-termination), customer non-solicitation (during employment), confidentiality (perpetual), and assignment of intellectual property rights.

终止及控制权变更福利 Termination and Change of Control Benefits

我们高管的雇佣关系为“随意雇佣”，这意味着我们可以随时终止他们的雇佣关系，他们也可以随时终止与我们的雇佣关系。除 Rao 先生外，我们的高管在 2025 年期间无权获得任何遣散费或控制权变更福利。

The employment of our NEOs is “at-will,” meaning we can terminate them at any time, and they can terminate their employment with us at any time. Other than Mr. Rao, our NEOs were not entitled to any severance or change of control benefits during 2025.

2025 年期间，Rao 录用函规定，如果公司随时以“非正当理由”终止其雇佣关系，或他因“正当理由”辞职（该等术语在 Rao 录用函中定义），则在其签署有利于公司的索赔豁免书及其他条件满足的前提下，他有权获得以下遣散费和福利：(i) 相当于其当时基本工资六个月的金额，(ii) 最多六个月的《综合预算调节法案》（“COBRA”）下保险的月度保费支付，以及 (iii) Rao 期权中 1/8 的加速归属。

During 2025, the Rao Offer Letter provided that if, at any time, his employment was terminated by the company without “cause” or he resigned for “good reason” (as such terms were defined in the Rao Offer Letter), then, subject to his execution of a release of claims in favor of the company and other conditions, he would be entitled to the following severance payments and benefits: (i) an amount equal to six months of his then-current base salary, (ii) payment of monthly premiums for coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for up to six months, and (iii) accelerated vesting as to 1/8th of the Rao Options.

Rao 录用函进一步规定，如果在“控制权变更”（定义见我们的 2021 年计划）之前 30 天内、之时或之后的任何时间，公司以非正当理由终止其雇佣关系，或他因正当理由辞职，则在其签署有利于公司的索赔豁免书及其他条件满足的前提下，其当时未归属股权奖励（包括 Rao 期权）所涉股份的 100% 将加速归属。如果在控制权变更中，其当时未归属的股权奖励原本会在控制权变更事件交割时被无对价终止，则这些奖励将在该交割前立即全部归属。在 Rao 录用函于 2026 年 10 月终止后，我们与 Rao 先生签订了一份函件协议，以相同条款继续提供本文所述的控制权变更归属加速福利，未作任何更改。

The Rao Offer Letter further provided that if, within 30 days prior to, upon, or at any time following a “change of control” (as defined in our 2021 Plan), his employment was terminated by the company without cause or he resigned for good reason, then, subject to his execution of a release of claims in favor of the company and other conditions, 100% of any then unvested shares subject to his then outstanding equity awards, including the Rao Options, would accelerate and vest. If, in the change of control, his then-outstanding equity awards would otherwise have been terminated for no consideration at the closing of the change of control event, then those awards would instead have become fully vested as of immediately prior to such closing. Upon the termination of the Rao Offer Letter in October 2026, we entered into a letter agreement with Mr. Rao continuing the change of control vesting acceleration benefit described herein on the same terms, without alteration.

有关我们高管遣散费和控制权变更福利的更多信息，请参见标题为“—财年结束后薪酬变更和股权奖励”和“—终止或控制权变更时的潜在付款”的章节。

For additional information regarding the severance and change of control benefits for our NEOs, see the sections titled “—Post-Fiscal Year End Compensation Changes and Equity Awards” and “—Potential Payments upon Termination or Change of Control.”

其他薪酬治理实践 Other Compensation Governance Practices

#### 薪酬追回政策

#### Compensation Recovery Policy

我们已采纳一项高管薪酬追回政策，旨在符合《交易法》第 10D-1 条的要求以及我们证券上市所在证券交易所的规则（“追回政策”），该政策将在本招股说明书构成其一部分的注册声明生效时生效。追回政策通常要求我们在因任何重大不符合证券法项下任何财务报告要求而需要编制会计重述（包括为更正先前已发布财务报表中的错误而需要进行的任何会计重述，且该错误对先前已发布的财务报表具有重大性），或该错误若在本期更正或在本期未予更正将导致重大错报的情况下，追回受涵盖高管所收到的错误授予的基于激励的薪酬。追回政策通常涵盖在追回政策生效日或之后以及在我们被要求编制财务重述之日前的三年期间内收到的基于激励的薪酬。要求追回的金额为所收到的基于激励的薪酬金额超出根据重述后财务指标本应收到的金额的部分。

We have adopted an executive compensation recoupment policy intended to comply with the requirements of Rule 10D-1 under the Exchange Act and the rules of the stock exchange on which our securities are listed (“Clawback Policy”) that will be effective upon the effectiveness of the registration statement of which this prospectus forms a part. The Clawback Policy will generally require us to recover erroneously awarded incentive-based compensation that was received by covered executive officers in the event we are required to prepare an accounting restatement due to any material noncompliance with any financial reporting requirement under the securities laws (including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The Clawback Policy generally covers incentive-based compensation received on or after the effective date of the Clawback Policy and during the three-year period prior to the date we are required to prepare the financial restatement. The amount required to be recovered is the excess of the amount of incentive-based compensation received over the amount that otherwise would have been received based on the restated financial measure.

#### 对冲、质押与内幕交易

#### Hedging, Pledging, and Insider Trading

我们致力于培育高标准的商业道德行为并遵守适用的法律、规则和法规。因此，我们维持我们的《内幕交易政策》，我们认为该政策经过适当设计，以促进遵守内幕交易法律、规则和法规以及将适用于我们的纳斯达克全球精选市场上市标准。我们的《内幕交易政策》适用于我们所有的管理人员、董事和员工，以及指定的顾问，并明确禁止持有对冲我们股权证券经济风险的金融工具或参与相关投资策略，例如预付可变远期合约、股权互换和领口期权。董事、管理人员和其他员工被禁止将公司证券存入保证金账户或以其他方式将公司证券质押作为贷款担保，但可能允许某些有限的例外情形。此外，我们禁止我们的高管、董事和员工在持有重大非公开信息时购买或出售我们的证券，或以其他方式利用该等信息为其个人谋利。我们设有季度禁售窗口，适用个人在此期间不得进行交易。

We are dedicated to fostering high standards of ethical business conduct and adherence to applicable laws, rules, and regulations. Accordingly, we maintain our Insider Trading Policy, which we believe is appropriately designed to foster compliance with insider trading laws, rules, and regulations, and the listing standards of the Nasdaq Global Select Market that will be applicable to us. Our Insider Trading Policy applies to all of our officers, directors, and employees, as well as designated consultants, and specifically prohibits ownership of financial instruments or participation in investment strategies that hedge the economic risk of owning our equity securities, such as prepaid variable forwards, equity swaps, and collars. Directors, officers, and other employees are prohibited from maintaining company securities in a margin account or otherwise pledging company securities as collateral for a loan, provided that certain limited exceptions may be permitted. In addition, we prohibit our executive officers, directors, and employees from purchasing or selling our securities while in possession of material, non-public information or otherwise utilizing such information for their personal benefit. We maintain a quarterly blackout window where applicable individuals may not trade.

#### 与重大非公开信息发布时间相近授予某些股权奖励相关的政策与实践

#### Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information

我们定期向我们的 NEO、员工及其他服务提供商授予股票期权。我们历来在新员工入职之日或入职后不久授予期权。我们历来在董事会决定时授予 refresh、晋升或市场调整期权。对于与公司公开披露重大非公开信息相关的期权或其他股权授予时点，我们并无具体政策或做法。

We periodically grant stock options to our NEOs, employees, and other service providers. We have historically granted options on or shortly after a newly hired employee’s start date. We have historically granted refresh, promotion, or market adjustment options when and as determined by our board of directors. We have no specific policy or practice regarding the timing of options or other equity grants in relation to the public disclosure of material nonpublic information by the company.

税务与会计考量 Tax and Accounting Considerations

#### 税务考量

#### Tax Considerations

《美国国内税收法典》第 162(m) 条对我们在任何年度就某些薪酬最高的高级管理人员可作为业务费用扣除的薪酬金额设定了 $1 million 的上限。尽管我们的董事会将薪酬的可扣除性作为确定高管薪酬的一项考量因素，但董事会仍保留授予不可扣除薪酬的自由裁量权，因为其认为，为使我们能够设计出在吸引、激励和留住关键高管以及使薪酬与业绩挂钩方面最有效的计划，保持高管薪酬方案设计的灵活性符合我们的最佳利益。

Section 162(m) of the Code imposes a $1 million limit on the amount of compensation that we may deduct as a business expense in any year with regard to certain of our most highly paid executive officers. While our board of directors considers the deductibility of compensation as one factor in determining executive compensation, our board of directors retains the discretion to award compensation that is not deductible as it believes that it is in our best interests to maintain flexibility in our approach to executive compensation in order to design a program that we deem to be the most effective in attracting, motivating, and retaining key executives and aligning pay with performance.

#### 会计考量

#### Accounting Considerations

我们的董事会在为我们的 NEO 及其他员工设计薪酬计划和安排时会考虑会计因素。我们针对股权激励奖励遵循财务会计准则委员会会计准则汇编第 718 主题（“FASB ASC Topic 718”）。FASB ASC Topic 718 要求我们根据所有股份支付奖励在授予日的“公允价值”计量其薪酬费用。

Our board of directors takes accounting considerations into account in designing compensation plans and arrangements for our NEOs and other employees. We follow the Financial Accounting Standards Board’s Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”) for our stock-based compensation awards. FASB ASC Topic 718 requires us to measure the compensation expense for all share-based payment awards based on the grant date “fair value” of these awards.

薪酬汇总表 Summary Compensation Table

下表列示了截至 2025 年 12 月 31 日止年度内授予、支付给或由我们每位 NEO 赚取的薪酬：

The following table shows the compensation awarded, paid to, or earned by each of our NEOs for the year ended December 31, 2025:

姓名及主要职位 薪酬（$）（$）（$）（1）（2）（1） Dario Amodei

Name and Principal Position Compensation ($)($)($)(1)(2) (1) Dario Amodei

首席执行官、联合创始人兼董事

Chief Executive Officer, Co-Founder, and Director

2025 · 654,167 · 9,264,932 · 4,028,558 · 4,010,641（3） · 17,958,298

2025 · 654,167 · 9,264,932 · 4,028,558 · 4,010,641 (3) · 17,958,298

Daniela Amodei 总裁、联合创始人兼董事

Daniela Amodei President, Co-Founder, and Director

2025 · 654,167 · 9,264,932 · 4,028,558 · 2,461,341（4） · 16,408,998

2025 · 654,167 · 9,264,932 · 4,028,558 · 2,461,341 (4) · 16,408,998

Krishna Rao 首席财务官

Krishna Rao Chief Financial Officer

2025 · 706,250 · — · — · 14,000（5） · 720,250

2025 · 706,250 · — · — · 14,000 (5) · 720,250

______________

______________

（1）[__] 所报告的金额代表根据 FASB ASC 主题 718 计算授予 NEO 的 RSU 或期权的授予日公允价值总额。这些金额并不反映每位 NEO 可能实现的实际经济价值。用于确定本栏所报告的 RSU 或期权（如适用）授予日公允价值的假设载于本招股说明书其他部分所包含的我们合并财务报表附注 10。

(1) [__] The amounts reported represent the aggregate grant date fair value of the RSUs or options awarded to the NEOs calculated in accordance with FASB ASC Topic 718. These amounts do not reflect the actual economic value that may be realized by each NEO. The assumptions used in determining the grant date fair value of the RSUs or options, as applicable, reported in this column are set forth in Note 10 to our consolidated financial statements included elsewhere in this prospectus.

（2）这些奖励反映授予的 RSU 同时受基于服务的归属条件和基于业绩的归属条件约束，每项条件均须满足方可使 RSU 归属，具体描述见上文“—高管薪酬要素—长期股权激励计划”一节。所披露的金额代表该 RSU 奖励的授予日公允价值总额，系根据 FASB ASC 主题 718，基于授予日业绩条件的可能结果计算得出。

(2) These awards reflect the grant of RSUs subject to both a service-based vesting condition and a performance-based vesting condition, each of which must be satisfied in order for an RSU to vest, as described above in the section titled “—Elements of Executive Compensation—Long-Term Equity Incentive Program.” The amount disclosed represents the aggregate grant date fair value of such RSU award, computed in accordance with FASB ASC Topic 718, based on the probable outcome of the performance condition as of the grant date.

（3）所报告的金额包括：（i）与 401(k)公司匹配缴款相关的 14,000 美元；（ii）与我们视为风险管理计划不可或缺但根据现行相关披露规则可能被视为附加福利的个人安全服务相关的 2,745,874 美元；（iii）与 Amodei 博士根据其整体安全计划要求因个人用途使用私人航空旅行相关的成本 97,055 美元，包括经我们董事会事先批准，Amodei 博士的个人客人在某些行程中陪同他所产生的少量增量成本；（iv）1,153,087 美元，代表在我们 2025 年 6 月的要约收购中从 Amodei 博士处回购股份的总购买价与公平市场价值之间的差额；以及（v）625 美元，代表我们向一家评估公司支付并获取的估值报告（“估值报告”）成本中按比例分摊的部分。该估值报告是为参与我们捐赠匹配计划的所有员工的利益而编制的，尽管 Amodei 博士未参与该计划，但他将该估值报告用于与其单独慈善捐赠相关的税务申报。

(3) Amounts reported include: (i) $14,000 in connection with 401(k) company matching contributions; (ii) $2,745,874 in connection with personal security services that we view as an integral part of our risk management program but may be deemed to be perquisites under current relevant disclosure rules; (iii) $97,055 in costs related to Dr. Amodei’s private air travel for personal use as required by Dr. Amodei’s overall security program, including the minimal incremental costs for Dr. Amodei’s personal guests who accompanied him on certain trips as approved in advance by our board of directors; (iv) $1,153,087, representing the spread between the aggregate purchase price and the fair market value of shares repurchased from Dr. Amodei in our June 2025 tender offer; and (v) $625 representing a pro rata portion of the cost of a valuation report paid for and obtained by us from an appraisal firm (“Valuation Report”). The Valuation Report was prepared for the benefit of all employees who participated in our donation matching program, and, although Dr. Amodei did not participate in that program, he used the Valuation Report for tax reporting related to his separate charitable giving.

(4) 所报告的金额包括：(i) 与 401(k) 公司匹配缴款相关的 $14,000；(ii) 与公司支付的个人保护、住宅安保和交通服务相关的 $1,293,629，我们将这些服务视为风险管理计划的组成部分，但根据相关披露规则，这些服务被视为向 Amodei 女士提供了个人利益；(iii) $1,153,087，代表在我们 2025 年 6 月的要约收购中从 Amodei 女士处回购股份的总购买价格与公平市场价值之间的差额；以及 (iv) $625，代表估值报告成本中按比例分摊的部分。尽管 Amodei 女士未参与我们的捐赠匹配计划，但她将估值报告用于与其单独慈善捐赠相关的税务申报。

(4) Amounts reported include: (i) $14,000 in connection with 401(k) company matching contributions; (ii) $1,293,629 in connection with company-paid personal protection, home security, and transportation services that we view as an integral part of our risk management program but are considered to convey a personal benefit to Ms. Amodei under the relevant disclosure rules; (iii) $1,153,087, representing the spread between the aggregate purchase price and the fair market value of shares repurchased from Ms. Amodei in our June 2025 tender offer; and (iv) $625 representing a pro rata portion of the cost of the Valuation Report. Although Ms. Amodei did not participate in our donation matching program, she used the Valuation Report for tax reporting related to her separate charitable giving.

(5) 所报告的金额反映 401(k) 公司匹配缴款。

(5) Amounts reported reflect 401(k) company matching contributions.

财年结束后薪酬变动及股权奖励 Post-Fiscal Year End Compensation Changes and Equity Awards

在截至 2025 年 12 月 31 日的年度之后，我们批准调整了 Amodei 博士、Amodei 女士和 Rao 先生的基本工资，向其授予了新的 RSU，并与其签订了提供若干遣散福利的协议。我们还为 Amodei 博士和 Amodei 女士支付了 HSR 申报费（定义见下文）。此外，我们开始向 Rao 先生提供若干安保服务。上述调整、授予和福利是考虑到我们每位 NEO 持续担任领导职务以及内部公平性而作出的。

Subsequent to the year ended December 31, 2025, we approved an adjustment to the base salaries of, granted new RSUs to, and entered into agreements providing certain severance benefits for, Dr. Amodei, Ms. Amodei, and Mr. Rao. We also paid the HSR Filing Fees (as defined below) for Dr. Amodei and Ms. Amodei. In addition, we began offering certain security services to Mr. Rao. These adjustments, awards, and benefits were made in consideration of the ongoing leadership roles of each of our NEOs and internal parity.

**基本工资**

**Base Salary**

自 2026 年 1 月 16 日起，Amodei 博士和 Amodei 女士各自的年度基本工资提高至 $915,000。自 2026 月 2 月 1 日起，Rao 先生的年度基本工资提高至 $1,250,000。自 2026 年 7 月 1 日起，Amodei 博士和 Amodei 女士各自的年度基本工资进一步提高至 $1,380,000。

Effective January 16, 2026, the annual base salary for each of Dr. Amodei and Ms. Amodei was increased to $915,000. Effective February 1, 2026, the annual base salary for Mr. Rao was increased to $1,250,000. Effective July 1, 2026, the annual base salary for each of Dr. Amodei and Ms. Amodei was further increased to $1,380,000.

#### 长期股权激励计划

#### Long-Term Equity Incentive Program

2026 年 2 月 20 日，我们的董事会向 Amodei 博士和 Amodei 女士各授予 [__] 1,431,490 份期权，向 Rao 先生授予 1,122,840 份期权（合称“2026 年 NEO 期权”），并向 Amodei 博士和 Amodei 女士各授予 [__] 2,374,010 份 RSU，向 Rao 先生授予 [__] 1,862,140 份 RSU（合称“2026 年 NEO RSU”）。2026 年 NEO 期权自 2026 年 1 月 16 日（就 Amodei 博士和 Amodei 女士而言）及 2026 年 1 月 30 日（就 Rao 先生而言）起，在一年期内按月等额分期归属，前提是高管在每个归属日之前持续在公司任职。2026 年 NEO 期权的行权价等于每股 $17.66。2026 年 NEO RSU 在服务条件与业绩条件均满足的首个日期归属。服务条件就 2026 年 NEO RSU 总数的 1/12 于 2027 年 5 月 20 日满足，此后在每个季度周年日满足，前提是高管在每个归属日之前持续在公司任职。2026 年 NEO RSU 的业绩归属条件将在本招股说明书构成其一部分的注册声明生效时满足。

On February 20, 2026, our board of directors granted [__] 1,431,490 options to each of Dr. Amodei and Ms. Amodei and 1,122,840 options to Mr. Rao (together, the “2026 NEO Options”) and [__] 2,374,010 RSUs to each of Dr. Amodei and Ms. Amodei and [__] 1,862,140 RSUs to Mr. Rao (together, the “2026 NEO RSUs”). The 2026 NEO Options vest in equal monthly installments over a one-year period beginning on January 16, 2026 for each of Dr. Amodei and Ms. Amodei and on January 30, 2026 for Mr. Rao, subject to the executive’s continuous service with the company through each vest date. The 2026 NEO Options were granted with an exercise price equal to $17.66 per share. The 2026 NEO RSUs vest on the first date upon which both a service-based condition and a performance-based condition are satisfied. The service-based condition is satisfied as to 1/12th of the total 2026 NEO RSUs on May 20, 2027, and on each quarterly anniversary thereafter, subject to the executive’s continuous service with the company through each vest date. The performance-based vesting condition of the 2026 NEO RSUs will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part.

2026 年 7 月 15 日，我们的董事会向 Amodei 博士和 Amodei 女士各授予 [__] 537,430 份 RSU（“2026 年联合创始人 RSU”）。2026 年联合创始人 RSU 在服务条件与业绩条件均满足的首个日期归属。服务条件就 2026 年联合创始人 RSU 总数的 1/16 于 2026 年 8 月 20 日满足，此后在每个季度周年日满足，前提是高管在每个归属日之前持续在公司任职。2026 年联合创始人 RSU 的业绩归属条件将在本招股说明书构成其一部分的注册声明生效时满足。

On July 15, 2026, our board of directors granted [__] 537,430 RSUs (“2026 Co-Founder RSUs”) to each of Dr. Amodei and Ms. Amodei. The 2026 Co-Founder RSUs vest on the first date upon which both a service-based condition and a performance-based condition are satisfied. The service-based condition is satisfied as to 1/16th of the total 2026 Co-Founder RSUs on August 20, 2026, and on each quarterly anniversary thereafter, subject to the executive’s continuous service with the company through each vest date. The performance-based vesting condition of the 2026 Co-Founder RSUs will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part.

#### 遣散福利

#### Severance Benefits

2026 年 10 月，我们与各位 NEO 分别签订了《高管离职补偿协议》（“高管离职补偿协议”），该协议约定：若 NEO 的雇佣关系被公司以“正当理由”（该等术语在高管离职补偿协议格式文本中定义）之外的原因终止，或 NEO 以“合理理由”（该等术语在高管离职补偿协议格式文本中定义）辞职，则在其签署有利于公司的索赔豁免书并满足其他条件的前提下，其将有权获得以下离职补偿金和福利：(i) 对于 Amodei 博士和 Amodei 女士，相当于其当时当前基本工资 24 个月的金额；对于 Rao 先生，相当于其当时当前基本工资 12 个月的金额；(ii) 相当于 12 个月 COBRA 保费支付的金额；以及 (iii) 对所有受时间归属条件约束的未兑现股权奖励加速归属 12 个月。我们还与 Rao 先生签订了一份函件协议，以相同条款、不作任何变更地延续此前载于 Rao 录用通知函中的控制权变更归属加速福利。

In October 2026, we entered into an Executive Severance Agreement (“Executive Severance Agreement”) with each of our NEOs that provides that, if the NEO’s employment is terminated by the company without “cause” or the NEO resigns for “good reason” (as such terms are defined in the form of Executive Severance Agreement), then, subject to their execution of a release of claims in favor of the company and other conditions, they will be entitled to the following severance payments and benefits: (i) an amount equal to 24 months of their then-current base salary for Dr. Amodei and Ms. Amodei and 12 months of his then-current base salary for Mr. Rao, (ii) an amount equal to 12 months of COBRA premium payments, and (iii) acceleration of 12 months of equity vesting for all outstanding equity awards subject to time-based vesting. We also entered into a letter agreement with Mr. Rao continuing the change of control vesting acceleration benefit previously included in the Rao Offer Letter on the same terms, without alteration.

上述变更将反映在我们截至 2026 年 12 月 31 日止年度的高管薪酬披露中。

The changes described above will be reflected in our executive compensation disclosure for the year ending December 31, 2026.

#### 附加福利及其他高管福利

#### Perquisites and Other Executive Benefits

HSR 申报费

HSR Filing Fees

2026 年 10 月，我们代表 Amodei 博士和 Amodei 女士直接向 FTC 支付了其根据经修订的《1976 年哈特-斯科特-罗迪诺反垄断改进法》提交通知所需支付的申报费，每人金额为 $2.5 million（“HSR 申报费”）。该等 HSR 申报费系 NEO 收购及持有我们证券所需支付。我们的董事会认定，支付 HSR 申报费符合我们及我们股东的最佳利益，因为此举可确保遵守反垄断法规，并通过激励各 NEO 参与我们的长期股权激励计划并致力于提升我们证券的价值，促进各 NEO 的留任及其与长期股东价值的对齐。

In October 2026, we paid directly to the FTC, on behalf of Dr. Amodei and Ms. Amodei, the filing fees that they were required to pay in connection with the filing of a notice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, each in the amount of $2.5 million (the “HSR Filing Fees”). The HSR Filing Fees were required in connection with the NEO’s acquisition and holding of our securities. Our board of directors determined that paying the HSR Filing Fees served the best interest of us and our stockholders by ensuring compliance with antitrust regulations and promoting each NEO’s retention and long-term stockholder value alignment by providing incentives for each NEO to participate in our long-term equity incentive program and work to increase the value of our securities.

安保服务

Security Services

2026 年，我们开始向 Rao 先生提供若干安保服务，并聘请了一家领先的安保咨询公司就 Rao 先生的个人及安全风险开展独立的第三方安全研究。鉴于 Rao 先生在 Anthropic 所担任职务的重要性，我们认为该等服务的成本是必要且适当的。

In 2026, we began offering certain security services to Mr. Rao and engaged a leading security consulting firm to conduct an independent, third-party security study regarding the personal and security risks of Mr. Rao. Given the importance of the role of Mr. Rao at Anthropic, we view the cost of these services as necessary and appropriate.

2025 年计划内奖励授予 Grants of Plan-Based Awards in 2025

下表列示了 2025 年向我们 NEO 授予奖励的相关信息：

The following table sets forth information regarding grants of awards made to our NEOs during 2025:

估计未来 支付金额 股权激励 计划奖励 名称 · 授予 日期 (1) 目标（#）(2) · 所有其他期权 奖励： 数量 证券 标的 期权（#） 行权价或基准价 价格 期权 奖励（$/股） 授予日期 公允价值 股票及 期权 奖励（美元）(3) Dario Amodei · 6/12/2025 · 992,500 · 2.38 · 4,028,558 6/12/2025 · 1,717,000 · 9,264,932 Daniela Amodei · 6/12/2025 · 992,500 · 2.38 · 4,028,558 6/12/2025 · 1,717,000 · 9,264,932 Krishna Rao · — · — · — · —

Estimated Future Payouts Under Equity Incentive Plan Awards Name · Grant Date (1) Target (#) (2) · All Other Option Awards: Number of Securities Underlying Options (#) Exercise or Base Price of Option Awards ($/sh) Grant Date Fair Value of Stock and Option Awards ($) (3) Dario Amodei · 6/12/2025 · 992,500 · 2.38 · 4,028,558 6/12/2025 · 1,717,000 · 9,264,932 Daniela Amodei · 6/12/2025 · 992,500 · 2.38 · 4,028,558 6/12/2025 · 1,717,000 · 9,264,932 Krishna Rao · — · — · — · —

______________

______________

(1) [__] 所有奖励均根据我们的 2021 年计划授予，该计划的条款在下文“—股权计划—经修订及重述的 2021 年股票计划”一节中描述。

(1) [__] All awards were granted pursuant to our 2021 Plan, the terms of which are described below under the section titled “—Equity Plans—Amended & Restated 2021 Stock Plan.”

(2) 这些奖励反映的是受服务期归属条件和业绩期归属条件双重约束的 RSU 授予，两项条件均须满足后 RSU 方可归属，具体如上文“—高管薪酬要素—长期股权激励计划”一节所述。该等 RSU 不设“门槛”或“最高”达成水平，因此相应列已予省略。

(2) These awards reflect the grant of RSUs subject to both a service-based vesting condition and a performance-based vesting condition, each of which must be satisfied for the RSU to vest, as described above in the section titled “—Elements of Executive Compensation—Long-Term Equity Incentive Program.” The RSUs do not have “threshold” or “maximum” achievement levels, so the corresponding columns have been omitted.

(3) 所报告金额代表根据 FASB ASC 第 718 主题计算的授予 NEO 的 RSU 或期权的授予日公允价值总额。该等金额并不反映各 NEO 可能实现的实际经济价值。用于确定本列所报告 RSU 或期权（视情况而定）授予日公允价值的假设，载于本招股说明书其他部分所包含的合并财务报表附注 10。

(3) The amounts reported represent the aggregate grant date fair value of the RSUs or options awarded to the NEOs calculated in accordance with FASB ASC Topic 718. These amounts do not reflect the actual economic value that may be realized by each NEO. The assumptions used in determining the grant date fair value of the RSUs or options, as applicable, reported in this column are set forth in Note 10 to our consolidated financial statements included elsewhere in this prospectus.

2025 年末未兑现股权奖励 Outstanding Equity Awards at 2025 Year-End

下表列示了截至 2025 年 12 月 31 日我们 NEO 所持未兑现股权奖励的相关信息：

The following table sets forth information regarding outstanding equity awards held by our NEOs as of December 31, 2025:

期权奖励 · (1) 名称 · 授予 日期 数量 证券 标的 未行权 期权（#） 可行权 数量 证券 标的 未行权 期权（#） 不可行使 期权 行使 价格($) 期权 到期 日期 股权 激励计划 奖励： 数量 未实现 股份， 单位或其他 权利 尚未 已归属（#） 股权 激励计划 奖励： 市场或支付 价值 未实现 股份、单位或 其他权利 尚未 已归属（美元）(2) Dario Amodei · 6/12/2025 · 909,790 (3) · 82,710 · 2.38 · 6/11/2035 · 1,717,000(5) 6/12/2025 · 30,317,069 Daniela Amodei · 6/12/2025 · 909,790 (3) · 82,710 · 2.38 · 6/11/2035 · 1,717,000(5) 6/12/2025 · 30,317,069 Krishna Rao · 5/31/2024 · 5,756,350(4) · 8,166,670 · 1.30 · 5/30/2034

Option Awards · (1) Name · Grant Date Number of Securities Underlying Unexercised Options (#) Exercisable Number of Securities Underlying Unexercised Options (#) Unexercisable Option Exercise Price ($) Option Expiration Date Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (2) Dario Amodei · 6/12/2025 · 909,790 (3) · 82,710 · 2.38 · 6/11/2035 · 1,717,000(5) 6/12/2025 · 30,317,069 Daniela Amodei · 6/12/2025 · 909,790 (3) · 82,710 · 2.38 · 6/11/2035 · 1,717,000(5) 6/12/2025 · 30,317,069 Krishna Rao · 5/31/2024 · 5,756,350(4) · 8,166,670 · 1.30 · 5/30/2034

______________

______________

(1) [__] 所有奖励均根据我们的 2021 年计划授予，该计划的条款在下文“—股权计划—经修订及重述的 2021 年股票计划”一节中描述。

(1) [__] All awards were granted pursuant to our 2021 Plan, the terms of which are described below under the section titled “—Equity Plans—Amended & Restated 2021 Stock Plan.”

(2) 所报告的金额代表我们 A 类普通股截至 2025 年 12 月 31 日每股 [__] $17.66 的公平市场价值。

(2) Amounts reported represent the fair market value of our Class A common stock of [__] $17.66 per share as of December 31, 2025.

(3) 期权所涉总股份的 1/12 于归属开始日期（2025 年 1 月 1 日）满一个月之日归属，此后总股份的 1/12 按等额月度分期归属，前提是该 NEO 在每个适用归属日期前持续为公司服务。

(3) 1/12th of the total shares subject to the option vested on the one-month anniversary of the vesting commencement date (January 1, 2025), and 1/12th of the total shares vested in equal monthly installments thereafter, subject to the NEO’s continued service with the company through each applicable vest date.

(4) 期权所涉总股份的 1/4 于归属开始日期（2024 年 4 月 18 日）一周年之日归属，此后总股份的 1/48 将按等额月度分期归属，前提是该 NEO 在每个适用归属日期前持续为公司服务。

(4) 1/4th of the total shares subject to the option vested on the first anniversary of the vesting commencement date (April 18, 2024), and 1/48th of the total shares will vest in equal monthly installments thereafter, subject to the NEO’s continued service with the company through each applicable vest date.

(5) RSU 在服务条件与业绩条件均满足的首个日期归属。服务条件就 RSU 的 1/12 于归属开始日期（2024 年 11 月 20 日）满 15 个月之日满足，此后每满三个月之日满足，前提是该 NEO 在每个适用的服务归属日期前持续为公司服务。业绩条件将在本招股说明书构成其一部分的注册声明生效时满足。

(5) The RSUs vest on the first date upon which both a service-based condition and a performance-based condition are satisfied. The service-based condition is satisfied as to 1/12th of the RSUs on the 15-month anniversary of the vesting commencement date (November 20, 2024) and on each three-month anniversary thereafter, subject to the NEO’s continued service with the company through each applicable service-based vest date. The performance-based condition will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part.

2025 年期权行权及股票归属 Option Exercises and Stock Vested in 2025

下表列示了我们的 NEO 在 2025 年因行使股票期权及限制性股票单位归属而获得的 A 类普通股股数，以及该等行权或归属时实现的价值：

The following table sets forth the number of shares of Class A common stock acquired during 2025 by our NEOs upon the exercise of stock options and the vesting of stock awards and the value realized upon such exercise or vesting:

期权奖励 姓名 · 数量 证券 于行使时 取得（#） 行使时实现的价值 · ($)(1) 数量 证券 于归属时 取得 归属时实现的价值 · ($)(2) Dario Amodei · — · — · 5,058,340 · 12,013,558 Daniela Amodei · — · — · 5,058,340 · 12,013,558 Krishna Rao · 76,980 · 385,285 · — · —

Option Awards Name · Number of Securities Acquired on Exercise (#) Value Realized on Exercise · ($)(1) Number of Securities Acquired on Vesting (#) Value Realized on Vesting · ($)(2) Dario Amodei · — · — · 5,058,340 · 12,013,558 Daniela Amodei · — · — · 5,058,340 · 12,013,558 Krishna Rao · 76,980 · 385,285 · — · —

______________

______________

(1) [__] 基于行权日我们 A 类普通股的公允市场价值，减去就该等股份支付的行权价格，再乘以该期权所行使的股数。

(1) [__] Based on the fair market value of our Class A common stock on the date of exercise, less the option exercise price paid for those shares, multiplied by the number of shares for which the option was exercised.

(2) 基于归属日我们 A 类普通股的公允市场价值，乘以归属的股数。

(2) Based on the fair market value of our Class A common stock on the vesting date, multiplied by the number of shares that vested.

与我们 NEO 的雇佣、遣散及控制权变更安排 Employment, Severance, and Change of Control Arrangements with Our NEOs

我们与 Rao 先生于 2024 年 3 月 2 日签订了聘用函，其中规定“随意”雇佣关系，并载明其初始基本工资、新员工股票期权授予以及遣散和控制权变更福利。Rao 聘用函在 2025 年期间有效，并于 2026 年 10 月终止。

We entered into an offer letter with Mr. Rao dated March 2, 2024, which provided for “at-will” employment and included his initial base salary, a new hire stock option grant, and severance and change of control benefits. The Rao Offer Letter was in effect during 2025 and was terminated in October 2026.

具体而言，Rao 聘用函规定，如果在其任职期间的任何时间，公司以“非正当理由”（该等术语在 Rao 聘用函中定义）终止其雇佣关系，或其以“正当理由”辞职，则在其签署有利于公司的索赔豁免书、遵守其保密信息和发明转让协议及所有重大公司政策并归还公司财产的前提下，其将有资格获得以下遣散费和福利：(i) 相当于其当时基本工资六个月的金额，(ii) 最多六个月的 COBRA 保险月度保费支付，以及 (iii) Rao 期权中 1/8 的加速归属。

Specifically, the Rao Offer Letter provided that if, at any time, his employment was terminated by the company without “cause” or he resigned for “good reason” (as such terms are defined in the Rao Offer Letter), then, subject to his execution of a release of claims in favor of the company, his compliance with his confidential information and invention assignment agreement and all material company policies, and his return of company property, he would be eligible to receive the following severance payments and benefits: (i) an amount equal to six months of his then-current base salary, (ii) payment of monthly premiums for coverage under COBRA for up to six months, and (iii) accelerated vesting as to 1/8th of the Rao Options.

Rao 聘用函进一步规定，如果在“控制权变更”（定义见我们的 2021 年计划）之前 30 天内、之时或之后的任何时间，公司以非正当理由终止其雇佣关系，或其以正当理由辞职，则在其签署有利于公司的索赔豁免书并归还公司财产的前提下，其当时未归属的股权奖励（包括 Rao 期权）所涉股份的 100% 将加速归属。如果在控制权变更中，其当时未归属的股权奖励原本会在控制权变更事件交割时被无对价终止，则这些奖励将在该交割前立即全部归属。在 Rao 聘用函于 2026 年 10 月终止后，我们与 Rao 先生签订了一份函件协议，以相同条款继续提供本文所述的控制权变更归属加速福利，未作任何更改。

The Rao Offer Letter further provided that if, within 30 days prior to, upon or at any time following a “change of control” (as defined in our 2021 Plan), his employment was terminated by the company without cause or he resigns for good reason, then, subject to his execution of a release of claims in favor of the company and his return of company property, 100% of any then-unvested shares subject to his then-outstanding equity awards, including the Rao Options, would accelerate and vest. If, in the change of control, his then-outstanding equity awards would otherwise have been terminated for no consideration at the closing of the change of control event, then those awards would instead become fully vested as of immediately prior to such closing. Upon the termination of the Rao Offer Letter in October 2026, we entered into a letter agreement with Mr. Rao continuing the change of control vesting acceleration benefit described herein on the same terms, without alteration.

有关 Rao 聘用函条款的更多信息，请参见标题为“—高管雇佣协议”的章节。有关我们 NEO 遣散福利的更多信息，请参见标题为“—财年结束后薪酬变动和股权奖励”的章节。

For additional information regarding the terms of the Rao Offer Letter, see the section titled “—Executive Employment Agreements.” For additional information regarding severance benefits for our NEOs, see the section titled “—Post-Fiscal Year End Compensation Changes and Equity Awards.”

终止或控制权变更时的潜在付款 Potential Payments upon Termination or Change of Control

2025 年期间，Rao 先生有资格根据 Rao 录用通知函的条款领取遣散福利，详见标题为“—终止与控制权变更福利”的章节。2025 年期间，我们的其他 NEO 均无资格领取遣散福利。有关我们 NEO 遣散福利的更多信息，请参见标题为“—财年结束后薪酬变动与股权奖励”的章节。

During 2025, Mr. Rao was eligible to receive severance benefits under the terms of the Rao Offer Letter, as discussed in the section titled “—Termination and Change of Control Benefits.” None of our other NEOs was eligible to receive severance benefits during 2025. For additional information regarding severance benefits for our NEOs, see the section titled “—Post-Fiscal Year End Compensation Changes and Equity Awards.”

#### 与控制权变更无关的终止情形下的潜在付款

#### Potential Payments upon Termination Apart from a Change of Control

下表列出了以下情形下每位 NEO 本应获得的福利的量化估计：该 NEO 因“正当理由”主动辞职，或由我们以“非因由”以外的原因（且非因死亡或“残疾”）解除其雇佣关系（即“合格终止”），该 NEO 签署了有利于公司的权利豁免书并遵守了上述其他条件，且该合格终止发生于 2025 年 12 月 31 日：

The following table sets forth quantitative estimates of the benefits that would have accrued to each of our NEOs if any of their employment had been terminated by the NEO for “good reason” or by us for a reason other than “cause” (and not due to death or “disability”) (a “Qualifying Termination”), the NEO executed a release of claims in favor of the company and complied with the other conditions described above, and such Qualifying Termination had occurred on December 31, 2025:

**现金**

**Cash**

遣散费($) 加速归属的股权奖励($) 健康保险($)($)

Severance ($) Accelerated Equity Awards ($) Health Coverage ($)($)

Dario Amodei · — · — · — · — Daniela Amodei · — · — · — · — Krishna Rao(1) · 425,000 · (2) · 28,626,500 · (3) · 16,079 (4) · 29,067,579

Dario Amodei · — · — · — · — Daniela Amodei · — · — · — · — Krishna Rao(1) · 425,000 · (2) · 28,626,500 · (3) · 16,079 (4) · 29,067,579

______________

______________

(1) [__] “正当理由”“因由”和“残疾”在 Rao 录用通知函中定义。

(1) [__] “Good reason,” “cause,” and “disability” are defined in the Rao Offer Letter.

(2) 该金额等于 Rao 先生六个月的年基本工资，一次性支付。

(2) This amount is equal to six months of Mr. Rao’s annual base salary, to be paid in a lump sum.

(3) 该金额代表 Rao 期权所涉股份总数（[__] 1,750,000 股）的 1/8 加速归属的价值。该金额基于我们 A 类普通股截至 2025 年 12 月 31 日的公允市场价值 [__] 每股 $17.66，减去期权行权价 [__] 每股 $1.30，再乘以加速归属的股份数量。

(3) This amount represents the value of acceleration of 1/8th of the total number of shares subject to the Rao Options ( [__] 1,750,000 shares). This amount is based on the fair market value of our Class A common stock of [__] $17.66 per share as of December 31, 2025, minus the option exercise price of [__] $1.30 per share, multiplied by the number of shares subject to acceleration.

(4) 该金额基于相当于六个月 COBRA 下持续健康保险保费成本的付款。

(4) Amount is based on a payment equal to the premium cost of continued health coverage under COBRA for a period of six months.

#### 与控制权变更相关的终止情形下的潜在付款

#### Potential Payments upon Termination in Connection with a Change of Control

下表列出了量化估算，即若我们各位 NEO 的雇佣关系因与“控制权变更”（定义见我们的 2021 年计划）相关的合格终止而被该 NEO 终止、该 NEO 签署了有利于公司的索赔豁免书并遵守了上述其他条件，且该合格终止发生于 2025 年 12 月 31 日，则各位 NEO 本可获得的各项福利：

The following table sets forth quantitative estimates of the benefits that would have accrued to each of our NEOs if any of their employment had been terminated by the NEO in a Qualifying Termination in connection with a “change of control” (as defined in our 2021 Plan), the NEO executed a release of claims in favor of the company and complied with the other conditions described above, and such Qualifying Termination had occurred on December 31, 2025:

**现金**

**Cash**

遣散费($) 加速归属的股权奖励($) 健康保险($)($)

Severance ($) Accelerated Equity Awards ($) Health Coverage ($)($)

Dario Amodei · — · — · — · — Daniela Amodei · — · — · — · — Krishna Rao(1) · 425,000 · (2) · 133,590,388 (3) · 16,079 (4) · 134,031,467

Dario Amodei · — · — · — · — Daniela Amodei · — · — · — · — Krishna Rao(1) · 425,000 · (2) · 133,590,388 (3) · 16,079 (4) · 134,031,467

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(1) [__] “正当理由”、“原因”和“残疾”的定义见 Rao 录用通知书。

(1) [__] “Good reason,” “cause” and “disability” are defined in the Rao Offer Letter.

(2) 该金额等于 Rao 先生六个月的年基本工资，一次性支付。

(2) This amount is equal to six months of Mr. Rao’s annual base salary, to be paid in a lump sum.

(3) 该金额代表 Rao 期权项下全部未归属股份（8,166,670 股）100% 加速归属的价值，该加速归属权在以下情形触发：(i) Rao 先生在控制权变更前 30 天内、当日或之后发生合格终止，或(ii) 若 Rao 先生的股权奖励在控制权变更中本会因无对价而终止（无需合格终止）。该金额基于我们董事会善意确定的截至 2025 年 12 月 31 日我们 A 类普通股每股 [__] $17.66 的公允市场价值，减去每股 [__] $1.30 的期权行权价，再乘以加速归属的股份数量。

(3) This amount represents the value of acceleration of 100% of the total number of unvested shares subject to the Rao Options (8,166,670 shares), which right to acceleration is triggered (i) upon Mr. Rao’s Qualifying Termination within 30 days prior to, on, or following a change of control or (ii) if Mr. Rao’s equity awards otherwise would terminate for no consideration in a change of control (without the requirement of a Qualifying Termination). This amount is based on the fair market value of our Class A common stock of [__] $17.66 per share as of December 31, 2025, as determined by our board of directors in good faith, minus the option exercise price of [__] $1.30 per share, multiplied by the number of shares subject to acceleration.

(4) 该金额基于相当于六个月 COBRA 下继续健康保险的保费成本的付款。

(4) Amount is based on a payment equal to the premium cost of continued health coverage under COBRA for a period of six months.

股权计划 Equity Plans

#### 2026 年股权激励计划

#### 2026 Equity Incentive Plan

概述。我们的 2026 年计划由董事会于 2026 年 9 月 1 日通过，并经股东于 2026 年 10 月 22 日批准。我们的 2026 年计划将自本招股说明书构成其一部分的注册声明生效之日的前一日起生效。

General. Our 2026 Plan was adopted by our board of directors on September 1, 2026, and approved by our stockholders on October 22, 2026. Our 2026 Plan will become effective as of the day immediately prior to the day the registration statement of which this prospectus forms a part is effective.

股份储备。根据我们的 2026 年计划可发行的最大股份总数为：(i) 我们的 A 类普通股股份；加上 (ii) 相当于在我们 2026 年计划生效日我们的 2021 年计划终止前，根据我们的 2021 年计划可供发行的有表决权普通股总股数的我们的 A 类普通股股份数；加上 (iii) 相当于在 2026 年计划生效日之后，根据我们的 2021 年计划先前授予的奖励所涉及的有表决权普通股总股数的我们的 A 类普通股股份数，若我们的 2021 年计划未在 2026 年计划生效日终止，该等股份本应返还至我们的 2021 年计划并根据我们的 2021 年计划下的未来奖励可供发行（前提是 (ii) 加 (iii) 项下的最大股份数为 [__] 股）。

Share Reserve. The maximum aggregate number of shares that may be issued under our 2026 Plan is: (i) shares of our Class A common stock; plus (ii) the number of shares of our Class A common stock equal to the total shares of Voting Common Stock available for issuance pursuant to our 2021 Plan immediately prior to the termination of our 2021 Plan on the effective date of our 2026 Plan; plus (iii) the number of shares of our Class A common stock equal to the total shares of Voting Common Stock subject to awards previously granted under our 2021 Plan that, after the effective date of our 2026 Plan, would have returned to our 2021 Plan and become available for issuance pursuant to future awards under our 2021 Plan had our 2021 Plan not terminated on the effective date of our 2026 Plan (provided that the maximum number of shares pursuant to (ii) plus (iii) is shares).

此外，自我们的 2027 财年起至我们的 2036 财年首日（含）止，我们的 2026 年计划下可发行的股份数将于每个财年的首日增加，增加数量等于以下两者中的较低者：(i) 在该等自动增加之日的前一个日历月最后一日我们普通股总股数（仅包括公司发行的所有具有经济权利的各类普通股）的 5%（按转换后基准计算）；及 (ii) 由我们的董事会确定的该等股份数。

In addition, the number of shares that may be issued under our 2026 Plan will be increased on the first day of each fiscal year beginning with our 2027 fiscal year and ending on (and including) the first day of our 2036 fiscal year, in an amount equal to the lesser of: (i) 5% of the total number of shares of our common stock (including only all classes of common stock issued by the company that carry economic rights) outstanding on the last day of the calendar month prior to the date of such automatic increase (calculated on an as-converted basis); and (ii) such number of shares determined by our board of directors.

若某项奖励因任何原因到期、被没收或变得不可行使而未获全额行使，或根据交换计划被交回，则其项下未发行的股份应继续根据我们的 2026 年计划可供未来奖励发行。此外，我们为满足行权价或购买价或任何预扣税而保留的任何股份应被视为未发行，并应继续根据我们的 2026 年计划可供未来奖励发行。根据我们的 2026 年计划发行且随后因未归属而被没收或由我们以不高于就该等股份向我们支付的原始购买价的价格回购的股份，应再次可根据我们的 2026 年计划供未来授予。若我们的 2026 年计划下的某项奖励以现金而非股份支付，该等现金支付不会减少我们的 2026 年计划下可供发行的股份数。

To the extent an award should expire or be forfeited or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an exchange program, the unissued shares that were subject thereto shall continue to be available under our 2026 Plan for issuance pursuant to future awards. In addition, any shares which are retained by us to satisfy exercise or purchase price or any withholding taxes shall be treated as not issued and shall continue to be available under our 2026 Plan for issuance pursuant to future awards. Shares issued under our 2026 Plan and later forfeited to us due to the failure to vest or repurchased by us at a price no greater than the original purchase price paid to us for the shares shall again be available for future grant under our 2026 Plan. To the extent an award under our 2026 Plan is paid out in cash rather than shares, such cash payment will not reduce the number of shares available for issuance under our 2026 Plan.

计划管理。我们的董事会已将其管理 2026 年计划的权力授予我们的薪酬委员会。在符合我们 2026 年计划规定的前提下，管理人有权决定奖励条款，包括获授人、行权价格（如有）、每项奖励所涉股份数量、我们 A 类普通股每股的公允市场价值、适用于奖励的归属时间表以及任何归属加速、行权时应付的对价形式（如有），以及根据我们 2026 年计划使用的奖励协议条款。管理人还有权在符合我们 2026 年计划条款的前提下，修订现有奖励、制定规则、解释和阐释我们 2026 年计划及据此授予的奖励，并设立交换计划，据此将未兑现奖励修订为较低的行权价格，或交回或注销以换取行权价格较低的奖励、我们 2026 年计划下不同类型的奖励或不同的股权激励计划、现金或其组合。

Plan Administration. Our board of directors has delegated its authority to administer our 2026 Plan to our compensation committee. Subject to the provisions of our 2026 Plan, the administrator has the power to determine the terms of awards, including the recipients, the exercise price, if any, the number of shares subject to each award, the fair market value of a share of our Class A common stock, the vesting schedule applicable to the awards, together with any vesting acceleration, the form of consideration, if any, payable upon exercise of the award and the terms of the award agreement for use under our 2026 Plan. The administrator also has the authority, subject to the terms of our 2026 Plan, to amend existing awards, to prescribe rules and to construe and interpret our 2026 Plan and awards granted thereunder and to institute an exchange program by which outstanding awards are amended to provide for a lower exercise price or surrendered or cancelled in exchange for awards with a lower exercise price, a different type of award under our 2026 Plan or a different equity incentive plan, cash, or a combination thereof.

参与资格。员工、非员工的董事会成员以及顾问（包括但不限于 staffing agency、professional employer organization、employer of record 及类似工作人员的雇员）均有资格参与我们 2026 年计划。

Eligibility. Employees, members of our board of directors who are not employees, and consultants (including, without limitation, employees of a staffing agency, professional employer organization, employer of record, and similar workers) are eligible to participate in our 2026 Plan.

奖励类型。我们 2026 年计划规定可向我们及我们子公司的员工、董事和顾问授予股票期权、股票增值权、限制性股票、限制性股票单位和股票奖金奖励。

Types of Awards. Our 2026 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and stock bonus awards to our employees, directors, and consultants and the employees and consultants of our subsidiaries.

股票期权。管理人可根据我们 2026 年计划授予激励性股票期权（《税法》第 422 条含义内）和/或非法定股票期权，但激励性股票期权仅可授予我们及我们子公司的员工。此类期权适用的行权价格通常必须至少等于授予日我们 A 类普通股的公允市场价值。激励性股票期权的期限不得超过 10 年；但是，若参与者持有我们全部类别股票或我们某些子公司合计总投票权超过 10%，则该参与者持有的激励性股票期权期限不得超过五年，且行权价格必须至少等于授予日我们 A 类普通股公允市场价值的 110%。

Stock Options. The administrator may grant incentive stock options (within the meaning of Section 422 of the Code) and/or nonstatutory stock options under our 2026 Plan, provided that incentive stock options may only be granted to our employees and the employees of our subsidiaries. The exercise price applicable to such options must generally be equal to at least the fair market value of our Class A common stock on the date of grant. The term of an incentive stock option may not exceed 10 years; provided, however, that an incentive stock option held by a participant who owns more than 10% of the total combined voting power of all classes of our stock, or of certain of our subsidiary corporations, may not have a term in excess of five years and must have an exercise price equal to at least 110% of the fair market value of our Class A common stock on the grant date.

管理人将确定适用于期权的行权价支付方式，其中可包括现金、股份或管理人可以接受的其他财产。在符合我们 2026 年计划规定的前提下，管理人确定期权的其余条款。该等条款可包括（除其他事项外）在实现管理人所确定的特定业绩目标和/或持续服务时归属。服务终止后，参与方可在其期权协议所载明的期间内，在其已归属的范围内行使其期权。除因正当理由终止的情形外，期权通常在其整个期限内可行使的范围内保持有效。任何期权均不得在其期限届满后行使。具体条款将在授予协议中载明。

The administrator will determine the methods of payment of the exercise price applicable to an option, which may include cash, shares, or other property acceptable to the administrator. Subject to the provisions of our 2026 Plan, the administrator determines the remaining terms of the options. Such terms may include, among other things, vesting upon the achievement of specific performance goals determined by the administrator and/ or continued service. After the termination of service, the participant may exercise their option, to the extent vested, for the period of time stated in their option agreement. Except in the event of a termination for cause, options generally remain outstanding to the extent exercisable for the full term of the options. In no event may an option be exercised later than the expiration of its term. The specific terms will be set forth in an award agreement.

股票增值权。我们 2026 年计划项下可授予股票增值权。股票增值权使接受方有权获得我们 A 类普通股在授予日至行权日之间公允市场价值的增值。在符合我们 2026 年计划规定的前提下，管理人确定股票增值权的条款，包括该等权利何时归属及可行使，以及是以现金还是以我们 A 类普通股股份或其组合方式结算该等奖励，但根据股票增值权的行使而将发行的股份的每股行权价不得低于授予日每股公允市场价值的 100%。具体条款将在授予协议中载明。

Stock Appreciation Rights. Stock appreciation rights may be granted under our 2026 Plan. Stock appreciation rights allow the recipient to receive the appreciation in the fair market value of our Class A common stock between the date of grant and the exercise date. Subject to the provisions of our 2026 Plan, the administrator determines the terms of stock appreciation rights, including when such rights vest and become exercisable and whether to settle such awards in cash or with shares of our Class A common stock, or a combination thereof, except that the per share exercise price for the shares to be issued pursuant to the exercise of a stock appreciation right will be no less than 100% of the fair market value per share on the date of grant. The specific terms will be set forth in an award agreement.

限制性股票。我们 2026 年计划项下可授予限制性股票。限制性股票奖励（RSA）是授予我们 A 类普通股股份，但须受各种限制，包括转让限制和没收条款。限制性股票股份将按照管理人所确立的条款和条件归属，且该等股份上的限制将失效。该等条款可包括（除其他事项外）在实现管理人所确定的特定业绩目标和/或持续服务时归属。管理人可自行决定加速任何限制失效或解除的时间。限制性股票奖励的接受方通常在授予时即对该等股份享有投票权和股息权，而不论是否归属，除非管理人另有规定。因任何原因未归属的限制性股票股份将受制于我们的回购权或被接受方没收。具体条款将在授予协议中载明。

Restricted Stock. Restricted stock may be granted under our 2026 Plan. RSAs are grants of shares of our Class A common stock that are subject to various restrictions, including restrictions on transferability and forfeiture provisions. Shares of restricted stock will vest and the restrictions on such shares will lapse, in accordance with terms and conditions established by the administrator. Such terms may include, among other things, vesting upon the achievement of specific performance goals determined by the administrator and/or continued service. The administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients of RSAs generally will have voting and dividend rights with respect to such shares upon grant without regard to vesting, unless the administrator provides otherwise. Shares of restricted stock that do not vest for any reason will be subject to our right of repurchase or forfeited by the recipient. The specific terms will be set forth in an award agreement.

限制性股票单位。RSU 可根据我们的 2026 年计划授予，并可能包含获得股息等价物的权利，具体由管理人在其自由裁量权范围内决定。每份已授予的 RSU 均为一项记账记录，代表等于我们 A 类普通股一股公平市场价值的金额。管理人决定 RSU 的条款和条件，包括归属标准，该等标准可能包括实现特定业绩标准和/或持续服务。管理人可自行决定加速任何限制失效或被移除的时间。管理人自行决定支付的时间以及奖励将以股票、现金或其组合方式结算。具体条款将在奖励协议中列明。

Restricted Stock Units. RSUs may be granted under our 2026 Plan and may include the right to dividend equivalents, as determined in the discretion of the administrator. Each RSU granted is a bookkeeping entry representing an amount equal to the fair market value of one share of our Class A common stock. The administrator determines the terms and conditions of RSUs, including the vesting criteria, which may include achievement of specified performance criteria and/or continued service. The administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. The administrator determines, in its sole discretion, the timing of payment and whether an award will be settled in stock, cash, or a combination thereof. The specific terms will be set forth in an award agreement.

股票奖金奖励。股票奖金奖励可根据我们的 2026 年计划授予。管理人可授予股票奖金奖励，其金额及条款由管理人自行决定。股票奖金奖励是无需购买价格的我们 A 类普通股股份奖励。所有股票奖金奖励均可（但并非必须）根据奖励协议作出。股票奖金奖励的支付可以现金、股份或其组合形式进行，基于股票奖金奖励所涉股份在支付日的公平市场价值，由管理人自行决定。

Stock Bonus Awards. Stock bonus awards may be granted under our 2026 Plan. The administrator may grant stock bonus awards in such amounts, and subject to such terms, as the administrator, in its sole discretion, will determine. A stock bonus award is an award of shares of our Class A common stock without a purchase price. All stock bonus awards may be made, but are not required to be made, pursuant to an award agreement. Payment of a stock bonus award may be made in the form of cash, shares, or a combination thereof, based on the fair market value of the shares subject to the stock bonus award on the date of payment, as determined in the sole discretion of the administrator.

外部董事限制。在单一财政年度内根据我们的 2026 年计划或其他方式授予的股票奖励，连同该财政年度内因在我们董事会提供服务而支付的任何现金费用，对于任何非雇员董事而言，总价值不得超过 $1,000,000，但就任职第一年而言，任何已授予的股票奖励和已支付的现金费用总价值不得超过 $2,000,000（在每种情况下，任何该等股票奖励的价值均基于该等股票奖励用于财务报告目的的授予日公平价值计算）。该等适用限制包括代替全部或部分年度委员会现金聘金或其他类似现金支付而授予的任何股票奖励的价值。个人在担任雇员或独立承包商（但非非雇员董事）期间授予的股票奖励，不纳入上述限制的计算。

Outside Director Limitations. Stock awards granted during a single fiscal year under our 2026 Plan or otherwise, taken together with any cash fees paid during such fiscal year for services on our board of directors, shall not exceed $1,000,000 in total value for any non-employee director, except with respect to the first year of service in which case any stock awards granted and cash fees paid will not exceed $2,000,000 in total value (calculating the value of any such stock awards, in each case, based on the grant date fair value of such stock awards for financial reporting purposes). Such applicable limit includes the value of any stock awards that are granted in lieu of all or a portion of any annual committee cash retainers or other similar cash-based payments. Stock awards granted to an individual while they were serving in the capacity as an employee or while they were an independent contractor but not a non-employee director will not count for purposes of the limitations described above.

奖励的不可转让性。除非管理人另有规定，我们的 2026 年计划通常不允许转让奖励，但通过遗嘱或继承与分配法律进行的转让除外，且只有期权或股票增值权的接受方可在其有生之年行使该等奖励。

Non-Transferability of Awards. Unless the administrator provides otherwise, our 2026 Plan generally does not allow for the transfer of awards other than by will or the laws of descent and distribution and only the recipient of an option or stock appreciation right may exercise such an award during their lifetime.

特定调整。若发生股票拆分、反向股票拆分、股票股息、股份合并、整合、资本重组（包括通过大额非经常性现金股息或财产分配（包括子公司股份）进行的资本重组）或股份重新分类、股份细分、供股、重组、合并、分拆、拆分、回购或交换公司普通股或其他证券或其他重大公司交易，或发生其他影响普通股的变化，管理人为了防止稀释、减少或扩大根据我们 2026 年计划拟提供的利益或潜在利益，将以其认为公平的方式，调整根据我们 2026 年计划可交付的证券的数量、种类和类别，和/或每项未决奖励所涵盖证券的数量、类别、种类和价格，以及任何未决奖励的条款和条件（包括但不限于与此相关的任何适用绩效目标或标准）。

Certain Adjustments. In the event of a stock split, reverse stock split, stock dividend, combination, consolidation, recapitalization (including a recapitalization through a large nonrecurring cash dividend or distribution of property, including shares of a subsidiary) or reclassification of the shares, subdivision of the shares, a rights offering, a reorganization, merger, spin-off, split-up, repurchase, or exchange of common stock or other securities of the company or other significant corporate transaction, or other change affecting the common stock occurs, the administrator, in order to prevent dilution, diminution, or enlargement of the benefits or potential benefits intended to be made available under our 2026 Plan, will, in such manner as it may deem equitable, adjust the number, kind, and class of securities that may be delivered under our 2026 Plan and/or the number, class, kind, and price of securities covered by each outstanding award, and the terms and conditions of any outstanding award (including, without limitation, any applicable performance targets or criteria with respect thereto).

解散或清算。若公司拟进行停业清算、解散或清算，管理人将在该拟议交易生效日期之前尽快通知参与者，所有奖励将在该拟议交易完成之前立即终止，前提是此前未行使或结算。

Dissolution or Liquidation. In the event of a proposed winding up, dissolution, or liquidation of the company, the administrator will notify participants as soon as practicable prior to the effective date of such proposed transaction and all awards will terminate immediately prior to the consummation of such proposed transaction, to the extent not previously exercised or settled.

公司交易。我们的 2026 年计划规定，在发生某些重大公司交易时，包括：(1) 转让我们的全部或绝大部分资产；(2) 公司与另一家公司、实体或个人进行合并、整合或其他资本重组或业务合并交易；或 (3) 完成一项交易或一系列关联交易，其中任何人士直接或间接成为公司届时已发行股本超过 50% 的实益拥有人，则每一项未兑现的奖励将按管理人的决定处理。该等决定无需任何参与人同意，可规定该等奖励将 (i) 在我们为存续公司的情况下继续存续；(ii) 由存续公司或其母公司承继；(iii) 由存续公司或其母公司以新奖励替换；(iv) 被注销，以换取相当于该奖励所涉我们股份的公允市场价值超过就该等股份支付的行使价或购买价的差额的付款；(v) 在公司交易发生前立即全部或部分加速归属、结算、付款和/或到期；(vi) 在公司交易发生前立即全部或部分失效，涉及此前根据任何奖励所收购股份的没收、回购或重新收购权；(vii) 对于未兑现的期权和/或股票增值权，允许在公司交易发生前行使，且若未在此之前行使，则在公司交易完成时终止（无对价）；或 (viii) 无对价注销。

Corporate Transaction. Our 2026 Plan provides that, in the event of certain significant corporate transactions, including: (1) a transfer of all or substantially all of our assets; (2) a merger, consolidation or other capital reorganization or business combination transaction of the company with or into another corporation, entity or person; or (3) the consummation of a transaction, or series of related transactions, in which any person becomes the beneficial owner, directly or indirectly, of more than 50% of the company’s then outstanding capital stock, each outstanding award will be treated as the administrator determines. Such determination, without the consent of any participant, may provide that such awards will be (i) continued if we are the surviving corporation; (ii) assumed by the surviving corporation or its parent; (iii) substituted by the surviving corporation or its parent for a new award; (iv) cancelled in exchange for a payment equal to the excess of the fair market value of our shares subject to such award over the exercise price or purchase price paid for such shares; (v) subject to full or partial acceleration of vesting, settlement, payment, and/or expiration as of immediately prior to the corporate transaction; (vi) subject to full or partial lapse of forfeiture, repurchase or reacquisition rights with respect to shares previously acquired pursuant to any awards as of immediately prior to the corporate transaction; (vii) in the case of outstanding options and/or stock appreciation rights, allowed to be exercised prior to the occurrence of the corporate transaction and terminated (for no consideration) upon the consummation of such corporate transaction if not exercised prior thereto; or (viii) cancelled in exchange for no consideration.

控制权变更。管理人可在单项奖励协议或参与人与我们之间的任何其他书面协议中规定，在发生控制权变更时，该股票奖励将受到额外的归属、结算、付款和/或到期加速。

Change in Control. The administrator may provide, in an individual award agreement or in any other written agreement between a participant and us, that the stock award will be subject to additional acceleration of vesting, settlement, payment, and/or expiration in the event of a change in control.

根据我们的 2026 年计划，“控制权变更”一般指：(1) 合并、整合或任何其他公司重组，且在该交易完成前公司股本在交易完成后不再立即代表存续或承继实体至少多数投票权，且该等投票权在交易完成后的比例与交易前基本一致；(2) 除某些有限例外情况外，完成对我们全部或几乎全部资产的出售、转让或其他处置；(3) 公司有效控制权发生变更，即在我们董事会多数成员于任何 12 个月期间被替换之日发生，且该等董事的任命或选举未获得任命或选举日期之前我们董事会多数成员的认可；或 (4) 完成任何交易，致使任何个人或公司直接或间接成为我们当时已发行有表决权证券所代表总投票权至少 50% 的受益所有人。任何交易均不构成控制权变更：(i) 因公司经修订和重述的公司章程初始生效所致，该章程将在本招股说明书构成其一部分的注册声明生效之前立即生效；(ii) 根据上文第 (3) 款，直至 F 类日落时间和 T 类日落时间均发生之后（该等术语在公司经修订和重述的公司章程中定义，该章程将在本招股说明书构成其一部分的注册声明生效之前立即生效）；(iii) 如果其主要目的是变更公司的注册司法管辖区，或设立一家由紧接该等交易之前持有公司证券的人员按基本相同的比例拥有的控股公司；或 (iv) 如果为遵守《税法》第 409A 条而需要，则交易不构成控制权变更，除非根据适用财政部法规确定，该交易同时构成公司的“所有权或有效控制权变更”或“公司大部分资产所有权变更”。

Under our 2026 Plan, a “change in control” is generally (1) a merger, consolidation, or any other corporate reorganization in which the shares of capital stock of the company immediately before the transaction cease to represent immediately after such transaction at least a majority of the voting power of the continuing or surviving entity in substantially the same proportions immediately after such transaction as in effect before such transaction; (2) with certain limited exceptions, the consummation of the sale, transfer or other disposition of all or substantially all of our assets; (3) a change in the effective control of the company which occurs on the date that a majority of our board members are replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of our board of directors prior to the date of the appointment or election; or (4) the consummation of any transaction as a result of which any person or company becomes the beneficial owner, directly or indirectly, of at least 50% of the total voting power represented by our then outstanding voting securities. No transaction shall constitute a change in control (i) as the result of the initial effectiveness of the company’s amended and restated certificate of incorporation that will become effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, (ii) pursuant to Section (3) above until after the time at which both the Class F Sunset Time and the Class T Sunset Time have occurred, as such terms are defined in the company’s amended and restated certificate of incorporation that will become effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, (iii) if its primary purpose is to change the jurisdiction of the company’s incorporation or to create a holding company owned in substantially the same proportions by the persons who held company securities immediately before such transactions, or (iv) if required for compliance with Section 409A of the Code, a transaction will not be a change in control unless it is also a “change in the ownership or effective control of” the company or “a change in the ownership of a substantial portion of the assets of” the company as determined under applicable Treasury regulations.

薪酬追回政策。根据我们的 2026 年计划授予的奖励将受制于在该奖励授予之日可能生效的任何薪酬追回政策，或该政策经修订或为遵守适用法律而采用其他政策后的规定，并可能据此被减少、取消、没收和/或追回。此外，管理人可在任何奖励协议中施加其认为必要或适当的其他薪酬追回或收回条款。

Compensation Recovery Policy. Awards granted under our 2026 Plan will be subject to reduction, cancellation, forfeiture, and/or recoupment in accordance with any compensation recovery policy as may be in effect as of the date of grant of such award, or as such policy is amended or another policy is adopted to comply with applicable laws. In addition, the administrator may impose such other compensation recovery or recoupment provisions in any award agreement as it determines necessary or appropriate.

修订或终止。我们的管理人有权修订、变更、暂停或终止我们的 2026 年计划，但除非我们的 2026 年计划另有规定或经双方另行约定，否则该等行动不得实质性损害任何参与者的既有权利。我们的 2026 年计划将持续有效，直至管理人终止，但在董事会或股东批准我们的 2026 年计划之日（以较早者为准）起 10 年后，不得再授予符合激励性股票期权条件的期权。我们将根据适用法律或上市要求的规定，就我们的 2026 年计划的任何修订取得股东批准。

Amendment or Termination. Our administrator has the authority to amend, alter, suspend, or terminate our 2026 Plan, provided such action does not materially impair the existing rights of any participant unless otherwise provided in our 2026 Plan or mutually agreed otherwise. Our 2026 Plan will continue in effect until terminated by the administrator, but no options that qualify as incentive stock options may be granted after 10 years from the earlier of the board or stockholder approval of our 2026 Plan. We will obtain stockholder approval of any amendment to our 2026 Plan as required by applicable law or listing requirements.

#### 经修订及重述的 2021 年股票计划

#### Amended & Restated 2021 Stock Plan

一般事项。我们的董事会于 2021 年 1 月 28 日通过了我们的 2021 年计划，并最后一次修订我们的 2021 年计划，自 2026 年 5 月 28 日起生效。我们的 2021 年计划将于本招股说明书构成其一部分的注册声明生效之日的前一日起终止，本次发行后我们的 2021 年计划下将不再授予新的奖励，但先前已授予的奖励将继续受我们的 2021 年计划条款和条件以及证明该等奖励的奖励协议的约束。

General. Our board of directors adopted our 2021 Plan on January 28, 2021 and last amended our 2021 Plan effective as of May 28, 2026. Our 2021 Plan will be terminated effective as of the day immediately prior to the day the registration statement of which this prospectus forms a part becomes effective, and no new awards will be granted under our 2021 Plan following this offering, but previously granted awards will continue to be subject to the terms and conditions of our 2021 Plan and the award agreements evidencing such awards.

股份储备。我们已预留合计 [__] 3,864,826,090 股 A 类普通股，以供根据我们的 2021 年计划发行。一般而言，如果我们的 2021 年计划下授予的奖励 (i) 到期或被终止、取消，或由参与者以其他方式没收，(ii) 奖励所涉股份被扣留以抵偿与该奖励相关的行权价和/或应缴税款，或 (iii) 先前根据奖励发行的股份被没收或按该股份原购买价回购，则任何该等奖励所涉的未发行股份数量，以及任何该等被扣留、没收或回购的股份，将再次可用于我们的 2021 年计划下的奖励。在我们的 2026 年计划生效后，该等股份将再次可用于我们的 2026 年计划下的奖励。

Share Reserve. We have reserved for issuance pursuant to our 2021 Plan an aggregate of [__] 3,864,826,090 shares of our Class A common stock. In general, if an award granted under our 2021 Plan (i) expires or is terminated, cancelled, or otherwise forfeited by a participant, (ii) a share subject to an award is withheld in satisfaction of the exercise price and/or tax withholding due in connection with such award, or (iii) a share previously issued pursuant to an award is forfeited or repurchased at the original purchase price paid for the share, then the number of unissued shares subject to any such award, and any such withheld, forfeited, or repurchased shares, will again become available for awards under our 2021 Plan. Following the effectiveness of our 2026 Plan, such shares will again become available for awards under our 2026 Plan.

计划管理。在本次发行之前，我们的董事会管理我们的 2021 年计划。本次发行后，我们的董事会已将其管理我们的 2021 年计划的权力授予我们的薪酬委员会。

Plan Administration. Our board of directors has administered our 2021 Plan before this offering. Our board of directors has delegated its authority to administer our 2021 Plan to our compensation committee following this offering.

奖励类型。我们的 2021 年计划规定可授予购买我们 A 类普通股的激励性股票期权和非法定股票期权、限制性股票奖励（RSA）以及限制性股票单位（RSU）。截至本招股说明书日期，我们已根据我们的 2021 年计划发行了股票期权、限制性股票和限制性股票单位。

Types of Awards. Our 2021 Plan provides for incentive and non-statutory stock options to purchase shares of our Class A common stock, RSAs, and RSUs. As of the date of this prospectus, we have issued stock options, restricted stock, and RSUs pursuant to our 2021 Plan.

奖励的不可转让性。除非管理人另有规定，我们的 2021 年计划通常不允许转让奖励，但通过遗嘱或继承与分配法律进行的转让除外，且只有期权权利的接受方可在其有生之年行使该奖励。

Non-transferability of Awards. Unless the administrator provides otherwise, our 2021 Plan generally does not allow for the transfer of awards other than by will or the laws of descent and distribution and only the recipient of an option right may exercise such an award during their lifetime.

特定调整。若发生特定公司事件或我们的资本结构发生变化，为防止减少或扩大根据我们 2021 年计划可获得的利益或潜在利益，管理人将对根据我们 2021 年计划可交付的证券的数量、种类和类别，和/或每项未兑现奖励所涵盖证券的数量、种类、类别和价格中的一项或多项作出调整。

Certain Adjustments. In the event of certain corporate events or changes in our capitalization, to prevent diminution or enlargement of the benefits or potential benefits available under our 2021 Plan, the administrator will make adjustments to one or more of the number, kind, and class of securities that may be delivered under our 2021 Plan and/or the number, kind, class, and price of securities covered by each outstanding award.

公司交易。我们 2021 年计划规定，若发生以下情形：(i) 转让我们的全部或绝大部分资产，(ii) 我们与另一家公司、实体或个人合并、兼并，或进行其他资本重组或业务合并交易，或(iii) 完成一项交易或一系列关联交易，致使任何“人士”直接或间接成为我们届时已发行股本超过 50% 的“受益所有人”（每一项均称为“公司交易”），则管理人可自行全权决定，且无需征得任何参与人同意，在发生该等公司交易的前提下，就我们 2021 年计划项下已授予的未兑现奖励采取以下一项或多项行动：(A) 由我们（若我们为存续公司）继续维持该等奖励；(B) 由存续公司或其母公司承继该等奖励；(C) 由存续公司或其母公司以新的期权或股权奖励替代该等奖励；(D) 注销该等奖励，以向参与人支付相当于以下差额的款项：(1) 截至该等公司交易交割日，该等奖励所涉股份或单位的公允市场价值，减去 (2) 为奖励所涉股份所代表的股份已支付或应支付的行使价或购买价（如适用）；或 (E) 注销任何未兑现奖励或购买限制性股票的未兑现权利，在任一情况下均无需支付任何对价。

Corporate Transaction. Our 2021 Plan provides that in the event of (i) a transfer of all or substantially all of our assets, (ii) a merger, consolidation, or other capital reorganization or business combination transaction of us with or into another corporation, entity, or person, or (iii) the consummation of a transaction, or series of related transactions, in which any “person” becomes the “beneficial owner,” directly or indirectly, of more than 50% of our then outstanding capital stock (each, a “Corporate Transaction”), the administrator may, in its sole and absolute discretion and without the need for the consent of any participant, take one or more of the following actions contingent upon the occurrence of that Corporate Transaction with respect to outstanding awards granted under our 2021 Plan which provide for: (A) the continuation of such awards by us (if we are the surviving corporation); (B) the assumption of such awards by the surviving corporation or its parent; (C) the substitution by the surviving corporation or its parent of new options or equity awards for such awards; (D) the cancellation of such awards in exchange for a payment to the participants equal to the excess of (1) the fair market value of the shares or units subject to such awards as of the closing date of such Corporate Transaction over (2) the exercise price or purchase price paid or to be paid for the shares or units representing shares subject to the awards, as applicable; or (E) the cancellation of any outstanding awards or an outstanding right to purchase restricted stock, in either case, for no consideration.

修订或终止。我们的董事会可随时修订或终止我们 2021 年计划。若我们的董事会修订我们 2021 年计划，如该等批准为遵守适用法律所必需或适宜，我们将提请股东批准该等修订。本次发行后，我们 2021 年计划项下将不再授予新的奖励。

Amendment or Termination. Our board of directors may amend or terminate our 2021 Plan at any time. If our board of directors amends our 2021 Plan, we will ask our stockholders to approve the amendment if such approval is necessary or desirable to comply with applicable law. No further awards will be made under our 2021 Plan after this offering.

#### 2026 年员工购股计划

#### 2026 Employee Stock Purchase Plan

概述。我们的 ESPP 由我们的董事会于 2026 年 9 月 1 日通过，并于 2026 年 10 月 22 日经我们的股东批准。我们的 ESPP 将自本招股说明书构成其一部分的注册声明生效之日前一日生效。

General. Our ESPP was adopted by our board of directors on September 1, 2026, and approved by our stockholders on October 22, 2026. Our ESPP will become effective as of the day immediately prior to the day the registration statement of which this prospectus forms a part is effective.

我们的 ESPP 包含两个组成部分：423 组成部分和非 423 组成部分。我们拟使 423 组成部分符合《税法》第 423 条所指的“员工购股计划”。非 423 组成部分授权授予不符合《税法》第 423 条的购买权。

Our ESPP includes two components: a 423 component and a non‑423 component. We intend the 423 component to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code. The non-423 component authorizes grants of purchase rights that do not comply with Section 423 of the Code.

股份储备。根据我们的 ESPP 可发行的股份最大合计数量为 [__] 股我们的 A 类普通股。

Share Reserve. The maximum aggregate number of shares that may be issued under our ESPP is [__] shares of our Class A common stock.

此外，自 2027 财年起至 2036 财年首日（含当日）止，每个财年首日，根据我们的 ESPP 可发行的股份数量将增加，增加数量等于以下两者中的较小者：(i) 在该等自动增加之日的前一个日历月最后一日已发行的我们普通股总数（仅包括公司发行的、具有经济权利的所有类别普通股）的 1%（按转换后基准计算）；以及 (ii) 由我们的董事会确定的股份数量。

In addition, the number of shares that may be issued under our ESPP will be increased on the first day of each fiscal year beginning with our 2027 fiscal year and ending on (and including) the first day of our 2036 fiscal year, in an amount equal to the lesser of: (i) 1% of the total number of shares of our common stock (including only all classes of common stock issued by the company that carry economic rights) outstanding on the last day of the calendar month prior to the date of such automatic increase (calculated on an as-converted basis); and (ii) such number of shares determined by our board of directors.

计划管理。我们的 ESPP 由我们的董事会或董事会指定的委员会管理。我们的董事会已将其管理 ESPP 的权力授予我们的薪酬委员会。

Plan Administration. Our ESPP is administered by our board of directors or a committee designated by our board of directors. Our board of directors has delegated its authority to administer our ESPP to our compensation committee.

资格。一般而言，由我们或我们的任何指定关联方雇用的所有正式员工（包括高管）以及公司或我们指定关联方的特定服务提供者（包括非美国服务提供者）均可参与我们的 ESPP。

Eligibility. Generally, all regular employees, including executive officers, employed by us or by any of our designated affiliates and specified service providers (including non-U.S. service providers) of the company or our designated affiliates may participate in our ESPP.

员工在参与我们 ESPP 的 423 组成部分之前，可能需要满足以下一项或多项服务要求（由管理人确定），包括：(1) 在我们或我们的一家关联方连续服务至少两年（或董事会可能确定的更短期限），(2) 通常每周工作超过 20 小时（或董事会可能确定的更短期限），(3) 通常每个日历年工作超过五个月（或董事会可能确定的更短期限），(4) 不属于《税法》第 423(b)(4)(D) 条所指的高薪员工，或 (5) 董事会可能确定的其他符合《税法》第 423 条的标准。任何员工不得根据我们 ESPP 的 423 组成部分，以超过 $25,000 的我们 A 类普通股（按该购买权存续期间每年发售开始时我们 A 类普通股每股公平市场价值计算）的速率购买股份。最后，如果在授予任何购买权后，该员工立即根据《税法》第 424(d) 条按投票权或价值衡量拥有我们已发行股本 5% 或以上的投票权，则该员工将没有资格根据我们 ESPP 的 423 组成部分获得任何购买权的授予。

Employees may have to satisfy one or more of the following service requirements before participating in the 423 components of our ESPP, as determined by the administrator, including: (1) continuous service with us or one of our affiliates for at least two years (or such lesser period of time as may be determined by our board of directors), (2) being customarily employed for more than 20 hours per week (or such lesser period of time as may be determined by our board of directors), (3) being customarily employed for more than five months per calendar year (or such lesser period of time as may be determined by our board of directors), (4) is not a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code, or (5) such other criteria as our board of directors may determine to be consistent with Section 423 of the Code. No employee may purchase shares under the 423 component of our ESPP at a rate in excess of $25,000 worth of our Class A common stock based on the fair market value per share of our Class A common stock at the beginning of an offering for each year such a purchase right is outstanding. Finally, no employee will be eligible for the grant of any purchase rights under the 423 component of our ESPP if immediately after such rights are granted, such employee has voting power over 5% or more of our outstanding capital stock measured by vote or value under Section 424(d) of the Code.

发行期。我们的 ESPP 通过发行期实施，参与者在发行期内的特定日期获得购买我们 A 类普通股股份的权利。根据我们的 ESPP，我们可以指定期限不超过 27 个月的发行期，并可在每个发行期内指定更短的购买期。每个发行期将有一个或多个购买日期，参与者在发行期内于该等购买日期购买我们 A 类普通股的股份。我们的 ESPP 项下的发行期可在特定情况下终止。管理人将有权自行决定发行期的结构，使得如果在该发行期内新购买期首个交易日的我们 A 类普通股每股公允市场价值低于或等于该发行期发行日的我们 A 类普通股每股公允市场价值，则该发行期将于该首个交易日立即终止，且该终止发行期的参与者将自动加入自该新发行期首个交易日起开始的新发行期。

Offerings. Our ESPP is implemented through offerings pursuant to which participants are granted rights to purchase shares of our Class A common stock on specified dates during such offerings. Under our ESPP, we may specify offerings with durations of not more than 27 months and may specify shorter purchase periods within each offering. Each offering will have one or more purchase dates on which shares of our Class A common stock will be purchased by participants in the offering. An offering under our ESPP may be terminated under certain circumstances. The administrator will have the discretion to structure an offering so that if the fair market value of a share of our Class A common stock on the first trading day of a new purchase period within that offering is less than or equal to the fair market value of a share of our Class A common stock on the offering date for that offering, then that offering will terminate immediately as of that first trading day, and the participants in such terminated offering will be automatically enrolled in a new offering beginning on the first trading day of such new offering.

工资扣款。作为员工的参与者通常可通过工资扣款进行缴款（除非法律另有要求或发行期另有规定）。对于 423 组成部分项下的发行期，该等缴款比例或最高美元金额不得超过其在适用发行期内收入的 15%。非 423 组成部分项下的缴款通常将在税后基础上按管理人确定的方式进行。

Payroll Deductions. Participants who are employees may generally make contributions through payroll deductions (unless otherwise required by law or provided for in an offering). In the case of an offering under the 423 component, such percentage or maximum dollar amount of contributions may not exceed 15% of their earnings for the applicable offering. Contributions pursuant to the non-423 component will generally be made on an after-tax basis in a manner determined by the administrator.

我们 ESPP 参与者的账户将按不低于以下两者中较低者的每股价格购买我们 A 类普通股股份：(1) 发行期首日我们 A 类普通股每股公允市场价值的 85%，或 (2) 购买日我们 A 类普通股每股公允市场价值的 85%。

Shares of our Class A common stock will be purchased for the accounts of participants in our ESPP at a price per share that is not less than the lesser of (1) 85% of the fair market value of a share of our Class A common stock on the first date of an offering, or (2) 85% of the fair market value of a share of our Class A common stock on the date of purchase.

特定调整。如发生对我们 A 类普通股（受我们的 ESPP 或任何购买权约束）的任何变更或其他事件，且公司未因合并、整合、重组、资本重组、重新注册成立、股票股息、非现金财产股息、大额非经常性现金股息、股票拆分、清算股息、股份合并、股份交换、公司结构变更或其他类似股权重组交易而收到对价，我们的董事会将作出适当且成比例的调整，涉及：(1) 我们 ESPP 项下预留的股份类别和最高股份数量，(2) 股份储备每年可自动增加的股份类别和最高股份数量，(3) 所有未完成发行期和购买权所涉股份的类别和数量以及适用的购买价格，以及 (4) 持续发行期项下受购买限额约束的股份类别和数量。

Certain Adjustments. In the event of any change that is made in, or other events that occur with respect to, our Class A common stock subject to our ESPP or subject to any purchase right without the receipt of consideration by the company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or other similar equity restructuring transaction, our board of directors will make appropriate and proportionate adjustments to: (1) the class(es) and maximum number of shares reserved under our ESPP, (2) the class(es) and maximum number of shares by which the share reserve may increase automatically each year, (3) the class(es) and number of shares subject to, and purchase price applicable to, all outstanding offerings and purchase rights, and (4) the class(es) and number of shares that are subject to purchase limits under ongoing offerings.

解散或清算。若公司解散或清算，则当时正在进行的任何发售将通过在该拟议解散或清算完成之前设定新的购买日而予以缩短。董事会将通知每位参与者购买日已变更，且参与者的购买权将在新购买日自动行使，除非参与者在上述日期之前已退出该发售。

Dissolution or Liquidation. In the event of a dissolution or liquidation of the company, any offering then in progress will be shortened by setting a new purchase date prior to the consummation of such proposed dissolution or liquidation. The board of directors will notify each participant that the purchase date has been changed and that the participant’s purchase right will be exercised automatically on the new purchase date unless prior to such date the participant has withdrawn from the offering.

公司交易。我们的员工购股计划（ESPP）规定，在发生某些重大公司交易时，包括：(1) 转让我们的全部或绝大部分资产；(2) 公司与另一家公司、实体或个人进行合并、整合或其他资本、重组或业务合并交易；或 (3) 完成一项交易或一系列相关交易，其中任何人士直接或间接成为我们当时已发行股本超过 50% 的实益拥有人，承继公司可承接、延续或替代每项未行使的购买权。若承继公司不承接、延续或替代该购买权，则参与者的累计缴款将用于在公司交易之前购买股份，且购买权将在该购买完成后立即终止。管理人将通知每位参与者购买日已变更，且参与者的购买权将在新购买日自动行使，除非参与者在上述日期之前已退出该发售。

Corporate Transactions. Our ESPP provides that in the event of certain significant corporate transactions, including: (1) a transfer of all or substantially all of our assets; (2) a merger, consolidation, or other capital, reorganization or business combination transaction of the company with or into another corporation, entity, or person; or (3) the consummation of a transaction, or series of related transactions, in which any person becomes the beneficial owner, directly or indirectly, of more than 50% of our then outstanding capital stock, a successor corporation may assume, continue, or substitute each outstanding purchase right. If the successor corporation does not assume, continue, or substitute the purchase right, the participants’ accumulated contributions will be used to purchase shares prior to the corporate transaction and the purchase rights will terminate immediately after such purchase. The administrator will notify each participant that the purchase date has been changed and that the participant’s purchase right will be exercised automatically on the new purchase date unless prior to such date the participant has withdrawn from the offering.

分拆。若发生分拆或类似交易，我们的董事会可采取其认为与任何进行中的发售相关的必要或适当行动，但须遵守适用法律。若未采取任何此类行动，且某实体不再符合我们 ESPP 项下关联公司的资格，则受雇于该实体或向其提供服务的进行中发售的任何参与者，将按如同该参与者已终止雇佣或服务的方式处理。

Spin-Off. In the event of a spin-off or similar transaction, our board of directors may take actions deemed necessary or appropriate in connection with any ongoing offering, subject to compliance with applicable laws. In the absence of any such action, if an entity ceases to qualify as a related company under our ESPP, any participant in an ongoing offering employed by, or providing services to, such entity will be treated in the same manner as if the participant had terminated employment or service.

修订或终止。我们的董事会有权随时修订、暂停或终止我们的 ESPP，但除我们 ESPP 中所述的某些例外情况外，任何此类行动不得实质性损害我们 ESPP 项下未行使的权利。我们将根据适用法律或上市要求，就对我们 ESPP 的任何修订取得股东批准。

Amendment or Termination. Our board of directors has the authority to amend, suspend, or terminate our ESPP at any time, except that, subject to certain exceptions described in our ESPP, no such action may materially impair outstanding rights under our ESPP. We will obtain stockholder approval of any amendment to our ESPP as required by applicable law or listing requirements.

交易 Transactions

除标题为“管理层”和“高管薪酬”的章节中讨论的薪酬安排（包括雇佣、雇佣终止及控制权变更安排）外，以下描述的是自 2023 年 1 月 1 日以来的每项交易以及目前拟议的每项交易，其中：

In addition to the compensation arrangements, including employment, termination of employment, and change in control arrangements, discussed in the sections titled “Management” and “Executive Compensation,” the following is a description of each transaction since January 1, 2023 and each currently proposed transaction in which:

- 我们曾经或将要作为参与方；

- we have been or are to be a participant;

- 所涉金额已超过或超过 $120,000；以及

- the amount involved exceeded or exceeds $120,000; and

- 我们的任何董事、高管，或我们任何类别已发行有表决权证券 5% 以上的持有人，或任何该等个人或实体的直系亲属或与其同住的人，已经或将会拥有直接或间接的重大利益。

- any of our directors, executive officers, or holders of more than 5% of any class of our outstanding voting securities, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

股权融资 Equity Financings

#### H 系列可赎回可转换优先股融资

#### Series H Redeemable Convertible Preferred Stock Financing

2026 年 5 月至 2026 年 6 月，我们以每股 $589.0095 的购买价格出售了合计 77,637,878 股 H-1 系列可赎回可转换优先股，合计购买价格为 $45,729,447,703。下表汇总了关联人士对我们 H-1 系列可赎回可转换优先股的购买情况：

From May 2026 to June 2026, we sold an aggregate of 77,637,878 shares of our Series H-1 redeemable convertible preferred stock at a purchase price of $589.0095 per share, for an aggregate purchase price of $45,729,447,703. The following table summarizes purchases of our Series H-1 redeemable convertible preferred stock by related persons:

**股东**

**Stockholder**

H-1 系列可赎回可转换优先股购买价格

Series H-1 Redeemable Convertible Preferred Stock Purchase Price

Spark Capital (1) · 747,016 · $ 439,999,521 Bodhi LLC (2) · 16,977 · $9,999,614

Spark Capital (1) · 747,016 · $ 439,999,521 Bodhi LLC (2) · 16,977 · $9,999,614

______________

______________

(1) [__] 由 Spark Capital Growth Fund VI, L.P. 和 Spark Capital Growth Fund Holdings 2026, LLC 购买的股份。我们董事会成员 Yasmin Razavi 是 Spark Capital Growth Fund VI, L.P. 和 Spark Capital Growth Fund Holdings 2026, LLC 各自普通合伙人的管理成员。

(1) [__] Shares purchased by Spark Capital Growth Fund VI, L.P. and Spark Capital Growth Fund Holdings 2026, LLC. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of each of Spark Capital Growth Fund VI, L.P. and Spark Capital Growth Fund Holdings 2026, LLC.

(2) Bodhi LLC 由我们董事会成员 Vas Narasimhan 及其妻子全资拥有。

(2) Bodhi LLC is wholly owned by Vas Narasimhan, a member of our board of directors, and his wife.

#### G 系列可赎回可转换优先股融资

#### Series G Redeemable Convertible Preferred Stock Financing

2026 年 1 月至 2026 年 2 月，我们以每股 $259.1364 的购买价格出售了合计 90,510,425 股 G-1 系列可赎回可转换优先股，合计购买价格为 $23,454,545,698。下表汇总了关联人士对我们 G-1 系列可赎回可转换优先股的购买情况：

From January 2026 to February 2026, we sold an aggregate of 90,510,425 shares of our Series G-1 redeemable convertible preferred stock at a purchase price of $259.1364 per share, for an aggregate purchase price of $23,454,545,698. The following table summarizes purchases of our Series G-1 redeemable convertible preferred stock by related persons:

**股东**

**Stockholder**

G-1 系列可赎回可转换优先股购买价格

Series G-1 Redeemable Convertible Preferred Stock Purchase Price

Spark Capital (1) · 96,474 · $24,999,925

Spark Capital (1) · 96,474 · $24,999,925

______________

______________

(1) [__] 股由 Spark Capital Growth Founders' Fund V, L.P. 和 Spark Capital Growth Fund V, L.P.（各自为一家“Spark V 实体”，合称“Spark V 实体”）购买，该等实体为 Spark Capital 的关联方。我们董事会成员 Yasmin Razavi 为各 Spark V 实体普通合伙人的管理成员。

(1) [__] Shares purchased by Spark Capital Growth Founders’ Fund V, L.P. and Spark Capital Growth Fund V, L.P. (each, a “Spark V entity,” and collectively, “Spark V entities”), which are affiliates of Spark Capital. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of each Spark V entity.

#### F 系列可赎回可转换优先股融资

#### Series F Redeemable Convertible Preferred Stock Financing

2025 年 8 月至 2025 年 9 月，我们以每股 $140.9676 的购买价格出售了合计 92,219,720 股 F-1 系列可赎回可转换优先股，合计购买价格为 $12,999,992,602。下表概述了相关人士对我们 F-1 系列可赎回可转换优先股的购买情况：

From August 2025 to September 2025, we sold an aggregate of 92,219,720 shares of our Series F-1 redeemable convertible preferred stock at a purchase price of $140.9676 per share, for an aggregate purchase price of $12,999,992,602. The following table summarizes purchases of our Series F-1 redeemable convertible preferred stock by related persons:

**股东**

**Stockholder**

F-1 系列可赎回可转换优先股购买价格

Series F-1 Redeemable Convertible Preferred Stock Purchase Price

Spark Capital (1) · 439,817 · $61,999,947

Spark Capital (1) · 439,817 · $61,999,947

______________

______________

(1) [__] 股由 Spark V 实体购买，该等实体为 Spark Capital 的关联方。我们董事会成员 Yasmin Razavi 为各 Spark V 实体普通合伙人的管理成员。

(1) [__] Shares purchased by the Spark V entities, which are affiliates of Spark Capital. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of each Spark V entity.

#### E 系列可赎回可转换优先股融资

#### Series E Redeemable Convertible Preferred Stock Financing

2025 年 1 月至 2025 年 3 月，我们以每股 $56.0865 的购买价格出售了合计 63,610,106 股 E-1 系列可赎回可转换优先股，合计购买价格为 $3,567,668,210。下表概述了相关人士对我们 E-1 系列可赎回可转换优先股的购买情况：

From January 2025 to March 2025, we sold an aggregate of 63,610,106 shares of our Series E-1 redeemable convertible preferred stock at a purchase price of $56.0865 per share, for an aggregate purchase price of $3,567,668,210. The following table summarizes purchases of our Series E-1 redeemable convertible preferred stock by related persons:

**股东**

**Stockholder**

E-1 系列可赎回可转换优先股购买价格

Series E-1 Redeemable Convertible Preferred Stock Purchase Price

Spark Capital (1) · 1,782,959 · $99,999,930

Spark Capital (1) · 1,782,959 · $99,999,930

______________

______________

(1) [__] 由 Spark V 各实体购买的股份，该等实体为 Spark Capital 的关联方。我们董事会成员 Yasmin Razavi 担任各 Spark V 实体普通合伙人的管理成员。

(1) [__] Shares purchased by the Spark V entities, which are affiliates of Spark Capital. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of each Spark V entity.

#### D 系列可赎回可转换优先股融资

#### Series D Redeemable Convertible Preferred Stock Financing

2024 年 1 月至 2024 年 5 月，我们以每股 $30.0045 的购买价格出售了合计 39,978,675 股 D-1 系列和 D-3 系列可赎回可转换优先股，合计购买价格为 $1,199,540,154。2024 年 1 月，我们在本金金额为 $1,000,000 的 SAFE 转换时，以每股 $30.0045 的购买价格发行了 33,328 股 D-1 系列可赎回可转换优先股。下表汇总了相关人士对我们 D-1 系列可赎回可转换优先股的购买情况：

From January 2024 to May 2024, we sold an aggregate of 39,978,675 shares of our Series D-1 and D-3 redeemable convertible preferred stock at a purchase price of $30.0045 per share, for an aggregate purchase price of $1,199,540,154. In January 2024, we issued 33,328 shares of our Series D-1 redeemable convertible preferred stock upon conversion of a SAFE with a principal amount of $1,000,000 at a purchase price of $30.0045 per share. The following table summarizes purchases of our Series D-1 redeemable convertible preferred stock by related persons:

**股东**

**Stockholder**

D-1 系列可赎回可转换优先股购买价格

Series D-1 Redeemable Convertible Preferred Stock Purchase Price

Spark Capital (1) · 2,499,624 · $74,999,968

Spark Capital (1) · 2,499,624 · $74,999,968

______________

______________

(1) [__] 由 Spark Capital Growth Founders’Fund IV, L.P. 和 Spark Capital Growth Fund IV, L.P.（各自为一家“Spark IV 实体”，合称“Spark IV 实体”）购买的股份，该等实体为 Spark Capital 的关联方。我们董事会成员 Yasmin Razavi 担任各 Spark IV 实体普通合伙人的管理成员。

(1) [__] Shares purchased by Spark Capital Growth Founders’ Fund IV, L.P. and Spark Capital Growth Fund IV, L.P. (each, a “Spark IV entity,” and collectively, “Spark IV entities”), which are affiliates of Spark Capital. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of each Spark IV entity.

#### C 轮可赎回可转换优先股融资

#### Series C Redeemable Convertible Preferred Stock Financing

2023 年 3 月至 2023 年 6 月，我们以每股 $11.2261 的购买价格合计出售了 39,669,823 股 C-1 类和 C-2 类可赎回可转换优先股，合计购买价格为 $445,337,400。2023 年 3 月，我们在本金金额为 $1,000,000 的 SAFE 转换时，以每股 $11.2261 的购买价格发行了 89,078 股 C-1 类可赎回可转换优先股。下表汇总了关联人士对我们 C-1 类可赎回可转换优先股的购买情况：

From March 2023 to June 2023, we sold an aggregate of 39,669,823 shares of our Series C-1 and C-2 redeemable convertible preferred stock at a purchase price of $11.2261 per share, for an aggregate purchase price of $445,337,400. In March 2023, we issued 89,078 shares of our Series C-1 redeemable convertible preferred stock upon conversion of a SAFE with a principal amount of $1,000,000 at a purchase price of $11.2261 per share. The following table summarizes purchases of our Series C-1 redeemable convertible preferred stock by related persons:

**股东**

**Stockholder**

C-1 类可赎回可转换优先股购买价格

Series C-1 Redeemable Convertible Preferred Stock Purchase Price

Spark Capital (1) · 6,680,859 · $74,999,991

Spark Capital (1) · 6,680,859 · $74,999,991

______________

______________

(1) [__] 由 Spark IV 各实体购买的股份，该等实体为 Spark Capital 的关联方。我们董事会成员 Yasmin Razavi 为各 Spark IV 实体普通合伙人的管理成员。

(1) [__] Shares purchased by the Spark IV entities, which are affiliates of Spark Capital. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of each Spark IV entity.

优先购买权 Right of First Refusal

根据我们的某些股权激励计划以及与我们股东之间的某些协议（包括我们于 2026 年 5 月 28 日修订并重述的优先购买权和共同出售权协议），我们或我们的受让人有权购买股东拟向其他方出售的股本股份。该权利将在本次发行完成后终止。Dario Amodei 和 Daniela Amodei（二人均为我们的执行官兼董事会成员）以及与 Spark Capital 关联的实体，均为该优先购买权和共同出售权协议的当事方。我们的董事会成员 Yasmin Razavi 是与 Spark Capital 关联实体的普通合伙人的管理成员。

Pursuant to certain of our equity compensation plans and certain agreements with our stockholders, including our amended and restated right of first refusal and co-sale agreement, dated as of May 28, 2026, we or our assignees have a right to purchase shares of our capital stock which stockholders propose to sell to other parties. This right will terminate upon completion of this offering. Dario Amodei and Daniela Amodei, who are both executive officers and members of our board of directors, and entities affiliated with Spark Capital, are party to the right of first refusal and co-sale agreement. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of entities affiliated with Spark Capital.

投票协议 Voting Agreement

我们是一份经修订和重述的投票协议的当事方，该协议日期为 2026 年 5 月 28 日，根据该协议，我们股本的某些持有人（包括与 Spark Capital 关联的实体）已同意就某些事项（包括董事选举）对其持有的股本股份进行投票。本次发行完成后，该投票协议将终止，且我们的 A 类普通股或 N 类普通股股东均不会根据我们经修订和重述的投票协议就选举或指定董事会成员享有任何特殊权利。Dario Amodei 和 Daniela Amodei 均为我们的高级管理人员和董事会成员，他们是该投票协议的当事方。我们的董事会成员 Yasmin Razavi 是与 Spark Capital 关联实体的普通合伙人的管理成员。

We are party to an amended and restated voting agreement, dated as of May 28, 2026, under which certain holders of our capital stock, including entities affiliated with Spark Capital, have agreed to vote their shares of our capital stock on certain matters, including with respect to the election of directors. Upon completion of this offering, the voting agreement will terminate and none of our Class A common stock or Class N common stock stockholders will have any special rights under our amended and restated voting agreement regarding the election or designation of members of our board of directors. Dario Amodei and Daniela Amodei, who are both executive officers and members of our board of directors, are party to the voting agreement. Yasmin Razavi, a member of our board of directors, is a managing member of the General Partner of entities affiliated with Spark Capital.

要约收购 Tender Offers

2026 年 4 月，我们协助完成了一项要约收购，由一批股东发起要约收购，以每股 [__] $25.9136 的现金价格向我们的若干证券持有人购买我们的 A 类普通股。Dario Amodei 和 Daniela Amodei（二人均为我们的执行官兼董事会成员）、Krishna Rao（我们的执行官之一）以及 Holden Karnofsky（Daniela Amodei 的配偶）在本次要约收购中出售了我们的 A 类普通股。根据本次要约收购，合计共有 [__] 179,883,540 股我们的 A 类普通股被要约出售，合计购买价格为 $4,661,437,298。

In April 2026, we facilitated a tender offer whereby a syndicate of stockholders commenced a tender offer to purchase shares of our Class A common stock from certain of our securityholders for [__] $25.9136 per share in cash. Dario Amodei and Daniela Amodei, who are both executive officers and members of our board of directors, Krishna Rao, one of our executive officers, and Holden Karnofsky, the spouse of Daniela Amodei, sold shares of our Class A common stock in the tender offer. An aggregate of [__] 179,883,540 shares of our Class A common stock were tendered in total pursuant to the tender offer for an aggregate purchase price of $4,661,437,298.

2025 年 6 月，我们发起了一项要约收购，以每股 [__] $5.61 的现金价格向我们的若干证券持有人购买我们的 A 类普通股。Dario Amodei 和 Daniela Amodei（二人均为我们的执行官兼董事会成员）在本次要约收购中出售了我们的 A 类普通股。根据本次要约收购，合计共有 27,942,000 股我们的 A 类普通股被要约出售，合计购买价格为 $156,716,898。

In June 2025, we commenced a tender offer to purchase shares of our Class A common stock from certain of our securityholders for [__] $5.61 per share in cash. Dario Amodei and Daniela Amodei, who are both executive officers and members of our board of directors, sold shares of our Class A common stock in the tender offer. An aggregate of 27,942,000 shares of our Class A common stock were tendered in total pursuant to the tender offer for an aggregate purchase price of $156,716,898.

不可撤销代理协议 Irrevocable Proxy Agreements

我们与 Daffy Charitable Fund 和 Dechomai Asset Trust（该等实体，合称“DAF”）分别于 2025 年 10 月 6 日和 2024 年 12 月 20 日签订了若干不可撤销的代理协议（合称“投票代理协议”）。各 DAF 均已与我们签订主捐赠协议，据此，DAF 可不时直接从我方或从我方一名或多名股东处接受股份捐赠。各 DAF 均未持有我方任何类别有表决权证券已发行股份的 5% 或以上。

We are party to certain irrevocable proxy agreements with Daffy Charitable Fund and Dechomai Asset Trust (such entities, “DAFs”), dated as of October 6, 2025 and December 20, 2024, respectively (together, “Voting Proxy Agreements”). Each of the DAFs has entered into a master donation agreement with us pursuant to which the DAFs may from time to time receive donations of shares directly from us or from one or more of our stockholders. Neither of the DAFs holds 5% or more of the outstanding shares of any class of our voting securities.

我方首席执行官兼董事会成员 Dario Amodei 是投票代理协议项下的代理人，据此，其有权自行全权决定对 DAF 目前拥有或后续取得的有表决权证券（任何该等可投票证券，“投票股份”）进行投票；但前提是，DAF 因我方首席执行官或该等高管任何家庭成员或关联方转让或捐赠股份而持有的我方任何有表决权证券，就投票代理协议而言不视为投票股份。我方董事会可不时根据投票代理协议所载条款指定若干其他个人为代理人。

Dario Amodei, our Chief Executive Officer and a member of our board of directors, is party to the Voting Proxy Agreements as the proxyholder thereunder, pursuant to which he has the right to vote shares of our voting securities currently owned or subsequently acquired by the DAFs (any such votable securities, “Voting Shares”) in his sole and absolute discretion; provided, however, that any shares of our voting securities held by the DAFs as a result of a stock transfer or donation by our Chief Executive Officer or any of such officer’s family members or affiliates will not be considered Voting Shares for purposes of the Voting Proxy Agreements. Our board of directors may, from time to time, designate certain other individuals as the proxyholder subject to the terms set forth in the Voting Proxy Agreements.

与我们高级管理人员直系亲属的雇佣安排 Employment Arrangements with Immediate Family Members of Our Executive Officers

Holden Karnofsky 是我们的高管兼董事会主席 Daniela Amodei 的配偶，自 2025 年 1 月起受雇于我们。2025 年及 2026 年迄今，Karnofsky 先生获得的总现金薪酬（包括基本工资、奖金及其他薪酬）分别为 $430,213 和 [__] $。在此期间，Karnofsky 先生获得了可购买 [__] 179,500 股我们 A 类普通股的期权，以及覆盖 [__] 761,700 股我们 A 类普通股的限制性股票单位（RSU）。Karnofsky 先生的薪酬和福利总额与担任类似职位、具有相当经验的员工一致。

Holden Karnofsky, the spouse of Daniela Amodei, our executive officer and Chairperson of our board of directors, has been employed by us since January 2025. During 2025 and 2026 to date, Mr. Karnofsky received total cash compensation, including base salary, bonus, and other compensation, of $430,213 and [__] $, respectively. During this time, Mr. Karnofsky received options to purchase [__] 179,500 shares of our Class A common stock and RSUs covering [__] 761,700 shares of our Class A common stock. Mr. Karnofsky’s total compensation and benefits were in line with employees of comparable experience that held similar roles.

股东协议 Stockholders’ Agreement

本次发行完成前，我们将与 LTBT 和创始人有限责任公司签订《股东协议》。《股东协议》包含有关我们董事会组成的规定，相关内容在“管理层——董事会”“管理层——董事会各委员会——提名与公司治理委员会”以及“我们的治理结构及其目标——长期利益信托——董事的选举与罢免”各节中讨论。

Immediately prior to the completion of this offering, we will enter into the Stockholders’ Agreement with the LTBT and the Founder LLC. The Stockholders’ Agreement contains provisions relating to the composition of our board of directors, which are discussed under the sections titled “Management—Board of Directors,” “Management—Committees of the Board of Directors—Nominating and Corporate Governance Committee” and “Our Governance Structure and Its Goals—Long-Term Benefit Trust—Election and Removal of Directors.”

#### 表决协议

#### Voting Agreement

根据《股东协议》，创始人有限责任公司和 LTBT 将同意对其股份进行表决并采取其他行动，以落实“管理层——董事会”“管理层——董事会各委员会——提名与公司治理委员会”以及“我们的治理结构及其目标——长期利益信托——董事的选举与罢免”各节所述有关董事会组成以及董事提名和罢免的规定。

Under the Stockholders’ Agreement, the Founder LLC and the LTBT will agree to vote their shares and take other actions to give effect to the board composition, and director nomination and removal, provisions described under the sections titled “Management—Board of Directors,” “Management—Committees of the Board of Directors—Nominating and Corporate Governance Committee,” and “Our Governance Structure and Its Goals—Long-Term Benefit Trust—Election and Removal of Directors.”

#### 通知权

#### Notice Rights

根据《股东协议》，只要我们的 T 类普通股仍未注销，我们已同意不采取特定行动，包括清算事件、转让对 AI 模型的控制权且该模型的能力超过我们董事会设定的能力阈值、出售我们已发行表决权或我们股本所代表经济权益的 50% 或以上，或就公司启动破产、资不抵债或类似程序，除非事先向 LTBT 提供书面通知，且该通知期可予豁免。

Under the Stockholders’ Agreement, for so long as our Class T common stock remains outstanding, we have agreed not to take specified actions, including a liquidation event, a transfer of control of an AI model exceeding capabilities thresholds established by our board of directors, a sale of 50% or more of our outstanding voting power or economic interests represented by our capital stock, or the commencement of a bankruptcy, insolvency, or similar proceeding with respect to the company, without providing advance written notice to the LTBT, which notice period may be waived.

#### 费用报销与赔偿

#### Expense Reimbursement and Indemnification

我们已同意报销或预付创始人有限责任公司和 LTBT 因特定事项而产生的合理且有据可查的自付费用（包括律师费），这些事项除其他外涉及它们对我们资本的所有权以及行使我们治理文件项下的权利和义务。我们还已同意与创始人有限责任公司和 LTBT 签订赔偿协议，在法律允许的最大范围内，就该等相同事项对该等实体及其关联人员进行赔偿，且不限制我们可能作为一方的其他赔偿协议。

We have agreed to reimburse or advance to the Founder LLC and the LTBT their reasonable and documented out-of-pocket expenses, including legal fees, incurred in connection with specified matters relating to, among other things, their ownership of our capital stock and the exercise of their rights and obligations under our governance documents. We have also agreed to enter into indemnification agreements with the Founder LLC and the LTBT providing for indemnification, to the fullest extent permitted by law, of those entities and their related persons in connection with those same matters, without limitation of other indemnification agreements to which we may be a party.

#### 律师费报销

#### Reimbursement of Legal Fees

在本次发行前构建和谈判我们的治理结构过程中，我们已支付或报销，或将支付或报销创始人有限责任公司产生的律师费，我们预计该费用约为 $ [__]。

In connection with the structuring and negotiation of our governance structure prior to this offering, we have paid or reimbursed, or will pay or reimburse, legal fees incurred by the Founder LLC, which we expect to be approximately $ [__] .

与 LTBT 的交易 Transactions with the LTBT

我们向长期利益信托（LTBT）提供资金，该信托持有我们全部 T 类普通股，用于支持其运营及受托人的薪酬。在截至 2023 年、2024 年和 2025 年 12 月 31 日的各年度，我们分别向 LTBT 支付了 [__]、$2,716,750、$0 和 $906,089。在截至 2026 年 9 月 30 日的九个月内，我们向 LTBT 支付了 $8,425,213。LTBT 在我们的资产负债表上作为合并 VIE 核算（参见本招股说明书其他部分所载我们合并财务报表的附注 1）。

We provide funding to the LTBT, which holds all of our Class T common stock, to support its operations and the compensation of its Trustees. In the years ended December 31, 2023, 2024, and 2025, we paid [__] $2,716,750, $0, and $906,089 to the LTBT, respectively. During the nine months ended September 30, 2026, we paid $8,425,213 to the LTBT. The LTBT is accounted for as a consolidated VIE on our balance sheet (see Note 1 to our consolidated financial statements included elsewhere in this prospectus).

其他交易 Other Transactions

我们已向我们的高级管理人员及部分董事授予股票期权和 RSU。有关该等股票期权和 RSU 的说明，请参见“高管薪酬——2025 年末未兑现的股权奖励”一节。

We have granted stock options and RSUs to our executive officers and certain of our directors. See the section titled “Executive Compensation—Outstanding Equity Awards at 2025 Year-End” for a description of these stock options and RSUs.

除本节“特定关系及关联人士交易”中所述情况外，自 2023 年 1 月 1 日起，我们与关联人士之间未发生任何交易，目前亦无任何拟议交易，且该等交易的涉及金额超过或将会超过 $120,000，且任何关联人士在其中拥有或将会拥有直接或间接的重大利益。我们认为，上述交易的条款与我们同无关第三方进行公平交易时可获得的条款相当。

Other than as described above under this section titled “Certain Relationships and Related Person Transactions,” since January 1, 2023, we have not entered into any transactions, nor are there any currently proposed transactions, between us and a related person where the amount involved exceeds, or would exceed, $120,000, and in which any related person had or will have a direct or indirect material interest. We believe the terms of the transactions described above were comparable to terms we could have obtained in arm’s-length dealings with unrelated third parties.

高级管理人员与董事的责任限制及补偿 Limitation of Liability and Indemnification of Officers and Directors

我们预计将通过一份经修订和重述的公司章程，该章程将在本次发行完成前立即生效，并将包含相关条款，在《特拉华州普通公司法》（DGCL）允许的最大范围内，免除我们的董事及某些高级管理人员因金钱损害赔偿而承担的责任。因此，我们的董事及某些高级管理人员不会因其作为董事和高级管理人员违反信义义务而对我们或我们的股东承担金钱损害赔偿责任，但以下责任除外：

We expect to adopt an amended and restated certificate of incorporation, which will become effective immediately prior to the completion of this offering, and which will contain provisions that limit the liability of our directors and certain officers for monetary damages to the fullest extent permitted by the DGCL. Consequently, our directors and certain officers will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors and officers, except liability for the following:

- 董事或高级管理人员违反其对我们公司或我们股东所负的忠实义务；

- any breach of the director’s or officer’s duty of loyalty to our company or our stockholders;

- 任何非善意的作为或不作为，或涉及故意不当行为或明知违反法律的作为或不作为；

- any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

- 就我们的董事而言，DGCL 第 174 条所规定的非法支付股息或非法回购或赎回股票；

- for our directors, unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL;

- 其从中获取不当个人利益的任何交易；或

- any transaction from which they derived an improper personal benefit; or

- 就我们的高级管理人员而言，由公司提起或代表公司提起的任何诉讼。

- for our officers, any action by or in the right of the corporation.

对上述条款的任何修订或废止，均不会消除或减少该等条款对在该等修订或废止之前发生或产生的任何作为、不作为或索赔的效力。如果 DGCL 被修订以对公司的董事和高级管理人员的个人责任作出进一步限制，则我们的董事和高级管理人员的个人责任将在 DGCL 允许的最大范围内进一步受到限制。

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission, or claim that occurred or arose prior to that amendment or repeal. If the DGCL is amended to provide for further limitations on the personal liability of directors and officers of corporations, then the personal liability of our directors and officers will be further limited to the greatest extent permitted by the DGCL.

此外，我们预计将通过经修订和重述的公司章程细则，该细则将在本次发行完成前立即生效，并将规定：我们将依法在最大范围内，对任何因担任或曾担任我们的董事或高级管理人员，或因应我们的请求担任或曾担任另一公司、合伙企业、合资企业、信托或其他企业的董事或高级管理人员，而成为或 threatened to be made 任何诉讼、起诉或程序一方或受到该等威胁的人士，予以赔偿。我们经修订和重述的公司章程细则预计将规定，我们可以依法在最大范围内，对任何因担任或曾担任我们的员工或代理人，或因应我们的请求担任或曾担任另一公司、合伙企业、合资企业、信托或其他企业的员工或代理人，而成为或受到威胁将成为任何诉讼、起诉或程序一方的人士，予以赔偿。我们经修订和重述的公司章程细则还将规定，我们必须在任何诉讼或程序最终处置之前，先行支付董事或高级管理人员所发生或代表其发生的费用，但有限的例外情形除外。

In addition, we expect to adopt amended and restated bylaws, which will become effective immediately prior to the completion of this offering, and which will provide that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that they are or were one of our directors or officers or are or were serving at our request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise. Our amended and restated bylaws are expected to provide that we may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that they are or were one of our employees or agents or are or were serving at our request as an employee or agent of another corporation, partnership, joint venture, trust, or other enterprise. Our amended and restated bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

此外，我们已与或将与每位董事和高级管理人员签订赔偿协议，其范围可能比《特拉华州普通公司法》（DGCL）所载的具体赔偿条款更为宽泛。该等赔偿协议要求我们（除其他事项外）就董事和高级管理人员因其身份或服务而可能产生的责任向其作出赔偿。该等赔偿协议还要求我们预先支付董事和高级管理人员在调查或抗辩任何该等诉讼、起诉或程序中所发生的全部费用。我们认为，该等协议对于吸引和留住合格人士担任董事和高级管理人员是必要的。

Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit, or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

我们经修订并重述的公司章程、经修订并重述的公司细则以及我们已与或将与董事和高级管理人员签订的赔偿协议中预计将包含的责任限制和赔偿条款，可能会阻碍股东就违反信义义务对我们的董事和高级管理人员提起诉讼。该等条款还可能降低针对我们的董事和高级管理人员提起派生诉讼的可能性，即使该等诉讼若胜诉可能使我们及其他股东受益。此外，在我们根据该等赔偿条款的要求支付针对董事和高级管理人员的和解费用和损害赔偿金的情况下，股东的投资可能会受到不利影响。我们无法预测未来是否会就任何和解或判决提出任何赔偿请求、何时提出以及请求金额。根据特拉华州法律和我们经修订并重述的公司章程，在不存在利益冲突的情况下，就我们的董事和高级管理人员的免责、费用预付和赔偿权利而言，未能履行与我们作为公益公司（PBC）身份相关的平衡义务，不构成非善意的作为或不作为，也不构成对忠实义务的违反。

The limitation of liability and indemnification provisions that are expected to be included in our amended and restated certificate of incorporation, amended and restated bylaws, and indemnification agreements that we have entered into or will enter into with our directors and executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and executive officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. We cannot predict whether, when, or the amount of any future claims for indemnification in connection with any settlement or judgment. Under Delaware law and our amended and restated certificate of incorporation, in the absence of a conflict of interest, no failure to satisfy the balancing obligations associated with our status as a PBC shall, for purposes of the exculpation, advancement, and indemnification rights of our directors and officers, constitute an act or omission not in good faith, or a breach of the duty of loyalty.

我们已获得保险保单，根据该等保单的限制，为我们的董事和高级管理人员就其因违反信义义务或作为董事或高级管理人员的其他不当行为而被提出的索赔（包括与上市公司证券事项相关的索赔）所产生的损失提供保障，并就我们根据赔偿义务或以其他方式依法可能向该等董事和高级管理人员支付的款项向我们提供保障。

We have obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public company securities matters, and to us with respect to payments that may be made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law.

我们的某些非雇员董事可能通过其与雇主的关联关系，就其以董事会成员身份产生的某些责任获得保险或赔偿。

Certain of our non-employee directors may, through their relationships with their employers, be insured or indemnified against certain liabilities incurred in their capacity as members of our board of directors.

承销协议将规定承销商就某些责任向我们及我们的高级管理人员和董事作出赔偿。

The underwriting agreement will provide for indemnification by the underwriters of us and our officers and directors for certain liabilities.

就前述条款允许董事、高级管理人员或控制我们公司的人士获得《证券法》项下责任的赔偿而言，我们已被告知，SEC 认为此类赔偿违反《证券法》所体现的公共政策，因此不可执行。

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling our company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

关联方交易的政策与程序 Policies and Procedures for Related Person Transactions

本次发行完成后，我们的审计委员会将主要负责审查并批准或不批准“关联人士交易”，即我们与关联人士之间涉及的合计金额超过或预计可能超过 $120,000 且关联人士在其中拥有或将拥有直接或间接重大利益的交易。本次发行完成后，我们关于我们与关联人士之间交易的政策将规定，关联人士是指自最近一个完整年度开始以来的董事、高级管理人员、董事候选人，或我们任何类别已发行有表决权证券的 5% 以上受益所有人，以及上述任何人士的直系亲属。本次发行完成后生效的审计委员会章程将规定，我们的审计委员会应审查并批准或不批准任何关联人士交易。

Following the completion of this offering, our audit committee will have the primary responsibility for reviewing and approving or disapproving “related person transactions,” which are transactions between us and related persons in which the aggregate amount involved exceeds or may be expected to exceed $120,000 and in which a related person has or will have a direct or indirect material interest. Upon completion of this offering, our policy regarding transactions between us and related persons will provide that a related person is defined as a director, executive officer, nominee for director, or greater than 5% beneficial owner of any class of our outstanding voting securities, in each case since the beginning of the most recently completed year, and any of their immediate family members. Our audit committee charter that will be in effect upon completion of this offering will provide that our audit committee shall review and approve or disapprove any related person transactions.

主要股东及出售股东 Principaland Selling Stockholders

下表列示了截至 2026 年 9 月 30 日我们股本的有益所有权相关信息，以及经调整以反映本次发行中我们及出售股东所发售的 A 类普通股出售情况（假设承销商未行使购买额外 A 类普通股的期权）后的信息，涉及：

The following table sets forth certain information with respect to the beneficial ownership of our capital stock as of September 30, 2026 and as adjusted to reflect the sale of our Class A common stock offered by us and the selling stockholders in this offering assuming no exercise of the underwriters’ option to purchase additional shares of our Class A common stock, for:

- 我们的每位 NEO；

- each of our NEOs;

- 我们的每位董事；

- each of our directors;

- 我们全体现任董事及高级管理人员作为一个整体；

- all of our current directors and executive officers as a group;

- 我们所知悉的、对任何类别有表决权证券的流通在外股份拥有超过 5% 有益所有权的每个人或人群；以及

- each person, or group of persons, known by us to be the beneficial owner of more than 5% of the outstanding shares of any class of our voting securities; and

- 每位出售股东。

- each selling stockholder.

我们根据 SEC 的规则确定有益所有权，因此其代表对我们证券的单独或共享表决权或投资权。除下文另有说明外，据我们所知，表中列名的个人和实体对其有益拥有的所有股份拥有单独表决权和单独投资权，但适用夫妻共同财产法的情况除外。该信息不一定表明出于任何其他目的的有益所有权，包括《交易法》第 13(d) 条和第 13(g) 条之目的。

We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares that they beneficially owned, subject to community property laws where applicable. The information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Exchange Act.

我们计算本次发行前有益所有权百分比的基础为：截至 2026 年 9 月 30 日流通在外的 [__] 股 A 类普通股、[__] 股 N 类普通股和一股 T 类普通股（在使优先股转换、可转换本票转换和 RSU 结算生效后）。

We have based our calculation of the percentage of beneficial ownership prior to this offering on [__] shares of our Class A common stock, [__] shares of our Class N common stock, and one share of our Class T common stock outstanding as of September 30, 2026 (after giving effect to the Preferred Stock Conversion, Convertible Notes Conversion, and the RSU Settlement).

我们计算本次发行后有益所有权百分比的基础为：我们在该次发行中发行的 [__] 股 A 类普通股，以及就本次发行向创始人有限责任公司发行的一股 F 类普通股，以及本次发行完成后立即流通在外的 [__] 股 A 类普通股、[__] 股 N 类普通股和一股 T 类普通股，假设承销商未行使向我们购买最多额外 [__] 股 A 类普通股的期权。就计算某人的所有权百分比而言，我们将该人持有的、目前可行使或可在 2026 年 9 月 30 日后 60 天内行使的股票期权所对应的 A 类普通股股份，或根据预计将在 2026 年 9 月 30 日后 60 天内发生归属和结算条件的 RSU（假设基于业绩和基于服务的归属条件均得到满足）可发行的 A 类普通股股份，视为流通在外并由该股票期权或 RSU（如适用）持有人有益拥有。然而，就计算任何其他人的所有权百分比而言，我们并未将这些股份视为流通在外。

We have based our calculation of the percentage of beneficial ownership after this offering on [__] shares of our Class A common stock issued by us in such offering and one share of our Class F common stock issued to the Founder LLC in connection with this offering, and [__] shares of our Class A common stock, [__] shares of our Class N common stock, and one share of our Class T common stock, outstanding immediately after the completion of this offering, assuming no exercise of the underwriters’ option to purchase up to an additional shares of our Class A common stock from us. We have deemed shares of our Class A common stock subject to stock options that are currently exercisable or exercisable within 60 days of September 30, 2026 or issuable pursuant to RSUs which are subject to vesting and settlement conditions expected to occur within 60 days of September 30, 2026 (assuming the satisfaction of the performance-based and service-based vesting conditions) to be outstanding and to be beneficially owned by the person holding such stock option or RSU, as applicable, for the purpose of computing the percentage ownership of that person. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person.

除另有说明外，下表所列每位有益拥有人的地址均为 c/o Anthropic, PBC, 548 Market Street, PMB 90375, San Francisco, California [__] 94104。

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Anthropic, PBC, 548 Market Street, PMB 90375, San Francisco, California [__] 94104.

发行前实益拥有的股份 A 类 · F 类 · T 类 · 百分比 合计 投票 算力 在 发行† A 类股份 一个存在体 发行 A 类 · F 类 · T 类 · 百分比 合计 投票 算力 在 发行 † 受益所有人姓名 · # · % · # · % · # · % · # · % · # · % · # · % 提名高管及 董事： Dario Amodei (1) †† · 240,637,980 · — · — 受投票委托约束的股份(2) · 4,621,120 · — · — 合计 · 245,259,100 · — · — · — Daniela Amodei(3) †† · 241,408,940 · — · — Krishna Rao(4) · 9,497,900 · — · — · — Reed Hastings(5) · 9,410 · — · — · — Christopher Liddell(6) · 9,410 · — · — · — Vas Narasimhan (7) · 176,050 · — · — · — Yasmin Razavi(8) · — · — · — · — 全体高级管理人员和董事作为一个整体 （7 人）(9) · 496,360,810 · — · — · — 持股超过 5% 的股东： 长期利益信托(10) · — · — · — · — · 1 · 100% · — · — · — · — · — · — · 1 · 100% · — 创始人有限责任公司 (11)†† · — · — · — · — · — · — · — · — · — · — · 1 · 100% · — · — · 50.1% 其他出售股东： Tom Brown (12)†† · 244,173,040 · — · — Jack Clark(13)†† · 242,271,840 · — · — Jared Kaplan(14)†† · 242,351,170 · — · — Sam McCandlish (15)†† · 231,809,780 · — · — Christopher Olah(16)†† · 242,882,420 · — · —

Shares Beneficially Owned Before the Offering Class A · Class F · Class T · % of Total Voting Power Before the Offeri ng† Shares of Class A Being Offered Class A · Class F · Class T · % of Total Voting Power After the Offering † Name of Beneficial Owner · # · % · # · % · # · % · # · % · # · % · # · % Named Executive Officers and Directors: Dario Amodei (1) †† · 240,637,980 · — · — Shares subject to voting proxies(2) · 4,621,120 · — · — Total · 245,259,100 · — · — · — Daniela Amodei(3) †† · 241,408,940 · — · — Krishna Rao(4) · 9,497,900 · — · — · — Reed Hastings(5) · 9,410 · — · — · — Christopher Liddell(6) · 9,410 · — · — · — Vas Narasimhan (7) · 176,050 · — · — · — Yasmin Razavi(8) · — · — · — · — All executive officers and directors as a group (7 persons)(9) · 496,360,810 · — · — · — Greater than 5% Stockholders: Long-Term Benefit Trust(10) · — · — · — · — · 1 · 100% · — · — · — · — · — · — · 1 · 100% · — Founder LLC (11)†† · — · — · — · — · — · — · — · — · — · — · 1 · 100% · — · — · 50.1% Other Selling Stockholders: Tom Brown (12)†† · 244,173,040 · — · — Jack Clark(13)†† · 242,271,840 · — · — Jared Kaplan(14)†† · 242,351,170 · — · — Sam McCandlish (15)†† · 231,809,780 · — · — Christopher Olah(16)†† · 242,882,420 · — · —

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* [__] 表示实益持股比例低于 1%。† [__] 表示占我们全部已发行 A 类普通股和 F 类普通股总投票权的百分比。不包括 (i) 由 LTBT 持有的 T 类普通股，该等股份通常有权选举和罢免 T 类董事，而 T 类董事将共同构成我们董事会授权成员的多数，且通常无权就提交股东表决的事项进行投票；(ii) 我们的 N 类普通股，除法律另有规定外，无权就提交股东表决的任何事项进行投票；或 (iii) 我们的 E 类普通股，无权就董事选举进行投票。我们的 A 类普通股持有人有权就一般提交股东表决的所有事项每股享有一票投票权。我们的 F 类普通股在一般提交股东表决的事项上，有权享有截至适用记录日我们已发行股本投票权的固定 50.1%。因此，截至适用记录日，A 类普通股持有人的投票权合计被限制为全部已发行投票权的 49.9%。相应地，每位 A 类普通股持有人的投票权已降至本次发行前所示百分比的 49.9%（已考虑因本次发行中出售股份而导致的投票权减少）。†† [__] 我们预计，包括 Amodei 博士和 Amodei 女士在内的七位联合创始人将在本招股说明书所属注册声明生效前不久签署创始人有限责任公司协议。创始人有限责任公司协议将规定，F 类普通股的股份将按照创始人有限责任公司协议规定的持续创始人表决结果进行投票、同意或不同意，每位持续创始人享有一票。就我们的每位联合创始人而言，所提供的投票权百分比不包括创始人有限责任公司持有的 F 类普通股的投票权。创始人有限责任公司协议不适用于联合创始人或其关联持有人持有的任何 A 类普通股股份的投票。每位联合创始人（或其关联持有人）将能够自行决定对其持有的 A 类普通股股份进行投票，无论创始人有限责任公司将如何对 F 类普通股进行投票。有关更多信息，请参阅“我们的治理结构及其目标——创始人投票结构”、“——我们的联合创始人”和“股本说明——普通股——投票权”章节。

* [__] Represents beneficial ownership of less than 1%. † [__] Represents the percentage of the total votes attributable to all outstanding shares of our Class A common stock and Class F common stock. Does not include (i) our Class T common stock, which is held by the LTBT, and which 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, and is generally not entitled to vote with respect to matters submitted to a vote of stockholders, (ii) our Class N common stock, which is not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law, or (iii) our Class E common stock, which is not entitled to vote for the election of directors. Holders of our Class A common stock are entitled to one vote per share on all matters submitted to stockholders generally. Our Class F common stock is entitled to a fixed 50.1% of the voting power of our outstanding capital stock as of the applicable record date on matters submitted to stockholders generally. As a result, 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 as of the applicable record date. Accordingly, the voting power of each holder of Class A common stock has been reduced to 49.9% of the percentage shown before the offering (taking into account the reduction of voting power due to shares sold in the offering). †† [__] We expect that our seven co-founders, including Dr. Amodei and Ms. Amodei, will enter into the Founder LLC Agreement shortly before the effectiveness of the registration statement of which this prospectus forms a part. The Founder LLC Agreement will provide that the share of Class F common stock will be voted, consented or not consented, in the manner determined by a vote of the Continuing Founders as prescribed by the Founder LLC Agreement, with each Continuing Founder entitled to one vote. With respect to each of our co-founders, the voting power percentage provided does not include the voting power of our Class F common stock held by the Founder LLC. The Founder LLC Agreement will not govern the voting of any shares of our Class A common stock held by the co-founders or their related holders. Each co-founder (or their related holders) will be able to vote shares of our Class A common stock held by them in their discretion, regardless of the manner in which the Founder LLC will vote our Class F common stock. For more information, please see the sections titled “Our Governance Structure and Its Goals—Founder Voting Structure,” “—Our Co-Founders,” and “Description of Capital Stock— Common Stock—Voting Rights.”

(1) [__] 由以下组成：(i) Amodei 博士本人或由 Amodei 博士行使投资或投票控制的信托所记录持有的 237,813,080 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 2,185,400 股 A 类普通股，以及 (iii) 在 2026 年 9 月 30 日起 60 日内满足服务期归属条件的 RSU 结算时可发行的 639,500 股 A 类普通股。Amodei 博士亦为创始人有限责任公司成员。更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”和“——我们的联合创始人”的章节。

(1) [__] Consists of (i) 237,813,080 shares of Class A common stock held of record by Dr. Amodei or by trusts over which Dr. Amodei exercises investment or voting control, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026. Dr. Amodei is also a member of the Founder LLC. For more information, see the sections titled “Our Governance Structure and Its Goals—Founder Voting Structure” and “—Our Co-Founders.”

(2) Amodei 博士已与 DAF 签订投票代理协议（本招股说明书其他部分对此有进一步描述），据此，Amodei 博士有权（且拥有不可撤销的代理权）就股东将表决的所有事项，按其自行决定指示投票并表决 DAF 持有的若干 A 类普通股。

(2) Dr. Amodei has entered into the Voting Proxy Agreements with the DAFs (as further described elsewhere in this prospectus), pursuant to which Dr. Amodei has the authority (and irrevocable proxy) to direct the vote and vote certain shares of Class A common stock held by the DAFs, at his discretion on all matters to be voted upon by stockholders.

(3) 由以下组成：(i) Amodei 女士本人或由 Amodei 女士行使投资或投票控制的信托所记录持有的 238,319,540 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 2,185,400 股 A 类普通股，(iii) Amodei 女士的配偶持有的、可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 130,550 股 A 类普通股，(iv) 在 2026 年 9 月 30 日起 60 日内满足服务期归属条件的 RSU 结算时可发行的 639,500 股 A 类普通股，以及 (v) Amodei 女士的配偶持有的、在 2026 年 9 月 30 日起 60 日内满足服务期归属条件的 RSU 结算时可发行的 133,950 股 A 类普通股。Amodei 女士亦为创始人有限责任公司成员。更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”和“——我们的联合创始人”的章节。

(3) Consists of (i) 238,319,540 shares of Class A common stock held of record by Ms. Amodei or by trusts over which Ms. Amodei exercises investment or voting control, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, (iii) 130,550 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026 held by Ms. Amodei’s spouse, (iv) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026, and (v) 133,950 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026 held by Ms. Amodei’s spouse. Ms. Amodei is also a member of the Founder LLC. For more information, see the sections titled “Our Governance Structure and Its Goals—Founder Voting Structure” and “—Our Co-Founders.”

(4) 由以下组成：(i) Rao 先生记录持有的 153,960 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 7,843,940 股 A 类普通股，以及 (iii) 由 Rao 先生行使投资或投票控制的信托可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 1,500,000 股 A 类普通股。

(4) Consists of (i) 153,960 shares of Class A common stock held of record by Mr. Rao, (ii) 7,843,940 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 1,500,000 shares of Class A common stock subject to stock options exercisable by a trust over which Mr. Rao exercises investment or voting control within 60 days of September 30, 2026.

(5) 由在 2026 年 9 月 30 日起 60 日内满足服务期归属条件的 RSU 结算时可发行的 9,410 股 A 类普通股组成。

(5) Consists of 9,410 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026.

(6) 由在 2026 年 9 月 30 日起 60 日内满足服务期归属条件的 RSU 结算时可发行的 9,410 股 A 类普通股组成。

(6) Consists of 9,410 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026.

(7) 由以下组成：(i) Bodhi LLC 记录持有的、由 Narasimhan 博士行使唯一投资和投票控制的 169,770 股 A 类普通股，以及 (ii) 在 2026 年 9 月 30 日起 60 日内满足服务期归属条件的 RSU 结算时可发行的 6,280 股 A 类普通股。

(7) Consists of (i) 169,770 shares of Class A common stock held of record by Bodhi LLC over which Dr. Narasimhan exercises sole investment and voting control and (ii) 6,280 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026.

(8) 不包括 Spark Capital 任何关联方（各称“Spark Capital 实体”）持有的 A 类普通股股份。Spark Capital Growth Fund IV, L.P. 和 Spark Capital Growth Founders’Fund IV, L.P. 由其普通合伙人 Spark Growth Management Partners IV, LLC 控制，该普通合伙人由五名管理成员共同管理，其中包括本公司董事之一 Yasmin Razavi。Spark Capital Growth Fund V, L.P. 和 Spark Capital Growth Founders’Fund V, L.P. 由其普通合伙人 Spark Growth Management Partners V, LLC 控制，该普通合伙人由其五名管理成员共同管理，其中包括本公司董事之一 Razavi 女士。Spark Capital Growth Fund VI, L.P. 由其普通合伙人 Spark Growth Management Partners VI, LLC 控制，该普通合伙人由其六名管理成员共同管理，其中包括本公司董事之一 Razavi 女士。Spark Capital Growth Fund Holdings 2026, LLC 的成员为 Spark Capital Growth Fund IV, L.P.、Spark Capital Growth Founders’Fund IV, L.P.、Spark Capital Growth Fund V, L.P.、Spark Capital Growth Founders’Fund V, L.P. 和 Spark Capital Growth Fund VI, L.P.。各普通合伙人的管理成员按多数表决作出投资和投票决策。若 Razavi 女士可能被视为对任何 Spark Capital 实体实益拥有的股份拥有实益所有权，其明确否认该等实益所有权。上述各人士的营业地址均为 200 Clarendon Street, Floor 59, Boston, Massachusetts 02116。

(8) Excludes shares of Class A common stock held by any affiliates of Spark Capital (each, a “Spark Capital Entity”). Spark Capital Growth Fund IV, L.P. and Spark Capital Growth Founders’ Fund IV, L.P. are controlled by their general partner, Spark Growth Management Partners IV, LLC, which is governed by five managing members including Yasmin Razavi, who is one of our directors. Spark Capital Growth Fund V, L.P. and Spark Capital Growth Founders’ Fund V, L.P. are controlled by their general partner, Spark Growth Management Partners V, LLC, which is governed by its five managing members, including Ms. Razavi, who is one of our directors. Spark Capital Growth Fund VI, L.P. is controlled by its general partner, Spark Growth Management Partners VI, LLC, which is governed by its six managing members, including Ms. Razavi, who is one of our directors. The members of Spark Capital Growth Fund Holdings 2026, LLC are Spark Capital Growth Fund IV, L.P., Spark Capital Growth Founders’ Fund IV, L.P., Spark Capital Growth Fund V, L.P., Spark Capital Growth Founders’ Fund V, L.P. and Spark Capital Growth Fund VI, L.P. The managing members of each general partner make investment and voting decisions based on a majority vote. To the extent Ms. Razavi may be deemed to have beneficial ownership over the shares beneficially owned by any Spark Capital Entity, she expressly disclaims such beneficial ownership. The business address of each of the foregoing persons is 200 Clarendon Street, Floor 59, Boston, Massachusetts 02116.

(9) 包括 (i) 本公司高管和董事实益拥有的 481,077,470 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 13,845,290 股 A 类普通股，以及 (iii) 在 RSU 结算时可发行的 1,438,050 股 A 类普通股，该等 RSU 的服务期归属条件将在 2026 年 9 月 30 日起 60 日内满足。

(9) Consists of (i) 481,077,470 shares of Class A common stock beneficially owned by our executive officers and directors, (ii) 13,845,290 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 1,438,050 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026.

(10) 包括 LTBT 登记持有的 1 股 T 类普通股。

(10) Consists of one share of Class T common stock held of record by the LTBT.

(11) 包括创始人有限责任公司登记持有的 1 股 F 类普通股。

(11) Consists of one share of Class F common stock held of record by the Founder LLC.

(12) 包括 (i) Brown 先生登记持有或由 Brown 先生行使投资或投票控制的信托持有的 241,348,140 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日起 60 日内行使的股票期权所对应的 2,185,400 股 A 类普通股，以及 (iii) 在 RSU 结算时可发行的 639,500 股 A 类普通股，该等 RSU 的服务期归属条件将在 2026 年 9 月 30 日起 60 日内满足。Brown 先生于 2021 年 1 月共同创立 Anthropic，并担任本公司首席算力官。Brown 先生亦为创始人有限责任公司成员。更多信息请参见“我们的治理结构及其目标——创始人投票结构”和“——我们的联合创始人”章节。

(12) Consists of (i) 241,348,140 shares of Class A common stock held of record by Mr. Brown or by trusts over which Mr. Brown exercises investment or voting control, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026. Mr. Brown co-founded Anthropic in January 2021 and serves as our Chief Compute Officer. Mr. Brown is also a member of the Founder LLC. For more information, see the sections titled “Our Governance Structure and Its Goals— Founder Voting Structure” and “—Our Co-Founders.”

(13) 包括 (i) 由 Clark 先生或由 Clark 先生行使共同投资或投票控制权的信托持有的记录在案的 239,446,940 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日后 60 天内行使的股票期权所对应的 2,185,400 股 A 类普通股，以及 (iii) 在 RSU 结算时可发行的 639,500 股 A 类普通股，其服务期归属条件将在 2026 年 9 月 30 日后 60 天内满足。Clark 先生于 2021 年 1 月联合创立 Anthropic，并领导 Anthropic Institute。Clark 先生亦为创始人有限责任公司（Founder LLC）成员，并预计将担任 Anthropic Public Benefit Fund 的初始管理人之一。有关更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”、“——我们的联合创始人”及“业务——我们对公共利益的承诺”的章节。

(13) Consists of (i) 239,446,940 shares of Class A common stock held of record by Mr. Clark or by trusts over which Mr. Clark exercises shared investment or voting control, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026. Mr. Clark co-founded Anthropic in January 2021 and leads the Anthropic Institute. Mr. Clark is also a member of the Founder LLC and is expected to serve as one of the initial managers of the Anthropic Public Benefit Fund. For more information, see the sections titled “Our Governance Structure and Its Goals—Founder Voting Structure,” “—Our Co-Founders,” and “Business—Our Commitment to Public Benefit.”

(14) 包括 (i) 由 Kaplan 博士或由 Kaplan 博士行使共同投资或投票控制权的信托持有的记录在案的 239,526,270 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日后 60 天内行使的股票期权所对应的 2,185,400 股 A 类普通股，以及 (iii) 在 RSU 结算时可发行的 639,500 股 A 类普通股，其服务期归属条件将在 2026 年 9 月 30 日后 60 天内满足。Kaplan 博士于 2021 年 1 月联合创立 Anthropic，并担任我们的首席科学官。Kaplan 博士亦为创始人有限责任公司（Founder LLC）成员。有关更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”及“——我们的联合创始人”的章节。

(14) Consists of (i) 239,526,270 shares of Class A common stock held of record by Dr. Kaplan or by trusts over which Dr. Kaplan exercises shared investment or voting control, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026. Dr. Kaplan co-founded Anthropic in January 2021 and serves as our Chief Science Officer. Dr. Kaplan is also a member of the Founder LLC. For more information, see the sections titled “Our Governance Structure and Its Goals— Founder Voting Structure” and “—Our Co-Founders.”

(15) 包括 (i) 由 McCandlish 博士行使共同投资或投票控制权的信托持有的记录在案的 228,984,880 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日后 60 天内行使的股票期权所对应的 2,185,400 股 A 类普通股，以及 (iii) 在 RSU 结算时可发行的 639,500 股 A 类普通股，其服务期归属条件将在 2026 年 9 月 30 日后 60 天内满足。McCandlish 博士于 2021 年 1 月联合创立 Anthropic，并担任我们的首席架构师。McCandlish 博士亦为创始人有限责任公司（Founder LLC）成员。有关更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”及“——我们的联合创始人”的章节。

(15) Consists of (i) 228,984,880 shares of Class A common stock held of record by trusts over which Dr. McCandlish exercises shared investment or voting control, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within 60 days of September 30, 2026, and (iii) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026. Dr. McCandlish co-founded Anthropic in January 2021 and serves as our Chief Architect. Dr. McCandlish is also a member of the Founder LLC. For more information, see the sections titled “Our Governance Structure and Its Goals— Founder Voting Structure” and “—Our Co-Founders.”

(16) 包括 (i) 由 Olah 先生持有的记录在案的 240,057,520 股 A 类普通股，(ii) 可在 2026 年 9 月 30 日后 60 天内行使的股票期权所对应的 2,185,400 股 A 类普通股，以及 (iii) 在 RSU 结算时可发行的 639,500 股 A 类普通股，其服务期归属条件将在 2026 年 9 月 30 日后 60 天内满足。Olah 先生于 2021 年 1 月联合创立 Anthropic，并领导我们的可解释性研究工作。Olah 先生亦为创始人有限责任公司（Founder LLC）成员。有关更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”及“——我们的联合创始人”的章节。

(16) Consists of (i) 240,057,520 shares of Class A common stock held of record by Mr. Olah, (ii) 2,185,400 shares of Class A common stock subject to stock options exercisable within

截至 2026 年 9 月 30 日后的 60 天内，以及 (iii) 639,500 股 A 类普通股，该等股份可在基于服务的归属条件于 2026 年 9 月 30 日后 60 天内满足的限制性股票单位（RSU）结算时发行。Olah 先生于 2021 年 1 月共同创立 Anthropic，并领导我们的可解释性研究工作。Olah 先生亦为创始人有限责任公司成员。有关更多信息，请参见标题为“我们的治理结构及其目标——创始人投票结构”和“——我们的联合创始人”的章节。

60 days of September 30, 2026, and (iii) 639,500 shares of Class A common stock issuable upon settlement of RSUs for which the service-based vesting condition will be satisfied within 60 days of September 30, 2026. Mr. Olah co-founded Anthropic in January 2021 and leads our interpretability research efforts. Mr. Olah is also a member of the Founder LLC. For more information, see the sections titled “Our Governance Structure and Its Goals—Founder Voting Structure” and “—Our Co-Founders.”

一般事项 General

以下描述概述了我们股本中若干重要条款的预期内容，这些条款预计将在本次发行完成前即刻生效。我们预计将通过经修订并重述的公司章程和经修订并重述的公司细则，该等文件将在本次发行完成前即刻生效，本描述概述了预计将纳入该等文件的条款。由于本描述仅为概述，因此并不包含可能对您重要的全部信息。如需完整了解标题为“股本描述”的本节所述事项，您应参阅我们的经修订并重述的公司章程、经修订并重述的公司细则、信托协议、创始人有限责任公司协议、IRA 以及股东协议（该等文件作为本招股说明书所构成部分的注册声明的附件收录），并参阅特拉华州法律的适用条款。本次发行完成后即刻，我们的授权股本将由 460,000,000,002 股股本构成，每股面值 $0.00001，其中：

The following description summarizes certain important terms of our capital stock, as they are expected to be in effect immediately prior to the completion of this offering. We expect to adopt an amended and restated certificate of incorporation and amended and restated bylaws that will become effective immediately prior to the completion of this offering, and this description summarizes the provisions that are expected to be included in such documents. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled “Description of Capital Stock,” you should refer to our amended and restated certificate of incorporation, amended and restated bylaws, the Trust Agreement, the Founder LLC Agreement, the IRA, and the Stockholders’ Agreement, which are included as exhibits to the registration statement of which this prospectus forms a part, and to the applicable provisions of Delaware law. Immediately following the completion of this offering, our authorized capital stock will consist of 460,000,000,002 shares of capital stock, $0.00001 par value per share, of which:

- 300,000,000,000 股被指定为 A 类普通股（“A 类普通股”）；

- 300,000,000,000 shares are designated as Class A common stock (the “Class A common stock”);

- 100,000,000,000 股被指定为 N 类普通股（“N 类普通股”）；

- 100,000,000,000 shares are designated as Class N common stock (the “Class N common stock”);

- 一股被指定为 T 类普通股（“T 类普通股”）；

- one share is designated as Class T common stock (the “Class T common stock”);

- 一股被指定为 F 类普通股（“F 类普通股”）；

- one share is designated as Class F common stock (the “Class F common stock”);

- 30,000,000,000 股被指定为 E 类普通股（“E 类普通股”）；以及

- 30,000,000,000 shares are designated as Class E common stock (the “Class E common stock”); and

- 30,000,000,000 股被指定为优先股。

- 30,000,000,000 shares are designated as preferred stock.

截至 2026 年 9 月 30 日，假设优先股转换、可转换本票转换、F 类股票发行、首次公益发行以及 RSU 结算均已于该日发生，则我们有 [__] 股 A 类普通股流通在外，由 [__] 名登记在册股东持有；[__] 股 N 类普通股流通在外，由 [__] 名登记在册股东持有；一股 T 类普通股流通在外，由一名登记在册股东持有；一股 F 类普通股流通在外，由一名登记在册股东持有；且无 E 类普通股或优先股流通在外。

As of September 30, 2026, assuming the Preferred Stock Conversion, Convertible Notes Conversion, Class F Stock Issuance, Initial Public Benefit Issuance, and RSU Settlement occurred as of such date, there were shares of our Class A common stock outstanding, held by [__] stockholders of record, [__] shares of our Class N common stock outstanding, held by [__] stockholders of record, one share of our Class T common stock outstanding, held by one stockholder of record, one share of our Class F common stock outstanding, held by one stockholder of record, and no shares of our Class E common stock or preferred stock outstanding.

如下文更全面所述，下表概述了我们各类别或系列普通股（将在本次发行完成后获得授权）的若干关键条款：

As more fully described below, the following table summarizes certain key terms of each class or series of our common stock that will be authorized following the completion of this offering:

权利类别 股票股票股票股票股票 每股投票权 · 1 · 0 · 1 · 登记日已发行投票权的 50.1% · 1 有权表决的事项 提交股东表决的一般事项；非 T 类董事的选举；对以下条款的某些修订 长期利益信托（LTBT）或我们 T 类普通股的权利；我们 T 类普通股的赎回 除法律要求外不享有投票权，在此情况下我们的 N 类普通股每股将拥有一票投票权 选举 T 类董事，其构成我们董事会的多数；赎回我们的 E 类普通股；对我们某些权利的若干修订 F 类普通股 提交股东表决的一般事项；选举非 T 类董事；对以下条款的某些修订 LTBT 或我们 T 类普通股的权利；赎回我们的 T 类普通股；赎回我们的 E 类普通股 提名、变更指定或罢免 指定 T 类 董事(仅当 NGC 不同意 LTBT 的提名、指定变更或罢免）；对 LTBT 条款或我们 A 类 T 类普通股；赎回我们的 T 类普通股 转换权 · 无 · 在出售或转让给非关联第三方时转换为 A 类普通股 无 · 无 · 无 权利类别 股票股票股票股票股票 可转让性 · 一般可转让 一般可转让；转让时按上述方式转换为 A 类普通股 仅经信托修订相关人士批准后方可转让 阈值 除公司重组或变更注册地的情况外，不可转让 经我们董事会批准且不会导致以下成员发生变更的创始人有限责任公司 创始人有限责任公司 不可转让 股息权 · 有权按比例参与股息和分配 有权按比例参与股息和分配 无 · 无 · 无 获得清算分配的权利 有权按比例参与清算分配 有权按比例参与清算分配 享有每股面值 享有每股面值 享有每股面值 可由公司赎回 否 · 否 · 在发生特定事件时，我们可无偿赎回 在发生特定事件时，我方可无偿赎回 在发生特定事件时，我们可无偿赎回

Category of Rights StockStockStockStockStock Votes per share · 1 · 0 · 1 · 50.1% of outstanding voting power on record date · 1 Matters on which entitled to vote All matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the terms of the LTBT or the rights of our Class T common stock; redemption of our Class T common stock Not entitled to vote except as required by law, in which case our Class N common stock will have one vote per share Election of Class T directors, which constitute a majority of our board of directors; redemption of our Class E common stock; certain amendments to the rights of our Class F common stock All matters submitted to stockholders generally; election of non-Class T directors; certain amendments to the terms of the LTBT or the rights of our Class T common stock; redemption of our Class T common stock; redemption of our Class E common stock Nomination, change in designation, or removal of the Specified Class T Director (only if the NGC does not concur in the LTBT’s nomination, change in designation, or removal); certain amendments to the terms of the LTBT or the rights of our Class T common stock; redemption of our Class T common stock Conversion rights · None · Converts into Class A common stock upon a sale or transfer to an unaffiliated third party None · None · None Category of Rights StockStockStockStockStock Transferability · Generally transferable Generally transferable; converts into Class A common stock upon transfer as described above Transferable only upon approval of persons comprising the Trust Amendment Threshold Not transferable except in the case of a reorganization or redomiciliation of the Founder LLC that is approved by our board of directors and does not result in a change to the members of the Founder LLC Not transferable Dividend rights · Entitled to participate pro rata in dividends and distributions Entitled to participate pro rata in dividends and distributions None · None · None Right to receive liquidation distributions Entitled to participate pro rata in liquidation distributions Entitled to participate pro rata in liquidation distributions Entitled to par value per share Entitled to par value per share Entitled to par value per share Redeemable by company No · No · Redeemable by us for no consideration upon occurrence of certain events Redeemable by us for no consideration upon occurrence of certain events Redeemable by us for no consideration upon occurrence of certain events

普通股 Common Stock

我们拥有四类获授权普通股：

We have four classes of authorized common stock:

- 指定为参与性普通股的类别，其分为两个系列：A 类普通股和 N 类普通股；

- the class designated as Participating Common Stock, which is divided into two series: Class A common stock and Class N common stock;

- T 类普通股，这是发行给长期利益信托（LTBT）的一类特殊普通股；

- Class T common stock, which is a special class of common stock that is issued to the LTBT;

- F 类普通股，这是将发行给创始人有限责任公司的一类特殊普通股；以及

- Class F common stock, which is a special class of common stock that will be issued to the Founder LLC; and

- E 类普通股，这是将发行给我们员工（不包括我们的联合创始人）的一类特殊普通股。

- Class E common stock, which is a special class of common stock that will be issued to our employees, excluding our co-founders.

#### 投票权

#### Voting Rights

- A 类普通股。我们 A 类普通股的持有人有权就一般提交股东投票的所有事项（包括选举除 T 类董事以外的董事 [__]）所持有的每股享有一票投票权。

- Class A common stock. Holders of our Class A common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders generally, including the election of the directors other than the Class T directors [__] .

- N 类普通股。我们 N 类普通股的持有人无权就提交股东投票的任何事项进行投票，除非法律另有要求，例如对我们经修订和重述的公司注册证书的某些修订会对我们 N 类普通股的权力、优先权或特殊权利产生不利影响但不会对我们 A 类普通股产生同等不利影响，根据《特拉华州普通公司法》（DGCL），该等持有人有权作为一个系列单独投票。

- Class N common stock. 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.

- T 类普通股。我们 T 类普通股的持有人对提交股东的事项没有投票权，除非在我们经修订和重述的公司注册证书中关于选举我们董事会多数成员、赎回我们 E 类普通股、对我们 F 类普通股权利的某些修订另有规定，或法律另有要求，例如对我们经修订和重述的公司注册证书的某些修订会对我们 T 类普通股的权力、优先权或特殊权利产生不利影响，根据《特拉华州普通公司法》（DGCL），该等持有人有权作为一个类别单独投票。

- Class T common stock. 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 adversely affect the powers, preferences, or special rights of our Class T common stock, on which the DGCL entitles such holders to vote separately as a class.

- F 类普通股。我们 F 类普通股的持有人将有权就一般提交股东投票的事项（包括选举除 T 类董事以外的董事），在适用记录日期所持有的我们已发行股本总投票权中合计享有相当于 50.1% 的投票权。我们 F 类普通股将按照创始人有限责任公司协议规定的方式投票。参见标题为“——F 类普通股投票机制”的章节。

- Class F common stock. 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. Our Class F common stock will be voted in the manner provided by the Founder LLC Agreement. See the section titled “—Class F Common Stock Voting Mechanics.”

- E 类普通股。就提交股东表决的事项而言，我们 E 类普通股的持有人不享有表决权，但经修订并重述的公司章程中规定的以下情形除外：拟提名、罢免或变更指定 T 类董事（在我们 NGC 不同意 LTBT 拟采取行动的情形下）、对 LTBT 条款的某些变更、我们 T 类普通股的权利、我们 T 类普通股的赎回，或法律另有要求的情形，例如对经修订并重述的公司章程的某些修订会对我们 E 类普通股的权力、优先权或特殊权利产生不利影响，就此《特拉华州普通公司法》（DGCL）赋予该等持有人作为单独类别进行表决的权利。

- Class E common stock. 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, the rights of our Class T common stock, the redemption of our Class T common stock, or 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 E common stock, on which the DGCL entitles such holders to vote separately as a class.

#### 转换与可转让性

#### Conversion and Transferability

- A 类普通股。我们的 A 类普通股不可转换为任何其他类别或系列的股本。在遵守适用法律及标题为“未来可出售股份——锁定期与市场禁售协议”一节所述限制的前提下，我们的 A 类普通股可以转让。

- Class A common stock. Our Class A common stock will not be convertible into any other class or series of capital stock. Subject to compliance with applicable law and the restrictions described in the section titled “Shares Eligible for Future Sale—Lock-Up and Market Standoff Agreements,” our Class A common stock can be transferred.

- N 类普通股 [__] 。[__] 我们 N 类普通股的持有人主要是战略业务合作伙伴。在遵守适用法律及标题为“未来可出售股份——锁定期与市场禁售协议”一节所述限制的前提下，我们的 N 类普通股可以转让。N 类普通股股份在通过以下方式进行的转让后，将自动转换为同等数量的 A 类普通股股份：(i) 该等股份的注册发行或公开市场出售，或 (ii) 向第三方转让，且该第三方 (A) 不是 N 类普通股持有人（也不是 N 类普通股持有人的关联方），且 (B) 在转让生效后不会实益拥有或控制我们任何类别或系列股权证券超过 9.99% 的股份。

- Class N common stock [__] . [__] The holders of our Class N common stock are primarily strategic business partners. Subject to compliance with applicable law and the restrictions described in the section titled “Shares Eligible for Future Sale—Lock-Up and Market Standoff Agreements,” our Class N common stock can be transferred. The shares of Class N common stock will automatically convert into an equal number of shares of Class A common stock upon a transfer effected through: (i) a registered offering or an open market sale of such shares or (ii) a transfer to a third party (A) that is not a holder of Class N common stock (or an affiliate of a holder of Class N common stock) and (B) that will not beneficially own or control more than 9.99% of the shares of any class or series of our equity securities after giving effect to the transfer.

- T 类普通股。我们的 T 类普通股不可转换为任何其他类别或系列的股本。我们的 T 类普通股仅在获得构成信托修订门槛的人士批准后方可转让。由于构成信托修订门槛的人士有权完全修改或终止 LTBT 以及我们 T 类普通股的权利，因此对我们 T 类普通股可允许受让方的身份没有单独的限制。

- Class T common stock. Our Class T common stock will not be convertible into any other class or series of capital stock. Our Class T common stock is transferable only upon the approval of persons comprising the Trust Amendment Threshold. Because the persons comprising the Trust Amendment Threshold have the power to modify or terminate the LTBT and the rights of our Class T common stock entirely, there is no separate restriction on the identity of a permissible transferee of our Class T common stock.

- F 类普通股。我们的 F 类普通股不可转换为任何其他类别或系列的股本。我们的 F 类普通股不可转让，但经我们董事会批准且不会导致创始人有限责任公司成员发生变更的创始人有限责任公司重组或迁册情形除外。

- Class F common stock. Our Class F common stock will not be convertible into any other class or series of capital stock. Our Class F common stock is not transferable except in the case of a reorganization or redomiciliation of the Founder LLC that is approved by our board of directors and does not result in a change to the members of the Founder LLC.

- E 类普通股。我们的 E 类普通股不可转换为任何其他类别或系列的股本，且不可转让。

- Class E common stock. Our Class E common stock will not be convertible into any other class or series of capital stock and is not transferable.

#### 赎回

#### Redemption

- A 类普通股。我们的 A 类普通股不可由我们选择赎回，也不可由持有人选择赎回。

- Class A common stock. Our Class A common stock will not be redeemable at our option or at the option of the holder.

- N 类普通股。我们的 N 类普通股不可由我们选择赎回，也不可由持有人选择赎回。

- Class N common stock. Our Class N common stock will not be redeemable at our option or at the option of the holder.

- T 类普通股。我们的 T 类普通股可无偿赎回：

- Class T common stock. Our Class T common stock will be redeemable for no consideration:

- 若受托人投票赞成该赎回，则须经我们董事会授权成员 80% 及当时在任受托人 80% 批准（各按四舍五入取整至最接近的整数（任何恰好为 0.5 的向上取整））;

- if the Trustees are voting in favor of such redemption, upon approval of 80% of the authorized members of our board of directors and 80% of the Trustees then in office (in each case, rounded up or down to the nearest whole number (any exact 0.5 rounding up));

- 若我们的 F 类普通股仍为流通在外且受托人未投票赞成该赎回：

- if our Class F common stock remains outstanding and the Trustees are not voting in favor of such redemption:

- 在本次发行完成三周年之前，须经以下批准：(i) 我们的 F 类普通股依据持续创始人一致同意行事，(ii) 我们的 E 类普通股所投票数的多数（须达到流通在外 E 类普通股 40% 的法定人数），以及 (iii) 我们流通在外 A 类普通股所投票数的多数（须达到流通在外 A 类普通股多数的法定人数）；或

- until the third anniversary of the completion of this offering, upon approval by (i) our Class F common stock acting pursuant to the unanimous approval of the Continuing Founders, (ii) a majority of the votes cast by our Class E common stock (subject to a quorum of 40% of the outstanding Class E common stock), and (iii) a majority of the votes cast by our outstanding Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

- 在任何时候，须经以下批准：(i) 我们的 F 类普通股依据 66 2/3% 的持续创始人决定行事（向上取整至最接近的整数），(ii) 我们的 E 类普通股所投票数的 75%（须达到流通在外 E 类普通股多数的法定人数），以及 (iii) 我们的 A 类普通股所投票数的多数（须达到流通在外 A 类普通股多数的法定人数）；或

- at any time, upon approval by (i) our Class F common stock acting by decision of 66 2/3% of the Continuing Founders (rounded up to the nearest whole number), (ii) 75% of the votes cast by our Class E common stock (subject to a quorum of a majority of outstanding Class E common stock), and (iii) a majority of the votes cast by our Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

- 若不再有 F 类普通股流通在外且受托人未投票赞成该赎回，则须经流通在外 A 类普通股 85% 批准。

- if no Class F common stock remains outstanding and the Trustees are not voting in favor of such redemption, upon approval of 85% of the outstanding shares of Class A common stock.

- F 类普通股。我们的 F 类普通股可无偿赎回：(i) 由创始人有限责任公司选择，依据持续创始人的绝对多数批准行事，(ii) 创始人有限责任公司解散时，或 (iii) F 类过渡期完成时；该过渡期自持续创始人人数少于三人（不包括任何属于创始人有限责任公司协议所定义“不合格成员”的继任成员）连续满 90 个日历日起开始。

- Class F common stock. Our Class F common stock will be redeemable for no consideration (i) at the option of the Founder LLC, acting upon Supermajority approval of the Continuing Founders, (ii) upon the dissolution of the Founder LLC, or (iii) upon completion of the Class F Transition Period, 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 Agreement) for 90 consecutive calendar days.

- E 类普通股。我们的 E 类普通股不可由持有人选择赎回。员工与我们终止雇佣关系（非因故）后，该员工当时持有的 E 类普通股中的一半将由我们每年无偿自动赎回；但员工持有的全部 E 类普通股亦将在该员工死亡、丧失行为能力、因故被解雇或开始为直接竞争对手服务时由我们无偿自动赎回。全部 E 类普通股亦将在以下情形由我们无偿自动赎回：(i) 不再有 F 类普通股流通在外之时，或 (ii) 经以下批准：(A) 我们董事会授权成员的 80%（按四舍五入取整至最接近的整数（任何恰好为 0.5 的向上取整））,(B) 我们 F 类普通股的持有人，以及 (C) 我们 T 类普通股的持有人。

- Class E common stock. Our Class E common stock will not be redeemable at the option of the holder. Following an employee’s separation from employment with us other than for cause, one-half of such employee’s then-outstanding shares of Class E common stock will be automatically redeemed by us for no consideration annually, except that all shares of Class E common stock held by an employee will also be automatically redeemed by us for no consideration upon such employee’s death, incapacity, termination for cause, or commencement of service with a direct competitor. All shares of Class E common stock will also be automatically redeemed by us for no consideration (i) at such time as no Class F common stock remains outstanding, or (ii) upon the approval of (A) 80% of authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up)), (B) the holder of our Class F common stock, and (C) the holder of our Class T common stock.

#### 股息权

#### Dividend Rights

在优先股可能适用的任何优先权约束下（该等优先权适用于届时已发行的任何优先股股份），若我们的董事会自行决定宣派股息，则我们的 A 类普通股和 N 类普通股持有人有权从合法可用资金中收取股息，且仅在我们董事会可能确定的时间和金额范围内收取。我们的 T 类普通股、F 类普通股和 E 类普通股无权收取股息。更多信息请参见标题为“股息政策”的章节。

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our Class A common stock and Class N common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. Our Class T common stock, Class F common stock, and Class E common stock are not entitled to receive dividends. See the section titled “Dividend Policy” for more information.

#### 无优先认购权或类似权利

#### No Preemptive or Similar Rights

我们的普通股不享有优先认购权，且不受赎回或偿债基金条款约束（上述规定为无偿赎回我们的 T 类普通股、F 类普通股和 E 类普通股的规定除外）。

Our common stock is not entitled to preemptive rights and is not subject to redemption or sinking fund provisions (other than those providing for the redemption of our Class T common stock, Class F common stock, and Class E common stock for no consideration described above).

#### 获得清算分配的权利

#### Right to Receive Liquidation Distributions

如果我们进入清算、解散或停业程序，可供分配给股东的资产将在当时在册的 A 类普通股和 N 类普通股持有人以及任何参与分配的优先股持有人之间按比例分配，但须先清偿全部未偿债务和负债，并须先满足当时在册的任何股本股份所享有的优先权及清算优先权（如有）的支付。在我们清算、解散或停业的情况下，T 类普通股、F 类普通股和 E 类普通股持有人有权按每股面值（$0.00001）获得分配，但除此之外不参与该等分配。

If we become subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our Class A common stock and Class N common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of our capital stock. In the event of our liquidation, dissolution, or winding-up, holders of our Class T common stock, Class F common stock, and Class E common stock shall be entitled to receive par value ($0.00001) per share but shall not otherwise participate in such distributions.

#### 全额缴付且无需追加缴款

#### Fully Paid and Non-Assessable

就本次发行而言，我们的法律顾问将出具意见，认为本次发行中拟发行的 A 类普通股将经全额缴足且不可加缴。

In connection with this offering, our legal counsel will opine that the shares of our Class A common stock to be issued in this offering will be fully paid and non-assessable.

#### 日落条款

#### Sunset Provisions

**T 类股日落时间**

**Class T Sunset Time**

**触发普通股仍为流通在外，包括由于当不再有 T 类**

**Triggercommon stock remains outstanding, including due The Class T Sunset Time occurs when no Class T**

赎回我们的 T 类普通股，或修订我们的 T 类普通股权利以取消我们的 T 类普通股，上述任一情形均需获得构成信托修订门槛的人士批准。信托修订门槛可通过以下方式满足：

to the redemption of our Class T common stock or an amendment to the rights of our Class T common stock that eliminates our Class T common stock, which in each case requires the approval of persons comprising the Trust Amendment Threshold. The Trust Amendment Threshold may be satisfied as follows:

- 若受托人投票赞成该行动，则须经我们董事会授权成员的 80%以及当时在任受托人的 80%批准（在每种情况下，四舍五入至最接近的整数（任何恰好为 0.5 的情形向上取整））；

- if the Trustees are voting in favor of the action, upon approval of 80% of the authorized members of our board of directors and 80% of the Trustees then in office (in each case, rounded up or down to the nearest whole number (any exact 0.5 rounding up));

- 若我们的 F 类普通股仍为流通在外，且受托人未投票赞成该等修订：

- if our Class F common stock remains outstanding and the Trustees are not voting in favor of such amendments:

- 在本次发行完成三周年之前，经以下各方批准：(i) 我们的 F 类普通股根据持续创始人一致同意行事，(ii) 我们的 E 类普通股所投票数的多数（须达到流通在外 E 类普通股 40%的法定人数），以及(iii) 流通在外 A 类普通股所投票数的多数（须达到流通在外 A 类普通股多数的法定人数）；或

- until the third anniversary of the completion of this offering, upon approval by (i) our Class F common stock acting pursuant to the unanimous approval of the Continuing Founders, (ii) a majority of the votes cast by our Class E common stock (subject to a quorum of 40% of the outstanding Class E common stock), and (iii) a majority of the votes cast by outstanding Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

- 在任何时候，经以下各方批准：(i) 我们的 F 类普通股根据持续创始人 66 2/3%的决定行事（向上取整至最接近的整数），(ii) 我们的 E 类普通股所投票数的 75%（须达到流通在外 E 类普通股多数的法定人数），以及(iii) 我们的 A 类普通股所投票数的多数（须达到流通在外 A 类普通股多数的法定人数）；或

- at any time, upon approval by (i) our Class F common stock acting by decision of 66 2/3% of the Continuing Founders (rounded up to the nearest whole number), (ii) 75% of the votes cast by our Class E common stock (subject to a quorum of a majority of outstanding Class E common stock), and (iii) a majority of the votes cast by our Class A common stock (subject to a quorum of a majority of outstanding Class A common stock); or

(i) 不再有任何 F 类普通股存续之时 · F 类日落时间发生于以下较早者：不再有任何 F 类普通股存续，包括因经绝对多数同意的 F 类普通股赎回而不再存续 在创始人继续任职期间或创始人有限责任公司解散后，以及(ii) F 类过渡期完成之时。F 类 过渡期自持续任职的……少于三名时开始 创始人（不包括创始人有限责任公司协议中定义的任何作为“非合格成员”的继任成员）连续 90 个日历日。 持续创始人将在以下最早发生的情形下被从创始人有限责任公司中移除 (i) 该持续创始人辞去创始人有限责任公司成员职务；(ii) 该 创始人继续任职期间死亡或丧失行为能力； (iii) 就我们的七位原始联合创始人中的每一位而言，该原始联合创始人（连同该原始联合创始人的关联持有人）在我们任何股东投票的登记日不再持有数量至少相当于 2% 的 A 类普通股股份（包括期权、RSU 及其他可转换证券对应的股份） 截至本次发行完成时该原始联合创始人及其关联持有人所持有的 A 类普通股股份； (iv) 该持续创始人被免职的原因 “事由”，其中包括创始人有限责任公司中所述的特定竞争活动 协议；(v) 就任何在 F 类股份开始之前获准加入创始人有限责任公司的继任成员而言 过渡期，但作为 F 类成员在 F 类期间任职的继任成员除外 过渡期、本次发行完成十周年；或 (vi) 就我们七位原始联合创始人中的每一位而言，经其他持续创始人绝对多数批准开始休假，该休假不得在 F 类过渡期内批准 或如果批准该休假本身将导致 F 类转换 开始期间。

of (i) the time when no Class F common stock · The Class F Sunset Time occurs on the earlier remains outstanding, including due to the redemption of our Class F common stock agreed to by a Supermajority of the Continuing Founders or upon the dissolution of the Founder LLC, and (ii) the completion of the Class F Transition Period. The Class F Transition Period commences 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 Agreement) for 90 consecutive calendar days. A Continuing Founder will be removed from the Founder LLC upon the earliest to occur of (i) such Continuing Founder’s resignation as a member of the Founder LLC; (ii) such Continuing Founder’s death or incapacity; (iii) with respect to each of our seven original co-founders, such original co-founder’s ceasing to hold (together with such original co-founder’s related holders) on any record date for a vote of our stockholders a number of shares of Class A common stock (including shares subject to options, RSUs, and other convertible securities) equal to at least 2% of the shares of Class A common stock held by such original co-founder and their related holders as of the completion of this offering; (iv) such Continuing Founder’s removal for “cause,” which includes specified competitive activities described in the Founder LLC Agreement; (v) with respect to any successor member admitted to the Founder LLC prior to the commencement of the Class F Transition Period, other than a successor member who is a member during the Class F Transition Period, the tenth anniversary of the completion of this offering; or (vi) with respect to each of our seven original co- founders, the commencement of a leave of absence approved by a Supermajority of the other Continuing Founders, which may not be approved during the Class F Transition Period or if the grant of the leave of absence would itself cause the Class F Transition Period to commence.

**T 类日落时间**

**Class T Sunset Time**

已发行在外，且受托人未投票赞成该等修订；• 若已无 F 类普通股剩余，则经 A 类普通股已发行股份 85% 批准。

outstanding and the Trustees are not voting in • if no Class F common stock remains favor of such amendments, upon approval of 85% of the outstanding shares of Class A common stock.

T 类日落时间不会因时间流逝或特定事件的发生而自动触发。任何导致 T 类日落时间发生的行动，均需经构成信托修订门槛的人士批准。

The Class T Sunset Time does not occur automatically upon the lapse of time or the occurrence of specific events. Any action resulting in the occurrence of the Class T Sunset Time requires approval of persons comprising the Trust Amendment Threshold.

T 类日落时间一经触发，不得延长、推迟或豁免。

The Class T Sunset Time, once triggered, is not subject to extension, delay or waiver.

第十个周年日发生 · 因辞职、死亡或本次发行完成而发生的移除自动生效，无需任何其他人作出认定。因丧失行为能力而发生的移除，须由受影响 持续创始人及其余持续创始人中的多数（就身体或精神损伤而言）共同选定的合格医生作出认定，或由其余持续创始人中的绝对多数（就错误监禁、非法拘禁、囚禁或人身限制而言）作出认定，但受影响持续创始人有权对该认定提出异议。因事由而发生的移除，须经其余持续 创始人中的绝对多数作出肯定性认定，但受影响持续 创始人有权对该认定提出异议，或在特定事由类别下，有权消除该移除所依据的基础。 因丧失行为能力、事由或未能维持最低持股门槛而发生的移除，须由创始人有限责任公司经其余持续创始人中的多数行动事先发出书面通知。 如某持续创始人在本次发行完成后的前十年内因死亡或丧失行为能力而被移除，可接纳一名继任成员加入 创始人有限责任公司，并将计入为避免触发 F 类转换期所需的 三名持续创始人人数，直至本次发行完成十周年为止。 F 类日落时间一经触发，不得延长、推迟或豁免。

occurrence of the tenth anniversary of the · Removals due to resignation, death, or the completion of this offering occur automatically without any determination by any other person. Removals due to incapacity require determination by a qualified physician jointly selected by the affected Continuing Founder and a majority of the other Continuing Founders (in the case of physical or mental impairment) or determination by a Supermajority of the other Continuing Founders (in the case of wrongful imprisonment, unlawful detention, or captivity or restraint), subject to the affected Continuing Founder’s right to contest such determination. Removals due to cause require an affirmative determination by a Supermajority of the other Continuing Founders, subject to the affected Continuing Founder’s right to contest such determination or, in the case of specified categories of cause, to cure the basis for such removal. Removals due to incapacity, cause or the failure to maintain the minimum ownership threshold require prior written notice from the Founder LLC by action of a majority of the other Continuing Founders. If a Continuing Founder is removed due to death or incapacity during the first ten years following the completion of this offering, a successor member may be admitted to the Founder LLC and will count toward the three Continuing Founders required to avoid triggering the Class F Transition Period until the tenth anniversary of the completion of this offering. The Class F Sunset Time, once triggered, is not subject to extension, delay or waiver.

**T 类日落时间**

**Class T Sunset Time**

**投票权及董事选举与罢免权的变动**

**Changes in Voting Power and Director Election and Removal Rights**

在 T 类日落时间之前，LTBT 作为 T 类普通股的唯一持有人，通常有权选举和罢免 T 类董事，该等董事构成我们董事会授权成员的多数。我们的 T 类普通股股份对提交股东一般审议的事项不享有投票权，但我们的经修订和重述的公司章程另有规定的情形除外，包括就选举我们董事会多数成员或法律要求的情形。

sole holder of Class T common stock, will generally Prior to the Class T Sunset Time, the LTBT, as the have the authority to elect and remove the Class T directors, who constitute a majority of the authorized members of our board of directors. The share of our Class T common stock has no voting rights with respect to matters submitted to stockholders generally, except as set forth within our amended and restated certificate of incorporation, including with respect to the election of a majority of our board of directors or as required by law.

在 T 类股日落时间之后，如果我们的 F 类普通股仍未注销，我们的 A 类普通股和 F 类普通股将作为单一类别共同投票，选举我们的全部董事。由于我们的 F 类普通股合计享有相当于我们已发行股本总投票权 50.1%的投票权，创始人有限责任公司将有能力决定提交股东一般表决的所有事项的结果，包括选举全部董事。

Following the Class T Sunset Time, if our Class F common stock remains outstanding, our Class A common stock and Class F common stock, voting together as a single class, will elect all of our directors. Because our Class F common stock is entitled to an aggregate number of votes equal to 50.1% of the total voting power of our outstanding shares of capital stock, the Founder LLC would have the ability to determine the outcome of all matters submitted to a vote of stockholders generally, including the election of all directors.

如果我们的 T 类普通股和 F 类普通股均不再流通在外，我们的 A 类普通股将有能力决定提交股东一般表决的所有事项的结果，包括选举全部董事。

If neither our Class T common stock nor Class F common stock remains outstanding, our Class A common stock would have the ability to determine the outcome of all matters submitted to a vote of stockholders generally, including the election of all directors.

普通股将有权享有 · 在 F 类股日落时间之前，我们的 F 类股合计投票权相当于 50.1% 占截至适用记录日我们已发行股本总投票权的比例，且与我们的 A 类普通股作为单一类别共同投票，将选举除 T 类董事以外的董事，并决定提交股东一般表决的所有其他事项。 在 F 类股日落时间之后立即，若我们的 T 类普通股仍未注销，长期利益信托（LTBT）将继续有权选举和罢免 T 类董事，该等董事将构成我们董事会授权成员的多数。但是，LTBT 将不再需要遵守指定为特定 T 类董事的 T 类董事的提名、罢免或变更程序。在此情况下，我们的 A 类普通股将选举和罢免其余董事，并决定提交股东一般表决的所有其他事项。 若我们的 T 类普通股和 F 类普通股均不再流通在外，我们的 A 类普通股将有能力决定提交股东一般表决的所有事项的结果，包括选举所有董事。

common stock will be entitled to an · Prior to the Class F Sunset Time, our Class F 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 and, together with our Class A common stock, voting together as a single class, will elect the directors other than the Class T directors and decide all other matters put to a vote of stockholders generally. Immediately after the Class F Sunset Time, if our Class T common stock remains outstanding, the LTBT would continue to have the authority to elect and remove the Class T directors, who would constitute a majority of the authorized members of our board of directors. However, the LTBT will no longer need to comply with the procedures for nomination, removal or change in the Class T director designated as the Specified Class T Director. In such a case, our Class A common stock would elect and remove the remaining directors and decide all other matters put to a vote of stockholders generally. If neither our Class T common stock nor Class F common stock remains outstanding, our Class A common stock would have the ability to determine the outcome of all matters submitted to a vote of stockholders generally, including the election of all directors.

优先股 Preferred Stock

本次发行完成后，我们将不再有任何已发行在外的优先股。根据将于本次发行完成前立即生效的经修订和重述的公司章程，我们的董事会（若经我们董事会授权成员中的 80%（向上或向下取整至最接近的整数（任何恰好为 0.5 的情形向上取整））批准）将有权在该经修订和重述的公司章程所规定的限制或特拉华州法律规定的限制的约束下，以一个或多个系列发行优先股，不时确定每个系列所包含的股份数量，并确定每个系列股份的名称、权力、优先权和权利及其任何资格、限制或约束，在每种情况下均无需我们的股东进一步投票或采取行动；但前提是，在 F 类日落时间之前，未经创始人有限责任公司投赞成票或同意，我们的董事会不得指定或发行任何系列的优先股。我们的董事会（若经我们董事会授权成员中的 80%（向上或向下取整至最接近的整数（任何恰好为 0.5 的情形向上取整））批准）还可以增加或减少任何系列优先股的股份数量，但不得低于该系列当时已发行在外的股份数量，且无需我们的股东进一步投票或采取行动。在受将于本次发行完成前立即生效的经修订和重述的公司章程所规定的限制或特拉华州法律规定的限制的约束下，我们可授权发行具有投票权或转换权的优先股，该等权利可能对我们普通股持有人的投票权或其他权利产生不利影响，包括该等持有人获得股息支付和清算时支付款项的可能性。如果我们发行就一般提交我们股东表决的事项享有投票权的优先股，我们已发行在外的 A 类普通股的投票权将被稀释，而我们 F 类普通股的投票权将固定为截至相关事项适用记录日我们已发行在外的股本总投票权的合计 50.1%。发行优先股虽可在可能的收购和其他公司目的方面提供灵活性，但除其他事项外，可能具有延迟、推迟或阻止我们公司控制权变更的效果，并可能对我们 A 类普通股的市场价格以及我们 A 类普通股持有人的投票权和其他权利产生不利影响。我们目前没有发行任何优先股的计划。

After the completion of this offering, no shares of our preferred stock will be outstanding. Pursuant to our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering, our board of directors (if 80% of the authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up)) approve) will have the authority, subject to limitations set forth in such amended and restated certificate of incorporation or prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by our stockholders; provided that prior to the Class F Sunset Time, our board of directors shall not designate or issue any series of preferred stock without the affirmative vote or consent of the Founder LLC. Our board of directors (if 80% of the authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up)) approve) can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. Subject to limitations set forth in our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering, or prescribed by Delaware law, we may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock, including the likelihood that such holders will receive dividend payments and payments upon liquidation. If we were to issue shares of preferred stock with the right to vote on matters submitted to our stockholders generally, the voting power of our outstanding Class A common stock would be diluted, while the voting power of our Class F common stock would remain fixed at an aggregate of 50.1% of the total voting power of our outstanding shares of capital stock as of the applicable record date with respect to such matters. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of our company and might adversely affect the market price of our Class A common stock and the voting and other rights of the holders of our Class A common stock. We have no current plan to issue any shares of preferred stock.

期权 Options

截至 2026 年 9 月 30 日，根据我们的 2021 年计划，我们有可购买合计 [__] 股 A 类普通股的未行使期权，加权平均行权价约为每股 $ [__]。

As of September 30, 2026, we had outstanding options to purchase an aggregate of [__] shares of our Class A common stock, with a weighted-average exercise price of approximately $ [__] per share, under our 2021 Plan.

限制性股票单位（RSU） RSUs

截至 2026 年 9 月 30 日，我们根据 2021 年计划在 RSU 归属和结算时可发行的 A 类普通股共有 [__] 股流通在外。

As of September 30, 2026, we had outstanding [__] shares of our Class A common stock issuable upon the vesting and settlement of RSUs under our 2021 Plan.

注册权 Registration Rights

本次发行完成后，我们 A 类普通股的若干持有人（包括在转换我们 N 类普通股后可发行的股份持有人）将有权就其股份根据《证券法》进行注册登记享有相关权利。该等注册权载于我们的投资者权利协议（IRA）中。我们及我们股票的若干持有人是 IRA 的缔约方。此外，我们与 Google（“Google RRA”）和 Broadcom（“基础设施合作伙伴 RRA”）分别签订了单独的注册权协议，该等协议是我们与上述各方签订票据购买协议时一并订立的，据此向 Google 和 Broadcom 提供独立于我们 IRA 项下注册权的注册权，详见下文“Google 的注册权”和“Broadcom 的注册权”。我们 IRA 中规定的注册权将在以下最早发生的情形下到期：(i) 本次发行完成之日起满两周年；(ii) 就任何特定持有人而言，该股东能够在任何三个月期间内依据《证券法》第 144 条或任何类似豁免出售其全部股份之时；或(iii) 我们 IRA 终止之时。我们将支付依据下文所述注册登记而注册的股份持有人的注册费用（承销折扣和佣金除外）。在承销发行中，主承销商（如有）有权在特定条件下限制该等持有人可纳入的股份数量。本节所述的注册权不赋予任何持有人获得本次发行通知或将其股份纳入本次发行的权利。该等注册权的行使受“可供未来出售的股份——锁定期与市场禁售协议”一节所述锁定协议的约束。

After the completion of this offering, certain holders of our Class A common stock (including those issuable upon conversion of our Class N common stock) will be entitled to rights with respect to the registration of their shares under the Securities Act. These registration rights are contained in our IRA. We and certain holders of our stock are parties to our IRA. In addition, we are party to separate registration rights agreements with each of Google (the “Google RRA”) and Broadcom (the “Infrastructure Partner RRA”) that we entered into in connection with note purchase agreements with those parties, which provide Google and Broadcom with registration rights separate from the registration rights under our IRA, as described below under “Registration Rights of Google” and “Registration Rights of Broadcom.” The registration rights set forth in our IRA will expire upon the earliest to occur of (i) the second anniversary of the date of completion of this offering, (ii) with respect to any particular holder, when such stockholder is able to sell all of its shares pursuant to Rule 144 of the Securities Act or any similar exemption during any three-month period, or (iii) the termination of our IRA. We will pay the registration expenses (other than underwriting discounts and commissions) of the holders of the shares registered pursuant to the registrations described below. In an underwritten offering, the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares such holders may include. The registration rights described in this section do not entitle any holder to notice of, or to include shares in, this offering. The exercise of these registration rights is subject to the lock-up agreements described in the section titled “Shares Eligible for Future Sale—Lock-Up and Market Standoff Agreements.”

#### 要求注册权

#### Demand Registration Rights

本次发行完成后，最多 [__] 股 A 类普通股（包括在 N 类普通股转换后可发行的股份）的持有人将享有若干要求登记权。自本次发行生效日起六个月后的任何时间，有权投票且根据我们的 IRA 可登记股份中至少 60% 的持有人可要求我们登记其股份的要约和出售。该等登记请求所涵盖的证券，其预计总发行价（扣除承销折扣和佣金后）须至少为 $200,000,000。我们仅有义务完成两次该等登记。如果我们认定实施该等要求登记将对我们及我们的股东造成严重不利影响，我们有权推迟该等登记，在任何 12 个月期间内不超过两次，推迟期限最长可达 120 天。此外，在我们善意估计的与我们（或就本次发行而言，本注册声明生效日后 180 天之日止）发行相关的注册声明提交日前 90 天起至该注册声明生效日后 90 天止的期间内，我们无需实施要求登记，前提是我们正积极善意地尽一切合理努力促使该注册声明生效。如果发起持有人拟处置的股份可根据下述 S-3 表格登记权立即以 S-3 表格登记，我们亦无义务实施要求登记。

After the completion of this offering, the holders of up to [__] shares of our Class A common stock (including those issuable upon conversion of our Class N common stock) will be entitled to certain demand registration rights. At any time beginning six months after the effective date of this offering, the holders of at least 60% of the shares registrable under our IRA that are entitled to vote can request that we register the offer and sale of their shares. Such a request for registration must cover securities, the anticipated aggregate offering price of which, net of underwriting discounts and commissions, is at least $200,000,000. We are obligated to effect only two such registrations. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than twice in any 12-month period, for a period of up to 120 days. Additionally, we will not be required to effect a demand registration during the period beginning 90 days prior to our good faith estimate of the date of filing of, and ending on a date 90 days following the effective date of, a registration statement relating to an offering by us (or, in the case of this offering, ending on a date 180 days following the effective date of this registration statement), provided that we are actively employing in good faith all reasonable efforts to cause such registration statement to become effective. We are also not obligated to effect a demand registration if the initiating holders propose to dispose of shares that may be immediately registered on Form S-3 pursuant to the Form S-3 registration rights described below.

#### 附带登记权

#### Piggyback Registration Rights

本次发行完成后，若我们拟根据《证券法》登记我们 A 类普通股（包括我们 N 类普通股转换后可发行的股份）的要约和出售，则与此类 A 类普通股公开发行相关，最多[__]股我们 A 类普通股的持有人将享有若干“附带”登记权，允许持有人将其股份纳入该等登记，但须受若干营销及其他限制以及我们可转换票据协议项下贷款人的登记权约束，该等协议包括下文所述的 Google RRA 和 Infrastructure Partner RRA。因此，每当我们拟根据《证券法》提交注册声明时，除以下情形外：(i) 与任何员工福利计划或公司重组或《证券法》下颁布的第 145 条规则所涵盖的其他交易相关的登记；(ii) 使用任何未包含与涵盖股份出售的注册声明所需包含的信息实质相同的登记表格进行的登记；或 (iii) 唯一登记的 A 类普通股为同时登记债务证券转换后可发行的 A 类普通股的登记，该等股份的持有人有权获得登记通知，并有权在受若干限制和/或削减的约束下将其股份纳入该登记。若承销商限制纳入承销发行的股份数量，则纳入的可登记股份数量不得减少至发行中纳入证券总数的 20%以下，且若其他出售持有人持有的任何可登记股份被排除，则我们联合创始人持有的股份不得纳入。

After the completion of this offering, if we propose to register the offer and sale of our Class A common stock (including shares issuable upon conversion of our Class N common stock) under the Securities Act, in connection with the public offering of such Class A common stock the holders of up to [__] shares of our Class A common stock will be entitled to certain “piggyback” registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations and the registration rights of lenders under our convertible note agreements, which consist of the Google RRA and the Infrastructure Partner RRA described below. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a registration related to any employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (ii) a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the shares, or (iii) a registration in which the only Class A common stock being registered is Class A common stock issuable upon conversion of debt securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations and/or cutbacks, to include their shares in the registration. If the underwriters limit the number of shares to be included in an underwritten offering, the number of registrable shares included may not be reduced below 20% of the total securities included in the offering, and shares held by our co-founders may not be included if any registrable shares held by other selling holders are excluded.

#### S-3 登记权

#### S-3 Registration Rights

本次发行完成后，最多 [__] 股 A 类普通股（包括在 N 类普通股转换后可发行的股份）的持有人将享有若干 Form S-3 注册权。根据我们的 IRA 可注册且有权投票的股份中至少 60% 的持有人，可提出书面请求，要求我们以 Form S-3 注册声明注册其股份的发售与出售，前提是我们有资格提交 Form S-3 注册声明，且该请求所涵盖证券的预计公开发行总价至少为 $2,000,000（扣除任何承销商折扣或佣金后）。该等股东可提出不限次数的 Form S-3 注册请求；但是，如果我们在该请求日期前 12 个月期间内已实施两次此类注册，则我们无需实施 Form S-3 注册。此外，如果我们认定实施该等注册将对我们及我们的股东造成严重不利影响，我们有权推迟该等注册，在任何 12 个月期间内不超过一次，推迟期限最长可达 120 天。在受上述附带注册权约束的注册声明生效日期后 180 天届满的期间内，我们也无需实施 Form S-3 注册。

After the completion of this offering, the holders of up to [__] shares of our Class A common stock (including those issuable upon conversion of our Class N common stock) will be entitled to certain Form S-3 registration rights. The holders of at least 60% of the shares registrable under our IRA that are entitled to vote may make a written request that we register the offer and sale of their shares on a registration statement on Form S-3 if we are eligible to file a registration statement on Form S-3 so long as the request covers securities the anticipated aggregate public offering price of which is at least $2,000,000, net of any underwriters’ discounts or commissions. These stockholders may make an unlimited number of requests for registration on Form S-3; however, we will not be required to effect a registration on Form S-3 if we have effected two such registrations within the 12-month period preceding the date of the request. Additionally, if we determine that it would be seriously detrimental to us and our stockholders to effect such a registration, we have the right to defer such registration, not more than once in any 12-month period, for a period of up to 120 days. We are also not required to effect a registration on Form S-3 during the period ending 180 days after the effective date of a registration statement subject to the piggyback registration rights described above.

#### Google 的注册权

#### Registration Rights of Google

我们于 2026 年 5 月就我们的 Google 2026 NPA 签订了 Google RRA，据此 Google 可收购我们的股本股份。根据 Google RRA，Google 持有的、不受我们 IRA 项下注册权约束的我们的股本股份可予注册，但须符合惯常例外情形。在包含本招股说明书的注册声明生效日期后的一年期间内，Google 可单次要求我们注册其当时尚不能依据 Rule 144 出售的全部可注册股份的转售。此外，一旦我们有资格使用 Form S-3，我们须在 Google 2026 NPA 项下每次季度交割后 60 天内，以 Form S-3 注册在该次交割时收购的可注册股份以及此前未注册的任何可注册股份的转售，并在 Google 持有可注册股份期间保持该等注册有效。Google RRA 项下的注册须符合惯常的推迟和暂停交易条款，且 Google 不得在 2033 年 2 月 7 日之后，或（如更早）Google 2026 NPA 项下最后一次季度交割后 12 个月之日之后，行使其在 Google RRA 项下的注册权。

We entered into the Google RRA in May 2026 in connection with our Google 2026 NPA, pursuant to which Google may acquire shares of our capital stock. Under the Google RRA, shares of our capital stock held by Google that are not covered by the registration rights under our IRA are registrable, subject to customary exceptions. During the one-year period following the effective date of the registration statement of which this prospectus forms a part, Google may make a single demand that we register the resale of all of its registrable shares that are not then salable pursuant to Rule 144. In addition, once we are eligible to use Form S-3, we are required to register on Form S-3, within 60 days of each quarterly closing under the Google 2026 NPA, the resale of the registrable shares acquired at such closing and of any registrable shares not previously registered, and to keep such registrations effective for so long as Google holds registrable shares. Registrations under the Google RRA are subject to customary deferral and blackout provisions, and Google may not exercise its registration rights under the Google RRA after February 7, 2033 or, if earlier, the date that is 12 months following the final quarterly closing under the Google 2026 NPA.

#### Broadcom 的注册权

#### Registration Rights of Broadcom

我们于 2026 年 6 月就基础设施合作伙伴 2026 年票据购买协议（Infrastructure Partner 2026 NPA）签订了基础设施合作伙伴注册权协议（Infrastructure Partner RRA），该协议可由 Broadcom 经我们同意（同意不得被不合理地拒绝）转让给指定的金融合作伙伴，据此我们可向 Broadcom 或指定的金融合作伙伴发行可转换本票。基础设施合作伙伴 RRA 项下的可登记股份通常包括因该等本票转换而发行的 N 类普通股转换后可发行的 A 类普通股股份，但须遵守惯常例外情形。一旦我们符合使用 S-3 表格的资格，我们须在 60 天内提交一份涵盖该等可登记股份转售的储架注册声明，并在该等可登记股份被持有期间保持其有效性，并应股份持有人的要求进行减持。该等可登记股份的持有人在我们证券上市后还享有要求注册权，限于每发行$5.0 billion 本票可行使一次要求注册，且最低发行规模为$500,000,000（除非该等可登记股份的持有人出售其全部剩余可登记股份），并享有附带注册权，但须遵守与我们 IRA 相关的上述例外情形实质相似的例外。该等可登记股份的持有人可在任何 12 个月期间内进行最多三次包销发行（包括大宗交易），须遵守相同的$500,000,000 最低规模，且基础设施合作伙伴 RRA 项下的注册须遵守惯常的延迟和暂停规定。如承销商在包销发行中实施削减，若该等可登记股份持有人所持的任何股份被排除，则我们联合创始人持有的股份将不被纳入。如我们以比向该等可登记股份持有人提供的条款更优惠的条款向其他证券持有人授予注册权，或修订其现有注册权，我们必须提出将该等可登记股份持有人的权利修订为至少同等优惠，且如在注册相关事项中其他股东的锁定期或类似限制被豁免，该等可登记股份持有人有权获得按比例的同等待遇，上述各项均须遵守特定例外情形。基础设施合作伙伴 RRA 在以下两者中较早发生之日终止：该等可登记股份持有人及其获准受让人不再持有可登记股份之日，以及基础设施合作伙伴 2026 年票据购买协议项下任何未偿本票的最晚到期日之后九个月之日。截至本招股说明书日期，基础设施合作伙伴 2026 年票据购买协议项下尚未发行任何本票，因此，基础设施合作伙伴 RRA 项下不存在未偿的可登记证券。

We entered into the Infrastructure Partner RRA in June 2026 in connection with the Infrastructure Partner 2026 NPA that may be assigned by Broadcom, subject to our consent (not to be unreasonably withheld), to a designated financial partner, pursuant to which we may issue convertible promissory notes to Broadcom or a designated financial partner. Registrable shares under the Infrastructure Partner RRA generally consist of the shares of our Class A common stock issuable upon conversion of our Class N common stock issued upon conversion of the notes, subject to customary exceptions. Once we are eligible to use Form S-3, we are required to file, within 60 days, a shelf registration statement covering resales of these registrable shares, and to keep it effective and effect takedowns at the request of the holder of these shares for so long as these registrable shares are held. The holder of these registrable shares also has demand registration rights following the listing of our securities, limited to one demand registration for every $5.0 billion of notes issued and subject to a $500,000,000 minimum offering size (unless the holder of these registrable shares is selling all of its remaining registrable shares), and piggyback registration rights subject to exceptions substantially similar to those described above with respect to our IRA. The holder of these registrable shares may effect up to three underwritten offerings, including block trades, in any 12-month period, subject to the same $500,000,000 minimum, and registrations under the Infrastructure Partner RRA are subject to customary deferral and blackout provisions. If the underwriters impose a cutback in an underwritten offering, shares held by our co-founders will not be included if any shares held by the holder of these registrable shares are excluded. If we grant registration rights to other securityholders, or amend their existing registration rights, on terms more favorable than those provided to the holder of these registrable shares, we must offer to amend the rights of the holder of these registrable shares to be at least as favorable, and the holder of these registrable shares is entitled to proportionate treatment if lock-up or similar restrictions are waived for other stockholders in connection with a registration, in each case subject to specified exceptions. The Infrastructure Partner RRA terminates upon the earlier of the date on which the holder of these registrable shares and its permitted transferees no longer hold registrable shares and the date that is nine months after the latest maturity date of any outstanding note issued under the Infrastructure Partner 2026 NPA. As of the date of this prospectus, no notes have been issued under the Infrastructure Partner 2026 NPA and, accordingly, no registrable securities are outstanding under the Infrastructure Partner RRA.

反收购条款 Anti-Takeover Provisions

特拉华州法律、我们经修订并重述的公司章程以及我们经修订并重述的公司细则（上述文件将在本次发行完成前立即生效）的某些条款（概述如下）可能具有延迟、推迟或阻碍他人取得我们控制权的效果。这些条款的部分目的还在于鼓励寻求取得我们控制权的人士首先与我们的董事会进行协商。我们认为，增强对我们与主动收购方进行协商的潜在能力的保护所带来的益处，超过了因阻碍收购我们的提议而产生的不利之处，因为对此类提议进行协商可能会改善其条款。

Certain provisions of Delaware law, our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, which are summarized below, may have the effect of delaying, deferring, or discouraging another person from acquiring control of us. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

#### 特拉华州法律

#### Delaware Law

我们已选择在 F 类日落时间与 T 类日落时间中较晚者发生之前不受《特拉华州普通公司法》第 203 条规定的约束，但我们经修订并重述的公司章程将规定，在第 F 类日落时间或第 T 类日落时间中较晚者发生之后，第 203 条所载的限制将立即适用于我们。在第 F 类日落时间或第 T 类日落时间中较晚者发生之后，我们将受第 203 条约束，该条通常禁止一家特拉华州上市公司在该人成为利益股东的交易发生之日后的三年内与“利益股东”进行“业务合并”，除非：

We have elected not to be governed by the provisions of Section 203 of the DGCL, prior to the later to occur of the Class F Sunset Time and the Class T Sunset Time, but our amended and restated certificate of incorporation will provide that the restrictions contained in Section 203 will apply to us immediately following the later to occur of either the Class F Sunset Time or the Class T Sunset Time. Following the later to occur of the Class F Sunset Time or the Class T Sunset Time, we will thereafter be governed by Section 203, which generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

- 该业务合并或导致该股东成为利益股东的交易在该股东成为利益股东之前已获董事会批准；

- the business combination or transaction which resulted in the stockholder becoming an interested stockholder was approved by the board of directors prior to the time that the stockholder became an interested stockholder;

- 在导致该股东成为利益股东的交易完成时，该利益股东拥有该交易开始时公司已发行有表决权股票至少 85%的表决权，但不包括兼任公司高管的董事所拥有的股份，以及员工参与者无权保密决定计划所持股份是否将在要约收购或交换要约中出售的员工持股计划所拥有的股份；或

- upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% in voting power of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by directors who are also officers of the corporation and shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

- 在该股东成为利益股东之时或之后，该业务合并已获董事会批准，并经由非利益股东所持有的已发行有表决权股票至少三分之二的赞成票在年度或特别股东大会上授权，而非通过书面同意方式授权。

- at or subsequent to the time the stockholder became an interested stockholder, the business combination was approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

总体而言，第 203 条将“业务合并”定义为包括合并、资产出售以及其他使股东获得财务利益的交易，并将“利益股东”定义为与其关联方和联营方一起拥有，或是公司的关联方或联营方且在过去三年内曾拥有公司已发行有表决权股票 15%或以上表决权的人士。

In general, Section 203 defines a “business combination” to include mergers, asset sales, and other transactions resulting in financial benefit to a stockholder and an “interested stockholder” as a person who, together with affiliates and associates, owns, or is an affiliate or associate of the corporation and within three years did own, 15% or more in voting power of the corporation’s outstanding voting stock.

#### 经修订和重述的公司章程及经修订和重述的公司细则条款

#### Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws Provisions

我们的经修订和重述的公司章程及经修订和重述的公司细则将于本次发行完成前立即生效，其中将包含若干条款，这些条款可能阻止敌意收购，或延迟或阻止对我们董事会或管理团队的控制权变更，包括但不限于以下内容：

Our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, will include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our board of directors or management team, including but not limited to the following:

多类别普通股

Multi-Class Common Stock

如标题为“—普通股—投票权”一节所述，我们的经修订和重述的公司章程规定了多类别普通股结构。根据该治理结构，我们预计 LTBT 与创始人有限责任公司将共同拥有选举我们董事会全体成员的权力，且创始人有限责任公司在可预见的未来将拥有决定提交我们股东一般投票表决的所有事项结果的权力，包括我们股东对重大公司交易的批准，例如合并或其他出售我们公司或其资产的交易。该等交易亦需经我们董事会批准，而董事会多数成员由 LTBT 选举产生。我们 A 类普通股的持有人通常无法影响提交我们股东投票表决的任何事项的结果或我们董事的选举，无论其如何投票，除非多数持续创始人无法就我们的 F 类普通股将如何投票达成一致（在此情况下，我们的 F 类普通股通常将按就该事项所投的 A 类普通股投票比例进行投票）。

As described above in the section titled “—Common Stock—Voting Rights,” our amended and restated certificate of incorporation provides for a multi-class common stock structure. Under this governance structure, we expect that the LTBT and the Founder LLC will collectively have the ability to elect all members of our board of directors, and the Founder LLC will have the ability to determine the outcome of all matters submitted to a vote of our stockholders generally for the foreseeable future, including the approval by our stockholders of significant corporate transactions such as a merger or other sale of our company or its assets. Such transactions also require approval of our board of directors, a majority of whom are elected by the LTBT. Holders of our Class A common stock generally will not be able to affect the outcome of any matter submitted to a vote of our stockholders or the election of our directors, regardless of how they vote, unless a majority of the Continuing Founders cannot agree on how our Class F common stock will be voted (in which case our Class F common stock will generally be voted proportionately with the votes of our Class A common stock cast on the matter).

分类董事会

Classified Board

我们的经修订和重述的公司章程将于本次发行完成前立即生效，其中将规定，在 F 类日落时间之前，我们不会设有分类董事会，所有董事均将按年度任期选举产生。每位董事的任期将持续至下一届年度股东大会，直至其继任者经选举并符合资格，或直至其较早去世、辞职或被免职。

Our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering will provide that prior to the Class F Sunset Time, we will not have a classified board of directors, and all directors will be elected for annual terms. Each director’s term will continue until the next annual meeting and until the election and qualification of his or her successor, or his or her earlier death, resignation, or removal.

在 F 类日落时间之后，我们的董事会将转变为由三个规模大致相当的类别组成的分类董事会，每类董事的任期交错，各为三年。届时，我们的董事将由当时的董事会分配到某一类别。如果我们的 T 类普通股仍未注销，T 类董事和其余董事应在各类别之间进行分配，使每个类别包含相应比例的 T 类董事和其他董事。某一类别董事的任期届满后，该类别董事将在该任期届满当年的股东年会上各自当选，任期三年。因此，每次股东年会将只选举一个类别的董事，其他类别则在其各自三年任期的剩余时间内继续任职。每位董事的任期将持续至其当选后的第三届股东年会，并直至其继任者当选并符合资格为止，或直至其较早去世、辞职或被免职为止。董事人数的任何增加或减少应在三个类别之间分配，以便在切实可行的范围内尽可能使每个类别由三分之一的董事组成。

Following the Class F Sunset Time, our board of directors will shift to having a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. At such time, our directors would be assigned by the then-current board of directors to a class. If our Class T common stock remains outstanding, the Class T directors and the remaining directors shall be allocated among the classes so that each class includes a proportionate number of Class T directors and other directors. Upon expiration of the term of a class of directors, directors for that class would each be elected for a three-year term at the annual meeting of stockholders in the year in which that term expires. As a result, only one class of directors would be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Each director’s term would continue until the third annual meeting of stockholders following their election and until his or her successor has been elected and qualified, or until his or her earlier death, resignation, or removal. Any increase or decrease in the number of directors would be distributed among the three classes so that, as nearly as practicable, each class would consist of one-third of our directors.

董事会空缺

Board Vacancies

我们修订并重述的公司章程和修订并重述的公司细则将规定：(i) 在 T 类股日落时间之前，只有我们 T 类普通股的持有人可以填补任何 T 类董事的空缺董事职位，但须遵守指定 T 类董事的提名程序；以及 (ii) 在 F 类股日落时间之前，除我们的 T 类董事以外的任何董事的空缺或新设董事职位可由以下方式填补：(a) 我们的董事会，按照创始人有限责任公司推荐拟填补该董事席位之人的书面通知并收到该通知后，或 (b) 我们的 A 类普通股和 F 类普通股持有人，共同投票或通过书面同意行事。在 F 类股日落时间之后，只有我们的董事会将被允许填补除我们的 T 类董事以外的任何董事的空缺或新设董事职位。在 T 类股日落时间之前，构成我们董事会的董事人数只有在获得我们董事会授权成员 80% 批准的情况下才被允许设定（向上或向下取整至最接近的整数（任何恰好 0.5 的向上取整））；但直至 F 类股日落时间或 T 类股日落时间中较早发生者为止，该授权董事总人数必须为奇数。在 T 类股日落时间之后，构成我们董事会的董事人数将被允许在获得我们董事会授权成员多数批准的情况下设定。这些规定将阻止股东扩大我们董事会的规模，然后通过用自己的提名人填补由此产生的空缺来控制我们的董事会。这将使改变我们董事会的构成变得更加困难。

Our amended and restated certificate of incorporation and amended and restated bylaws will provide that (i) prior to the Class T Sunset Time, only the holder of our Class T common stock can fill vacant directorships of any Class T director, subject to the nomination procedures for the Specified Class T Director; and (ii) prior to the Class F Sunset Time, vacant or newly created directorships for any directors other than our Class T directors can be filled by (a) our board of directors, in accordance with, and following receipt of written notice from, the Founder LLC recommending the person proposed to fill such director seat or (b) the holders of our Class A common stock and Class F common stock, voting together or acting by written consent. Following the Class F Sunset Time, only our board of directors will be permitted to fill vacant or newly created directorships for any directors other than our Class T directors. Prior to the Class T Sunset Time, the number of directors constituting our board of directors will be permitted to be set only with the approval of 80% of authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up)); provided that until the earlier to occur of the Class F Sunset Time or the Class T Sunset Time, such total number of authorized directors must be an odd number. Following the Class T Sunset Time, the number of directors constituting our board of directors will be permitted to be set with the approval of a majority of the authorized members of our board of directors. These provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This will make it more difficult to change the composition of our board of directors.

股东提案和董事提名的提前通知要求

Advance Notice Requirements for Stockholder Proposals and Director Nominations

我们修订并重述的章程将为股东（依据我们公司注册证书或《股东协议》中的提名程序提名董事的 T 类普通股或 F 类普通股持有人除外）提供预先通知程序，以便其在年度股东大会上提出业务事项或在股东大会上提名董事候选人。我们修订并重述的章程还将就股东通知的形式和内容规定若干要求。若未遵循适当程序，该等条款可能使我们的股东无法在年度股东大会上提出事项或在股东大会上提名董事。此外，我们的 NGC 还将有权在 LTBT 或创始人有限责任公司提名任何人担任董事或提议罢免该等董事，以及 LTBT 受托人的任命和罢免时，提前 30 天收到书面通知。我们的 NGC 可自行决定放弃该等通知期。我们预计，该等条款还可能阻碍或阻止潜在收购方征集委托书以选举其自身的董事人选，或以其他方式试图取得对我们公司的控制权。

Our amended and restated bylaws will provide advance notice procedures for stockholders, other than holders of Class T common stock or Class F common stock nominating directors in accordance with nomination procedures in our certificate of incorporation or the Stockholders’ Agreement, seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders. Our amended and restated bylaws will also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at a meeting of stockholders if the proper procedures are not followed. In addition, our NGC will also have the right to receive 30 days’ prior written notice of any nomination of persons to serve as a director by the LTBT or the Founder LLC or the proposed removal of such directors, as well as appointments and removals of the Trustees of the LTBT. Our NGC may waive such notice periods in its discretion. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

股东特别会议

Special Meetings of Stockholders

我们修订并重述的公司注册证书及修订并重述的章程将规定，股东特别会议仅可由以下主体召集：(i) 我们的董事会依据经我们董事会授权成员多数通过的决议行事；(ii) 我们的董事会主席；(iii) 我们的首席执行官；(iv) 我们的总裁；(v) 在 F 类日落时间之后，由非 T 类董事的多数董事召集；(vi) 在 F 类日落时间之前，且仅就 E 类普通股持有人将被要求就某项提案进行表决的特别会议而言，由公司秘书召集；或(vii) 在 F 类日落时间之前，由作为我们 F 类普通股持有人的创始人有限责任公司召集。

Our amended and restated certificate of incorporation and amended and restated bylaws will provide that special meetings of stockholders may be called only by (i) our board of directors acting pursuant to a resolution adopted by a majority of the authorized members of our board of directors; (ii) the chairperson of our board of directors; (iii) our Chief Executive Officer; (iv) our President; (v) following the Class F Sunset Time, a majority of the directors who are not Class T directors; (vi) prior to the Class F Sunset Time and only with respect to a special meeting at which holders of our Class E common stock will be asked to vote on a proposal, the secretary of the company; or (vii) prior to the Class F Sunset Time, the Founder LLC as the holder of our Class F common stock.

无累积投票

No Cumulative Voting

《特拉华州普通公司法》规定，除非公司章程另有规定，股东在选举董事时无权累积投票。我们修订并重述的公司注册证书未规定累积投票。

The DGCL provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation does not provide for cumulative voting.

书面同意行动

Action by Written Consent

在 F 类日落时间与 T 类日落时间之前，股东仅可就以下事项以书面同意方式行事：(i) 提名、选举或罢免董事，或任命董事以填补任何空缺或新设董事职位的任何行动；(ii) 为满足我们经修订并重述的公司章程中与我们的 F 类普通股、T 类普通股及 E 类普通股相关的若干赎回及保护性条款而采取的任何行动；以及(iii) 若该事项首先经我们的董事会批准或请求，股东作为单一类别共同表决的任何事项。自 T 类日落时间起及之后，仅 F 类普通股股份持有人可以书面同意方式行事；自 F 类日落时间起及之后，仅 T 类普通股股份持有人可以书面同意方式行事，且在每种情况下，均仅就上述行动而言。自 F 类日落时间与 T 类日落时间均发生之日起及之后，股东要求或允许采取的任何行动必须在正式召集的股东年度会议或特别会议上实施，且不得由该等股东以任何书面同意方式实施。尽管有前述规定，E 类普通股持有人要求或允许采取的任何行动必须在正式召集的股东年度会议或特别会议上实施，且不得由该等股东以任何书面同意方式实施。

Prior to the Class F Sunset Time and the Class T Sunset Time, stockholders may act by written consent only with respect to (i) any action to nominate, elect, or remove directors or appoint a director to fill any vacancy or newly created directorship; (ii) any action to satisfy certain redemption and protective provisions in our amended and restated certificate of incorporation related to our Class F common stock, Class T common stock, and Class E common stock; and (iii) any matter in which stockholders vote together as a single class if such matter is first approved or requested by our board of directors. From and after the Class T Sunset Time, only the holder of the share of Class F common stock may act by written consent, and from and after the Class F Sunset Time, only the holder of the share of Class T common stock may act by written consent, in each case, only with respect to the actions described above. From and after the occurrence of both the Class F Sunset Time and the Class T Sunset Time, any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders. Notwithstanding the foregoing, any action required or permitted to be taken by the holders of Class E common stock must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders.

公司章程及章程细则条款的修订

Amendment of Certificate of Incorporation and Bylaws Provisions

在 F 类日落时间之前，我们的 A 类普通股与 F 类普通股按单一类别共同表决的多数表决权，可修订我们经修订并重述的公司章程及经修订并重述的章程细则中的若干条款。在 F 类日落时间之后，我们的 A 类普通股 66 2/3%的表决权可修订我们经修订并重述的公司章程及经修订并重述的章程细则中的若干条款。

Prior to the Class F Sunset Time, a majority of the voting power of our Class A common stock and Class F common stock, voting together as a single class, can amend certain provisions in our amended and restated certificate of incorporation and our amended and restated bylaws. Following the Class F Sunset Time, 66 2/3% of the voting power of our Class A common stock can amend certain provisions in our amended and restated certificate of incorporation and our amended and restated bylaws.

未指定优先股的发行

Issuance of Undesignated Preferred Stock

在我们经修订并重述的公司章程（其将于本次发行完成前立即生效）的限制下，或在特拉华州法律规定的限制下，若我们董事会授权成员中的 80%（向上或向下取整至最接近的整数（任何恰好 0.5 的向上取整））批准，我们的董事会将有权在无需股东进一步行动的情况下，发行最多 30,000,000,000 股未指定优先股，其权利和优先权（包括表决权）由我们的董事会不时指定；但前提是，在 F 类日落时间之前，未经创始人有限责任公司的赞成票或同意，我们的董事会不得指定或发行任何系列优先股。已授权但未发行的优先股的存在，将使我们的董事会能够通过合并、要约收购、代理权争夺或其他方式，使获取我们控制权的尝试变得更加困难或予以阻止。

Subject to limitations in our amended and restated certificate of incorporation, which will become effective immediately prior to the completion of this offering, or prescribed by Delaware law, our board of directors will have the authority, if 80% of the authorized members of our board of directors (rounded up or down to the nearest whole number (any exact 0.5 rounding up)) approve, and without further action by our stockholders, to issue up to 30,000,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors, provided that, prior to the Class F Sunset Time, our board of directors shall not designate or issue any series of preferred stock without the affirmative vote or consent of the Founder LLC. The existence of authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest, or other means.

专属管辖法院

Exclusive Forum

我们经修订和重述的公司章程（将于本次发行完成前立即生效）将规定，除非我们书面同意选择替代法院，否则在法律允许的最大范围内，特拉华州衡平法院（或若特拉华州衡平法院无管辖权，则为特拉华州另一州法院或特拉华州联邦地区法院）将成为以下事项的唯一专属法院：(i) 代表我们提起的任何派生诉讼或程序；(ii) 主张我们现任或前任董事、股东、高级管理人员或其他员工对我们或我们的股东负有信托义务之违反的任何诉讼；(iii) 依据《特拉华州普通公司法》（DGCL）任何条款提起的任何诉讼，或 DGCL 赋予特拉华州衡平法院管辖权的任何诉讼；(iv) 依据或为解释、适用、执行或认定我们经修订和重述的公司注册证书或我们经修订和重述的公司章程之有效性而提起的任何诉讼；或 (v) 主张受内部事务原则管辖的索赔的任何诉讼，但在所有情况下除外，即该法院认定存在不受该法院管辖的不可或缺一方当事人的任何索赔（且该不可或缺一方当事人在该认定后 10 天内不同意该法院的对人管辖权）。

Our amended and restated bylaws, which will become effective immediately prior to the completion of this offering, will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, another State court in Delaware or the federal district court for the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, stockholders, or officers or other employees to us or our stockholders, (iii) any action arising pursuant to any provision of the DGCL or as to which the DGCL confers jurisdiction upon the Court of Chancery of the State of Delaware, (iv) any action arising pursuant to or to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation, or our amended and restated bylaws, or (v) any action asserting a claim governed by the internal affairs doctrine, except for, in all cases, any claim as to which such court determines that there is an indispensable party not subject to the jurisdiction of such court (and the indispensable party does not consent to the personal jurisdiction of such court within 10 days following such determination).

《证券法》第 22 条确立了联邦法院和州法院对《证券法》索赔的并行管辖权。因此，州法院和联邦法院均有管辖权审理此类索赔。为避免在多个司法管辖区进行诉讼以及不同法院作出不一致或相反裁决的威胁，除其他考虑因素外，我们经修订和重述的公司章程还将规定，除非我们书面同意选择替代法院，否则在适用法律允许的最大范围内，美国联邦地区法院将成为解决任何针对任何人就我们的证券发行而主张《证券法》项下一项或多项诉因的投诉的唯一专属法院，包括但不限于任何审计师、承销商、专家、控制人或其他被告。除非我们书面同意选择替代法院，否则在适用法律允许的最大范围内，特拉华州美国联邦地区法院将成为解决为执行《交易法》或其项下规则或条例所创设的任何义务或责任而提起的任何派生诉讼或程序的唯一专属法院。依据《交易法》产生的所有其他索赔可在任何有管辖权的联邦法院提起。任何购买、持有或以其他方式取得我们证券任何权益的个人或实体均应被视为已注意到并同意这些规定。我们注意到，股东不能放弃遵守（或同意不遵守）联邦证券法及其项下规则和条例。

Section 22 of the Securities Act establishes concurrent jurisdiction for federal and state courts over Securities Act claims. Accordingly, both state and federal courts have jurisdiction to hear such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated bylaws will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for resolving any complaint asserting a cause or causes of action arising under the Securities Act against any person in connection with any offering of our securities, including, without limitation, any auditor, underwriter, expert, control person, or other defendant. Unless we consent in writing to the selection of an alternative forum, the United States District Court for the District of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for the resolution of any derivative action or proceeding brought to enforce any duty or liability created by the Exchange Act or the rules or regulations thereunder. All other claims arising under the Exchange Act may be brought in any federal court of competent jurisdiction. Any person or entity purchasing, holding, or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these provisions. We note that stockholders cannot waive compliance (or consent to non-compliance) with the federal securities laws and the rules and regulations thereunder.

创始人有限责任公司协议 Founder LLC Agreement

我们的联合创始人拟签订创始人有限责任公司协议。我们预计，创始人有限责任公司协议将在我们经修订和重述的公司章程向特拉华州州务卿提交并获受理的同时基本生效。

Our co-founders intend to enter into the Founder LLC Agreement. We expect the Founder LLC Agreement to become effective substantially concurrently with the filing and acceptance of our amended and restated certificate of incorporation with the Secretary of State of the State of Delaware.

我们的 F 类普通股将由创始人有限责任公司持有。我们的 F 类普通股将由创始人有限责任公司按照创始人有限责任公司协议确定的方式投票。一般而言，创始人有限责任公司将按照多数持续创始人的决定进行投票。我们的七位联合创始人初始均为持续创始人。若我们的任何联合创始人丧失行为能力或去世，可接纳一名继任成员作为持续创始人加入创始人有限责任公司，直至本次发行完成十周年之日。

Our Class F common stock will be held by the Founder LLC. Our Class F common stock will be voted by the Founder LLC in a manner determined pursuant to the Founder LLC Agreement. Generally, the Founder LLC will vote as determined by a majority of the Continuing Founders. Our seven co-founders will each initially be a Continuing Founder. Upon the incapacity or death of any of our co-founders, a successor member may be admitted to the Founder LLC as a Continuing Founder until the tenth anniversary of the completion of this offering.

当持续创始人人数少于三名（不包括创始人有限责任公司协议所定义的任何“非合格成员”继任成员）连续达 90 个日历日时，450 天的 F 类过渡期即告开始。F 类过渡期届满后，届时已发行在外的全部 F 类普通股和 E 类普通股将由我们无偿赎回，并 certain 其他治理变更将生效。

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 Agreement) for 90 consecutive calendar days, the 450-day Class F Transition Period will commence. Upon completion of the Class F Transition Period, all of our Class F common stock and Class E common stock then issued and outstanding will be redeemed by us for no consideration and certain other governance changes will take effect.

无论自本次发行完成以来经过多长时间，也无论导致某位持续创始人被移除的情形如何，在 F 类过渡期内，可根据需要接纳一名或多名继任成员加入创始人有限责任公司，以确保在 F 类过渡期届满前始终有三名持续创始人任职。在 F 类过渡期内接纳任何继任成员，均不会弥补导致 F 类过渡期开始的事件，也不会延长 F 类过渡期。

Regardless of the length of time that has elapsed since the completion of this offering or the circumstances that resulted in the removal of a Continuing Founder, one or more successor members may be admitted to the Founder LLC during the Class F Transition Period as needed to ensure that there are three Continuing Founders serving until completion of the Class F Transition Period. The admission of any successor member during the Class F Transition Period will not cure the event that commenced the Class F Transition Period or extend the Class F Transition Period.

持续创始人将在以下最早发生的情形下被从创始人有限责任公司中除名：(i) 该持续创始人辞去创始人有限责任公司成员身份；(ii) 该持续创始人死亡或丧失行为能力；(iii) 就我们的七位原始联合创始人中的每一位而言，该原始联合创始人（连同该原始联合创始人的关联持有人）在任何股东投票的股权登记日不再持有至少相当于该原始联合创始人及其关联持有人于本次发行完成时持有的 A 类普通股股份数量 2%的 A 类普通股股份（包括期权、RSU 及其他可转换证券对应的股份）；(iv) 该持续创始人因“正当理由”（定义见创始人有限责任公司协议）被除名，该正当理由包括创始人有限责任公司协议中所述特定竞争活动；(v) 就于 F 类转换期开始前被接纳为创始人有限责任公司成员的任何继任成员（不包括在 F 类转换期内身为成员的继任成员）而言，为本次发行完成十周年之日；或 (vi) 就我们的七位原始联合创始人中的每一位而言，经其他持续创始人绝对多数批准开始休假，但该休假不得在 F 类转换期内批准，亦不得在批准该休假本身将导致 F 类转换期开始的情况下批准。

A Continuing Founder will be removed from the Founder LLC upon the earliest to occur of (i) such Continuing Founder’s resignation as a member of the Founder LLC; (ii) such Continuing Founder’s death or incapacity; (iii) with respect to each of our seven original co-founders, such original co-founder’s ceasing to hold (together with such original co-founder’s related holders) on any record date for a vote of our stockholders a number of shares of Class A common stock (including shares subject to options, RSUs, and other convertible securities) equal to at least 2% of the shares of Class A common stock held by such original co-founder and their related holders as of the completion of this offering; (iv) such Continuing Founder’s removal for “cause” (as defined in the Founder LLC Agreement), which includes specified competitive activities described in the Founder LLC Agreement; (v) with respect to any successor member admitted to the Founder LLC prior to the commencement of the Class F Transition Period, other than a successor member who is a member during the Class F Transition Period, the tenth anniversary of the completion of this offering; or (vi) with respect to each of our seven original co-founders, the commencement of a leave of absence approved by a Supermajority of the other Continuing Founders, which may not be approved during the Class F Transition Period or if the grant of the leave of absence would itself cause the Class F Transition Period to commence.

在确定我们的 F 类普通股将如何投票时，每位持续创始人享有一票。如果持续创始人的多数无法就我们的 F 类普通股将如何投票达成一致，则我们的 F 类普通股一般将按就该事项所投的 A 类普通股投票比例进行投票（须满足已发行 A 类普通股多数的法定人数要求）。就某些事项而言，只有在更高比例的持续创始人达成一致时，我们的 F 类普通股才会对该提案投“赞成”票；如果未达到该更高比例，我们的 F 类普通股将对该提案投“反对”票。参见标题为“—F 类普通股投票机制”的章节。

Each Continuing Founder will be entitled to one vote when determining how our Class F common stock will be voted. 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 (subject to a quorum of a majority of outstanding Class A common stock). With respect to certain matters, our Class F common stock will be voted “for” the proposal only if a greater threshold of Continuing Founders agree, and if the greater threshold is not met, our Class F common stock will be voted “against” the proposal. See the section titled “—Class F Common Stock Voting Mechanics.”

创始人有限责任公司协议将不约束联合创始人或其关联持有人所持任何 A 类普通股股份的投票。每位联合创始人（或其关联持有人）将能够自行决定如何投票其持有的 A 类普通股股份，无论创始人有限责任公司将如何投票我们的 F 类普通股。

The Founder LLC Agreement will not govern the voting of any shares of our Class A common stock held by the co-founders or their related holders. Each co-founder (or their related holders) will be able to vote shares of our Class A common stock held by them in their discretion, regardless of the manner in which the Founder LLC will vote our Class F common stock.

F 类普通股投票机制 Class F Common Stock Voting Mechanics

根据创始人有限责任公司协议的条款，我们的 F 类普通股的投票方式将按以下方式确定：

Under the terms of the Founder LLC Agreement, the manner in which our Class F common stock will be voted will be determined as follows:

**事项**

**Matter**

一般股东事项按相应比例投票。多数(2) [__] F 类普通股 [__] F 类普通股按所投 A 类普通股的多数票进行投票（须满足已发行 A 类普通股多数的法定人数）。

General stockholder matters is voted accordingly.proportionately with the votes Majority(2) [__] Class F common stock [__] Class F common stock is voted of Class A common stock cast (subject to a quorum of a majority of outstanding Class A common stock).

对 F 类权利的修订

Amendments to Class F rights

绝对多数(3)(4) · F 类普通股对该提案投“赞成”票。

Supermajority(3)(4) · Class F common stock is voted “for” the proposal.

F 类普通股对该提案投“反对”票（或就弃权票而言投“弃权”票）。

Class F common stock is voted “against” (or “withhold” as to) such proposal.

对 LTBT / T 类权利的修订

Amendments to LTBT / Class T rights

信托修订绝对多数(4)(5)

Trust Amendment Supermajority(4)(5)

F 类普通股对该提案投“赞成”票。

Class F common stock is voted “for” the proposal.

F 类普通股对该提案投“反对”票（或就弃权票而言投“弃权”票）。

Class F common stock is voted “against” (or “withhold” as to) such proposal.

书面同意 · 适用的多数、

Written consent · The applicable majority,

绝对多数(3)或信托

Supermajority(3), or Trust

修订绝对多数 · (5) 若在会议上采取行动。

Amendment Supermajority · (5) if action were taken at a meeting.

就我们的 F 类普通股交付同意。

Consent is delivered with respect to our Class F common stock.

未就我们的 F 类普通股交付同意。

No consent is delivered with respect to our Class F common stock.

______________

______________

(1) [__] 在确定我们的 F 类普通股将如何投票时，每位持续创始人有权投一票。

(1) [__] Each Continuing Founder will be entitled to one vote when determining how our Class F common stock will be voted.

(2) 如果多数持续创始人就我们的 F 类普通股对应投票应如何投出作出相同指示，包括“赞成”、“反对”或“弃权”，但不包括“弃权”指示，则我们的 F 类普通股将据此投票。如果多数持续创始人作出“弃权”指示，或未作出相同指示或任何指示，则我们的 F 类普通股将按 A 类普通股所投票数同比例投票（须满足已发行 A 类普通股多数的法定人数）。

(2) If a majority of the Continuing Founders deliver the same instruction as to how the votes corresponding to our Class F common stock shall be cast, including “for,” “against,” or “withhold,” but excluding an instruction to “abstain,” our Class F common stock will be voted accordingly. If a majority of the Continuing Founders deliver instructions to “abstain” or do not deliver the same or any instructions, our Class F common stock will be voted proportionately with the votes of Class A common stock cast (subject to a quorum of a majority of outstanding Class A common stock).

(3) “绝对多数”指有权投票的持续创始人总数减去一人作出对该提案投“赞成”票的指示。如果持续创始人少于三人，绝对多数要求持续创始人一致同意。

(3) “Supermajority” means the total number of Continuing Founders entitled to vote, minus one, delivers instructions to vote “for” the proposal. If there are fewer than three Continuing Founders, a Supermajority requires unanimity of Continuing Founders.

(4) 如果提案同时需要绝对多数和信托修订绝对多数，则两个门槛均须满足。

(4) If a proposal requires both a Supermajority and a Trust Amendment Supermajority, both thresholds must be satisfied.

(5) 如果(i) 66 2/3%的持续创始人（向上取整至最接近的整数）作出对该提案投“赞成”票的指示，并且还获得我们的 E 类普通股所投票数的 75%批准（须满足已发行 E 类普通股多数的法定人数）以及我们的 A 类普通股所投票数的多数批准（须满足已发行 A 类普通股多数的法定人数），或(ii) 在本次发行完成三周年之前，持续创始人一致作出对该提案投“赞成”票的指示，并且还获得我们的 E 类普通股所投票数的多数批准（须满足已发行 E 类普通股 40%的法定人数）以及我们已发行 A 类普通股所投票数的多数批准（须满足已发行 A 类普通股多数的法定人数），则“信托修订绝对多数”即告满足。根据股东协议，创始人有限责任公司还将就 F 类普通股股份投票或同意，支持经我们董事会授权成员 80%以及当时在任受托人 80%批准的修订（在每种情况下，向上或向下取整至最接近的整数（任何恰好 0.5 的均向上取整））。

(5) A “Trust Amendment Supermajority” will be satisfied if (i) 66 2/3% of the Continuing Founders, rounded up to the nearest whole number, deliver instructions to vote “for” the proposal, and approval by 75% of the votes cast by our Class E common stock (subject to a quorum of a majority of outstanding Class E common stock) and a majority of the votes cast by our Class A common stock (subject to a quorum of a majority of the outstanding shares of Class A common stock) is also obtained or (ii) until the third anniversary of the completion of this offering, the Continuing Founders unanimously deliver instructions to vote “for” the proposal, and approval by a majority of the votes cast by our Class E common stock (subject to a quorum of 40% of the outstanding Class E common stock) and a majority of the votes cast by our outstanding Class A common stock (subject to a quorum of a majority of outstanding shares of Class A common stock) is also obtained. Pursuant to the Stockholders’ Agreement, the Founder LLC will also vote or consent the share of Class F common stock in favor of amendments that are approved by 80% of the authorized members of our board of directors and 80% of the Trustees then in office (in each case, rounded up or down to the nearest whole number (any exact 0.5 rounding up)).

过户代理与登记机构 Transfer Agent and Registrar

本次发行完成后，我们 A 类普通股的过户代理及登记机构将为 Computershare Trust Company, N.A.。该过户代理的地址为 150 Royall Street, Canton, MA 02021。

Upon the completion of this offering, the transfer agent and registrar for our Class A common stock will be Computershare Trust Company, N.A. The transfer agent’s address is 150 Royall Street, Canton, MA 02021.

责任限制与补偿 Limitations of Liability and Indemnification

参见标题为“特定关系及关联人士交易——高管及董事的责任限制与赔偿”的章节。

See the section titled “Certain Relationships and Related Person Transactions—Limitation of Liability and Indemnification of Officers and Directors.”

上市 Listing

我们已申请将我们的 A 类普通股在纳斯达克全球精选市场上市，股票代码为“ANT”。

We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”

未来可出售股份 Shares Eligible for Future Sale

由于下文所述的锁定期和市场僵局协议，以及将在本次发行相关承销协议中作出的承诺，并在遵守该等协议及《证券法》第 144 条和第 701 条规定（包括就关联方所持股份而言的第 144 条数量限制）的前提下，根据我们可获得的信息，这些受限证券将按如下方式在公开市场可供出售（假设 2026 年 9 月 30 日之后未行使任何未行使的股票期权，且未结算任何 RSU，并假设如下文某一日期为另一日期之后的特定天数且该日不是交易日，则该等股份在下一个交易日可供出售）：

As a result of the lock-up and market standoff agreements described below, as well as undertakings in the underwriting agreement to be executed in connection with this offering, and subject to such agreements and the provisions of Rules 144 and 701 under the Securities Act (including, with respect to shares held by affiliates, Rule 144 volume limitations), based on information available to us, these restricted securities will be available for sale in the public market as follows (assuming no exercise of outstanding stock options subsequent to September 30, 2026 and no settlement of RSUs, and assuming that, where a date below is a specified number of days after another date and such day is not a trading day, such shares become available for sale on the next trading day):

**可在公开市场出售的最早日期 普通股**

**Earliest Date Available for Sale in the Public Market Common Stock**

本招股说明书日期后的第一个交易日 · 最多 股 A 类普通股，由我们的非创始人董事和高级管理人员以及我们部分现任和前任员工及顾问持有，占受 180 天锁定期和市场禁售期约束股份的 %，该等股份在锁定期和市场禁售协议项下的限制于该日到期。 本招股说明书日期后第 27 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 本招股说明书日期后第 48 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 本招股说明书日期后第 62 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 本招股说明书日期后第 76 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 在我们公开披露截至 2026 年 12 月 31 日财年年度财务业绩后纳斯达克第二个完整交易日（该公开披露日期，即“FY26 业绩发布日”） 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 FY26 业绩发布日后第 13 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天锁定期约束股份的 %。 FY26 业绩发布日后第 27 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 FY26 业绩发布日后第 41 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 FY26 业绩发布日后第 55 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 FY26 业绩发布日后第 69 天 · 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束股份的 %，以及占受延长的 365 天 锁定期约束股份的 %。 (x) 在我们公开披露截至 2027 年 3 月 31 日财季季度财务业绩后纳斯达克第二个完整交易日（该公开披露日期，即“Q1 业绩发布日”）与 (y) 本招股说明书日期后第 180 天交易收盘后，两者中的较早者 最多 股 A 类普通股，占受 180 天锁定期和市场禁售期约束的全部剩余股份的 %，以及占受延长的 365 天锁定期约束股份的 %。 Q1 业绩发布日后第 34 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q1 业绩发布日后第 48 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q1 业绩发布日后第 62 天 受延长的 365 天锁定期约束的股份。 Q1 业绩发布日后第 76 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 在我们公开披露截至 2027 年 6 月 30 日财季季度财务业绩后纳斯达克第二个完整交易日（该公开披露日期，即“Q2 业绩发布日”） 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q2 业绩发布日后第 27 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q2 业绩发布日后第 41 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q2 业绩发布日后第 55 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q2 业绩发布日后第 69 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 Q2 业绩发布日后第 83 天 · 最多 股 A 类普通股，占受延长的 365 天锁定期约束股份的 %。 (x) 在我们公开披露截至 2027 年 9 月 30 日财季季度财务业绩后纳斯达克第二个完整交易日（该公开披露日期，即“Q3 业绩发布日”）与 (y) 本招股说明书日期后第 365 天交易收盘后，两者中的较早者 · 。 最多 股 A 类普通股，占受延长的 365 天锁定期约束的剩余股份。

The first trading day following the date of this prospectus · Up to shares of Class A common stock held by our non-founder directors and officers and certain of our current and former employees and consultants, representing % of the shares subject to the 180-day lock-up and market standoff period, as to which the restrictions under the lock-up and market standoff agreements expire on such date. 27th day after the date of this prospectus · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 48th day after the date of this prospectus · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 62nd day after the date of this prospectus · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 76th day after the date of this prospectus · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. The second full trading day on Nasdaq immediately following the public release of our annual financial results for the fiscal year ending December 31, 2026 (the date of such public release, the “FY26 Earnings Release Date”) Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 13th day after the FY26 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 27th day after the FY26 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 41st day after the FY26 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 55th day after the FY26 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 69th day after the FY26 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. The earlier of (x) the second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the fiscal quarter ending March 31, 2027 (the date of such public release, the “Q1 Earnings Release Date”) and (y) immediately after the close of trading on the 180th day after the date of this prospectus Up to shares of Class A common stock, representing all remaining shares subject to the 180-day lock-up and market standoff period and % of the shares subject to the extended 365-day lock-up period. 34th day after the Q1 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 48th day after the Q1 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 62nd day after the Q1 Earnings Release Date the shares subject to the extended 365-day lock-up period. 76th day after the Q1 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. The second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the fiscal quarter ending June 30, 2027 (the date of such public release, the “Q2 Earnings Release Date”) Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 27th day after the Q2 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 41st day after the Q2 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 55th day after the Q2 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 69th day after the Q2 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. 83rd day after the Q2 Earnings Release Date · Up to shares of Class A common stock, representing % of the shares subject to the extended 365-day lock-up period. The earlier of (x) the second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the fiscal quarter ending September 30, 2027 (the date of such public release, the “Q3 Earnings Release Date”) and (y) immediately after the close of trading on the 365th day after the date of this prospectus · . Up to shares of Class A common stock, representing the remaining shares subject to the extended 365-day lock-up period.

锁定期与市场禁售协议 Lock-Up and Market Standoff Agreements

我们所有董事和高级管理人员以及绝大多数股东均受与承销商签订的锁定期协议或与我们签订的市场禁售协议约束，这些协议限制其转让我们的 A 类普通股和 N 类普通股以及可转换为该等股份或可行使或可交换为该等股份的证券的能力，限制期间如下：

All of our directors and officers and substantially all of our stockholders are subject to lock-up agreements with the underwriters or market standoff agreements with us that restrict their ability to transfer shares of our Class A common stock and Class N common stock and securities convertible into or exercisable or exchangeable for such shares for:

(1) 我们的非创始人董事、高管以及部分现任和前任员工及顾问，在截至以下两者中较早发生者之时止的期间内：(x) 第一季度财报发布日之后第二个完整交易日的美国东部时间上午 6:00，或 (y) 本招股说明书日期后第 180 天交易日收盘后立即（若第 180 天不是交易日，则为第 180 天之前最后一个交易日收盘后立即）；

(1) Our non-founder directors, officers, and certain of our current and former employees and consultants, during the period ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q1 Earnings Release Date or (y) immediately after the close of the trading day on the 180th day after the date of this prospectus or, if the 180th day is not a trading day, immediately after the close of the last trading day immediately preceding the 180th day;

(2) 对于在本招股说明书发布前立即持有我们约 [__]% 完全稀释股份的若干股东，在截至以下两者中较早发生之日止的期间内：(x) 第一季度财报发布日之后第二个完整交易日美国东部时间上午 6:00，或 (y) 本招股说明书日期后第 180 天交易日收盘后立即（若第 180 天不是交易日，则为第 180 天之前最后一个交易日收盘后立即）；

(2) For certain stockholders holding approximately [__] % of our fully diluted shares immediately prior to this offering, during the period ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q1 Earnings Release Date or (y) immediately after the close of the trading day on the 180th day after the date of this prospectus or, if the 180th day is not a trading day, immediately after the close of the last trading day immediately preceding the 180th day;

(3) 对于在本招股说明书日期紧接本次发行前持有我们约 [__]% 完全稀释股份的若干股东，在截至以下较早发生之日止的期间内：(x) 第三季度业绩发布日之后第二个完整交易日的美国东部时间上午 6:00，或 (y) 本招股说明书日期后第 365 天当日交易收盘后立即（若第 365 天不是交易日，则为第 365 天之前最后一个交易日收盘后立即）；以及

(3) For certain stockholders holding approximately [__] % of our fully diluted shares immediately prior to this offering, during the period ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q3 Earnings Release Date or (y) immediately after the close of the trading day on the 365th day after the date of this prospectus or, if the 365th day is not a trading day, immediately after the close of the last trading day immediately preceding the 365th day; and

(4) 我们的七位联合创始人，在截至以下两者中较早发生之日止的期间内：(x) 第三季度财报发布日之后第二个完整交易日东部时间上午 6:00，或 (y) 本招股说明书日期后第 365 天交易日收盘后立即（若第 365 天不是交易日，则为第 365 天之前最后一个交易日收盘后立即），

(4) Our seven co-founders, during the period ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q3 Earnings Release Date or (y) immediately after the close of the trading day on the 365th day after the date of this prospectus or, if the 365th day is not a trading day, immediately after the close of the last trading day immediately preceding the 365th day,

但须遵守本招股说明书“承销—锁定期与市场禁售协议”一节所述定时自动到期安排。

subject to timed automatic expirations described in the “Underwriting—Lock-up and Market Standoff Agreements” section of this prospectus.

上述锁定期协议和市场禁售协议受若干例外情形约束。

The lock-up agreements and market standoff agreements described above are subject to a number of exceptions.

有关该等转让限制及相关到期和例外情形的更多信息，请参见标题为“承销—锁定期与市场禁售协议”的章节。

See the section titled “Underwriting—Lock-up and Market Standoff Agreements” for more information about these transfer restrictions and related expirations and exceptions.

N 类普通股 Class N Common Stock

我们的 N 类普通股股份未在任何证券交易所上市，且未根据《证券法》进行注册。我们的 N 类普通股股份在符合资格的转让后将自动转换为 A 类普通股股份，该等股份将受到本节所述转售限制和注册权的约束。有关适用于我们 N 类普通股的转换机制的完整说明，请参见标题为“股本说明”的章节。

Shares of our Class N common stock are not listed on a stock exchange and are not registered under the Securities Act. Shares of our Class N common stock will automatically convert into shares of Class A common stock upon a qualifying transfer, which shares would be subject to the resale restrictions and registration rights described in this section. See the section titled “Description of Capital Stock” for a complete description of the conversion mechanics applicable to our Class N common stock.

本次发行完成后，N 类普通股股份将包括：

Following the completion of this offering, shares of Class N common stock will consist of:

- 股份，代表截至 2026 年 9 月 30 日的已发行股份，以及根据优先股转换就我们全部已发行的无表决权可赎回可转换优先股在本次发行完成前立即发行的股份；

- shares, representing shares outstanding as of September 30, 2026 and shares to be issued immediately prior to the completion of this offering pursuant to the Preferred Stock Conversion with respect to all outstanding shares of our non-voting redeemable convertible preferred stock;

- 根据未偿还可转换本票按适用固定转换价格进行转换而在本次发行完成前立即发行的股份，代表在本次发行完成后可发行且不会导致持有人超过任何适用持股上限的股份；

- shares to be issued immediately prior to the completion of this offering pursuant to the conversion of outstanding convertible promissory notes at the applicable fixed conversion prices, representing shares issuable upon the completion of this offering without causing the holder to exceed any applicable ownership cap;

- 在本次发行完成后按特定间隔可发行的股份，系根据任何剩余未偿还可转换本票按适用固定转换价格进行转换而发行，该等本票在本次发行完成前立即转换将超过该等持股上限而无法转换；以及

- shares issuable at certain intervals following the completion of this offering pursuant to the conversion of any remaining outstanding convertible promissory notes at the applicable fixed conversion prices that could not be converted immediately prior to the completion of this offering without exceeding such ownership cap; and

- 与以下事项相关而可发行的任何股份：(i) 本次发行完成后根据我们的 NPA 可能发行的任何可转换本票的转换，(ii) 本次发行完成后根据我们的 NPA 直接以 N 类普通股股份结算的提款，(iii) 我们在捐赠配捐计划下进行配捐的捐赠，以及 (iv) 某些私募配售的合同权利，无论该等事项与本次发行完成同时发生还是在其后发生。

- any shares issuable in connection with (i) the conversion of any convertible promissory notes that may be issued under our NPAs following the completion of this offering, (ii) draws under our NPAs that are settled directly in shares of Class N common stock following the completion of this offering, (iii) donations that we match under our Donation Matching Plan, and (iv) certain contractual rights to private placements, whether concurrent with or following the completion of this offering.

有关未偿还可转换本票的转换机制以及未来发行本票和 N 类普通股的权利的说明，请参见标题为“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——可转换本票”的章节。

For a description of the conversion mechanics of the outstanding notes and the rights to future issuances of notes and Class N common stock, see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Convertible Notes.”

此外，我们 N 类普通股的某些持有人就其股份享有注册权，行使该等权利可能有助于在任何适用的锁定期后向公开市场出售我们的大宗股份。有关该等注册权的说明，请参见标题为“股本说明——注册权”的章节。

Additionally, certain holders of our Class N common stock are entitled to registration rights with respect to their shares, the exercise of which could facilitate sales of large blocks of our shares into the public market following any applicable lock-up period. See the section titled “Description of Capital Stock—Registration Rights” for a description of these registration rights.

Rule 144 Rule 144

一般而言，Rule 144 规定，一旦我们已受《交易法》第 13 条或第 15(d) 条规定的上市公司报告要求约束至少 90 天，则任何在出售前 90 天内任何时候均不被视为《证券法》所指我们关联方的人士，且其已实益持有拟出售的 A 类普通股至少六个月，即有权出售该等股份，而无需遵守 Rule 144 关于出售方式、成交量限制或通知的规定，但须遵守 Rule 144 的公开信息要求。若该人士已实益持有拟出售股份至少一年（包括任何非我们关联方的前手持有人的持有期），则该人士将有权出售该等股份，而无需遵守 Rule 144 的任何要求。

In general, Rule 144 provides that once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of our Class A common stock proposed to be sold for at least six months is entitled to sell those shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144.

一般而言，Rule 144 规定，我们的关联方或代表我们关联方出售 A 类普通股的人士，有权在上述市场禁售协议和锁定期协议到期后，在任何三个月期间内出售不超过以下两者中较大者的 A 类普通股数量：

In general, Rule 144 provides that our affiliates or persons selling shares of our Class A common stock on behalf of our affiliates are entitled to sell upon expiration of the market standoff agreements and lock-up agreements described above, within any three-month period, a number of shares of our Class A common stock that does not exceed the greater of:

- 当时已发行股本股数的 1%，即本次发行完成后立即为 [__] 股；或

- 1% of the number of shares of our capital stock then outstanding, which will equal [__] shares immediately after the completion of this offering; or

- 在就该项出售向 SEC 提交 Form 144 通知之前的四个日历周内，我们 A 类普通股的周平均交易量。

- the average weekly trading volume of our Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale.

我们的关联方或代表我们关联方出售 A 类普通股的人士依据 Rule 144 进行的 A 类普通股出售，还须遵守某些出售方式规定和通知要求，以及关于我们的当前公开信息的可获得性要求。

Sales of our Class A common stock made in reliance upon Rule 144 by our affiliates or persons selling shares of our Class A common stock on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

Rule 701 Rule 701

规则 701 通常允许依据书面补偿计划或合同购买我们股本股份、且在紧接前 90 天内不被视为我们公司关联方的股东，依据规则 144 出售该等股份，但无需遵守规则 144 的公开信息、持有期限、数量限制或通知规定。规则 701 亦允许我们公司的关联方依据规则 144 出售其规则 701 股份，而无需遵守规则 144 的持有期限要求。然而，所有规则 701 股份持有人均须等待至本招股说明书日期后 90 天，方可依据规则 701 出售该等股份。

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701.

注册权 Registration Rights

根据我们的 IRA 和 Google RRA，本次发行完成后，最多 [__] 股 A 类普通股的持有人或某些受让人将有权就该等股份根据《证券法》进行要约和出售的登记享有某些权利。有关该等登记权的说明，请参见“股本说明——登记权”一节。如果该等 A 类普通股的要约和出售已登记，则该等股份将可在《证券法》下不受限制地自由交易，但须遵守适用于关联方的 Rule 144 限制，且大量股份可能被出售至公开市场。

Pursuant to our IRA and the Google RRA, after the completion of this offering, the holders of up to [__] shares of our Class A common stock, or certain transferees, will be entitled to certain rights with respect to the registration of the offer and sale of those shares under the Securities Act. See the section titled “Description of Capital Stock—Registration Rights” for a description of these registration rights. If the offer and sale of these shares of our Class A common stock are registered, the shares will be freely tradable without restriction under the Securities Act, subject to the Rule 144 limitations applicable to affiliates, and a large number of shares may be sold into the public market.

S-8 表格注册声明 Registration Statements on Form S-8

我们拟于本次发行生效后尽快根据《证券法》提交一份或多份 S-8 表格注册声明，以登记根据我们 2021 年计划、2026 年计划和 ESPP 项下已发行在外的 RSU 和期权所对应的、以及预留供未来发行的 A 类普通股股份，并登记此前根据我们 2021 年计划发行的部分 A 类普通股股份的转售。该等 S-8 表格注册声明预计将在提交后立即生效，届时该等注册声明所涵盖的 A 类普通股股份将可在公开市场出售，但须遵守《144 规则》的适用限制、归属限制以及任何适用的市场禁售协议和锁定期协议。有关我们股权激励计划的说明，请参见“高管薪酬——股权计划”一节。

We intend to file one or more registration statements on Form S-8 under the Securities Act promptly after the effectiveness of this offering to register shares of our Class A common stock subject to RSUs and options outstanding, as well as reserved for future issuance, under our 2021 Plan, 2026 Plan, and ESPP, as well as the resale of certain shares of our Class A common stock previously issued under our 2021 Plan. Such registration statements on Form S-8 are expected to become effective immediately upon filing, and shares of our Class A common stock covered by such registration statements will then become eligible for sale in the public market, subject to applicable limitations under Rule 144, vesting restrictions, and any applicable market standoff agreements and lock-up agreements. See the section titled “Executive Compensation—Equity Plans” for a description of our equity compensation plans.

股票 Stock

以下概述了某些非美国持有人（定义见下文）就本招股说明书中购买的 A 类普通股的所有权和处置所涉及的重大美国联邦所得税后果，但并非旨在完整分析与此相关的所有潜在税务考量。本概述基于截至本文件日期有效的《税法》、据此颁布的财政部条例、行政裁定和司法判决。这些权威依据可能发生变化，且可能具有追溯效力，从而导致美国联邦所得税后果与下文所述不同。

The following is a summary of the material U.S. federal income tax consequences to certain non-U.S. holders (as defined below) of the ownership and disposition of our Class A common stock acquired in this offering but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the provisions of the Code, the Treasury regulations promulgated thereunder, administrative rulings, and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income tax consequences different from those set forth below.

本概述不涉及任何州、地方或非美国司法管辖区法律项下产生的税务考量，也不涉及美国联邦非所得税法律（如赠与税和遗产税法）项下产生的税务考量，但下文所述有限范围除外。此外，本讨论不涉及适用于非美国持有人特定情形或可能适用特殊税务规则的非美国持有人的税务考量，包括但不限于：

This summary does not address the tax considerations arising under the laws of any state, local, or non-U.S. jurisdiction, or under U.S. federal non-income tax laws (such as gift and estate tax laws), except to the limited extent set forth below. In addition, this discussion does not address tax considerations applicable to a non-U.S. holder’s particular circumstances or non-U.S. holders that may be subject to special tax rules, including, without limitation:

- 银行、保险公司或其他金融机构（下文特别述及的范围除外）、受监管投资公司或房地产投资信托；

- banks, insurance companies, or other financial institutions (except to the extent specifically set forth below), regulated investment companies, or real estate investment trusts;

- 需缴纳替代性最低税或净投资收入医疗保险税的人士；

- persons subject to the alternative minimum tax or Medicare contribution tax on net investment income;

- 免税组织或政府组织；

- tax-exempt organizations or governmental organizations;

- 养老金计划或免税退休计划；

- pension plans or tax-exempt retirement plans;

- 受控外国公司、外国受控外国公司、被动外国投资公司，以及为规避美国联邦所得税而累积收益的公司；

- controlled foreign corporations, foreign controlled foreign corporations, passive foreign investment companies, and corporations that accumulate earnings to avoid U.S. federal income tax;

- 证券经纪商或交易商；

- brokers or dealers in securities;

- 证券交易商或选择对其持有的本公司股票采用按市值计价会计方法的其他人士；

- traders in securities or other persons that elect to use a mark-to-market method of accounting for their holdings in our stock;

- 拥有或被视为拥有本公司股本超过百分之五的人士（下文特别述及的范围除外）；

- persons that own, or are deemed to own, more than five percent of our capital stock (except to the extent specifically set forth below);

- 某些美国前公民或长期居民；

- certain former citizens or long-term residents of the United States;

- 合伙企业或为美国联邦所得税目的被归类为合伙企业的实体或其他穿透实体（及其投资者）；

- partnerships or entities classified as partnerships for U.S. federal income tax purposes or other pass-through entities (and investors therein);

- 通过套期保值交易、“跨式”交易、“转换交易”或其他风险降低交易或综合投资而持有我们 A 类普通股的人士；

- persons who hold our Class A common stock as a position in a hedging transaction, “straddle,” “conversion transaction,” or other risk reduction transaction or integrated investment;

- 因行使任何员工股票期权或以其他方式作为薪酬而持有或获得我们 A 类普通股的人士；

- persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

- 因与我们 A 类普通股相关的任何总收入项目在“适用财务报表”（定义见《税法》第 451(b)条）中予以确认而适用特殊税务会计规则的人士；

- persons subject to special tax accounting rules as a result of any item of gross income with respect to our Class A common stock being taken into account in an “applicable financial statement” (as defined in Section 451(b) of the Code);

- 未将我们 A 类普通股作为《税法》第 1221 条所指资本资产（一般为持有用于投资的财产）持有的人士；或

- persons who do not hold our Class A common stock as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment); or

- 根据《税法》的推定出售条款被视为出售我们 A 类普通股的人士。

- persons deemed to sell our Class A common stock under the constructive sale provisions of the Code.

此外，如果出于美国联邦所得税目的被归类为合伙企业或其它穿透实体的合伙企业、安排或实体持有我们 A 类普通股，则该合伙企业中的合伙人或该穿透实体中的权益持有人的税务处理通常将取决于该合伙人或权益持有人的身份以及该合伙企业或其它穿透实体的活动。因此，持有我们 A 类普通股的合伙企业和其他穿透实体，以及此类合伙企业中的合伙人和此类其他穿透实体中的权益持有人，应咨询其税务顾问。

In addition, if a partnership, arrangement, or entity classified as a partnership or other pass-through entity for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a partner in such partnership or owner in such pass-through entity generally will depend on the status of the partner or owner and upon the activities of the partnership or other pass-through entity. Accordingly, partnerships and other pass-through entities that hold our Class A common stock, and partners in such partnerships and owners in such other pass-through entities, should consult their tax advisors.

**本讨论仅供参考，不构成税务建议。我们敦促您就美国联邦所得税法对您特定情况的适用，以及购买、持有和处置我们 A 类普通股在美国联邦非所得税法（如赠与税或遗产税法）下、或在任何州、地方、非美国或其他征税管辖区法律下、或在任何适用税收协定下产生的任何税务后果，咨询您的税务顾问。**

**This discussion is for informational purposes only and is not tax advice. You are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax consequences of the purchase, ownership and disposition of our Class A common stock arising under the U.S. federal non-income tax laws (such as gift or estate tax laws) or under the laws of any state, local, non-U.S., or other taxing jurisdiction or under any applicable tax treaty.**

非美国持有人定义 Non-U.S. Holder Defined

就本讨论而言，如果您是我们 A 类普通股的受益所有人，且该受益所有人并非合伙企业、安排，或就美国联邦所得税目的被归类为合伙企业或其他穿透实体的实体，并且就美国联邦所得税目的未被视作以下任何一类，则您属于非美国持有人：

For purposes of this discussion, you are a non-U.S. holder if you are a beneficial owner of our Class A common stock that is not a partnership, arrangement, or entity classified as a partnership or other pass-through entity for U.S. federal income tax purposes and are not, for U.S. federal income tax purposes, treated as any of the following:

- 身为美国公民或居民的个人；

- an individual who is a citizen or resident of the United States;

- 在美国或根据美国、其任何州或哥伦比亚特区法律设立或组织的公司（或就美国联邦所得税目的被视作公司的任何其他实体）；

- a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

- 其收入无论来源如何均须缴纳美国联邦所得税的遗产；或

- an estate whose income is subject to U.S. federal income tax regardless of its source; or

- 一项信托：(x) 其管理受美国法院的主要监督，且有一名或多名“美国人”（定义见《税法》第 7701(a)(30) 条）（“美国人”）有权控制该信托的所有重大决策；或 (y) 已作出有效选择被视为美国人。

- a trust (x) whose administration is subject to the primary supervision of a U.S. court and which has one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) (“U.S. persons”) who have the authority to control all substantial decisions of the trust or (y) which has made a valid election to be treated as a U.S. person.

分配 Distributions

我们 A 类普通股的分配，凡从我们根据美国联邦所得税原则确定的当期或累计收益及利润中支付的，将构成美国联邦所得税意义上的股息。若该等分配超过我们当期及累计收益及利润之和，超出部分将构成资本返还，首先冲减您在我们 A 类普通股中的计税基础，但不得低于零，其后将视为出售或以其他方式处置股票的收益，具体如下文“——我们 A 类普通股的处置收益”一节所述。

Distributions on our Class A common stock will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital and will first reduce your basis in our Class A common stock, but not below zero, and then will be treated as gain from the sale or other disposition of stock as described below under the section titled “—Gain on Disposition of Our Class A Common Stock.”

除下文关于有效关联收入的段落以及“——备用预扣税与信息申报”和“——FATCA”两节另有规定外，向您支付的任何股息一般须缴纳美国联邦预扣税，税率为股息总额的 30%，或美国与您居住国之间适用的所得税条约所规定的较低税率。根据适用的财政部法规，适用的预扣义务人可就全部分配总额预扣最高 30%，即使如上所述构成股息的金额低于该数额。若我们或其他预扣义务人超额预扣，或您未及时向我们提供所需的证明，您可能有权就超额预扣的金额获得退税或抵免，前提是您及时向美国国税局（“IRS”）提交适当的申请。

Except as otherwise described below in the paragraph on effectively connected income and the sections titled “—Backup Withholding and Information Reporting” and “—FATCA,” any dividend paid to you will generally be subject to U.S. federal withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified by an applicable income tax treaty between the United States and your country of residence. Under applicable Treasury regulations, the applicable withholding agent may withhold up to 30% of the gross amount of the entire distribution even if the amount constituting a dividend, as described above, is less than such amount. If we or another withholding agent over-withhold or if you do not timely provide us with the required certification, you may be entitled to a refund or credit of any excess amounts withheld by timely filing an appropriate claim with the Internal Revenue Service (“IRS”).

为享受条约规定的较低税率，您必须向适用的预扣义务人提供 IRS Form W-8BEN、IRS Form W-8BEN-E 或其他适当版本的 IRS Form W-8，包括任何所需附件及您的纳税人识别号，以证明符合较低税率的资格。此外，您须按法律要求不时更新该等表格和证明。若您根据所得税条约有资格享受较低的美国预扣税税率，您可通过及时向 IRS 提交适当的退税申请，就任何超额预扣的金额获得退税。若您通过金融机构或其他代表您的代理人持有我们的股票，您须向该代理人提供适当的文件，该代理人随后须直接或通过其他中介向我们或我们的付款代理人提供证明。您应就享受任何适用所得税条约项下优惠的资格咨询您的税务顾问。

In order to receive a reduced treaty rate, you must provide the applicable withholding agent with an IRS Form W-8BEN, IRS Form W-8BEN-E, or other appropriate version of IRS Form W-8, including any required attachments and your taxpayer identification number, certifying qualification for the reduced rate. Additionally, you will be required to update such forms and certifications from time to time as required by law. If you are eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty, you may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. If you hold our stock through a financial institution or other agent acting on your behalf, you will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our paying agent, either directly or through other intermediaries. You should consult your tax advisor regarding entitlement to benefits under any applicable income tax treaties.

您收到的、与您在美国开展贸易或业务有实际关联的股息（且若适用的所得税条约要求，归属于您在美国的常设机构或固定基地的股息）通常免于该预扣税，但须受下文关于备用预扣税和 FATCA（定义见下文）预扣税的讨论约束。为获得此项豁免，您必须向我们提供 IRS W-8ECI 表格，包括任何所需附件及您的纳税人识别号，以证明符合豁免资格。此外，您须按法律要求不时更新该等表格和证明。该等有实际关联的股息虽无需缴纳美国联邦预扣税，但须计入您的美国联邦所得税申报表，并按适用于美国人的相同税率向您征税，扣除某些扣除项和抵免额。若您为公司类非美国持有人，您收到的与您在美国开展贸易或业务有实际关联的股息还可能须缴纳分支机构利润税，税率为 30% 或美国与您居住国之间适用的所得税条约可能规定的较低税率。您应结合自身具体情况，就税收条约的适用咨询您的税务顾问。

Dividends received by you that are effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, that are attributable to a permanent establishment or fixed base maintained by you in the United States) are generally exempt from such withholding tax, subject to the discussions below on backup withholding and FATCA (as defined below) withholding. To obtain this exemption, you must provide us with an IRS Form W-8ECI, including any required attachments and your taxpayer identification number, certifying qualification for the exemption. Additionally, you will be required to update such forms and certifications from time to time as required by law. Such effectively connected dividends, although not subject to U.S. federal withholding tax, are includable on your U.S. federal income tax return and taxed to you at the same rates applicable to U.S. persons, net of certain deductions and credits. If you are a corporate non-U.S. holder, dividends you receive that are effectively connected with your conduct of a U.S. trade or business may also be subject to a branch profits tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty between the United States and your country of residence. You should consult your tax advisor regarding the application of tax treaties in light of your particular circumstances.

处置本公司 A 类普通股的收益 Gain on Disposition of Our Class A Common Stock

除下文“—备用预扣税与信息申报”及“—FATCA”各节另有说明外，您就出售或以其他方式处置我们 A 类普通股所实现的任何收益，通常无需缴纳美国联邦所得税，除非：

Except as otherwise described below in the sections titled “—Backup Withholding and Information Reporting,” and “—FATCA,” you will generally not be subject to U.S. federal income tax on any gain realized upon the sale or other disposition of our Class A common stock unless:

- 该收益与您在美国开展的贸易或业务存在有效关联（且如适用所得税条约有要求，该收益归属于您在美国维持的常设机构或固定基地）；

- the gain is effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, the gain is attributable to a permanent establishment or fixed base maintained by you in the United States);

- 您为非居民外籍个人，在发生出售或其他处置的日历年内，在美国停留的期间累计达到 183 天或以上，且满足某些其他条件；或

- you are a non-resident alien individual who is present in the United States for a period or periods aggregating 183 days or more during the calendar year in which the sale or other disposition occurs and certain other conditions are met; or

- 由于我们在美国联邦所得税目的下属于“美国不动产控股公司”（“USRPHC”），我们的 A 类普通股构成美国不动产权益，且该认定发生在您处置我们 A 类普通股之前的五年期间或您持有我们 A 类普通股的持有期（以较短者为准）内的任何时点，并且，在我们 A 类普通股于成熟证券市场定期交易的情况下，您在上述期间内的任何时点拥有或被视同拥有超过 5%的我们 A 类普通股。

- our Class A common stock constitutes a United States real property interest by reason of our status as a “United States real property holding corporation” (“USRPHC”) for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding your disposition of, or your holding period for, our Class A common stock, and, in the case where shares of our Class A common stock are regularly traded on an established securities market, you own, or are treated as owning, more than 5% of our Class A common stock at any time during the foregoing period.

一般而言，如果一家公司的美国不动产权益的公允市场价值等于或超过其全球财产权益的公允市场价值与其用于或持有用于贸易或业务的其他资产之和的 50%（均按美国联邦所得税目的确定），则该公司为 USRPHC。我们认为，我们目前不是、将来也不会成为美国联邦所得税目的下的 USRPHC，本讨论的其余部分亦作此假设，但对此无法作出保证。如果我们是或将成为 USRPHC，建议您就由此可能对您产生的后果咨询您自己的税务顾问。

Generally, a corporation is a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide property interests and its other assets used or held for use in a trade or business (all as determined for U.S. federal income tax purposes). We believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion so assumes, although, there can be no assurance in this regard. You are encouraged to consult your own tax advisor regarding the possible consequences to you if we are, or were to become, a USRPHC.

如果您属于上述第一项所述的非美国持有人，您通常需按美国联邦所得税常规累进税率就出售所得净收益缴纳美国联邦所得税；如果您属于上述第一项所述的公司型非美国持有人，您还可能需按 30%的税率缴纳分支机构利润税，除非美国与您居住国之间的适用所得税条约另有规定。如果您属于上述第二项所述的非美国持有人，您通常需就出售或以其他方式处置我们股票所实现的收益按 30%的税率（或美国与您居住国之间的适用所得税条约规定的较低税率）缴纳美国联邦所得税，该收益可用某些美国来源的资本损失予以抵销（前提是您已就此类损失及时申报美国联邦所得税申报表）。您应根据自身具体情况就税收条约的适用问题咨询您的税务顾问。

If you are a non-U.S. holder described in the first bullet above, you will generally be subject to U.S. federal income tax on the net gain derived from the sale under regular graduated U.S. federal income tax rates, and if you are a corporate non-U.S. holder described in the first bullet above, you also may be subject to the branch profits tax at a 30% rate, in each case unless otherwise provided by an applicable income tax treaty between the United States and your country of residence. If you are a non-U.S. holder described in the second bullet above, you will generally be subject to U.S. federal income tax at a 30% rate (or such lower rate specified by an applicable income tax treaty between the United States and your country of residence) on the gain derived from the sale or other disposition of our stock, which gain may be offset by certain U.S. source capital losses (provided you have timely filed U.S. federal income tax returns with respect to such losses). You should consult your tax advisor regarding the application of tax treaties in light of your particular circumstances.

备用预扣税与信息申报 Backup Withholding and Information Reporting

一般而言，我们必须每年向 IRS 报告向您支付的股息金额、您的姓名和地址以及预扣税款金额（如有）。类似报告也将发送给您。根据适用的所得税条约或其他协议，IRS 可能会向您居住国的税务机关提供这些报告。

Generally, we must report annually to the IRS the amount of dividends paid to you, your name and address, and the amount of tax withheld, if any. A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in your country of residence.

向您支付的 A 类普通股股息，或出售或以其他方式处置 A 类普通股所得款项，可能须遵守信息申报和备用预扣（目前税率为 24%），除非您确立豁免，例如通过在 IRS Form W-8BEN、IRS Form W-8BEN-E 或其他适当版本的 IRS Form W-8 上正确证明您的非美国身份。在某些情况下，向适用预扣代理人提供的任何文件可能需要更新。

Payments of dividends on or of proceeds from the sale or other disposition of our Class A common stock made to you may be subject to information reporting and backup withholding (currently at a rate of 24%) unless you establish an exemption, for example, by properly certifying your non-U.S. status on an IRS Form W-8BEN, IRS Form W-8BEN-E, or another appropriate version of IRS Form W-8. Any documentation provided to an applicable withholding agent may need to be updated in certain circumstances.

信息申报和备用预扣通常适用于由任何经纪商（美国或外国）的美国办事处或通过其美国办事处进行的、您出售或以其他方式处置我们 A 类普通股的所得款项，除非您证明您作为非美国持有人的身份并满足某些其他要求，或以其他方式确立豁免。一般而言，如果交易是通过外国经纪商在美国境外进行的，信息申报和备用预扣将不适用于向您支付的出售或以其他方式处置我们股票的所得款项。然而，就信息申报而言，通过拥有大量美国所有权或业务运营的经纪商的非美国办事处进行的销售或其他处置，通常将以类似于通过经纪商美国办事处进行的销售或其他处置的方式处理。尽管有上述规定，如果我们或我们的付款代理人实际知悉或有理由知悉您是美国人，则备用预扣和信息申报可能适用。您应根据您的具体情况，就信息申报和备用预扣规则的适用咨询您自己的税务顾问。

Information reporting and backup withholding will generally apply to the proceeds of a sale or other disposition by you of our Class A common stock effected by or through the U.S. office of any broker, U.S. or foreign, unless you certify your status as a non-U.S. holder and satisfy certain other requirements, or otherwise establish an exemption. Generally, information reporting and backup withholding will not apply to a payment of the proceeds from a sale or other disposition of our stock to you where the transaction is effected outside the United States through a foreign broker. However, for information reporting purposes, sales or other dispositions effected through a non-U.S. office of a broker with substantial U.S. ownership or operations will generally be treated in a manner similar to sales or other dispositions effected through a U.S. office of a broker. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a U.S. person. You should consult your own tax advisors regarding the application of the information reporting and backup withholding rules in light of your particular circumstances.

备用预扣不是额外税款。相反，须遵守备用预扣的个人的美国联邦所得税负债将减去预扣的税款金额。如果预扣导致税款多缴，通常可以从 IRS 获得退款或抵免，前提是及时向 IRS 提供所需信息。

Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

FATCA FATCA

《税法》第 1471 条至第 1474 条以及据此发布的财政部条例和行政指引（统称“FATCA”）通常对向我们 A 类普通股支付的股息，以及（在受限于下文讨论的某些拟议财政部条例的前提下）出售或以其他方式处置我们 A 类普通股所得的毛收入，按 30%的税率征收美国联邦预提税，前提是收款方为“外国金融机构”（《税法》所定义），除非财政部长另有规定，或该机构与美国政府签订协议，约定对某些付款进行预提，并向美国税务机关收集和提供有关该机构美国账户持有人的大量信息（该等持有人包括该机构的某些股权和债务持有人，以及某些由美国所有者拥有的非美国实体账户持有人），或另行确立豁免。FATCA 通常还对向我们 A 类普通股支付的股息，以及（在受限于下文讨论的某些拟议财政部条例的前提下）出售或以其他方式处置我们 A 类普通股所得的毛收入，按 30%的税率征收美国联邦预提税，前提是收款方为“非金融外国实体”（《税法》所定义），除非财政部长另有规定，或该实体向预提代理人提供证明，列明该实体某些直接和间接“美国重大所有者”（《税法》所定义）的身份及相关信息，证明其没有任何该等美国重大所有者，或另行确立并证明豁免。FATCA 项下的预提规定通常适用于我们 A 类普通股的股息。财政部长已发布拟议条例，规定 FATCA 项下的预提规定不适用于出售或以其他方式处置我们 A 类普通股所得的毛收入，纳税人在最终条例发布前可依赖该拟议条例。美国与您税务居民所在国之间的政府间协议可能会修改本段所述的要求。您应就 FATCA 对您投资我们 A 类普通股可能产生的影响咨询您自己的税务顾问。

Sections 1471 through 1474 of the Code, and the Treasury regulations and administrative guidance issued thereunder (collectively, “FATCA”), generally impose a U.S. federal withholding tax at a rate of 30% on dividends on and, subject to certain proposed Treasury regulations discussed below, the gross proceeds from a sale or other disposition of our Class A common stock if paid to a “foreign financial institution” (as defined in the Code), unless otherwise provided by the Treasury Secretary or such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding the U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are non-U.S. entities with U.S. owners) or otherwise establishes an exemption. FATCA also generally imposes a U.S. federal withholding tax of 30% on dividends paid on and, subject to certain proposed Treasury regulations discussed below, the gross proceeds from a sale or other disposition of our Class A common stock if paid to a “non-financial foreign entity” (as defined in the Code) unless otherwise provided by the Treasury Secretary or such entity provides the withholding agent with a certification identifying, and information with respect to certain direct and indirect “substantial United States owners” (as defined in the Code) of the entity, certifies that it does not have any such substantial United States owners or otherwise establishes and certifies to an exemption. The withholding provisions under FATCA generally apply to dividends on our Class A common stock. The Treasury Secretary has issued proposed regulations providing that the withholding provisions under FATCA do not apply with respect to the gross proceeds from a sale or other disposition of our Class A common stock, which may be relied upon by taxpayers until final regulations are issued. An intergovernmental agreement between the United States and your country of tax residence may modify the requirements described in this paragraph. You should consult your own tax advisors regarding the possible implications of FATCA on your investment in our Class A common stock.

**上述讨论仅供参考，不构成税务建议。每位潜在投资者应就购买、持有和处置我们 A 类普通股所涉及的特定美国联邦、州和地方及非美国税务后果，包括适用法律任何拟议变更的后果，咨询其自己的税务顾问。**

**This preceding discussion is for informational purposes only and is not tax advice. Each prospective investor should consult its own tax advisor regarding the particular U.S. federal, state, and local and non-U.S. tax consequences of purchasing, holding, and disposing of our Class A common stock, including the consequences of any proposed change in applicable laws.**

承销 Underwriting

我们、出售股东以及下列承销商将就本次发行的 A 类普通股签订承销协议。在满足若干条件的前提下，各承销商将分别同意购买下表所列的 A 类普通股股数。Goldman Sachs & Co. LLC 与 Morgan Stanley & Co. LLC 为承销商代表（“代表”）。

We, the selling stockholders, and the underwriters named below will enter into an underwriting agreement with respect to the shares of Class A common stock being offered. Subject to certain conditions, each underwriter will severally agree to purchase the number of shares of Class A common stock indicated in the following table. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters (“representatives”).

A 类普通股承销商 股票 Goldman Sachs & Co. LLC Morgan Stanley & Co. LLC J.P. Morgan Securities LLC Citigroup Global Markets Inc. Barclays Capital Inc. 与 Barclays Bank PLC Wells Fargo Securities, LLC BofA Securities, Inc. Deutsche Bank Securities Inc. RBC Capital Markets, LLC UBS Securities LLC BMO Capital Markets Corp. BNP Paribas Securities Corp. Credit Agricole Securities (USA) Inc. Jefferies LLC Mizuho Securities USA LLC MUFG Securities Americas Inc. SG Americas Securities, LLC TD Securities (USA) LLC BTIG, LLC Cantor Fitzgerald & Co. Capital One Securities, Inc. Macquarie Capital (USA) Inc. 合计

Underwriters of Class A Common Stock Goldman Sachs & Co. LLC Morgan Stanley & Co. LLC J.P. Morgan Securities LLC Citigroup Global Markets Inc. Barclays Capital Inc. and Barclays Bank PLC Wells Fargo Securities, LLC BofA Securities, Inc. Deutsche Bank Securities Inc. RBC Capital Markets, LLC UBS Securities LLC BMO Capital Markets Corp. BNP Paribas Securities Corp. Credit Agricole Securities (USA) Inc. Jefferies LLC Mizuho Securities USA LLC MUFG Securities Americas Inc. SG Americas Securities, LLC TD Securities (USA) LLC BTIG, LLC Cantor Fitzgerald & Co. Capital One Securities, Inc. Macquarie Capital (USA) Inc. Total

承销商承诺，只要其购买任何股份，即购买并支付本次发行的全部股份，但下文所述选择权所涵盖的股份除外，除非且直至该选择权被行使。

The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

我们将授予承销商一项选择权，自本招股说明书之日起 30 天内可行使，以按本招股说明书封面所列公开发行价格（扣除承销折扣和佣金）额外购买最多[__]股 A 类普通股。承销商仅可为覆盖与本招股说明书所发行普通股相关的超额配售（如有）之目的行使该选择权。如根据该选择权购买任何股份，各承销商将按上表所列大致相同的比例分别购买股份。承销商预计向全权委托账户的销售不会超过所发行 A 类普通股总股数的百分之五。

We will grant to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to an additional [__] shares of Class A common stock at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering of the shares of common stock offered by this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above. The underwriters do not expect sales to discretionary accounts to exceed five percent of the total number of shares of Class A common stock offered.

下表列示了我们将由我们及出售股东向承销商支付的每股及合计承销折扣和佣金。该等金额分别按未行使和全额行使承销商购买[__]股额外 A 类普通股的选择权两种情形列示。

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us and the selling stockholders. Such amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase [__] additional shares of Class A common stock.

由我们支付 Paid by us

未行使 每股 · $$ 合计 · $$

No Exercise Per Share · $$ Total · $$

由出售股东支付 Paid by the selling stockholders

无行权价 每股 · $$ 合计 · $$

No Exercise Per Share · $$ Total · $$

承销商向公众出售的 A 类普通股将按本招股说明书封面所载的首次公开发行价格初步发售。承销商向证券交易商出售的任何股份，可按较首次公开发行价格每股不超过 $[__] 的折扣出售。在股份首次发售后，承销商代表可变更发行价格及其他销售条款。承销商发售股份须以收到并接受认购为前提，并受承销商全部或部分拒绝任何订单的权利约束。

Shares of Class A common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $ [__] per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters’ right to reject any order in whole or in part.

锁定期与市场禁售协议 Lock-Up and Market Standoff Agreements

我们的董事、高级管理人员以及几乎全部股本和可转换为股本或可行使或可交换为股本的证券的持有人已与我们签订市场禁售协议，根据该协议，除某些例外情况外，在本招股说明书日期后的 180 天内，未经我们事先书面同意，他们不会出售、进行任何卖空、出借、授予任何购买期权或以其他方式处置我们的任何证券，包括因该等证券的转换、行使、交换、重新分类或替换而发行或可发行的证券。承销商已要求这些市场禁售条款适用于本次发行，我们已在与承销商签订的承销协议中同意，在本招股说明书日期后最长 180 天的期间内执行这些市场禁售条款及类似限制，且未经代表事先书面同意，不会修改或豁免任何此类限制，但为允许以下所述锁定期协议条款下允许的证券转让（定义见下文）而对该等限制进行的任何修改或豁免除外。该等执行市场禁售条款的协议不适用于将受限于本招股说明书日期后超过 180 天锁定期的股份。

Our 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. The underwriters have requested that these market standoff provisions apply in connection with this offering, and we have agreed in the underwriting agreement with the underwriters to enforce these market standoff provisions and similar restrictions during the period of up to 180 days after the date of this prospectus and not amend or waive any such restrictions without the prior written consent of the representatives, except any amendment or waiver of such restrictions to permit a Transfer (as defined below) of securities that would be permissible under the terms of a lock-up agreement as described below. This agreement to enforce these market standoff provisions does not apply to shares that would be subject to a lock-up period extending beyond 180 days after the date of this prospectus.

我们已与承销商达成一致，自本招股说明书之日起至下列较早发生之日止的期间内：(x) 在我们公开发布截至 2027 年 3 月 31 日财季的季度财务业绩（就此而言，不包括“快报”数字或初步、部分盈利数据）后第二个完整交易日的美国东部时间上午 6:00（该公开发布之日，即“第一季度业绩发布日”），或 (y) 本招股说明书之日后第 180 个交易日收盘后立即（“第 180 日”）（该期间，即“公司锁定期”），未经代表承销商行事的代表事先书面同意，除特定例外情形外，我们不会 (a) 直接或间接地要约、出售、订立出售合同、质押、授予任何购买选择权、进行任何卖空，或以其他方式转让或处置，或就我们的任何 A 类普通股或与我们的 A 类普通股实质相似的其他证券（包括但不限于购买我们的 A 类普通股的任何选择权或认股权证，或可转换为或可交换为 A 类普通股股份、或代表有权获得 A 类普通股股份的任何证券（包括我们的 N 类普通股）或任何该等实质相似的证券，以及因行使、转换或交换前述任何证券而可发行的任何 A 类普通股股份）向 SEC 提交或保密提交《证券法》项下的注册声明，或公开披露进行任何要约、出售、质押、处置或提交文件的意图，或 (b) 订立任何互换或其他协议，全部或部分转移我们任何 A 类普通股或任何该等其他证券所有权的任何经济后果，无论上述 (a) 或 (b) 项所述的任何该等交易是以交付我们的 A 类普通股股份或该等其他证券、现金或其他方式结算，或公开披露订立任何该等股权互换或转让安排的意图。

We have agreed with the underwriters that during the period beginning the date of this prospectus and ending upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the fiscal quarter ending March 31, 2027 (the date of such public release, the “Q1 Earnings Release Date”) or (y) immediately after the close of the trading day on the 180th day after the date of this prospectus (the “180th Day”) (such period, the “company lock-up period”), without the prior written consent of the representatives, on behalf of the underwriters, subject to certain exceptions, we will not (a) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the SEC a registration statement under the Securities Act relating to, any shares of our Class A common stock or other securities substantially similar to our Class A common stock, including but not limited to any options or warrants to purchase shares of our Class A common stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, shares of Class A common stock (including our Class N common stock) or any such substantially similar securities, and any shares of Class A common stock issuable upon exercise, conversion, or exchange of any of the foregoing, or publicly disclose the intention to make any offer, sale, pledge, disposition, or filing, or (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of any of our Class A common stock or any such other securities, whether any such transaction described in (a) or (b) above is to be settled by delivery of shares of our Class A common stock or such other securities, in cash, or otherwise, or publicly disclose the intention to enter into any such equity swap or transfer arrangement.

上述限制不适用于：(a) 本次发行中出售的股份；(b) 我们因行使（包括任何净额行使）本招股说明书日期已发行并在本招股说明书中列明的期权或认股权证、限制性股票单位或类似股权奖励的归属与结算（包括任何净额结算），或证券的重分类、交换或转换而发行普通股；(c) 我们根据本招股说明书所述员工福利计划向员工、高级管理人员、董事、顾问或咨询人授予或发行，或由其行使或结算（以现金、我们普通股股份或其他方式）期权、股票增值权、限制性股票奖励、限制性股票单位、业绩股票奖励或任何其他类型的股权奖励或安排，或我们根据本招股说明书所述员工购股计划发行普通股；(d) 我们就根据本招股说明书所述任何员工福利计划或员工购股计划已授予或拟授予的证券向 SEC 提交一份或多份 S-8 表格注册声明或任何后续表格；(e) 代表我们的股东、员工、高级管理人员或董事，根据《交易法》第 10b5-1 条规则，为转让我们的普通股股份而协助设立或修订交易计划；但前提是 (i) 该计划未规定在公司锁定期内转让我们的普通股（除非锁定期协议条款另有允许），且 (ii) 若我们就该计划的设立或修订须根据《交易法》进行公告或备案（如有），或我们自愿作出该等公告或备案，则该公告或备案应包含一项声明，说明在该股东、员工、高级管理人员或董事受约束的任何锁定期内，不得根据该计划转让我们的普通股；(f) 代表我们的员工协助出售我们的普通股，以支付该员工股权奖励根据本招股说明书所述员工福利计划归属、行使或结算时应缴纳的预扣税；(g) 我们任何类别或系列股本交换或转换为任何其他类别或系列股本（或某一类别或系列股份成为另一类别或系列股份的其他方式）；(h) 我们发行可转换票据，或在转换根据本招股说明书所述票据购买协议已发行或可发行的可转换票据或 N 类普通股时发行普通股股份；(i) 我们因慈善捐赠或根据本招股说明书所述捐赠配捐计划发行普通股股份；(j) 就本招股说明书所述任何注册权的行使提交保密注册声明及任何相关准备工作，但前提是该等提交或准备工作不要求或不会导致在公司锁定期内由我们或任何第三方公开向 SEC 提交注册声明或就该拟议注册作出任何其他公开公告（且我们或任何第三方不得在公司锁定期内自愿作出或采取任何该等提交、公开公告或活动），并进一步前提是我们在作出任何该等提交前必须通知本次发行的承销商；(k) 发行本招股说明书所述 F 类普通股和 E 类普通股股份；(l) 我们在与本招股说明书所述本次发行同时进行的任何私募中发行普通股股份；以及 (m) 就收购任何人的股权或资产、我们或我们的子公司以任何方式收购任何许可、使用权、业务、财产、资产、产品、技术或人员（通过一项或一系列交易，无论是通过合并、股份或股权购买、资产购买或其他方式），包括根据我们就该交易承接的员工福利计划，或就合资企业、商业关系或其他战略或合作公司交易或联盟，出售、交换或发行我们的普通股或可转换为我们的普通股或可行使或可交换为我们的普通股的任何证券（包括但不限于期权、限制性股票、限制性股票单位或认股权证），或就此签订出售、交换或发行协议，或就此作出任何公告或提交注册声明。

These restrictions do not apply to: (a) the shares sold in this offering, (b) the issuance by us of our common stock upon the exercise (including any net exercise) of an option or warrant, the vesting and settlement (including any net settlement) of restricted stock units or similar equity awards, or the reclassification, exchange, or conversion of a security, in each case outstanding on the date of this prospectus and identified herein, (c) the grant or issuance by us, or exercise or settlement (in cash, shares of our common stock, or otherwise), of options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock awards, or any other type of equity award or arrangement to our employees, officers, directors, advisors, or consultants pursuant to our employee benefit plans described herein or the issuance by us of our common stock pursuant to our employee stock purchase plan described herein, (d) the filing by us of one or more registration statements with the SEC on Form S-8 or any successor form thereto with respect to securities granted or to be granted pursuant to any of our employee benefit plans or the employee stock purchase plan described herein, (e) facilitating the establishment or amendment of a trading plan on behalf of our stockholders, employees, officers, or directors pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock; provided that (i) such plan does not provide for the transfer of our common stock during the company lock-up period (except to the extent otherwise allowed pursuant to the terms of a lock-up agreement) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of, or voluntarily made by, us regarding the establishment or amendment of such plan, such announcement or filing shall include a statement to the effect that no transfer of our common stock may be made under such plan during any lock-up period to which such stockholder, employee, officer, or director is bound, (f) facilitating sales of our common stock on behalf of our employees to satisfy the withholding taxes payable upon the vesting, exercise, or settlement of such employee’s equity awards pursuant to our employee benefit plans described herein, (g) the exchange or conversion (or other means by which shares of one class or series become another class or series) of any class or series of our capital stock for any other class or series of our capital stock, (h) the issuance by us of convertible notes or shares of common stock upon the conversion of convertible notes or Class N common stock issued or issuable under the note purchase agreements described herein, (i) the issuance by us of shares of common stock in connection with charitable donations or pursuant to our donation matching program as described herein, (j) the submission of a confidential registration statement in connection with the exercise of any registration rights described herein and any preparations related thereto, provided that such submission or preparations do not require or result in the public filing of a registration statement with the SEC or any other public announcement of such proposed registration by us or any third party during the company lock-up period (and no such filing, public announcement, or activity shall be voluntarily made or taken by us or any third party during the company lock-up period), and provided further that we must notify the underwriters in this offering prior to making any such submission, (k) the issuance of shares of Class F common stock and Class E common stock as described herein, (l) the issuance by us of shares of common stock in any private placement concurrent with this offering as described herein, and (m) the sale, exchange, or issuance of, or entry into an agreement to sell, exchange, or issue, our common stock or any securities convertible into or exercisable or exchangeable for our common stock (including, without limitation, options, restricted stock, restricted stock units, or warrants) in connection with any acquisition of the equity interests or assets of any person, the acquisition by us or our subsidiaries by any means of any license, right to use, business, properties, assets, products, technologies, or person, in one or a series of transactions (whether by means of merger, stock or equity purchase, asset purchase, or otherwise), including pursuant to an employee benefit plan assumed by us in connection with such transaction, or in connection with joint ventures, commercial relationships or other strategic or collaborative corporate transactions or alliances, or any announcement or filing of a registration statement related thereto.

除市场禁售协议外，我们的创始人、董事和高级管理人员、部分现任和前任员工及顾问，以及部分其他股东（包括在本发行前持有我们完全稀释股份超过 0.5% 的部分股东）已签署锁定期协议，使其在本发行中受到转让限制（定义见下文）。签署锁定期协议的持有人在本发行前立即持有我们约 [__]% 的完全稀释股份。就本锁定期协议描述而言，凡提及我们的“普通股”，均指我们的 A 类普通股和 N 类普通股。根据该等锁定期协议，未经承销商代表事先书面同意，该等锁定方不得（亦不得促使其任何关联方或指示其任何关联方）：(a) 要约、出售、订立出售合同、质押、授予任何购买期权、权利或认股权证、购买任何出售期权或合同、出借或以其他方式转让或处置我们普通股的任何股份、购买我们普通股任何股份的任何期权或认股权证，或任何可转换为、可交换为或代表有权收取我们普通股股份的证券（该等普通股股份、期权、权利、认股权证或其他证券，以及因行使、转换或交换前述任何证券而可发行的任何普通股股份，统称“锁定证券”），包括但不限于该锁定方目前拥有或此后获得的任何该等锁定证券；(b) 进行任何对冲或其他交易或安排（包括但不限于任何卖空，或购买或出售、或订立任何看跌或看涨期权，或其任何组合、远期、掉期或任何其他衍生交易或工具，无论其如何描述或定义），该等交易或安排旨在或合理预期会导致或产生对任何锁定证券的全部或部分所有权经济权益的出售、借贷、质押或其他处置（无论由该锁定方或该锁定方以外的他人进行）或转让，无论任何该等交易或安排（或其项下规定的工具）是否将通过交付我们普通股或该等其他证券、现金或其他方式结算（就本节而言，任何该等出售、借贷、质押或其他处置或经济权益转让，均称为“转让”）；(c) 就任何锁定证券的登记提出任何要求或行使任何权利；或 (d) 以其他方式公开宣布任何从事或促使采取上述 (a)、(b) 或 (c) 项所述任何行动、活动、交易或安排的意图；但若锁定方为创始人，且该等行动、活动、交易或安排根据锁定期协议另行获准，则该创始人可在向承销商代表和我们发出三个营业日事先书面通知后公开宣布该等行动、活动、交易或安排。对锁定证券的转让限制不适用于：

In addition to the market standoff agreements, our founders, directors, and officers, certain of our current and former employees and consultants, and certain of our other stockholders (including certain stockholders holding more than 0.5% of our fully diluted shares prior to this offering) have executed lock-up agreements that subject them to restrictions on Transfer (as defined below) in connection with this offering. The holders that executed lock-up agreements held approximately [__] % of our fully diluted shares immediately prior to this offering. For purposes of this description of the lock-up agreements, references to our “common stock” refer to our Class A common stock and Class N common stock. Pursuant to these lock-up agreements, such lock-up parties may not (and may not cause or direct any of their affiliates to), without the prior written consent of the representatives, on behalf of the underwriters: (a) offer, sell, contract to sell, pledge, grant any option, right, or warrant to purchase, purchase any option or contract to sell, lend, or otherwise transfer or dispose of any shares of our common stock, any options or warrants to purchase any shares of our common stock, or any securities convertible into, exchangeable for, or that represent the right to receive shares of our common stock (such shares of our common stock, options, rights, warrants, or other securities, and any shares of common stock issuable upon exercise, conversion, or exchange of any of the foregoing, collectively, the “lock-up securities”), including without limitation any such lock-up securities now owned or hereafter acquired by such lock-up party, (b) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale, or the purchase or sale of, or entry into, any put or call option, or any combination thereof, forward, swap, or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge, or other disposition (whether by such lock-up party or someone other than such lock-up party) or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any lock-up securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of our common stock or such other securities, in cash, or otherwise (for purposes of this section, any such sale, loan, pledge, or other disposition or transfer of economic consequences, a “Transfer”), (c) make any demand for or exercise any right with respect to the registration of any lock-up securities, or (d) otherwise publicly announce any intention to engage in or cause any action, activity, transaction, or arrangement described in clauses (a), (b), or (c) above; provided, however, in the case where the lock-up party is a founder, if such action, activity, transaction, or arrangement is otherwise permitted under the lock-up agreement, such founder may publicly announce such action, activity, transaction, or arrangement upon three business days prior written notice to the representatives and us. The restrictions on Transfer of the lock-up securities do not apply to the:

a. [__] 锁定期方转让锁定证券：(i) 因遗嘱、遗嘱文件或无遗嘱继承而在死亡时转让；(ii) 若锁定期方为自然人，可转让给锁定期方的任何直系亲属、其他受抚养人，或为锁定期方或锁定期方直系亲属或其他受抚养人的直接或间接利益而设立的信托、公司、合伙企业、有限责任公司或其他实体，或就我们的创始人而言，可转让给任何慈善组织，或者，若锁定期方为信托，可转让给该信托的委托人、受托人或受益人，或该信托的委托人、受托人或受益人的遗产；(iii) 转让给锁定期方及锁定期方直系亲属为全部已发行股权证券或类似权益的法定和实益拥有人的公司、合伙企业、有限责任公司或其他实体；(iv) 转让给根据上文第 (a)(i) 至 (iii) 条允许进行处置或转让的人或实体的代名人或托管人；(v) 若锁定期方为公司、合伙企业、有限责任公司、信托或其他商业实体，(A) 转让给作为锁定期方关联方的另一公司、合伙企业、有限责任公司、信托或其他商业实体，或转让给任何投资基金或其他实体，该基金或实体控制、受控于、管理、受管理于、提供咨询或接受咨询、提供次级咨询或接受次级咨询，或以其他方式与锁定期方或锁定期方的关联方处于共同控制之下，或 (B) 作为锁定期方向其股东、现任或前任合伙人、成员、经理、受益人或其他股权持有人，或向其关联方的该等股东、合伙人、成员、经理、受益人或其他股权持有人的遗产进行分配、转让或其他处置的一部分；(vi) 依法律运作而转让，例如依据合格家庭关系令、离婚和解协议、离婚判决、分居协议或法院或监管机构的其他命令；(vii) 在我们或我们任何直接或间接子公司的任何员工或服务提供者死亡、丧失工作能力或终止雇佣（包括主动辞职）时，由该员工或服务提供者向我们转让；(viii) 若锁定期方并非我们的高级管理人员或董事，则与转让锁定期方通过以下方式取得的普通股股份有关：(A) 在本发行中从承销商处取得，或 (B) 在本发行交割日之后在公开市场交易中取得；(ix) 与锁定期方依据就本发行拟订立的承销协议向承销商出售 A 类普通股股份有关；(x) 向我们转让，以配合限制性股票单位、期权、认股权证、交换权、转换权或其他购买或以其他方式取得普通股股份的权利的归属、结算或行使（在每种情况下包括通过“净额”或“无现金”行使、结算或类似程序），该等权利已归属、将归属或计划在适用的锁定期内到期或自动归属，包括为履行因该等限制性股票单位、期权、认股权证、交换权、转换权或其他权利的授予、归属、结算或行使而产生的任何纳税义务（包括预扣税和预估纳税义务）或应缴汇款而向我们进行的任何转让，或与可转换证券的转换有关的转让，本第 (x) 条的所有此类情形均依据股票激励计划、长期激励计划或其他股权奖励计划或安排授予的股权奖励，或依据可转换或可交换证券的条款（如适用），均如本文所述，但锁定期方在此类归属、结算、行使或转换时收到的任何证券必须受锁定期协议条款的约束；(xi) 在锁定期方为创始人、董事、高级管理人员或现任或前任员工或顾问的情况下，通过“卖出补足”或类似的公开市场交易产生该等金额的现金，以履行因限制性股票单位、期权、认股权证、交换权、转换权或其他权利的授予、归属、结算或行使，或与可转换证券或其他权利的转换有关的任何行权价或纳税义务（包括预扣税和预估纳税义务）或应付款项（包括预付款项），本第 (xi) 条的所有此类情形均依据股票激励计划、长期激励计划或其他股权奖励计划或安排授予的股权奖励，均如本文所述，但锁定期方在实施本条规定后保留的任何证券必须受锁定期协议条款的约束；(xii) 转让给任何第三方质权人，作为善意交易中的抵押品，以担保该第三方（或其关联方或指定人）与锁定期方和/或其关联方之间的贷款或类似融资安排项下的义务，或者在锁定期方为创始人的情况下，转让给其遗产规划工具，或在其他情况下与锁定期方和/或其关联方或遗产规划工具（如适用）为允许该质权人通过出售、转让、挪用或以其他方式处置锁定证券来强制执行其在该安排项下的担保权益而采取的任何行动有关，但该安排不得是为导致或合理预期会导致对锁定证券所有权的任何经济后果进行处置或转让而设计的对冲交易或安排（包括任何卖空、看跌期权、看涨期权、远期、互换、预付可变远期或其他衍生工具，无论其如何描述或定义），且不得是实施此类对冲的计划的一部分；或 (xiii) 作为一项或多项善意赠与或慈善捐赠（锁定期方为并非创始人、董事或高级管理人员的现任或前任员工或顾问的情形除外），或者在锁定期方为创始人的情况下，为善意的遗产规划目的而转让；

a. [__] Transfer by the lock-up party of the lock-up securities: (i) upon death by will, testamentary document, or intestate succession, (ii) if the lock-up party is a natural person, to any member of the lock-up party’s immediate family, to other dependents, or to any trust, corporation, partnership, limited liability company, or other entity for the direct or indirect benefit of the lock-up party or the immediate family or other dependents of the lock-up party, or, in the case of our founders, any philanthropic organization, or, if the lock-up party is a trust, to a trustor, trustee, or beneficiary of the trust, or the estate of a trustor, trustee, or beneficiary of such trust, (iii) to a corporation, partnership, limited liability company, or other entity of which the lock-up party and the immediate family of the lock-up party are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (iv) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a)(i) through (iii) above, (v) if the lock-up party is a corporation, partnership, limited liability company, trust, or other business entity, (A) to another corporation, partnership, limited liability company, trust, or other business entity that is an affiliate of the lock-up party, or to any investment fund or other entity, which fund or entity controls, is controlled by, manages, or is managed by, advises or is advised by, sub-advises or is sub-advised by, or is otherwise under common control with the lock-up party or affiliates of the lock-up party, or (B) as part of a distribution, transfer, or other disposition by the lock-up party to its stockholders, current or former partners, members, managers, beneficiaries, or other equityholders of the lock-up party or its affiliates, or to the estate of any such stockholders, partners, members, managers, beneficiaries, or other equityholders, (vi) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement, or other order of a court or regulatory agency, (vii) to us from any employee or service provider of ours or any of our direct or indirect subsidiaries upon death, disability, or termination of employment (including voluntary resignation), in each case, of such employee or service provider, (viii) if the lock-up party is not our officer or director, in connection with a Transfer of the lock-up party’s shares of common stock acquired (A) from the underwriters in this offering, or (B) in open market transactions after the closing date of this offering, (ix) in connection with any sales of shares of Class A common stock by the lock-up party to the underwriters pursuant to the underwriting agreement to be entered into in connection with this offering, (x) to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants, exchange, conversion, or other rights to purchase or otherwise acquire shares of common stock (including, in each case, by way of “net” or “cashless” exercise, settlement, or similar procedure) that are vested, vest, or are scheduled to expire or automatically vest during the applicable lock-up period, including any transfer to us for the purpose of satisfying any tax obligations (including withholdings and estimated tax obligations) or remittance payments due as a result of the grant, vesting, settlement, or exercise of such restricted stock units, options, warrants, exchange, conversion, or other rights, or in connection with the conversion of convertible securities, in all such cases of this clause (x) pursuant to equity awards granted under a stock incentive plan, long-term incentive plan, or other equity award plan or arrangement, or pursuant to the terms of convertible or exchangeable securities, as applicable, each as described herein, provided that any securities received by the lock-up party upon such vesting, settlement, exercise, or conversion must be subject to the terms of a lock-up agreement, (xi) in the case where the lock-up party is a founder, director, officer, or a current or former employee or consultant, in “sell to cover” or similar open market transactions to generate such amount of cash to satisfy any exercise price or tax obligations (including withholdings and estimated tax obligations) or payments (including estimated payments) due as a result of the grant, vesting, settlement, or exercise of restricted stock units, options, warrants, exchange, conversion, or other rights, or in connection with the conversion of convertible securities or other rights, in all such cases of this clause (xi) pursuant to equity awards granted under a stock incentive plan, long-term incentive plan, or other equity award plan or arrangement, each as described herein, provided that any securities retained by the lock-up party after giving effect to this provision must be subject to the terms of a lock-up agreement, (xii) to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to a lending or similar financing arrangement between such third party (or its affiliates or designees) and the lock-up party and/or its affiliates, or in the case where the lock-up party is a founder, its estate planning vehicles, or otherwise in connection with any action by the lock-up party and/or its affiliates or estate planning vehicles, as applicable, to permit such pledgee to enforce its security interest under such arrangement by selling, transferring, appropriating, or otherwise disposing of the lock-up securities, provided that such arrangement is not a hedging transaction or arrangement (including any short sale, put, call, forward, swap, prepaid variable forward, or other derivative, however described or defined) designed to or reasonably expected to lead to a disposition or transfer of any of the economic consequences of ownership of the lock-up securities, and is not part of a plan to effect such a hedge, or (xiii) as one or more bona fide gifts or charitable contributions (other than in the case where the lock-up party is a current or former employee or consultant who is not a founder, director, or officer), or, in the case where the lock-up party is a founder, for bona fide estate planning purposes;

前提是：(A) 就第(a)(i)、(ii)、(iii)、(iv)、(v)项以及仅就善意赠与或慈善捐赠而言的第(xiii)项而言，该等转让或分配不得涉及有偿处置；(B) 就第(a)(i)、(ii)、(iii)、(iv)、(v)、(vi)、(xii)和(xiii)项而言，受赠人、受遗赠人、受让人、质权人或受分配人（视情况而定）必须签署并交付锁定期协议，此为转让或分配的一项条件；(C) 若锁定期一方并非创始人，则就第(a)(ii)、(iii)、(iv)和(v)项而言，任何一方（包括但不限于任何赠与人、受赠人、受遗赠人、转让人、受让人、分配人或受分配人）不得被要求根据《交易法》提交任何文件或其他公开备案、报告或公告以报告锁定期证券实益所有权的减少，也不得就该等转让或分配自愿作出该等备案、报告或公告（任何必需的 Form 5 备案除外）；以及(D) 就第(a)(i)、(vi)、(vii)、(viii)、(ix)、(x)、(xi)、(xii)和(xiii)项而言，或若锁定期一方为创始人，则就第(a)(i)、(ii)、(iii)、(iv)、(v)、(vi)、(vii)、(viii)、(ix)、(x)、(xi)、(xii)和(xiii)项而言，不得根据《交易法》提交任何文件或其他公开备案、报告或公告以报告锁定期证券实益所有权的减少，也不得就该等转让自愿作出该等备案、报告或公告；且若在适用的锁定期内就该等转让依法须提交任何报告锁定期证券实益所有权减少的备案、报告或公告，则该等备案、报告或公告必须在其脚注中明确说明：(x) 该等转让或分配的情形，以及(y) 就依据第(a)(i)、(vi)或(xiii)项进行的转让或分配而言，或若锁定期一方为创始人，则就第(a)(i)、(ii)、(iii)、(iv)、(v)、(vi)或(xiii)项而言，受赠人、受遗赠人、受让人或受分配人已同意受锁定期协议约束。

provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v), and, solely with respect to bona fide gifts or charitable contributions, (xiii) above, such transfer or distribution must not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi), (xii), and (xiii) above, it is a condition to the transfer or distribution that the donee, devisee, transferee, pledgee, or distributee, as the case may be, must sign and deliver a lock-up agreement, (C) where the lock-up party is not a founder, in the case of clauses (a)(ii), (iii), (iv), and (v) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor, or distributee) under the Exchange Act or other public filing, report, or announcement reporting a reduction in beneficial ownership of lock-up securities must be required or must be voluntarily made in connection with such transfer or distribution (other than any required Form 5 filing), and (D) in the case of clauses (a)(i), (vi), (vii), (viii), (ix), (x), (xi), (xii), and (xiii), or in the case where the lock-up party is a founder, clauses (a)(i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), (x), (xi), (xii), and (xiii), above, no filing under the Exchange Act or other public filing, report, or announcement reporting a reduction in beneficial ownership of lock-up securities must be voluntarily made in connection with such transfer, and if any such filing, report, or announcement reporting a reduction in beneficial ownership of lock-up securities is legally required in connection with such transfer during the applicable lock-up period, such filing, report, or announcement must clearly indicate in the footnotes thereto (x) the circumstances of such transfer or distribution, and (y) in the case of a transfer or distribution pursuant to clauses (a)(i), (vi), or (xiii), or in the case where the lock-up party is a founder, clauses (a)(i), (ii), (iii), (iv), (v), (vi), or (xiii), above, that the donee, devisee, transferee, or distributee has agreed to be bound by a lock-up agreement;

b. [__] 订立或修订符合《交易法》第 10b5-1 规则要求的书面计划，涉及锁定期一方转让锁定期证券，前提是当时经我们允许，但该计划所涉证券在适用的锁定期届满前不得转让，惟就我们的创始人、非创始人董事及高级管理人员以及现任和前任员工及顾问而言，适用锁定期协议另有允许的除外，且锁定期一方、我们或任何其他方均不得在适用锁定期内就该计划的设立或修订自愿作出任何《交易法》项下的公开申报、报告或公告，或任何其他公开申报、报告或公告，或以其他方式披露该计划的设立或修订，且若在适用锁定期内法律要求作出任何该等申报、报告或公告，该等申报、报告或公告必须明确表明该计划所涉证券在适用锁定期届满前不得依据该计划转让，惟就我们的创始人、非创始人董事及高级管理人员以及现任和前任员工及顾问而言，适用锁定期协议另有允许的除外；

b. [__] entry into or amendment of a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the Transfer of the lock-up securities of the lock-up party, if then permitted by us, provided that none of the securities subject to such plan may be Transferred until after the expiration of the applicable lock-up period, except, in the case of our founders, non-founder directors and officers, and current and former employees and consultants, as otherwise permitted by the applicable lock-up agreement, and no public filing, report, or announcement under the Exchange Act, or any other public filing, report, or announcement, must be voluntarily made (whether by or on behalf of the lock-up party, us, or any other party) regarding, or that otherwise discloses, the establishment or amendment of such plan during the applicable lock-up period, and if any such filing, report, or announcement is legally required during the applicable lock-up period, such filing, report, or announcement must clearly indicate that none of the securities subject to such plan may be Transferred pursuant to such plan until after the expiration of the applicable lock-up period, except, in the case of our founders, non-founder directors and officers, and current and former employees and consultants, as otherwise permitted by the applicable lock-up agreement;

c. [__] (i) 锁定期一方依据经我们董事会批准、向我们全体股本持有人作出且涉及控制权变更的善意第三方要约收购、合并、兼并或其他类似交易转让锁定期证券，惟若该要约收购、合并、兼并或其他类似交易未能完成，锁定期证券仍须受锁定期限制约束，以及 (ii) 订立任何锁定期、投票或类似协议，据此锁定期一方可同意就上述第 (i) 项所述交易转让、出售、要约出售或以其他方式处置普通股股份或可转换为普通股或可行使或可交换为普通股的其他证券；

c. [__] (i) Transfer by the lock-up party of the lock-up securities pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction that is approved by our board of directors and made to all our holders of capital stock involving a change of control, provided that in the event that such tender offer, merger, consolidation, or other similar transaction is not completed, the lock-up securities must remain subject to the lock-up restrictions, and (ii) entry into any lock-up, voting, or similar agreement pursuant to which the lock-up party may agree to transfer, sell, tender, or otherwise dispose of shares of common stock or such other securities convertible into or exercisable or exchangeable for common stock in connection with a transaction described in clause (i) above;

d. [__] 锁定期一方向我们转让锁定期证券，涉及 (i) 与本发售完成相关的我们已发行优先股股份转换为普通股股份，或 (ii) 任何类别的普通股或锁定期证券的任何股份转换、重分类、赎回或交换为另一类别的普通股或锁定期证券的股份，惟依据第 (i) 或 (ii) 项在该等转换、重分类、赎回或交换时收到的任何该等普通股股份或锁定期证券须受锁定期协议条款约束；以及

d. [__] Transfer by the lock-up party of the lock-up securities to us in connection with (i) the conversion of our outstanding shares of preferred stock into shares of common stock in connection with the consummation of this offering, or (ii) the conversion, reclassification, redemption, or exchange of any shares of any class of common stock or lock-up securities into shares of another class of common stock or lock-up securities, provided that any such shares of common stock or lock-up securities received upon such conversion, reclassification, redemption, or exchange pursuant to clause (i) or (ii) must be subject to the terms of a lock-up agreement; and

e. [__] 以现金方式行使根据我们或我们子公司的任何股权激励计划、长期激励计划、股票购买计划或其他股权奖励计划或安排（均如本文所述）购买任何锁定期证券的任何期权，且锁定期方在该等行使后从我们处收到锁定期证券，前提是该等基础锁定期证券须受锁定期协议条款的约束。

e. [__] exercise of any option to purchase any lock-up securities pursuant to any of our or our subsidiaries’ stock incentive plan, long-term incentive plan, stock purchase plan, or other equity award plan or arrangement, each as described herein, on a cash basis, and the receipt by the lock-up party from us of lock-up securities upon such exercise, provided that the underlying lock-up securities must be subject to the terms of a lock-up agreement.

我们的非创始人董事、高管以及本公司若干现任或前任员工或顾问已与承销商达成协议，或受其与本公司为承销商利益签订的市场禁售协议约束，以致其持有的全部锁定期证券均受上述限制约束，直至以下较早发生者：(x) 第一季度财报发布日之后第二个完整交易日的美国东部时间上午 6:00，或 (y) 第 180 日交易日收盘后立即生效，但须遵守下述特定提前到期条款：

Our non-founder directors, officers, and certain current or former employees or consultants of ours have agreed with the underwriters, or are bound by market standoff agreements with us for the benefit of the underwriters, such that all of the lock-up securities owned by them are subject to the restrictions described above until the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q1 Earnings Release Date or (y) immediately after the close of the trading day on the 180th Day, subject to specified early expiration provisions as follows:

a. [__] 在本招股说明书日期之后第一个交易日我们的 A 类普通股开始交易之时或之后，该等锁定期方截至本招股说明书日期所在月份前一个月最后一日所持锁定期证券总数的至多 10% 可被转让；以及

a. [__] on or after the commencement of trading of our Class A common stock on the first trading day following the date of this prospectus, up to 10% of the aggregate number of lock-up securities held by such lock-up parties as of the last day of the month preceding the month of the date of this prospectus may be Transferred; and

b. [__] 在截至 2026 年 12 月 31 日止财政年度的年度财务业绩（就此目的而言不包括“快报”数字或初步、部分业绩）公开发布之后第二个完整交易日的美国东部时间上午 6:00 或之后（该公开发布日期，即“FY26 财报发布日”），该等锁定期方截至本招股说明书日期所在月份前一个月最后一日所持锁定期证券的至多额外 35% 可被转让。

b. [__] on or after 6:00 AM Eastern Time on the second full trading day immediately following the public release of our annual financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the fiscal year ending December 31, 2026 (the date of such public release, the “FY26 Earnings Release Date”), up to an additional 35% of lock-up securities held by such lock-up parties as of the last day of the month preceding the month of the date of this prospectus may be Transferred.

我们的若干股东已与承销商达成协议，或受其为承销商利益而与我们签订的市场禁售协议约束，以致其拥有的全部锁定期证券均受上述限制约束，直至以下两者中较早发生者：(x) 第一季度财报发布日之后第二个完整交易日的东部时间上午 6:00，或 (y) 第 180 日交易日收盘后立即生效，但须遵守下述特定的提前到期条款：

Certain of our stockholders have agreed with the underwriters, or are bound by market standoff agreements with us for the benefit of the underwriters, such that all of the lock-up securities owned by them are subject to the restrictions described above until the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q1 Earnings Release Date or (y) immediately after the close of the trading day on the 180th Day, subject to specified early expiration provisions as follows:

a. [__] 在本招股说明书日期之后第 27 日和 48 日（分别）的美国东部时间上午 6:00 或之后，该等锁定期方截至本招股说明书日期前七日所持锁定期证券总数的至多 6% 可被转让；

a. [__] on or after 6:00 AM Eastern Time on each of the dates that are 27 and 48 days, respectively, after the date of this prospectus, up to 6% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

b. [__] 在本招股说明书日期之后第 62 日和 76 日（分别）的美国东部时间上午 6:00 或之后，该等锁定期方截至本招股说明书日期前七日所持锁定期证券总数的至多额外 7% 可被转让；

b. [__] on or after 6:00 AM Eastern Time on each of the dates that are 62 and 76 days, respectively, after the date of this prospectus, up to an additional 7% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

c. [__] 在 FY26 财报发布日之后第二个完整交易日上午 6:00（美国东部时间）或之后，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可额外转让 12.5%；以及

c. [__] on or after 6:00 AM Eastern Time on the second full trading day immediately following the FY26 Earnings Release Date, up to an additional 12.5% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred; and

d. [__] 在 FY26 财报发布日之后分别第 13、27、41、55 和 69 日的各日上午 6:00（美国东部时间）或之后，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可额外转让 9.5%。

d. [__] on or after 6:00 AM Eastern Time on each of the dates that are 13, 27, 41, 55, and 69 days, respectively, after the FY26 Earnings Release Date, up to an additional 9.5% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred.

我们部分在本次发行前持有超过 0.5% 完全稀释股份的股东已与承销商达成一致，其拥有的锁定证券在上述限制解除之日（以较早者为准）之前受上述限制约束：(x) 我们截至 2027 年 9 月 30 日财季季度财务业绩（就此而言不包括“快报”数字或初步、部分业绩）公开发布后第二个完整交易日上午 6:00（美国东部时间）（该公开发布日期，即“Q3 财报发布日”），或 (y) 本招股说明书日期后第 365 日交易日收盘后立即，但须遵守以下特定提前到期条款：

Certain of our stockholders holding more than 0.5% of our fully diluted shares prior to this offering have agreed with the underwriters that the lock-up securities owned by them are subject to the restrictions described above until the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the fiscal quarter ending September 30, 2027 (the date of such public release, the “Q3 Earnings Release Date”), or (y) immediately after the close of the trading day on the 365th day after the date of this prospectus, subject to specified early expiration provisions as follows:

a. [__] 在本招股说明书日期之后分别第 27 和 48 日的各日上午 6:00（美国东部时间）或之后，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可转让 1.8%;

a. [__] on or after 6:00 AM Eastern Time on each of the dates that are 27 and 48 days, respectively, after the date of this prospectus, up to 1.8% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

b. [__] 在本招股说明书日期之后分别第 62 和 76 日的各日上午 6:00（美国东部时间）或之后，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可额外转让 2.1%;

b. [__] on or after 6:00 AM Eastern Time on each of the dates that are 62 and 76 days, respectively, after the date of this prospectus, up to an additional 2.1% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

c. [__] 在 FY26 财报发布日之后第二个完整交易日上午 6:00（美国东部时间）或之后，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可额外转让 3.75%;

c. [__] on or after 6:00 AM Eastern Time on the second full trading day immediately following the FY26 Earnings Release Date, up to an additional 3.75% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

d. [__] 在 FY26 财报发布日之后分别第 13、27、41、55 和 69 日的各日上午 6:00（美国东部时间）或之后，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可额外转让 2.85%;

d. [__] on or after 6:00 AM Eastern Time on each of the dates that are 13, 27, 41, 55, and 69 days, respectively, after the FY26 Earnings Release Date, up to an additional 2.85% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

e. [__] 在以下较早者发生之日或之后：(i) Q1 财报发布日之后第二个完整交易日上午 6:00（美国东部时间），及 (ii) 第 180 日交易日收盘后立即，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多可额外转让 4.2%;

e. [__] on or after the earlier to occur of (i) 6:00 AM Eastern Time on the second full trading day immediately following the Q1 Earnings Release Date, and (ii) immediately after the close of the trading day on the 180th Day, up to an additional 4.2% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

f. [__] 自 Q1 财报发布日之后第 34、48、62 和 76 天（分别）各日东部时间上午 6:00 起，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多额外 5.6% 可被转让；

f. [__] on or after 6:00 AM Eastern Time on each of the dates that are 34, 48, 62, and 76 days, respectively, after the Q1 Earnings Release Date, up to an additional 5.6% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred;

g. [__] 自我们截至 2027 年 6 月 30 日财季的季度财务业绩（就此而言不包括“快报”数字或初步、部分盈利数据）公开发布后第二个完整交易日东部时间上午 6:00 起（该公开发布日期，即“Q2 财报发布日”），该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多额外 7.0% 可被转让；以及

g. [__] on or after 6:00 AM Eastern Time on the second full trading day immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the fiscal quarter ending June 30, 2027 (the date of such public release, the “Q2 Earnings Release Date”), up to an additional 7.0% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred; and

h. [__] 自 Q2 财报发布日之后第 27、41、55、69 和 83 天（分别）各日东部时间上午 6:00 起，该等锁定方截至本招股说明书日期前七日所持锁定证券总数中最多额外 6.3% 可被转让。

h. [__] on or after 6:00 AM Eastern Time on each of the dates that are 27, 41, 55, 69, and 83 days, respectively, after the Q2 Earnings Release Date, up to an additional 6.3% of the aggregate number of lock-up securities held by such lock-up parties as of the date that is seven days prior to the date of this prospectus may be Transferred.

我们的创始人已与承销商达成一致，其拥有的全部锁定证券（除其根据承销协议在本次发行中出售的任何 A 类普通股外）均受上述限制约束，直至以下较早发生者：(x) Q3 财报发布日后第二个完整交易日东部时间上午 6:00，或 (y) 本招股说明书日期后第 365 天交易日收盘后立即。尽管有前述规定，各创始人连同该创始人锁定协议的任何其他签署方，可自以下较早发生者起转让其截至本招股说明书日期所在月份前一个月最后一日所持锁定证券总数（按各方之间分配）中最多 29%：(x) Q1 财报发布日后第二个完整交易日东部时间上午 6:00，及 (y) 第 180 天交易日收盘后立即。

Our founders have agreed with the underwriters that all of the lock-up securities owned by them, other than any shares of Class A common stock to be sold by them in this offering pursuant to the underwriting agreement, are subject to the restrictions described above until the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q3 Earnings Release Date, or (y) immediately after the close of the trading day on the 365th day after the date of this prospectus. Notwithstanding the foregoing, each founder, together with any other signatories to such founder’s lock-up agreement, may Transfer up to 29% of the aggregate number of lock-up securities held by them (as allocated among them) as of the last day of the month preceding the month of the date of this prospectus beginning upon the earlier to occur of (x) 6:00 AM Eastern Time on the second full trading day immediately following the Q1 Earnings Release Date, and (y) immediately after the close of the trading day on the 180th Day.

就前述而言，(i) 若本招股说明书日期后第 180 天或第 365 天不是交易日，则对该日交易日收盘的提述指该日前最后一个交易日收盘；及 (ii) 若本招股说明书日期、FY26 财报发布日、Q1 财报发布日或 Q2 财报发布日后特定天数的任何一日不是交易日，则相关转让可自下一交易日东部时间上午 6:00 起进行。

For purposes of the foregoing, (i) if the 180th Day or the 365th day after the date of this prospectus is not a trading day, references to the close of the trading day on such day refer to the close of the last trading day immediately preceding such day, and (ii) if any day that is a specified number of days after the date of this prospectus, the FY26 Earnings Release Date, the Q1 Earnings Release Date, or the Q2 Earnings Release Date is not a trading day, the applicable Transfer may be made beginning at 6:00 AM Eastern Time on the next trading day.

代表们可自行共同决定随时全部或部分解除上述锁定证券的锁定。在某些情况下，解除上述锁定限制将触发某些其他持有人所持锁定证券按比例解除锁定。

The representatives, in their joint discretion, may release the lock-up securities described above in whole or in part at any time. In certain circumstances, the release of lock-up securities from the lock-up restrictions described above will trigger a pro rata release of lock-up securities held by certain other holders.

有关因上述锁定期及市场禁售协议导致我们的 A 类普通股何时可在公开市场出售的更多信息，请参见标题为“未来可出售股份”的章节。

See the section titled “Shares Eligible for Future Sale” for additional information regarding when shares of our Class A common stock will be available for sale in the public market as a result of the lock-up and market standoff agreements described above.

我们、出售股东及承销商将同意就特定责任（包括《证券法》项下的责任）相互作出赔偿。

We, the selling stockholders, and the underwriters will agree to indemnify each other against certain liabilities, including liabilities under the Securities Act.

电子格式的招股说明书可能在一个或多个承销商或参与本次发行的任何销售团成员维护的网站上提供。承销商代表可能同意将一定数量的 A 类普通股分配给承销商，由其出售给其网上经纪账户持有人。互联网分销将由承销商代表分配给承销商，分配基础与其他分配相同。

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of our Class A common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to the underwriters that may make internet distributions on the same basis as other allocations.

我们已申请将我们的 A 类普通股以“ANT”为代码在纳斯达克全球精选市场上市。

We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”

本次发行之前，我们的 A 类普通股不存在公开市场。首次公开发行价格将由我们、出售股东与承销商代表协商确定。在确定首次公开发行价格时考虑的因素，除当前市场状况外，还将包括我们的历史业绩、对我们及我们所在行业业务潜力和盈利前景的估计、对我们管理层的评估，以及结合相关行业公司的市场估值对上述因素的考量。

Prior to the offering, there has been no public market for our Class A common stock. The initial public offering price will be determined by negotiations among us, the selling stockholders, and the representatives. Among the factors to be considered in determining the initial public offering price, in addition to prevailing market conditions, will be our historical performance, estimates of our and our industry’s business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

为便利我们 A 类普通股的发行，Morgan Stanley & Co. LLC 作为承销商的稳定市场代理人，可能从事稳定、维持或以其他方式影响我们 A 类普通股价格的交易。具体而言，承销商可能出售超过其在承销协议项下有义务购买的 A 类普通股数量，从而形成空头头寸。如果空头头寸不超过超额配售选择权项下可供购买的股份数量，则该卖空为补平卖空。承销商可通过行使超额配售选择权或在公开市场购买股份来平仓补平卖空。在确定平仓补平卖空的股份来源时，承销商将考虑（其中包括）我们 A 类普通股的公开市场价格与超额配售选择权项下可用的价格之间的比较。承销商还可能出售超过超额配售选择权数量的 A 类普通股，形成裸空头头寸。承销商必须通过在公开市场购买 A 类普通股来平仓任何裸空头头寸。如果承销商担心定价后我们 A 类普通股在公开市场可能面临下行压力，从而可能对在本次发行中购买 A 类普通股的投资者产生不利影响，则更可能形成裸空头头寸。

In order to facilitate the offering of our Class A common stock, Morgan Stanley & Co. LLC, acting as stabilization agent on behalf of the underwriters, may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A common stock. Specifically, the underwriter may sell more shares of Class A common stock than the underwriters are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase under the over-allotment option. The underwriter can close out a covered short sale by exercising the over-allotment option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriter will consider, among other things, the open market price of our Class A common stock compared to the price available under the over-allotment option. The underwriter may also sell shares of Class A common stock in excess of the over-allotment option, creating a naked short position. The underwriter must close out any naked short position by purchasing shares of Class A common stock in the open market. A naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of our Class A common stock in the open market after pricing that could adversely affect investors who purchase shares of Class A common stock in this offering.

作为促进本次发行的额外手段，承销商可在公开市场竞购并买入 A 类普通股，以稳定我们 A 类普通股的价格。该等活动可能使我们的 A 类普通股的市场价格高于独立市场水平，或阻止或减缓我们 A 类普通股市场价格的下跌。承销商无义务从事该等活动，并可随时终止任何该等活动。

As an additional means of facilitating this offering, the underwriter may bid for, and purchase, shares of Class A common stock in the open market to stabilize the price of our Class A common stock. These activities may raise or maintain the market price of our Class A common stock above independent market levels or prevent or slow a decline in the market price of our Class A common stock. The underwriter is not required to engage in these activities and may end any of these activities at any time.

承销商可通过其某些关联方或其他注册经纪交易商或销售代理要约并出售普通股股份。

The underwriters may offer and sell the shares of common stock through certain of their affiliates or other registered broker-dealers or selling agents.

我们估计，本次发行的总费用中由我们承担的部分（不包括承销折扣和佣金）约为 $ [__] 。我们将同意向承销商报销其因本次发行而产生的某些与金融业监管局相关的费用，金额最高为 $ [__] 。

We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $ [__] . We will agree to reimburse the underwriters for certain Financial Industry Regulatory Authority-related expenses incurred by them in connection with the offering in an amount up to $ [__] .

我们、出售股东与承销商将同意就某些责任（包括《证券法》项下的责任）相互作出赔偿。

We, the selling stockholders, and the underwriters will agree to indemnify each other against certain liabilities, including liabilities under the Securities Act.

电子格式的招股说明书可在参与本次发行的一家或多家承销商或销售团成员（如有）维护的网站上提供。承销商代表可同意向承销商分配一定数量的 A 类普通股，以供其向在线经纪账户持有人出售。互联网分销将由承销商代表分配给承销商，其分配基础可与其他分配相同。

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of our Class A common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

其他关系 Other Relationships

承销商及其各自的关联方均为提供全方位服务的金融机构，从事各类活动，可能包括销售与交易、商业与投资银行业务、顾问、投资管理、投资研究、自营投资、对冲、做市、经纪以及其他金融和非金融活动与服务。部分承销商及其各自的关联方已经并可能在未来向我们以及与我们存在关系的人士和实体（例如我们的高级管理人员、联合创始人和董事）提供各种此类服务，并就此收取或将收取惯常的费用和开支。部分承销商及其各自的关联方过去曾是、目前是、并可能在未来成为我们在公平交易中的客户。此外，Morgan Stanley & Co. LLC 的关联方担任行政代理人、抵押品代理人、牵头左安排行、联合账簿管理人和银团代理人；Barclays Capital Inc. 的关联方 Barclays Bank PLC，以及 Citigroup Global Markets Inc.、Goldman Sachs & Co. LLC、J.P. Morgan Securities LLC 和 Wells Fargo Securities, LLC 的关联方担任联合牵头安排行、联合账簿管理人和银团代理人；BofA Securities, Inc.、Deutsche Bank Securities Inc.、RBC Capital Markets, LLC 和 UBS Securities LLC 的关联方担任联合牵头安排行、联合账簿管理人和文件代理人；BMO Capital Markets Corp.、BNP Paribas Securities Corp.、Credit Agricole Securities (USA) Inc.、Mizuho Securities USA LLC、MUFG Securities Americas Inc. 和 TD Securities (USA) LLC 的关联方根据我们的 A&R 信贷协议担任联合牵头安排行和联合账簿管理人。

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, such as our executive officers, co-founders, and directors, for which they received or will receive customary fees and expenses. Certain of the underwriters and their respective affiliates have in the past been, are currently, and may in the future be, our customers in arm’s length transactions. In addition, an affiliate of Morgan Stanley & Co. LLC serves as administrative agent, collateral agent, lead left arranger, joint bookrunner, and syndication agent; Barclays Bank PLC, an affiliate of Barclays Capital Inc., and affiliates of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC serve as joint lead arrangers, joint bookrunners, and syndication agents; affiliates of BofA Securities, Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, and UBS Securities LLC serve as joint lead arrangers, joint bookrunners, and documentation agents; and affiliates of BMO Capital Markets Corp., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., and TD Securities (USA) LLC serve as joint lead arrangers and joint bookrunners under our A&R Credit Agreement.

Bernstein Institutional Services LLC 代表 SG Americas Securities, LLC 担任本文所述发行中的销售代理。Bernstein Institutional Services LLC 及其部分关联方可能就本次发行向 SG Americas Securities, LLC 提供投资者反馈、研究、市场试探、大宗交易监控、市场情报、历史市场或交易信息以及发起和交易执行支持，并可能在日常业务过程中提供此类服务。

Bernstein Institutional Services LLC is serving as selling agent on behalf of SG Americas Securities, LLC in the offering described herein. Bernstein Institutional Services LLC and certain of its affiliates may provide investor feedback, research, market sounding, block monitoring, market intelligence, historical market or trading information, and origination and deal execution support to SG Americas Securities, LLC in connection with this offering and may also provide such services in the general course of business.

此外，在其各项业务活动的日常过程中，承销商及其各自的关联方、高级管理人员、董事和员工可能为其自身账户及客户账户购买、出售或持有种类广泛的投资，并积极交易证券、衍生品、贷款、大宗商品、货币、信用违约互换及其他金融工具，且该等投资和交易活动可能涉及或关联到我们或我们关联方的资产、证券和/或工具（直接持有、作为其他义务的担保或其他方式）。承销商及其各自的关联方还可能就该等资产、证券或工具作出独立的投资建议、提供市场观点或交易思路，和/或发布或表达独立的研究观点，并可能随时持有或建议客户获取该等资产、证券和工具的多头和/或空头头寸。

In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors, and employees may purchase, sell, or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities, and/or instruments of us or our affiliates (directly, as collateral securing other obligations or otherwise). The underwriters and their respective affiliates may also make independent investment recommendations, market color or trading ideas, and/or publish or express independent research views in respect of such assets, securities, or instruments, and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

美国境外发售 Offerings Outside the United States

本次发行包括在澳大利亚、加拿大、欧洲经济区若干成员国、日本、瑞士和英国的公开发行。我们目前不打算在任何该等司法管辖区的任何交易所上市我们的 A 类普通股。如果我们选择在本次发行完成之前终止在任何国际司法管辖区的公开发行，则原本拟在该国际司法管辖区发售的股份预计将被重新分配至其余司法管辖区（包括美国）的发行，因此，若发生该等终止，本次发行的总规模预计不会发生变化。

This offering includes public offerings in Australia, Canada, certain member states of the European Economic Area, Japan, Switzerland, and the United Kingdom. We do not currently intend to list our Class A common stock on any exchange in such jurisdictions. If we choose to terminate a public offering in any international jurisdiction prior to the completion of this offering, the shares that would otherwise have been allocated for sale in such international jurisdiction are expected to be reallocated to the offerings in the remaining jurisdictions, including the United States, and thus the total size of this offering is not expected to change in the event of such termination.

在适用法律允许的范围内，承销商可以在美国、澳大利亚、加拿大、欧洲经济区、日本、瑞士和英国以外的地区发售我们的 A 类普通股。承销商可以使用一个或多个关联方在美国以外地区发售和出售股份。除通过根据该司法管辖区适用证券法正式注册的经纪商或交易商，或在可获得该等注册要求任何豁免的情况下，我们的 A 类普通股不会在任何司法管辖区发售或出售。

Subject to applicable law, the underwriters may offer shares of our Class A common stock outside of the United States, Australia, Canada, the European Economic Area, Japan, Switzerland, and the United Kingdom. The underwriters may use one or more affiliates in order to offer and sell shares outside of the United States. No shares of our Class A common stock will be offered or sold in any jurisdiction except by or through brokers or dealers duly registered under the applicable securities laws of that jurisdiction, or in circumstances where any exemption from such registration requirements is available.

本招股说明书落入其手中的人士应注意了解并遵守与本次发行及本招股说明书分发有关的任何限制。在任何该等要约或招揽属违法的司法管辖区，本招股说明书不构成出售要约或购买本招股说明书所发售的任何 A 类普通股的要约招揽。

Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any shares of our Class A common stock offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

出售限制 Selling Restrictions

Barclays Bank PLC 并非在 SEC 注册的经纪自营商。因此，若 Barclays Bank PLC 拟在美国进行任何 A 类普通股股份的销售，其将通过其在美国的 SEC 注册经纪自营商关联方 Barclays Capital Inc. 进行，以符合适用的美国法律法规及 FINRA 规则允许的方式。

Barclays Bank PLC is not a broker-dealer registered with the SEC. Therefore, to the extent that Barclays Bank PLC intends to effect any sales of any shares of Class A common stock in the United States, it will do so through its SEC-registered broker-dealer affiliate in the United States, Barclays Capital Inc., in compliance with applicable U.S. laws and regulations and as permitted by FINRA regulations.

#### 阿根廷

#### Argentina

根据经修订的阿根廷《公开发行法》第 17,811 号，阿根廷国家证券委员会（Comisión Nacional de Valores）未授权 A 类普通股股份在阿根廷公开发行，且该等股份不得公开出售。因此，在阿根廷进行的任何交易均须以非公开方式进行。

The shares of Class A common stock are not authorized for public offering in Argentina by the Comisión Nacional de Valores pursuant to Argentine Public Offering Law No. 17,811, as amended, and they shall not be sold publicly. Therefore, any transaction carried out in Argentina must be made privately.

#### 澳大利亚

#### Australia

本招股说明书不构成《2001 年公司法》（“《公司法》”）第 6D.2 章项下的招股说明书、产品披露声明或其他披露文件，亦不意图包含《公司法》项下招股说明书、产品披露声明或其他披露文件所要求的信息。

This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under Chapter 6D.2 of the Corporations Act 2001 (the “Corporations Act”), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

根据本招股说明书在澳大利亚对 A 类普通股股份进行的任何要约，仅可向以下人士（“豁免投资者”）作出：属于《公司法》第 708(8)条含义内的“成熟投资者”、属于《公司法》第 708(11)条含义内的“专业投资者”的人士，或依据《公司法》第 708 条所载的一项或多项豁免作出的其他情形，从而使得在无需根据《公司法》第 6D 章向投资者进行披露的情况下要约 A 类普通股股份属合法行为。

Any offer in Australia of the shares of Class A common stock made pursuant to this prospectus may only be made to persons (the “Exempt Investors”) who are “sophisticated investors” (within the meaning of section 708(8) of the Corporations Act), “professional investors” (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares of Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

豁免投资者根据本招股说明书在澳大利亚认购的 A 类普通股股份，在本次发行配发日期后的 12 个月期间内不得在澳大利亚要约出售，除非依据《公司法》第 708 条项下的豁免或其他规定无需根据《公司法》第 6D 章向投资者进行披露，或该要约系依据符合《公司法》第 6D 章的披露文件作出。任何依据本招股说明书取得 A 类普通股股份的人士均须遵守该等澳大利亚转售限制。

The shares of Class A common stock applied for by Exempt Investors in Australia pursuant to this prospectus must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise, or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring the shares of Class A common stock pursuant to this prospectus must observe such Australian on-sale restrictions.

在澳大利亚的本次公开发行将依据一份单独的招股说明书（“澳大利亚招股说明书”）进行，该招股说明书符合《公司法》的要求，并将提交澳大利亚证券和投资委员会。任何希望参与本次发行的非豁免投资者均须依据澳大利亚招股说明书，通过随附于澳大利亚招股说明书的申请表格进行认购。

The public offering in Australia will be made pursuant to a separate prospectus (“Australian Prospectus”) which complies with the requirements of the Corporations Act and will be lodged with the Australian Securities and Investments Commission. Any non-Exempt Investor who wishes to participate in the offering must apply pursuant to the Australian Prospectus, through an application form which accompanies the Australian Prospectus.

本招股说明书仅包含一般性信息，并未考虑任何特定人士的投资目标、财务状况或特定需求。本招股说明书不包含任何证券推荐或金融产品建议。在作出投资决定之前，投资者需考虑本招股说明书中的信息是否适合其需求、目标和情况，并在必要时就相关事项寻求专家意见。

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances and, if necessary, seek expert advice on those matters.

#### 巴西

#### Brazil

A 类普通股股份的发售和销售未曾且将不会在巴西证券委员会（Comissão de Valores Mobiliários，简称“CVM”）注册，因此，将不会通过任何根据 2022 年 7 月 13 日第 160 号 CVM 决议（经修订）构成在巴西公开发售的方式，或根据巴西法律法规构成未经授权分销的方式进行。A 类普通股股份将获准在境外有组织的证券市场上交易，且仅可向巴西专业投资者（按适用 CVM 法规的定义）发售，该等投资者仅可通过境外账户购买 A 类普通股股份，并在巴西境外以非巴西货币进行结算。禁止 A 类普通股股份在巴西受监管的证券市场上交易。

The offer and sale of the shares of Class A common stock have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or “CVM”) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated 13 July 2022, as amended, or unauthorized distribution under Brazilian laws and regulations. The shares of Class A common stock will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire the shares of Class A common stock through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of the shares of Class A common stock on regulated securities markets in Brazil is prohibited.

#### 智利

#### Chile

本招股说明书发售的 A 类普通股股份未在证券登记处（Registro de Valores）登记，亦不受智利证券和保险监管局（Superintendencia de Valores y Seguros de Chile）的监管。本招股说明书及与 A 类普通股股份发售相关的其他发售材料，不构成在智利共和国对 A 类普通股股份的公开发售或认购或购买邀请，但依据《智利证券市场法》（Ley de Mercado de Valores）第 4 条含义范围内的私募发行向个别确定的购买人作出的除外（即并非“面向公众整体或公众某一行业或特定群体”的要约）。

The shares of Class A common stock offered by this prospectus are not registered in the Securities Registry (Registro de Valores) or subject to the control of the Chilean Securities and Exchange Commission (Superintendencia de Valores y Seguros de Chile). This prospectus and other offering materials relating to the offer of the shares of Class A common stock do not constitute a public offer of, or an invitation to subscribe for or purchase, the shares of Class A common stock in the Republic of Chile, other than to individually identified purchasers pursuant to a private offering within the meaning of Article 4 of the Chilean Securities Market Act (Ley de Mercado de Valores) (an offer that is not “addressed to the public at large or to a certain sector or specific group of the public”).

#### 哥伦比亚

#### Colombia

A 类普通股股份未曾且将不会在哥伦比亚金融监管局（Superintendencia Financiera de Colombia，简称“SFC”）维护的哥伦比亚国家证券与发行人登记处（Registro Nacional de Valores y Emisores - RNVE）登记，因此，A 类普通股股份不得在哥伦比亚公开发行或交付。但是，依据哥伦比亚法规（2010 年第 2555 号法令）规定的私募豁免，A 类普通股股份可依哥伦比亚法律在哥伦比亚发行，根据该规定，若发行对象少于一百(100)名特定人士，则该发行应被视为私募（2010 年第 2555 号法令第 6.1.1.1.1 条）。本材料仅由我们承担责任，未经 SFC 审阅或批准，且不得在哥伦比亚公开分发。在作出投资决策时，所有投资者，包括可能不时购买我们 A 类普通股股份的任何哥伦比亚投资者，必须依赖其自身对本次发行条款及我们 A 类普通股股份的审查，包括其中的优点和风险。

The shares of Class A common stock have not been and will not be registered with the Colombian National Registry of Securities and Issuers (Registro Nacional de Valores y Emisores - RNVE) maintained by the Financial Superintendence of Colombia (Superintendencia Financiera de Colombia; the “SFC”) and, therefore, the shares of Class A common stock may not be publicly offered or delivered in Colombia. However, the shares of Class A common stock may be offered in Colombia under Colombian law pursuant to the private placement exemption set forth in the Colombian regulation (Decree 2555 of 2010), in accordance with which an offering shall be deemed a private placement if it is addressed to fewer than one hundred (100) specific persons (article 6.1.1.1.1, Decree 2555 of 2010). These materials are solely our responsibility and have not been reviewed or authorized by the SFC and may not be publicly distributed in Colombia. In making an investment decision, all investors, including any Colombian investor who may acquire shares of our Class A common stock from time to time, must rely on their own examination of the terms of the offering and shares of our Class A common stock, including the merits and risks involved.

#### 迪拜

#### Dubai

本招股说明书涉及依据迪拜金融服务管理局（简称“DFSA”）《发行证券规则》进行的“豁免发行”。本招股说明书仅拟向 DFSA《发行证券规则》所规定类型的人士分发。不得将其交付给任何其他人士，亦不得由任何其他人士依赖。DFSA 无责任审阅或核实与豁免发行相关的任何文件。DFSA 未批准本招股说明书，亦未采取措施核实本招股说明书所载信息，且对本招股说明书不承担任何责任。本招股说明书所涉及的 A 类普通股股份可能缺乏流动性或受转售限制。A 类普通股股份的潜在购买者应自行对 A 类普通股股份进行尽职调查。如果您不理解本招股说明书的内容，应咨询授权财务顾问。

This prospectus relates to an “Exempt Offer” in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the “DFSA”). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of Class A common stock to which this prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the shares of Class A common stock should conduct their own due diligence on the shares of Class A common stock. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

#### 欧洲经济区

#### European Economic Area

在欧洲经济区的某些成员国（各称“受涵盖欧洲经济区国家”），我们将依据一份单独的招股说明书，向不属于《招股说明书条例》第 2 条所定义合格投资者的人士发行一定数量的 A 类普通股股份（简称“欧洲零售发行”），该招股说明书符合《招股说明书条例》的要求，预计将由受涵盖欧洲经济区国家的国家主管机关依据《招股说明书条例》批准（简称“欧洲招股说明书”）。

In certain Member States of the European Economic Area (each, a “Covered EEA Country”), we will offer a certain number of shares of our Class A common stock to persons which are not qualified investors as defined under Article 2 of the Prospectus Regulation (the “European retail offering”) pursuant to a separate prospectus, which complies with the requirements of the Prospectus Regulation and is expected to be approved by a national competent authority of a Covered EEA Country in accordance with the Prospectus Regulation (the “European prospectus”).

就欧洲经济区各成员国（各称“相关成员国”）而言，除以下情形外，未在该相关成员国发售且将不会发售任何 A 类普通股：(i) 欧洲招股说明书所载在欧洲受覆盖国家进行的欧洲零售发售；以及 (ii) 就任何其他未在欧洲零售发售中发售的 A 类普通股而言，依据《招股说明书条例》以下豁免在任何时候于任何相关成员国进行发售：

In relation to each Member State of the European Economic Area (each, a “Relevant State”), no shares of Class A common stock have been offered or will be offered in that Relevant State, except for (i) the European retail offering in the Covered EEA Countries contemplated by the European prospectus and (ii) with respect to any other shares of our Class A common stock which are not offered in the European retail offering in any Relevant State at any time under the following exemptions under the Prospectus Regulation:

(a) 向《招股说明书条例》第 2 条所定义的任何合格投资者发售；

(a) to any person which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

(b) 向少于 150 名自然人或法人（《招股说明书条例》所定义的合格投资者除外）发售，但任何该等发售须事先取得承销商同意；或

(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

(c) 属于《招股说明书条例》第 1(4)条规定的任何其他情形，前提是任何该等 A 类普通股发售均不要求本公司或任何承销商依据《招股说明书条例》第 3 条发布招股说明书或依据《招股说明书条例》第 23 条补充招股说明书，且每位初始取得任何股份或获邀参与任何发售的人士将被视为已向各代表及本公司陈述、确认并同意，其属于《招股说明书条例》所定义的“合格投资者”。

(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of shares of Class A common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged, and agreed to and with each of the representatives and us that it is a “qualified investor” as defined in the Prospectus Regulation.

就向《招股说明书条例》第 5 条所指的金融中介机构发售任何 A 类普通股的情形而言，各该等金融中介机构将被视为已陈述、确认并同意，其在发售中取得的股份并非以非自主方式代表他人取得，亦非以向可能致使任何 A 类普通股向公众发售的情形下的人士发售或转售为目的而取得，但其在成员国向上述定义的合格投资者发售或转售，或已就每项该等拟议发售或转售取得各代表事先同意的情形除外。本公司、承销商及其关联方以及其他人士将依赖上述陈述、保证及协议的属实与准确。

In the case of any shares of Class A common stock being offered to a financial intermediary as that term is used in Article 5 of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged, and agreed that the shares acquired by it in the offer have not been acquired on a nondiscretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of Class A common stock to the public other than their offer or resale in a Member State to qualified investors as so defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale. The company, the underwriters and their affiliates, and others will rely upon the truth and accuracy of the foregoing representation, warranty, and agreement.

就本条款而言，在任何成员国与任何 A 类普通股相关的“向公众发售”一词，指以任何形式并通过提供有关发售条款及拟发售 A 类普通股的充分信息进行沟通，以使投资者能够决定购买 A 类普通股；“《招股说明书条例》”一词指经修订的（EU）2017/1129 号条例。

For the purposes of this provision, the expression an “offer to the public” in relation to any shares of Class A common stock in any Member State means the communication in any form and by means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to purchase shares of Class A common stock, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended).

#### 印度

#### India

本招股说明书未曾且将不会在印度任何公司注册处登记为招股说明书。本招股说明书未曾且将不会获得印度任何监管机构（包括印度证券交易委员会、印度任何公司注册处或印度任何证券交易所）的审阅或批准。本招股说明书及本次 A 类普通股的发售不构成、亦不应被解释为在印度向公众发出的任何证券的邀请、要约或出售。除依据印度适用法律法规（包括经修订的《2013 年公司法》）下的私募豁免外，A 类普通股未曾且将不会在印度向公众或公众中的任何成员发出要约或出售。本招股说明书严格仅针对接收人本人，本招股说明书及 A 类普通股的发售均无意直接或间接导致 A 类普通股可供接收邀请或要约的人士以外的人士认购或购买。每名投资者均被视为已确认、声明并同意，其依据印度适用法律、规则和法规具备投资 A 类普通股的资格，无需取得任何事先批准，且印度任何法律、规则或法规均未禁止或阻止其取得、持有或出售 A 类普通股。

This prospectus has not been and will not be registered as a prospectus with any registrar of companies in India. This prospectus has not been and will not be reviewed or approved by any regulatory authority in India, including the Securities and Exchange Board of India, any registrar of companies in India or any stock exchange in India. This prospectus and this offering of the shares of Class A common stock are not and should not be construed as an invitation, offer or sale of any securities to the public in India. Other than in compliance with the private placement exemptions under applicable laws and regulations in India, including the Companies Act, 2013, as amended, the shares of Class A common stock have not been, and will not be, offered or sold to the public or any member of the public in India. This prospectus is strictly personal to the recipient and neither this prospectus nor the offering of the shares of Class A common stock is calculated to result, directly or indirectly, in the shares of Class A common stock becoming available for subscription or purchase by persons other than those receiving the invitation or offer. Each investor is deemed to have acknowledged, represented and agreed that it is eligible to invest in the shares of Class A common stock under applicable laws, rules and regulations in India, without the requirement to obtain any prior approval, and that it is not prohibited or prevented under any law, rule or regulation in India from acquiring, owning or selling the shares of Class A common stock.

#### 印度尼西亚

#### Indonesia

本招股说明书不构成、亦无意构成依据 1995 年第 8 号《资本市场法》在印度尼西亚进行的公开发行。本招股说明书不得在印度尼西亚共和国境内分发，A 类普通股不得在印度尼西亚共和国境内、或向无论居住于何处的印度尼西亚公民、或向印度尼西亚居民，以构成印度尼西亚共和国法律项下公开发行的方式发出要约或出售。

This prospectus does not, and is not intended to, constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. This prospectus may not be distributed in the Republic of Indonesia and the shares of Class A common stock may not be offered or sold in the Republic of Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesian residents, in a manner which constitutes a public offering under the laws of the Republic of Indonesia.

#### 以色列

#### Israel

在以色列国，本招股说明书不应被视为根据《以色列证券法》（5728-1968）向公众发出的购买 A 类普通股的要约；该法要求，若符合《以色列证券法》（5728-1968）第 15 条的某些规定，则须发布招股说明书并经以色列证券管理局授权，其中包括：(i) 该要约仅向不超过 35 名投资者作出、分发或定向发出，且须满足特定条件（“定向投资者”）；或 (ii) 该要约仅向《以色列证券法》（5728-1968）第一附录所界定的特定合格投资者作出、分发或定向发出，且须满足特定条件（“合格投资者”）。合格投资者不计入定向投资者的人数，并可在 35 名定向投资者之外另行获邀购买证券。我们未曾且将不会采取任何行动，以致需要根据《以色列证券法》（5728-1968）并受其约束发布招股说明书。除向合格投资者及最多 35 名定向投资者外，我们未曾且将不会在以色列国境内向任何人分发本招股说明书，或作出、分发或定向发出认购我们 A 类普通股的要约。

In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of Class A common stock under the Israeli Securities Law, 5728-1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728-1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the “Addressed Investors”), or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728-1968, subject to certain conditions (the “Qualified Investors”). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728-1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our Class A common stock to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

合格投资者可能须提交书面证据，证明其符合《以色列证券法》（5728-1968）第一附录所载的定义。特别是，作为向其发出 A 类普通股要约的一项条件，我们可能要求每位合格投资者向我们和/或代表我们行事的任何人作出陈述、保证并证明：(i) 其属于《以色列证券法》（5728-1968）第一附录所列类别之一的投资者；(ii) 其适用《以色列证券法》（5728-1968）第一附录中关于合格投资者的哪一类别；(iii) 其将遵守《以色列证券法》（5728-1968）及其下颁布的法规中与本次发行 A 类普通股有关的全部规定；(iv) 在《以色列证券法》（5728-1968）所规定的豁免适用的情况下，其将获发行的 A 类普通股：(a) 为其自身账户持有；(b) 仅用于投资目的；且 (c) 并非为在以色列国境内转售而发行，但依照《以色列证券法》（5728-1968）的规定进行的除外；以及 (v) 其愿意提供其合格投资者身份的进一步证据。定向投资者可能须提交关于其身份的书面证据，并可能须签署和提交一份声明，其中除其他事项外，载明该定向投资者的姓名、地址及护照号码或以色列身份证号码。

Qualified Investors may have to submit written evidence that they meet the definitions set out in the First Addendum to the Israeli Securities Law, 5728-1968. In particular, we may request, as a condition to be offered shares of Class A common stock, that Qualified Investors will each represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728-1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728-1968 and the regulations promulgated thereunder in connection with the offer to be issued shares of Class A common stock; (iv) that the shares of Class A common stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728-1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728-1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor’s name, address and passport number or Israeli identification number.

#### 马来西亚

#### Malaysia

与本招股说明书所发售 A 类普通股股份的要约和出售相关的任何招股说明书或其他发售材料或文件，均未曾且不会依据《2007 年资本市场与服务法》提交马来西亚证券委员会（下称“马来西亚委员会”）登记以取得其批准。因此，本招股说明书及与 A 类普通股股份的要约或出售、或认购或购买邀请相关的任何其他文件或材料，不得向马来西亚境内人士传播或分发，A 类普通股股份亦不得直接或间接向马来西亚境内人士要约或出售，或作为认购或购买邀请的标的，但以下情形除外：(i) 经马来西亚委员会批准的封闭式基金；(ii) 资本市场服务牌照持有人；(iii) 以本人身份取得 A 类普通股股份的人士，且该要约的条款规定每笔交易取得 A 类普通股股份的对价不低于 RM250,000（或等值外币）；(iv) 个人净资产总额或与其配偶的联合净资产总额超过 RM3 million（或等值外币）的个人，但不包括该个人主要居所的价值；(v) 在前十二个月内年毛收入超过 RM300,000（或等值外币）的个人；(vi) 与其配偶在前十二个月内合计年毛收入为 RM400,000（或等值外币）的个人；(vii) 根据最近经审计账目，净资产总额超过 RM10 million（或等值外币）的公司；(viii) 净资产总额超过 RM10 million（或等值外币）的合伙企业；(ix) 《2010 年纳闽金融服务与证券法》所定义的银行持牌人或保险持牌人；(x) 《2010 年纳闽金融服务与证券法》所定义的伊斯兰银行持牌人或回教保险（takaful）持牌人；以及(xi) 马来西亚委员会可能指定的任何其他人士；但前提是，在上述(i)至(xi)各类别中，A 类普通股股份的分发须由从事证券交易业务的资本市场服务牌照持有人进行。本招股说明书在马来西亚的分发受马来西亚法律约束。本招股说明书不构成、亦不得用于需要依据《2007 年资本市场与服务法》向马来西亚委员会登记招股说明书的公开发行，或任何证券的发行、认购或购买要约、或认购或购买邀请。

No prospectus or other offering material or document in connection with the offer and sale of shares of Class A common stock offered by this prospectus has been or will be registered with the Securities Commission of Malaysia (the “Malaysian Commission”) for the Malaysian Commission’s approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed-end fund approved by the Malaysian Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires shares of Class A common stock, as principal, if the offer is on terms that the shares of Class A common stock may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Malaysian Commission; provided that, in each of the preceding categories (i) to (xi), the distribution of the shares of Class A common stock is made by a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, or invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Malaysian Commission under the Capital Markets and Services Act 2007.

#### 墨西哥

#### Mexico

A 类普通股股份未曾且将不会在墨西哥国家银行和证券委员会（Comisión Nacional Bancaria y de Valores，简称“CNBV”）维护的墨西哥国家证券登记处（Registro Nacional de Valores，简称“RNV”）登记，因此不得在墨西哥公开发售或出售，亦不得在墨西哥进行中介活动。但是，A 类普通股股份仅可依据《墨西哥证券市场法》（Ley del Mercado de Valores）第 8 条及其项下法规规定的私募豁免，以私募方式在墨西哥向符合机构投资者或合格投资者资格的投资者发售和出售。本招股说明书所载信息仅由我们负责，未经 CNBV 审阅或批准，不得在墨西哥公开分发。在作出投资决策时，所有投资者（包括可能不时取得 A 类普通股股份的任何墨西哥投资者）必须依赖其自身对我们、本次发售条款及 A 类普通股股份的审查，包括其中的优点和风险。

The shares of Class A common stock have not been and will not be registered with the Mexican National Securities Registry (Registro Nacional de Valores or the “RNV”) maintained by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or the “CNBV”), and therefore, may not be offered or sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico. However, the shares of Class A common stock may only be offered and sold in Mexico on a private placement basis to investors that qualify as institutional or qualified investors pursuant to the private placement exemption set forth in Article 8 of the Mexican Securities Market Law (Ley del Mercado de Valores) and regulations thereunder. The information contained in this prospectus is solely our responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor, who may acquire the shares of Class A common stock from time to time, must rely on their own examination of us and the terms of this offering and the shares of Class A common stock, including the merits and risks involved.

#### 新西兰

#### New Zealand

本文件未根据《2013 年金融市场行为法》（“FMC 法”）向任何新西兰监管机构登记、备案或经其批准。A 类普通股股份仅可在新西兰向以下人士发售或出售（或为在新西兰发售而配发）：

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The shares of Class A common stock may only be offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:

- 属于 FMC 法附表一第 37 条所指投资业务的人士；

- is an investment business within the meaning of clause 37 of Schedule I of the FMC Act;

- 符合 FMC 法附表一第 38 条投资活动标准的人士；

- meets the investment activity criteria in clause 38 of Schedule I of the FMC Act;

- 属于 FMC 法附表一第 39 条所指大型机构的人士；

- is large within the meaning of clause 39 of Schedule I of the FMC Act;

- 属于 FMC 法附表一第 40 条所指政府机构的人士；或

- is a government agency within the meaning of clause 40 of Schedule I of the FMC Act; or

- 属于 FMC 法附表一第 41 条所指合格投资者的人士。

- is an eligible investor within the meaning of clause 41 of Schedule I of the FMC Act.

#### 秘鲁

#### Peru

A 类普通股股份及本文件所载信息未在秘鲁公开营销或发售，且不会向秘鲁公众分发或促使向秘鲁公众分发。秘鲁关于公开发售的证券法律法规不适用于本次发售，因此其中规定的披露义务不适用于本公司或 A 类普通股股份的出售方（无论潜在投资者取得股份之前或之后）。A 类普通股股份及本文件所载信息未曾且将不会提交秘鲁资本市场监督管理局（Superintendencia del Mercado de Valores，简称“SMV”）审阅、确认、批准或以任何方式备案，亦未在 SMV 的证券市场公共登记处（Registro Público del Mercado de Valores）登记。因此，A 类普通股股份不得在秘鲁境内发售或出售，除非该等发售或出售根据秘鲁法律法规构成私募且符合其中关于私募的规定。

The shares of Class A common stock and the information contained herein are not being publicly marketed or offered in Peru and will not be distributed or caused to be distributed to the general public in Peru. Peruvian securities laws and regulations on public offerings will not be applicable to this offering and therefore, the disclosure obligations set forth therein will not be applicable to the company or the sellers of the shares of Class A common stock before or after their acquisition by prospective investors. The shares of Class A common stock and the information contained herein have not been and will not be reviewed, confirmed, approved or in any way submitted to the Superintendencia del Mercado de Valores (Peruvian capital market regulator) (the “SMV”), nor have they been registered with the SMV’s Securities Market Public Registry (Registro Público del Mercado de Valores). Accordingly, the shares of Class A common stock cannot be offered or sold within Peruvian territory except to the extent any such offering or sale qualifies as a private offering under Peruvian law and regulations and complies with the provisions on private offerings set forth therein.

#### 菲律宾

#### Philippines

本次发行或出售的 A 类普通股股份未曾且将不会依据菲律宾《证券监管法典》（“SRC”）在菲律宾证券交易委员会注册。未来在菲律宾境内对 A 类普通股股份的任何要约或出售，均须遵守 SRC 项下的注册要求，除非该等要约或出售属于 SRC 项下豁免注册的交易。

The shares of Class A common stock being offered or sold have not been and will not be registered with the Philippine Securities and Exchange Commission under the Securities Regulation Code of the Philippines (the “SRC”). Any future offer or sale of the shares of Class A common stock within the Philippines is subject to the registration requirements under the SRC unless such offer or sale qualifies as a transaction exempt from the registration under the SRC.

因此，本招股说明书及与 A 类普通股股份的要约或出售、或认购或购买邀请相关的任何其他文件或材料，不得在菲律宾境内传阅或分发，且 A 类普通股股份不得向菲律宾境内人士要约或出售，或作为认购或购买邀请的标的，但以下情形除外：(i) 向合格投资者进行豁免 SRC 注册要求的交易；及 (ii) 由在菲律宾获准进行该等要约或出售的人士进行。

Accordingly, this prospectus, and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the shares of Class A common stock, may not be circulated or distributed in the Philippines, and the shares of Class A common stock may not be offered or sold, or be made the subject of an invitation for subscription or purchase, to persons in the Philippines, other than (i) to qualified investors in transactions that are exempt from the registration requirements of the SRC; and (ii) by persons licensed to make such offers or sales in the Philippines.

#### 卡塔尔

#### Qatar

在卡塔尔国，本招股说明书所载的要约系应特定预期接收人的请求并基于其主动发起，以排他方式向其作出，仅供其个人使用，且在任何情况下均不得被解释为向公众出售 A 类普通股股份的一般性要约，或试图在卡塔尔国以银行、投资公司或其他身份开展业务。本招股说明书及基础证券未经卡塔尔中央银行、卡塔尔金融中心监管局或卡塔尔国任何其他监管机构批准或发牌。本招股说明书所载信息仅可在卡塔尔国境内以评估本次发行为目的、按需知悉的原则与任何第三方分享。接收人不得超出本条款范围将本招股说明书分发给卡塔尔国境内的第三方，否则应由该接收人承担责任。

In the State of Qatar, the offer contained in this prospectus is made on an exclusive basis to the specifically intended recipient thereof, upon that person’s request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of the shares of Class A common stock to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar Central Bank or the Qatar Financial Center Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in the State of Qatar on a need to know basis for the purpose of evaluating the offering. Any distribution of this prospectus by the recipient to third parties in the State of Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

#### 沙特阿拉伯

#### Saudi Arabia

除向沙特阿拉伯资本市场管理局（“CMA”）董事会依据 2017 年 12 月 27 日第 3-123-2017 号决议（经修订）发布的《证券要约与持续义务规则》所允许的人士外，本招股说明书不得在沙特阿拉伯王国境内分发。CMA 对本招股说明书的准确性或完整性不作任何陈述，并对因本招股说明书任何部分或依赖其任何部分而产生的任何损失明确不承担任何责任。本招股说明书所发行 A 类普通股股份的潜在购买者应自行就与 A 类普通股股份相关信息的准确性进行尽职调查。如您不理解本招股说明书的内容，应咨询获授权的财务顾问。

This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the Saudi Arabian Capital Market Authority (the “CMA”) pursuant to resolution number 3-123-2017 dated 27 December 2017, as amended. The CMA does not make any representation as to the accuracy or completeness of this prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the shares of Class A common stock offered hereby should conduct their own due diligence on the accuracy of the information relating to the shares of Class A common stock. If you do not understand the contents of this prospectus, you should consult an authorized financial adviser.

#### 新加坡

#### Singapore

本招股说明书未作为招股说明书向新加坡金融管理局注册。因此，A 类普通股不得在新加坡向任何人士发出要约或出售，亦不得作为认购或购买邀请的标的；本招股说明书或与 A 类普通股的要约或出售、或认购或购买邀请有关的任何其他文件或材料，亦不得直接或间接在新加坡向任何人士传阅，但以下情形除外：(i) 依据新加坡《2001 年证券与期货法》（经不时修订或修改，简称“SFA”）第 274 条向机构投资者（定义见 SFA 第 4A 条）发出；或 (ii) 依据并按照 SFA 第 275 条规定的条件向合格投资者（定义见 SFA 第 4A 条）发出。

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of Class A common stock may not be offered or sold, or made the subject of an invitation for subscription or purchase, nor may this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the shares of Class A common stock be circulated, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the “SFA”)) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

#### 南非

#### South Africa

鉴于南非证券法律项下的限制，本次 A 类普通股发行不构成在南非的“公开发售”（该术语定义见《南非公司法》第 71 号（2008 年）（经修订或重新颁布）（简称“《南非公司法》”））。因此，本文件不构成、亦无意构成为依据《南非公司法》编制并注册的“注册招股说明书”（该术语定义见《南非公司法》），且未经南非公司与知识产权委员会或南非任何其他监管机构批准和/或备案。A 类普通股不在南非境内或向南非地址的人士发出要约，且该要约不得在南非境内或向南非地址的人士转让、出售、放弃或交付，除非适用第 96(1) 条规定的下列豁免之一：

Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the “South African Companies Act”)) is being made in connection with the issue of the shares of Class A common stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a “registered prospectus” (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed with, the South African Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The shares of Class A common stock are not offered, and the offer should not be transferred, sold, renounced, or delivered in South Africa or to a person with an address in South Africa, unless one or other of the following exemptions stipulated in section 96(1) applies:

第 96(1)(a) 条 要约、转让、出售、放弃或交付的对象为：

Section 96(1)(a) the offer, transfer, sale, renunciation or delivery is to:

i. [__] 其日常业务或部分日常业务为以主事人身份或代理人身份从事证券交易的人士；

i. [__] persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or agent;

ii. [__] 南非公共投资公司；

ii. [__] the South African Public Investment Corporation;

iii. 受南非储备银行监管的人士或实体；

iii. persons or entities regulated by the Reserve Bank of South Africa;

iv. 南非法律项下的持牌金融服务提供商；

iv. authorized financial service providers under South African law;

v. [__] 根据南非法律被认定为金融机构的机构；

v. [__] financial institutions recognized as such under South African law;

vi. 第 (iii)、(iv) 或 (v) 项所述任何人士或实体的全资子公司，以获授权投资组合管理人的身份担任养老基金的代理人，或以集合投资计划管理人的身份担任管理人（在每种情况下均须根据南非法律正式注册为相应主体）；或

vi. a wholly owned subsidiary of any person or entity contemplated in (iii), (iv) or (v), acting as agent in the capacity of an authorized portfolio manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law); or

vii. 第 (i) 至 (vi) 项所述人士的任何组合；

vii. any combination of the persons in (i) to (vi);

第 96(1)(b) 条 对于任何以主事人身份行事的单一收件人，A 类普通股的计划收购总成本等于或大于 ZAR 1,000,000，或依据《南非公司法》第 96(2)(a) 条在南非政府公报上发布公告所规定的更高金额。

Section 96(1)(b) the total contemplated acquisition cost of the shares of Class A common stock, for any single addressee acting as a principal is equal to or greater than ZAR 1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act.

本招股说明书中提供的信息不应被视为 2002 年《南非金融咨询与中介服务法》所定义的“建议”。

Information made available in this prospectus should not be considered as “advice” as defined in the South African Financial Advisory and Intermediary Services Act 2002.

#### 韩国

#### South Korea

本招股说明书所发售的 A 类普通股股份未曾且将不会根据韩国《金融投资服务与资本市场法》及其项下的法令和法规（以下简称“FSCMA”）进行登记，且该等 A 类普通股股份已经并将在韩国作为 FSCMA 项下的私募发行进行发售。除与上述私募发行相关的情形外，且除韩国适用法律法规（包括 FSCMA 及韩国《外汇交易法》及其项下的法令和法规（以下简称“FETL”））另有允许外，A 类普通股股份不得在韩国境内或向韩国任何居民直接或间接地发售、出售或交付，亦不得为直接或间接再发售或转售之目的在韩国境内或向韩国任何居民发售或出售。A 类普通股股份未在全球任何证券交易所上市，包括但不限于韩国的韩国交易所。此外，A 类普通股股份的购买方将遵守与购买 A 类普通股股份相关的所有适用监管要求（包括但不限于 FETL 项下的要求）。通过购买 A 类普通股股份，相关持有人将被视为陈述并保证：如其位于韩国或为韩国居民，其系根据韩国适用法律法规购买该等 A 类普通股股份。

The shares of Class A common stock offered by this prospectus have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the “FSCMA”), and the shares of Class A common stock have been and will be offered in Korea as a private placement under the FSCMA. Except in connection with the aforementioned private placement and except as otherwise permitted under the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the “FETL”), none of the shares of Class A common stock may be offered, sold or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea. The shares of Class A common stock have not been listed on any of securities exchanges in the world including, without limitation, the Korea Exchange in Korea. Furthermore, the purchaser of the shares of Class A common stock will comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of shares of Class A common stock. By the purchase of shares of Class A common stock, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares of Class A common stock pursuant to the applicable laws and regulations of Korea.

#### 瑞士

#### Switzerland

除依据经德国联邦金融监管局（Bundesanstalt für Finanzdienstleistungsaufsicht – Bafin）批准并根据《瑞士金融服务法》（“FinSA”）第 54 条第 2 款提交至瑞士招股说明书办公室以供自动接受的欧洲招股说明书所述瑞士公开发行外，A 类普通股股份不得在瑞士公开发售。此外，我们的 A 类普通股将不会在瑞士任何交易场所上市。

Except pursuant to the Swiss public offering described in the European prospectus approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – Bafin) and filed with a Swiss prospectus office for automatic acceptance in accordance with Article 54(2) of the Swiss Financial Services Act (“FinSA”), the shares of Class A common stock may not be publicly offered in Switzerland. In addition, our Class A common stock will not be listed on any trading venue in Switzerland.

除上述瑞士公开发行的情形外，A 类普通股股份仅可在瑞士境内或向瑞士直接或间接地向符合 FinSA 含义内专业客户资格的投资者发售、出售或进行广告宣传。

Other than in the context of the Swiss public offering described above, the shares of Class A common stock may only be offered, sold or advertised, directly or indirectly, in or into Switzerland to any investor that qualifies as a professional client within the meaning of the FinSA.

本文件不构成 FinSA 含义内的招股说明书，且未曾并将不会依据 FinSA 第 51 条提交至瑞士审核机构，亦未经其审查或批准。本文件不得在瑞士公开分发或以其他方式公开提供。

This document does not constitute a prospectus within the meaning of the FinSA and has not been and will not be filed with, or reviewed or approved by, a Swiss review body pursuant to Article 51 FinSA. This document may not be publicly distributed or otherwise made publicly available in Switzerland.

#### 台湾

#### Taiwan

A 类普通股股份未曾且将不会依据相关证券法律法规向台湾金融监督管理委员会办理登记，亦不得在台湾境内通过公开发行或在该等构成台湾《证券交易法》所定义、须经台湾金融监督管理委员会登记或核准的要约的情形下，销售、发行或要约。台湾境内任何个人或实体均未被授权就 A 类普通股股份在台湾的发售与销售进行要约、销售、提供意见或以其他方式居间撮合。

The shares of Class A common stock have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the shares of Class A common stock in Taiwan.

#### 泰国

#### Thailand

本招股说明书不构成、亦无意构成在泰国的公开发行。A 类普通股股份不得向泰国境内人士要约或销售，除非该等要约系依据适用法律下的核准与备案豁免作出，或系在就泰国《1992 年证券交易法》而言不构成向公众发售 A 类普通股股份的要约的情形下作出，且无须获得泰国证券交易委员会办公室的核准。

This prospectus does not, and is not intended to, constitute a public offering in Thailand. The shares of Class A common stock may not be offered or sold to persons in Thailand, unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or under circumstances which do not constitute an offer for sale of the shares of Class A common stock to the public for the purposes of the Securities and Exchange Act of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission of Thailand.

#### 阿拉伯联合酋长国

#### United Arab Emirates

A 类普通股股份未曾且目前并未在阿拉伯联合酋长国（包括迪拜国际金融中心）公开要约、销售、推广或宣传，但符合阿拉伯联合酋长国（及迪拜国际金融中心）关于 A 类普通股股份发行、要约与销售的法律的情形除外。此外，本招股说明书不构成在阿拉伯联合酋长国（包括迪拜国际金融中心）的证券公开发行，亦无意构成公开发行。本招股说明书未经阿拉伯联合酋长国中央银行、证券和商品管理局、金融服务监管局或迪拜金融服务局核准或备案。

The shares of Class A common stock have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of the shares of Class A common stock. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority or the Dubai Financial Services Authority.

#### 英国

#### United Kingdom

本招股说明书系基于以下基础编制：(i) 本招股说明书所涉 A 类普通股股份在英国向公众作出的任何要约均属于《2024 年公开发行与上市交易条例》（“POATRs”）附表 1 第 1 部分所列一项或多项例外情形；且 (ii) 就构成英国金融行为监管局《规则与指引手册》组成部分的《招股说明书规则：在受监管市场上市交易》资料手册（“PRM”）第 1.4.1 条而言，本招股说明书所涉 A 类普通股股份将不会获准在英国受监管市场交易。因此，就本次发行而言，将不会为 POATRs 或 PRM 之目的编制或发布招股说明书（定义见 POATRs）。本招股说明书不构成为 POATRs 或 PRM 之目的的招股说明书。

This prospectus has been prepared on the basis that: (i) any offering of the shares of Class A common stock which are the subject of this prospectus to the public in the United Kingdom falls within one or more of the exceptions specified in Part 1 of Schedule 1 to The Public Offers and Admissions to Trading Regulations 2024 (the “POATRs”); and (ii) the shares of Class A common stock which are the subject of this prospectus will not be admitted to trading on a regulated market in the United Kingdom for the purposes of Rule 1.4.1 of the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook forming part of the Financial Conduct Authority’s Handbook of Rules and Guidance (the “PRM”). Accordingly, there will not be a prospectus (as defined in the POATRs) prepared or published for the purposes of the POATRs or the PRM in connection with this offering. This prospectus does not constitute a prospectus for the purposes of the POATRs or the PRM.

各承销商已声明并同意，其未曾且不会在英国向公众发出本招股说明书所涉 A 类普通股股份的要约，除非该要约属于《POATRs》附表 1 第 1 部所规定的类型（不包括《POATRs》附表 1 第 1 部第 6 段），或该要约完全由《POATRs》附表 1 第 1 部所规定的两种或两种以上要约类型的组合构成（不包括《POATRs》附表 1 第 1 部第 6 段）。

Each underwriter has represented and agreed that it has not made and will not make an offer of the shares of Class A common stock which are the subject of this prospectus to the public in the United Kingdom, unless such offer is of a kind specified in Part 1 of Schedule 1 to the POATRs (other than paragraph 6 of Part 1 of Schedule 1 to the POATRs) or the offer is of a kind that consists entirely of a combination of two or more of the kinds of offer specified in Part 1 of Schedule 1 to the POATRs (other than paragraph 6 of Part 1 of Schedule 1 to the POATRs).

就本条款而言，在英国，A 类普通股股份语境下的“向公众发出要约”一词，是指以任何形式和任何方式传达有关要约条款及拟要约的 A 类普通股股份的充分信息，以使投资者能够决定购买或认购该等 A 类普通股股份。

For the purposes of this provision, the expression an “offer to the public” in relation to the shares of Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to buy or subscribe for the shares of Class A common stock.

各承销商已声明并同意，其仅在《2000 年金融服务与市场法》（“FSMA”）第 21(1)条不适用的情况下，就 A 类普通股股份的发行或出售传达或促使传达、且将仅传达或促使传达任何从事投资活动的邀请或诱因（属 FSMA 第 21 条含义范围内）。

Each underwriter has represented and agreed that it has only communicated or caused to be communicated, and will only communicate or cause to be communicated, any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (“FSMA”)) in connection with the issue or sale of the shares of Class A common stock in circumstances in which section 21(1) of FSMA does not apply.

本招股说明书仅用于向以下对象分发并仅面向以下对象：(a) 在英国：(i) 在投资相关事务方面具有专业经验、属于《2005 年金融服务与市场法 2000（金融推广）令》（经修订）（“本令”）第 19(5) 条所述范围的人士；(ii) 属于本令第 49(2)(a) 至 (d) 条所述范围的高净值实体；以及 (iii) 就发行或出售任何 A 类普通股而发出的从事投资活动（属《金融服务与市场法》第 21 条含义范围内）的邀请或诱导，可合法向其传达或促使其传达的其他人士；以及 (b) 位于英国境外的人士，或依据所有适用法律法规可合法向其分发和指向本招股说明书的其他人士（所有该等人士合称“相关人士”）。A 类普通股仅向相关人士提供，任何认购、购买或以其他方式取得该等 A 类普通股的邀请、要约或协议亦仅向相关人士作出或与其作出。任何非相关人士均不应依据本招股说明书或其任何内容行事或对其加以依赖。

This prospectus is only for distribution to and directed at: (a) in the United Kingdom: (i) persons having professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order; and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) in connection with the issue or sale of any shares of Class A common stock may otherwise lawfully be communicated or caused to be communicated; and (b) persons who are outside the United Kingdom or to whom this prospectus may otherwise be distributed and directed in compliance with all applicable laws and regulations (all such persons together being referred to as “Relevant Persons”). Shares of Class A common stock will only be available to, and any invitation, offer, or agreement to subscribe for, purchase, or otherwise acquire such shares of Class A common stock will only be made to or with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this prospectus or any of its contents.

法律事项 Legal Matters

位于加利福尼亚州帕洛阿尔托的 Wilson Sonsini Goodrich & Rosati, P.C. 担任我们本次发行的法律顾问，将就本招股说明书所发售的 A 类普通股股份的有效性出具意见。Wilson Sonsini Goodrich & Rosati, P.C. 的部分成员，以及由其成员及关联人士组成的投资合伙企业，直接或间接持有我们已发行股本不足 0.01%。与本次发行有关的若干法律事项将由位于加利福尼亚州雷德伍德城的 Freshfields US LLP 代表承销商出具意见。Orrick, Herrington & Sutcliffe LLP 就若干高管薪酬及股权事项担任我们的法律顾问。长期利益信托（LTBT）的首席法律顾问 John Morley 以及 Cleary Gottlieb Steen & Hamilton LLP 就本招股说明书所载的若干治理事项担任 LTBT 的法律顾问。Cravath, Swaine & Moore LLP 就本招股说明书所载的若干治理事项担任联合创始人的法律顾问。

Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, California, which has acted as our counsel in connection with this offering, will pass upon the validity of the shares of our Class A common stock being offered by this prospectus. Certain members of, and investment partnerships comprised of members of, and persons associated with, Wilson Sonsini Goodrich & Rosati, P.C., directly or indirectly own less than 0.01% of our outstanding capital stock. Certain legal matters in connection with this offering will be passed upon for the underwriters by Freshfields US LLP, Redwood City, California. Orrick, Herrington & Sutcliffe LLP acted as our counsel with respect to certain executive compensation and equity matters. The Long-Term Benefit Trust’s principal legal counsel, John Morley, and Cleary Gottlieb Steen & Hamilton LLP served as legal advisors to the LTBT in connection with certain governance matters set forth in this prospectus. Cravath, Swaine & Moore LLP served as legal advisor to the co-founders in connection with certain governance matters set forth in this prospectus.

独立会计师变更 Changein Independent Accountant

2025 年 10 月 30 日，我们聘请 Ernst & Young LLP 担任我们的独立注册公共会计师事务所，负责审计我们截至 2025 年 12 月 31 日及该年度的合并财务报表，并解聘 Grant Thornton LLP 作为我们的独立注册公共会计师事务所，上述事项均已获我们董事会批准。

On October 30, 2025, we engaged Ernst & Young LLP as our independent registered public accounting firm to audit our consolidated financial statements as of and for the year ended December 31, 2025, and dismissed Grant Thornton LLP as our independent registered public accounting firm, in each case as ratified by our board of directors.

Grant Thornton LLP 就我们截至 2023 年 12 月 31 日和 2024 年 12 月 31 日及相应年度的合并财务报表出具的报告，不包含否定意见或无法表示意见，也未就不确定性、审计范围或会计原则作出保留或修改。

The report of Grant Thornton LLP on our consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2024 did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainties, audit scope, or accounting principles.

在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度内，以及截至 2025 年 10 月 30 日的期间内，不存在：

During the years ended December 31, 2023 and December 31, 2024, and through the period ended October 30, 2025, there were:

- 与 Grant Thornton LLP 之间就任何会计原则或实务、财务报表披露或审计范围或程序事项存在的《S-K 规则》第 304(a)(1)(iv) 条所定义的“分歧”，且该等分歧若未能按其满意的方式解决，将导致 Grant Thornton LLP 在其意见中提及该分歧所涉事项。

- no “disagreements” as such term is defined in Item 304(a)(1)(iv) of Regulation S-K with Grant Thornton LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to its satisfaction, would have caused Grant Thornton LLP to make reference in connection with its opinion to the subject matter of the disagreement.

- 《S-K 规则》第 304(a)(1)(v) 条所定义的“应报告事件”。

- no “reportable events” as such term is defined in Item 304(a)(1)(v) of Regulation S-K.

我们已向 Grant Thornton LLP 提供上述披露内容的副本，并已要求 Grant Thornton LLP 向我们提供一封致美国证券交易委员会（SEC）的函件，说明其是否同意我们上述陈述。Grant Thornton LLP 日期为 2026 年 10 月 26 日的函件副本已作为附件 16.1 提交至本招股说明书所构成的注册声明。

We have provided Grant Thornton LLP with a copy of the foregoing disclosures and have requested that Grant Thornton LLP furnish us with a letter addressed to the SEC stating whether it agrees with the statements made by us as set forth above. A copy of Grant Thornton LLP’s letter, dated October 26, 2026, is filed as Exhibit 16.1 to the registration statement of which this prospectus forms a part.

在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度内，以及截至 2025 年 10 月 30 日的期间内，我们及任何代表我们行事的人士均未就以下事项与 Ernst & Young LLP 进行咨询：将会计原则应用于某项已完成的或拟议的特定交易、可能就我们的财务报表出具的审计意见类型，或任何其他属于《S-K 规则》第 304(a)(1)(iv) 条及其第 304 条相关指引所称“分歧”或第 304(a)(1)(v) 条及其第 304 条相关指引所称“应报告事件”的事项。

During the years ended December 31, 2023 and December 31, 2024, and through the period ended October 30, 2025, neither we, nor anyone acting on our behalf, consulted with Ernst & Young LLP on matters that involved the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on our financial statements, or any other matter that was the subject of a disagreement as that term is used in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K or a reportable event as that term is used in Item 304(a)(1)(v) and the related instructions to Item 304 of Regulation S-K.

专家 Experts

本招股说明书及注册声明其他部分所载截至 2024 年 12 月 31 日以及截至 2023 年和 2024 年 12 月 31 日止年度的合并财务报表，系依据独立注册会计师事务所 Grant Thornton LLP 的报告列入，并基于该事务所作为会计和审计专家的权威性。

The consolidated financial statements as of December 31, 2024 and for the years ended December 31, 2023 and 2024, included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

本招股说明书及注册声明所载 Anthropic, PBC 截至 2025 年 12 月 31 日以及截至该日止年度的合并财务报表，已由独立注册会计师事务所 Ernst & Young LLP 审计，其相关报告载于本文件其他部分，并依据该报告列入，且基于该事务所作为会计和审计专家的权威性。

The consolidated financial statements of Anthropic, PBC at December 31, 2025, and for the year then ended, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

您可获取更多信息的地点 Where You Can Find Additional Information

我们已就本招股说明书所发售的 A 类普通股股份，依据《证券法》向 SEC 提交了 S-1 表格注册声明。本招股说明书构成注册声明的一部分，但不包含注册声明中列示的全部信息，其中部分信息依据 SEC 的规则和规定载于注册声明的附件中。有关我们及我们 A 类普通股的进一步信息，请参阅注册声明，包括作为注册声明一部分提交的附件。本招股说明书中关于任何合同或任何其他文件内容的陈述未必完整。如某合同或文件已作为注册声明的附件提交，请参阅已提交的该合同或文件副本。本招股说明书中与作为附件提交的合同或文件有关的各项陈述，在各方面均以所提交的附件为准。SEC 维护一个网站，其中包含以电子方式向 SEC 提交文件的发行人（如我们）的报告、委托书和信息声明以及其他信息。该网站的地址为 www.sec.gov。

We have submitted with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our Class A common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our Class A common stock, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains a website that contains reports, proxy and information statements, and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

由于本次发售，我们将受《交易法》的信息和报告要求约束，并将据此向 SEC 提交定期报告、委托书和其他信息。我们还维护一个网站，网址为 www.anthropic.com。本次发售完成后，在相关材料以电子方式向 SEC 提交或提供后，您可在合理可行的情况下尽快免费访问这些材料。我们网站上的信息不构成本招股说明书的一部分，本招股说明书中载明我们网站地址仅为不具实际效力的文字引用。

As a result of this offering, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance therewith, will file periodic reports, proxy statements, and other information with the SEC. We also maintain a website at www.anthropic.com. Upon completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on our website is not a part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

Anthropic, PBC Anthropic, PBC

合并财务报表索引

Index to Consolidated Financial Statements

目录 Table of Contents

**页**

**Page**

独立注册公共会计师事务所报告 · F-2 合并资产负债表 · F-5 合并经营报表 · F-7 合并综合亏损表 · F-8 可赎回可转换优先股及股东权益赤字合并报表 [__] F-9 合并现金流量表 · F-12 合并财务报表附注 · F-14

Reports of Independent Registered Public Accounting Firms · F-2 Consolidated Balance Sheets · F-5 Consolidated Statements of Operations · F-7 Consolidated Statements of Comprehensive Loss · F-8 Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit [__] F-9 Consolidated Statements of Cash Flows · F-12 Notes to Consolidated Financial Statements · F-14

会计师事务所 Accounting Firm

致 Anthropic, PBC 的股东与董事会

To the Stockholders and the Board of Directors of Anthropic, PBC

对财务报表的意见 Opinion on the Financial Statements

我们已审计了随附的 Anthropic, PBC（以下简称“公司”）截至 2025 年 12 月 31 日的合并资产负债表，以及截至该日止年度的相关合并经营报表、综合亏损表、可赎回可转换优先股及股东权益赤字表和现金流量表，以及相关附注（统称为“合并财务报表”）。我们认为，合并财务报表在所有重大方面公允反映了公司于 2025 年 12 月 31 日的财务状况以及截至该日止年度的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated balance sheet of Anthropic, PBC (the Company) as of December 31, 2025, the related consolidated statement of operations, comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit and cash flows for the year then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.

意见基础 Basis for Opinion

这些财务报表由公司管理层负责。我们的责任是在审计的基础上对公司财务报表发表意见。我们是一家在美国公众公司会计监督委员会（PCAOB）注册的会计师事务所，并须根据美国联邦证券法律以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立性。

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准开展审计。这些标准要求我们计划和执行审计，以就财务报表是否不存在因错误或舞弊导致的重大错报获取合理保证。公司无须对其财务报告内部控制进行审计，我们亦未受聘执行该等审计。作为审计的一部分，我们须了解财务报告内部控制，但并非为对公司财务报告内部控制的有效性发表意见。因此，我们不发表此类意见。

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

我们的审计包括执行程序以评估财务报表是否存在因错误或舞弊导致的重大错报风险，并执行应对该等风险的程序。此类程序包括在测试基础上检查有关财务报表中金额和披露的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

关键审计事项 Critical Audit Matters

下文所述关键审计事项系本期财务报表审计中产生、已向或需向审计委员会沟通的事项，且该等事项：(1)涉及对财务报表具有重大性的科目或披露；(2)涉及我们尤其具有挑战性、主观性或复杂性的判断。沟通关键审计事项并不以任何方式改变我们对合并财务报表整体的审计意见，且我们通过下文沟通关键审计事项，并非就关键审计事项或其所涉科目或披露提供单独意见。

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**或有损失**

**Loss Contingencies**

事项描述 如合并财务报表附注 13 进一步所述，公司涉及多项法律索赔、诉讼程序及其他监管和行政程序，其中某些可能包含金额重大或不确定的损害赔偿请求。公司对或有损失事项的评估需要作出重大判断，以确定潜在损失的可能性和估计金额。

Description of the Matter As further described in Note 13 to the consolidated financial statements, the Company is involved in various legal claims, proceedings and other regulatory and administrative proceedings, certain of which may include claims for substantial or indeterminate amounts of damages. The Company’s assessment of loss contingency matters requires significant judgment in determining both the likelihood and estimated amount of potential losses.

审计公司对某些或有损失的会计处理和披露尤其具有挑战性，因为评估管理层对损失可能性的判断及其对潜在损失金额或区间的估计需要作出重大判断。

Auditing the Company’s accounting for and disclosure of certain loss contingencies was especially challenging due to the significant judgment required to evaluate management’s assessments of the probability of loss and its estimate of the potential amounts or range of such losses.

我们在审计中如何应对该事项

How We Addressed the Matter in Our Audit

我们执行的审计程序包括（但不限于）：了解或有损失的识别和评估流程，包括公司对损失发生可能性的评估及其合理估计损失或可能损失区间的能力。我们阅读了公司董事会会议纪要，索取并收到了法律顾问确认函，与法律顾问会面讨论某些事项的性质，并取得了管理层就上述事项的陈述。我们还评估了合并财务报表中相关披露的适当性。

We performed audit procedures that included, among others, obtaining an understanding of the identification and evaluation of loss contingencies, including the Company’s assessment of the likelihood that a loss will be incurred and its ability to reasonably estimate the loss or range of possible losses. We read the Company’s board minutes, requested and received legal counsel confirmation letters, met with legal counsel to discuss the nature of certain matters and obtained representations from management on these matters. We also evaluated the appropriateness of the related disclosures included in the consolidated financial statements.

**可转换票据的公允价值**

**Fair Value of Convertible Notes**

事项描述

Description of the Matter

公司按公允价值计量其可转换本票。如合并财务报表附注 4 所述，截至 2025 年 12 月 31 日，可转换本票的估计公允价值为 $41.7 billion，截至 2025 年 12 月 31 日止年度确认的可转换本票公允价值变动损失为 $34.5 billion。公司采用混合方法估计可转换本票的公允价值，该方法由或有索取权分析法和普通股等价物法组成，涉及使用复杂且主观的估计、判断和假设。

The Company accounts for its convertible promissory notes at fair value. As discussed in Note 4 to the consolidated financial statements, the estimated fair value of convertible promissory notes as of December 31, 2025, was $41.7 billion and the recognized loss for the change in the fair value of the convertible promissory notes for the year ended December 31, 2025, was $34.5 billion. The Company estimated the fair value of the convertible promissory notes using a hybrid approach comprising a contingent claims analysis method and a common stock equivalent method which involved the use of complex and subjective estimates, judgments and assumptions.

审计公司对可转换本票估计公允价值的判断尤其具有挑战性，因为评估管理层对估值方法的选择、确定应用于或有索偿权分析和普通股等价物方法的相对权重，需要作出重大判断，其中涉及关键判断和假设，包括公司的发展阶段、首次公开发行（IPO）的可能性、融资需求及条款，以及二级市场和其他市场交易。可转换本票的估计公允价值对两种估值方法所应用相对权重的变化尤为敏感。

Auditing the Company’s estimated fair value of convertible notes was especially challenging due to the significant judgment required to assess management’s selection of the valuation methodology, determination of the relative weight applied to the contingent claims analysis and the common stock equivalent methods, which involved key judgments and assumptions, including the Company’s stage of development, likelihood of an initial public offering (IPO), need for and terms of financings, and secondary and other market transactions. The estimated fair value of the convertible notes is particularly sensitive to changes in the relative weight applied to the two valuation methods.

我们在审计中如何处理该事项

How We Addressed the Matter in Our Audit

我们执行的审计程序包括但不限于：评估公司对估值方法的选择，评估公司估值专家所使用的上述关键判断和假设，以及评估支持关键判断和假设的基础数据的完整性和准确性。我们引入了本所的估值专家，协助评估公司所使用的方法及关键判断和假设。具体而言，我们重点关注公司对或有索偿权分析和普通股等价物方法所应用相对权重的确定，以及影响该权重的关键判断和假设。例如，我们评估了公司的发展阶段，查阅了公司与 IPO 流程相关的书面计划和内部演示材料，并评估了该期间的二级市场和其他市场交易及其对公司所应用两种估值方法相对权重的影响。

We performed audit procedures that included, among others, evaluating the Company’s selection of the valuation methodology, evaluating the key judgments and assumptions noted above used by the Company’s valuation specialist, and evaluating the completeness and accuracy of the underlying data supporting the key judgments and assumptions. We involved our valuation specialists to assist with our evaluation of the methodology used by the Company and the key judgments and assumptions. Specifically, we focused on the Company’s determination of the relative weight applied to the contingent claims analysis and common stock equivalent methods and the key judgments and assumptions that affected the weighting. For example, we evaluated the stage of the Company’s development, inspected the Company’s written plans and internal presentations relating to an IPO process, and evaluated secondary and other market transactions during the period and their impact on the relative weight applied to the two valuation methods by the Company.

/s/ 安永会计师事务所

/s/ Ernst & Young LLP

我们自 2025 年起担任公司的审计师。

We have served as the Company’s auditor since 2025.

加利福尼亚州圣何塞 2026 年 6 月 1 日，但附注 1 所述股票拆分的影响除外，该影响截至 2026 年 9 月 30 日

San Jose, California June 1, 2026, except for the effects of the stock split described in Note 1, which is as of September 30, 2026

会计师事务所 Accounting Firm

董事会及股东 Anthropic, PBC

Board of Directors and Stockholders Anthropic, PBC

#### 对财务报表的意见

#### Opinion on the financial statements

我们已审计了随附的 Anthropic, PBC（一家特拉华州公益公司）及其子公司（以下简称“公司”）截至 2024 年 12 月 31 日的合并资产负债表，以及截至 2024 年 12 月 31 日和 2023 年 12 月 31 日止各年度的相关合并经营报表、综合亏损表、可赎回可转换优先股及股东权益赤字表和现金流量表，以及相关附注（统称“合并财务报表”）。我们认为，合并财务报表在所有重大方面公允反映了公司截至 2024 年 12 月 31 日的财务状况，以及截至 2024 年 12 月 31 日和 2023 年 12 月 31 日止各年度的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated balance sheet of Anthropic, PBC (a Delaware public benefit corporation) and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of operations, comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows for each of the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

#### 意见基础

#### Basis for opinion

这些合并财务报表由公司管理层负责。我们的责任是在审计的基础上对公司的合并财务报表发表意见。我们是一家在美国公众公司会计监督委员会（“PCAOB”）注册的公共会计师事务所，并须根据美国联邦证券法以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立。

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准执行了审计。这些标准要求我们计划和执行审计，以就财务报表是否不存在因错误或舞弊导致的重大错报获取合理保证。公司无需对其财务报告内部控制进行审计，我们亦未受聘执行该审计。作为审计的一部分，我们须了解财务报告内部控制，但并非为了对公司财务报告内部控制的有效性发表意见。因此，我们不对其发表此类意见。

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

我们的审计包括执行程序以评估财务报表是否存在因错误或舞弊导致的重大错报风险，并执行应对该等风险的程序。此类程序包括在测试基础上检查有关财务报表中金额和披露的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

/s/ GRANT THORNTON LLP

我们自 2023 年至 2025 年担任公司的审计师。

We have served as the Company’s auditor from 2023 to 2025.

加利福尼亚州旧金山 2026 年 6 月 1 日（除附注 1 所述股票拆分的影响外，该事项的日期为 2026 年 9 月 30 日）

San Francisco, California June 1, 2026 (except for the effects of the stock split described in Note 1, as to which the date is September 30, 2026)

**Anthropic, PBC 合并资产负债表**

**Anthropic, PBC Consolidated Balance Sheets**

（单位：百万，股份金额单位为千，每股数据除外）

(In million s, except share amounts which are in thousand s, and per share data)

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 资产 流动资产： 现金及现金等价物 · $3,141 · $17,388 · $112,389 短期投资 · — · 2,889 · 19,262 应收账款净额 · 95 · 909 · 5,833 预付费用及其他流动资产 · 2,076 · 2,560 · 496 流动资产合计 · 5,312 · 23,746 · 137,980 受限现金 · 13 · 13 · 2,529 物业及设备净额 · 19 · 146 · 1,187 经营租赁使用权资产 · 35 · 126 · 1,157 商誉 · — · 154 · 576 其他非流动资产 · 2,373 · 476 · 3,929 资产总计 · $7,752 · $24,661 · $147,358 负债、可赎回可转换优先股及

2024 · 2025 · 2026 (unaudited) Assets Current assets: Cash and cash equivalents · $3,141 · $17,388 · $112,389 Short-term investments · — · 2,889 · 19,262 Accounts receivable, net · 95 · 909 · 5,833 Prepaid expenses and other current assets · 2,076 · 2,560 · 496 Total current assets · 5,312 · 23,746 · 137,980 Restricted cash · 13 · 13 · 2,529 Property and equipment, net · 19 · 146 · 1,187 Operating lease right-of-use assets · 35 · 126 · 1,157 Goodwill · — · 154 · 576 Other assets, noncurrent · 2,373 · 476 · 3,929 Total assets · $7,752 · $24,661 · $147,358 Liabilities, Redeemable Convertible Preferred Stock, and

股东权益赤字

Stockholders’ Deficit

流动负债：

Current liabilities:

应付账款、应计费用及其他流动负债 · $ [__] 333 [__] $ [__] 2,511 [__] $ [__] 5,422 经营租赁负债，流动 · 13 · 37 · 148 递延收入 · 28 · 269 · 1,650 流动负债合计 · 374 · 2,817 · 7,220 经营租赁负债，非流动 · 39 · 80 · 931 应付可转换票据 · 14,116 · 41,677 · 108,566 其他非流动负债 · 150 · 823 · 750 负债合计 · 14,679 · 45,397 · 117,467 承诺及或有事项（附注 13） 可赎回可转换优先股，面值 $0.00001;

Accounts payable, accrued expenses, and other current liabilities · $ [__] 333 [__] $ [__] 2,511 [__] $ [__] 5,422 Operating lease liabilities, current · 13 · 37 · 148 Deferred revenue · 28 · 269 · 1,650 Total current liabilities · 374 · 2,817 · 7,220 Operating lease liabilities, noncurrent · 39 · 80 · 931 Convertible notes payable · 14,116 · 41,677 · 108,566 Other noncurrent liabilities · 150 · 823 · 750 Total liabilities · 14,679 · 45,397 · 117,467 Commitments and contingencies (Note 13) Redeemable convertible preferred stock, $0.00001 par value;

截至 2024 年 12 月 31 日、2025 年 12 月 31 日及 2026 年 6 月 30 日（未经审计），分别授权 360,995 股、728,289 股及 1,040,441 股；截至 2024 年 12 月 31 日、2025 年 12 月 31 日及 2026 年 6 月 30 日（未经审计），分别已发行及流通 220,219 股、544,322 股及 853,394 股；截至 2024 年 12 月 31 日、2025 年 12 月 31 日及 2026 年 6 月 30 日（未经审计），清算优先权总额分别为 $2,874、$24,646 及 $136,286

360,995, 728,289, and 1,040,441 shares authorized as of December 31, 2024 and 2025 and June 30, 2026 (unaudited), respectively; 220,219, 544,322, and 853,394 shares issued and outstanding as of December 31, 2024 and 2025 and June 30, 2026 (unaudited), respectively; aggregate liquidation preference of $2,874, $24,646, and $136,286 as of December 31, 2024 and 2025 and June 30, 2026 (unaudited), respectively

2,874 · 29,769 · 157,510

2,874 · 29,769 · 157,510

**Anthropic, PBC**

**Anthropic, PBC**

合并资产负债表 · （续） （单位：百万，股份金额以千计，每股数据除外）

Consolidated Balance Sheets · (continued) (In millions, except share amounts which are in thousands, and per share data)

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 股东权益赤字： A 类普通股，面值 $0.00001;6,319,705,

2024 · 2025 · 2026 (unaudited) Stockholders’ deficit: Class A common stock, $0.00001 par value; 6,319,705,

截至 2024 年 12 月 31 日、2025 年 12 月 31 日及 2026 年 6 月 30 日（未经审计），分别授权 8,162,757 股及 10,991,000 股；截至 2024 年 12 月 31 日、2025 年 12 月 31 日及 2026 年 6 月 30 日（未经审计），分别已发行及流通 1,779,060 股、1,901,267 股及 2,157,398 股

8,162,757, and 10,991,000 shares authorized as of December 31, 2024 and 2025 and June 30, 2026 (unaudited), respectively; 1,779,060, 1,901,267, and 2,157,398 shares issued and outstanding as of December 31, 2024 and 2025 and June 30, 2026 (unaudited), respectively

N 类普通股，面值 $0.00001；截至 2024 年 12 月 31 日和 2025 年 12 月 31 日以及 2026 年 6 月 30 日（未经审计），授权股数分别为 2,148,900 股、5,547,243 股和 7,044,000 股；截至 2024 年 12 月 31 日和 2025 年 12 月 31 日，无已发行和流通股；截至 2026 年 6 月 30 日（未经审计），已发行和流通股为 30,643 股

Class N common stock, $0.00001 par value; 2,148,900, 5,547,243, and 7,044,000 shares authorized as of December 31, 2024 and 2025 and June 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 June 30, 2026 (unaudited)

— · — · — T 类普通股，面值 $0.00001；截至 2024 年 12 月 31 日和 2025 年 12 月 31 日以及 2026 年 6 月 30 日（未经审计），授权股数和已发行股数均为 0 股 · — [__] — [__] — 资本公积 · 239 · 1,644 · 5,336 累计其他综合收益（亏损） · — · 5 · (53) 累计亏损 · (10,040) · (52,154) · (132,902) 股东权益合计（赤字） · (9,801) · (50,505) · (127,619) 负债、可赎回可转换优先股及股东权益（赤字）合计 · $ [__] 7,752 [__] $ [__] 24,661 [__] $ [__] 147,358

— · — · — Class T common stock, $0.00001 par value; 0 shares authorized and issued as of December 31, 2024 and 2025 and June 30, 2026 (unaudited) · — [__] — [__] — Additional paid-in capital · 239 · 1,644 · 5,336 Accumulated other comprehensive income (loss) · — · 5 · (53) Accumulated deficit · (10,040) · (52,154) · (132,902) Total stockholders’ deficit · (9,801) · (50,505) · (127,619) Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit · $ [__] 7,752 [__] $ [__] 24,661 [__] $ [__] 147,358

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 合并经营报表**

**Anthropic, PBC Consolidated Statements of Operations**

（单位：百万，但股份金额单位为千，以及每股数据）

(In million s, except share amounts which are in thousand s, and per share data)

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 收入 · $41 · $386 · $4,585 · $1,163 · $16,286 经营费用： 算力和基础设施 · 433 · 2,522 · 7,326 · 2,334 · 8,945 人员 · 95 · 454 · 1,839 · 538 · 3,152 Bartz 和解 · — · — · 1,500 · — · — 销售、营销和合作 · 2 [__] 43 [__] 568 [__] 120 [__] 3,168 其他经营和管理 · 62 [__] 347 [__] 1,412 [__] 306 [__] 1,714 经营费用合计 · 592 · 3,366 · 12,645 · 3,298 · 16,979 经营亏损 · (551) · (2,980) · (8,060) · (2,135) · (693) 利息收入 · 69 · 106 · 431 · 115 · 1,111 可转换票据、衍生负债和 SAFE 的公允价值变动 · (1,045) · (5,434) · (34,308) · (10,942) · (72,388) 其他收入（费用），净额 · (2) · — · (8) · — · (8,757) 其他收入合计

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Revenue · $41 · $386 · $4,585 · $1,163 · $16,286 Operating expenses: Compute and infrastructure · 433 · 2,522 · 7,326 · 2,334 · 8,945 Personnel · 95 · 454 · 1,839 · 538 · 3,152 Bartz settlement · — · — · 1,500 · — · — Sales, marketing, and partnerships · 2 [__] 43 [__] 568 [__] 120 [__] 3,168 Other operating and administrative · 62 [__] 347 [__] 1,412 [__] 306 [__] 1,714 Total operating expenses · 592 · 3,366 · 12,645 · 3,298 · 16,979 Operating loss · (551) · (2,980) · (8,060) · (2,135) · (693) Interest income · 69 · 106 · 431 · 115 · 1,111 Change in fair value of convertible notes, derivative liabilities, and SAFEs · (1,045) · (5,434) · (34,308) · (10,942) · (72,388) Other income (expense), net · (2) · — · (8) · — · (8,757) Total other income

（费用），净额

(expense), net

(978) · (5,328) · (33,885) · (10,827) · (80,034)

(978) · (5,328) · (33,885) · (10,827) · (80,034)

所得税费用前亏损

Loss before provision for income taxes

(1,529) · (8,308) · (41,945) · (12,962) · (80,727) 所得税费用 · 2 · 1 · 20 · 7 · 21 净亏损 · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748)

(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)

归属于普通股股东的每股净亏损，基本和稀释

Net loss per share attributable to common stockholders, basic and diluted

$(1.42) · $(5.43) · $(23.04) · $(7.25) · $(39.88)

$(1.42) · $(5.43) · $(23.04) · $(7.25) · $(39.88)

基本及稀释加权平均股数

Weighted-average shares outstanding, basic and diluted

1,076,881 · 1,528,995 · 1,821,085 · 1,788,731 · 2,024,973

1,076,881 · 1,528,995 · 1,821,085 · 1,788,731 · 2,024,973

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 合并综合亏损表**

**Anthropic, PBC Consolidated Statements of Comprehensive Loss**

（单位：百万）

(In million s)

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 净亏损 · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) 其他综合收益

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Net loss · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) Other comprehensive income

（亏损）：

(loss):

可供出售证券的未实现净收益（亏损），税后净额 · — [__] — [__] 4 [__] — [__] (49) 外币折算调整 · — [__] — [__] 1 [__] 1 [__] (9) 其他综合收益（亏损） · — [__] — [__] 5 [__] 1 [__] (58) 综合亏损 · $(1,531) · $(8,309) · $(41,960) · $(12,968) · $(80,806)

Net unrealized gain (loss) on available-for-sale securities, net of tax · — [__] — [__] 4 [__] — [__] (49) Foreign currency translation adjustments · — [__] — [__] 1 [__] 1 [__] (9) Other comprehensive income (loss) · — [__] — [__] 5 [__] 1 [__] (58) Comprehensive loss · $(1,531) · $(8,309) · $(41,960) · $(12,968) · $(80,806)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 合并可赎回可转换优先股及股东权益赤字表**

**Anthropic, PBC Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit**

（单位：百万，但股份金额单位为千）

(In million s, except share amounts which are in thousand s)

**可赎回可转换**

**Redeemable convertible**

普通股普通股普通股优先股

common stockcommon stockcommon stockpreferred stock

实收

paid-in

资本

capital

其他

other

综合

comprehensive

亏损收益

deficitincome

股东

stockholders’

亏损

deficit

股份 · 金额 · 股份 · 金额 · 股份 · 金额 · 股份 · 金额 截至 2022 年 12 月 31 日余额 · 136,005 · $1,106 · 1,738,823 · $— · — · $— · — · $— · $5 · $— · $(200) · $(195) 发行可赎回可转换优先股，扣除发行费用 · 39,670 · 445 · — · — · — · — · — · — · — · — · — · — SAFE 票据转换为可赎回可转换优先股 · 89 · 1 · — · — · — · — · — · — · — · — · — · — 发行 T 类普通股 · — · — · — · — · — · — · 0 · — · — · — · — · — 行使股票期权时发行 A 类普通股 · — · — · 15,330 · — · — · — · — · — · 3 · — · — · 3 股权激励费用 · — · — · — · — · — · — · — · — · 29 · — · — · 29 净亏损 · — · — · — · — · — · — · — · — · — · — · (1,531) · (1,531) 截至 2023 年 12 月 31 日余额 · 175,764 · 1,552 · 1,754,153 · — · — · — · 0 · — · 37 · — · (1,731) · (1,694) 发行可赎回可转换优先股，扣除发行费用 · 39,979 · 1,188 · — · — · — · — · — · — · — · — · — · — SAFE 票据转换为可赎回可转换优先股 · 4,476 · 134 · — · — · — · — · — · — · — · — · — · — 行使股票期权时发行 A 类普通股 · — · — · 24,907 · — · — · — · — · — · 10 · — · — · 10 股权激励费用 · — · — · — · — · — · — · — · — · 192 · — · — · 192 净亏损 · — · — · — · — · — · — · — · — · — · — · (8,309) · (8,309) 截至 2024 年 12 月 31 日余额 · 220,219 · 2,874 · 1,779,060 · — · — · — · 0 · — · 239 · — · (10,040) · (9,801) 发行可赎回可转换优先股，扣除发行费用 · 155,830 · 16,548 · — · — · — · — · — · — · — · — · — · — 可转换本票转换为可赎回可转换优先股 · 168,273 · 10,347 · — · — · — · — · — · — · — · — · — · — 行使股票期权及授予限制性股票时发行 A 类普通股 · — · — · 141,542 · — · — · — · — · — · 111 · — · — · 111 回购流通在外普通股 · — · — · (27,942) · — · — · — · — · — · — · — · (149) · (149) 股权激励费用 · — · — · — · — · — · — · — · — · 1,158 · — · — · 1,158 与企业收购相关的股权发行 · — · — · 8,607 · — · — · — · — · — · 136 · — · — · 136 外币折算调整 · — · — · — · — · — · — · — · — · — · 1 · — · 1 可供出售证券的未实现净收益 · — · — · — · — · — · — · — · — · — · 4 · — · 4 净亏损 · — · — · — · — · — · — · — · — · — · — · (41,965) · (41,965) 截至 2025 年 12 月 31 日余额 · 544,322 · $29,769 · 1,901,267 · $— · — · $— · 0 · $— · $1,644 · $5 · $(52,154) · $(50,505)

Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount Balance as of December 31, 2022 · 136,005 · $1,106 · 1,738,823 · $— · — · $— · — · $— · $5 · $— · $(200) · $(195) Issuance of redeemable convertible preferred stock, net of issuance costs · 39,670 · 445 · — · — · — · — · — · — · — · — · — · — Conversion of SAFE note into redeemable convertible preferred stock · 89 · 1 · — · — · — · — · — · — · — · — · — · — Issuance of Class T common stock · — · — · — · — · — · — · 0 · — · — · — · — · — Issuance of Class A common stock upon exercise of stock options · — · — · 15,330 · — · — · — · — · — · 3 · — · — · 3 Stock-based compensation expense · — · — · — · — · — · — · — · — · 29 · — · — · 29 Net loss · — · — · — · — · — · — · — · — · — · — · (1,531) · (1,531) Balance as of December 31, 2023 · 175,764 · 1,552 · 1,754,153 · — · — · — · 0 · — · 37 · — · (1,731) · (1,694) Issuance of redeemable convertible preferred stock, net of issuance costs · 39,979 · 1,188 · — · — · — · — · — · — · — · — · — · — Conversion of SAFE notes into redeemable convertible preferred stock · 4,476 · 134 · — · — · — · — · — · — · — · — · — · — Issuance of Class A common stock upon exercise of stock options · — · — · 24,907 · — · — · — · — · — · 10 · — · — · 10 Stock-based compensation expense · — · — · — · — · — · — · — · — · 192 · — · — · 192 Net loss · — · — · — · — · — · — · — · — · — · — · (8,309) · (8,309) Balance as of December 31, 2024 · 220,219 · 2,874 · 1,779,060 · — · — · — · 0 · — · 239 · — · (10,040) · (9,801) Issuance of redeemable convertible preferred stock, net of issuance costs · 155,830 · 16,548 · — · — · — · — · — · — · — · — · — · — Conversion of convertible notes into redeemable convertible preferred stock · 168,273 · 10,347 · — · — · — · — · — · — · — · — · — · — Issuance of Class A common stock upon exercise of stock options and grants of restricted stock · — · — · 141,542 · — · — · — · — · — · 111 · — · — · 111 Repurchase of outstanding common stock · — · — · (27,942) · — · — · — · — · — · — · — · (149) · (149) Stock-based compensation expense · — · — · — · — · — · — · — · — · 1,158 · — · — · 1,158 Equity issued in connection with business acquisition · — · — · 8,607 · — · — · — · — · — · 136 · — · — · 136 Foreign currency translation adjustments · — · — · — · — · — · — · — · — · — · 1 · — · 1 Net unrealized gains on available- for-sale securities · — · — · — · — · — · — · — · — · — · 4 · — · 4 Net loss · — · — · — · — · — · — · — · — · — · — · (41,965) · (41,965) Balance as of December 31, 2025 · 544,322 · $29,769 · 1,901,267 · $— · — · $— · 0 · $— · $1,644 · $5 · $(52,154) · $(50,505)

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 可赎回可转换优先股及股东权益赤字合并报表**

**Anthropic, PBC Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit**

（单位：百万，股份金额除外，股份数以千计）

(In million s, except share amounts which are in thousand s)

可赎回可转换普通股 普通股 普通股 优先股 实收资本 其他综合 赤字 收益 股东权益赤字 股份 · 金额 · 股份 · 金额 · 股份 · 金额 · 股份 · 金额 截至 2024 年 12 月 31 日余额 · 220,219 · $2,874 · 1,779,060 · $— · — · $— · 0 · $— · $239 · $— · $(10,040) · $(9,801) 发行可赎回可转换优先股，扣除发行费用（未经审计） · 63,610 · 3,549 · — · — · — · — · — · — · — · — · — · — 可转换本票转换为可赎回可转换优先股（未经审计） · 147,533 · 8,168 · — · — · — · — · — · — · — · — · — · — 行使股票期权及授予限制性股票时发行 A 类普通股（未经审计） · — · — · 83,704 · — · — · — · — · — · 49 · — · — · 49 回购流通在外普通股（未经审计） · — · — · (27,942) · — · — · — · — · — · — · — · (149) · (149) 股权激励费用（未经审计） · — · — · — · — · — · — · — · — · 279 · — · — · 279 外币折算调整（未经审计） · — · — · — · — · — · — · — · — · — · 1 · — · 1 净亏损（未经审计） · — · — · — · — · — · — · — · — · — · — · (12,969) · (12,969) 截至 2025 年 6 月 30 日余额 （未经审计） · 431,362 · $14,591 1,834,822 · $— · — · $— · 0 · $— · $567 · $1 · $(23,158) · $(22,590)

Redeemable convertible common stockcommon stockcommon stockpreferred stock paid-in capital other comprehensive deficitincome stockholders’ deficit Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount Balance as of December 31, 2024 · 220,219 · $2,874 · 1,779,060 · $— · — · $— · 0 · $— · $239 · $— · $(10,040) · $(9,801) Issuance of redeemable convertible preferred stock, net of issuance costs (unaudited) · 63,610 · 3,549 · — · — · — · — · — · — · — · — · — · — Conversion of convertible notes into redeemable convertible preferred stock (unaudited) · 147,533 · 8,168 · — · — · — · — · — · — · — · — · — · — Issuance of Class A common stock upon exercise of stock options and grants of restricted stock (unaudited) · — · — · 83,704 · — · — · — · — · — · 49 · — · — · 49 Repurchase of outstanding common stock (unaudited) · — · — · (27,942) · — · — · — · — · — · — · — · (149) · (149) Stock-based compensation expense (unaudited) · — · — · — · — · — · — · — · — · 279 · — · — · 279 Foreign currency translation adjustments (unaudited) · — · — · — · — · — · — · — · — · — · 1 · — · 1 Net loss (unaudited) · — · — · — · — · — · — · — · — · — · — · (12,969) · (12,969) Balance as of June 30, 2025 (unaudited) · 431,362 · $14,591 1,834,822 · $— · — · $— · 0 · $— · $567 · $1 · $(23,158) · $(22,590)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 可赎回可转换优先股及股东权益赤字合并报表**

**Anthropic, PBC Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit**

（单位：百万，股份金额除外，股份数以千计）

(In million s, except share amounts which are in thousand s)

可赎回可转换普通股普通股普通股优先股实收资本其他综合收益（亏损）累计亏损股东权益（亏损） 股数 · 金额 · 股数 · 金额 · 股数 · 金额 · 股数 · 金额 截至 2025 年 12 月 31 日余额 · 544,322 · $29,769 · 1,901,267 · $— · — · $— · 0 · $— · $1,644 · $5 · $(52,154) · $(50,505) 发行可赎回可转换优先股，扣除发行费用（未经审计） · 285,187 · 122,242 · — · — · — · — · — · — · — · — · — · — 可转换本票转换为可赎回可转换优先股（未经审计） · 23,885 · 5,499 · — · — · — · — · — · — · — · — · — · — 行使股票期权、授予限制性股票及以现金出售普通股而发行 A 类普通股（未经审计） · — · — · 229,818 · — · — · — · — · — · 355 · — · — · 355 与收购相关而发行 A 类普通股（未经审计） · — · — · 26,313 · — · — · — · — · — · 534 · — · — · 534 结算捐赠配比计划负债而发行 N 类普通股（未经审计） · — · — · — · — · 30,643 · — · — · — · 667 · — · — · 667 股权激励费用（未经审计） · — · — · — · — · — · — · — · — · 2,185 · — · — · 2,185 外币折算调整（未经审计） · — · — · — · — · — · — · — · — · — · (9) · — · (9) 可供出售证券未实现净亏损（未经审计） · — · — · — · — · — · — · — · — · — · (49) · — · (49) 净亏损（未经审计） · — · — · — · — · — · — · — · — · — · — · (80,748) · (80,748) 其他（未经审计） · — · — · — · — · — · — · — · — · (49) · — · — · (49) 截至 2026 年 6 月 30 日余额 （未经审计） · 853,394 · $157,510 2,157,398 · $— · 30,643 · $— · 0 · $— · $5,336 · $(53) · $(132,902) · $(127,619)

Redeemable convertible common stockcommon stockcommon stockpreferred stock paid-in capital other comprehensive income (loss)deficit stockholders’ deficit Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount Balance as of December 31, 2025 · 544,322 · $29,769 · 1,901,267 · $— · — · $— · 0 · $— · $1,644 · $5 · $(52,154) · $(50,505) Issuance of redeemable convertible preferred stock, net of issuance costs (unaudited) · 285,187 · 122,242 · — · — · — · — · — · — · — · — · — · — Conversion of convertible notes into redeemable convertible preferred stock (unaudited) · 23,885 · 5,499 · — · — · — · — · — · — · — · — · — · — Issuance of Class A common stock upon exercise of stock options, grants of restricted stock, and sales of common stock for cash (unaudited) · — · — · 229,818 · — · — · — · — · — · 355 · — · — · 355 Issuance of Class A common stock in connection with acquisitions (unaudited) · — · — · 26,313 · — · — · — · — · — · 534 · — · — · 534 Issuance of Class N common stock upon settlement of donation matching program liability (unaudited) · — · — · — · — · 30,643 · — · — · — · 667 · — · — · 667 Stock-based compensation expense (unaudited) · — · — · — · — · — · — · — · — · 2,185 · — · — · 2,185 Foreign currency translation adjustments (unaudited) · — · — · — · — · — · — · — · — · — · (9) · — · (9) Net unrealized loss on available- for-sale securities (unaudited) · — · — · — · — · — · — · — · — · — · (49) · — · (49) Net loss (unaudited) · — · — · — · — · — · — · — · — · — · — · (80,748) · (80,748) Other (unaudited) · — · — · — · — · — · — · — · — · (49) · — · — · (49) Balance as of June 30, 2026 (unaudited) · 853,394 · $157,510 2,157,398 · $— · 30,643 · $— · 0 · $— · $5,336 · $(53) · $(132,902) · $(127,619)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 合并现金流量表**

**Anthropic, PBC Consolidated Statements of Cash Flows**

（单位：百万）

(In million s)

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

30,

30,

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 经营活动产生的现金流量： 净亏损 · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) 将净亏损调节为经营活动提供（使用）的净现金： 股权激励费用 · 29 · 192 · 1,158 · 279 · 2,185 折旧和摊销 · 3 · 21 · 40 · 14 · 97 可转换本票、衍生负债及 SAFE 的公允价值变动 · 1,045 [__] 5,434 [__] 34,308 [__] 10,942 [__] 72,388 捐赠配比计划负债 · — · — · 541 · — · 126 其他金融工具的确认及公允价值变动 · — [__] — [__] — [__] — [__] 8,720 其他 · — · 7 · 11 · 5 · (7) 经营性资产和负债的变动： 应收账款，净额 · (10) · (90) · (834) · (384) · (4,982) 预付费用及其他资产 · (1,253) · (3,190) · 1,771 · 212 · 2,094 应付账款、应计费用及其他负债 · 84 [__] 222 [__] 2,079 [__] 257 [__] 2,679 租赁负债 · (1) · — · 13 · 7 · (3) 递延收入 · 7 · 21 · 241 · 124 · 1,380 经营活动提供（使用）的净现金 · (1,627) [__] (5,692) [__] (2,637) [__] (1,513) [__] 3,929

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Cash flows from operating activities: Net loss · $(1,531) · $(8,309) · $(41,965) · $(12,969) · $(80,748) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Stock-based compensation expense · 29 · 192 · 1,158 · 279 · 2,185 Depreciation and amortization · 3 · 21 · 40 · 14 · 97 Change in fair value of convertible notes, derivative liabilities, and SAFEs · 1,045 [__] 5,434 [__] 34,308 [__] 10,942 [__] 72,388 Donation matching program liability · — · — · 541 · — · 126 Recognition and change in fair value of other financial instruments · — [__] — [__] — [__] — [__] 8,720 Other · — · 7 · 11 · 5 · (7) Changes in operating assets and liabilities: Accounts receivable, net · (10) · (90) · (834) · (384) · (4,982) Prepaid expenses and other assets · (1,253) · (3,190) · 1,771 · 212 · 2,094 Accounts payable, accrued expenses, and other liabilities · 84 [__] 222 [__] 2,079 [__] 257 [__] 2,679 Lease liabilities · (1) · — · 13 · 7 · (3) Deferred revenue · 7 · 21 · 241 · 124 · 1,380 Net cash provided by (used in) operating activities · (1,627) [__] (5,692) [__] (2,637) [__] (1,513) [__] 3,929

**投资活动产生的现金流量：**

**Cash flows from investing activities:**

购置物业及设备 · (2) · (15) · (131) · (18) · (482) 购买短期投资 · — · — · (3,082) · — · (18,972) 短期投资的出售及到期 · — [__] — [__] 213 [__] — [__] 2,610 其他投资活动 · — · (7) · (77) · (31) · (337) 投资活动所用现金净额 · (2) · (22) · (3,077) · (49) · (17,181) 筹资活动产生的现金流量： 发行可赎回可转换优先股所得款项，扣除发行费用 · 445 [__] 1,188 [__] 16,548 [__] 3,549 [__] 110,432 融资租赁本金付款 · — · — · — · — · (4) 为现金发行可转换票据 · 1,750 · 6,050 · 3,450 · 1,300 · — 发行普通股所得款项 · 3 · 10 · 111 · 49 · 355 回购普通股 · — · — · (149) · (149) · — 为现金发行 SAFE · 122 · — · — · — · — 支付递延发行费用 · — · — · — · — · (9) 筹资活动提供的现金净额 · 2,320 [__] 7,248 [__] 19,960 [__] 4,749 [__] 110,774 汇率变动对现金、现金等价物及受限现金的影响 · — [__] — [__] 1 [__] 1 [__] (5) 现金、现金等价物及受限现金净增加额 · 691 [__] 1,534 [__] 14,247 [__] 3,188 [__] 97,517

Purchases of property and equipment · (2) · (15) · (131) · (18) · (482) Purchases of short-term investments · — · — · (3,082) · — · (18,972) Sales and maturities of short-term investments · — [__] — [__] 213 [__] — [__] 2,610 Other investing activities · — · (7) · (77) · (31) · (337) Net cash used in investing activities · (2) · (22) · (3,077) · (49) · (17,181) Cash flows from financing activities: Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs · 445 [__] 1,188 [__] 16,548 [__] 3,549 [__] 110,432 Principal payments for finance leases · — · — · — · — · (4) Issuance of convertible notes for cash · 1,750 · 6,050 · 3,450 · 1,300 · — Proceeds from issuance of common stock · 3 · 10 · 111 · 49 · 355 Repurchase of common stock · — · — · (149) · (149) · — Issuance of SAFEs for cash · 122 · — · — · — · — Payment of deferred offering costs · — · — · — · — · (9) Net cash provided by financing activities · 2,320 [__] 7,248 [__] 19,960 [__] 4,749 [__] 110,774 Effect of exchange rate changes on cash, cash equivalents, and restricted cash · — [__] — [__] 1 [__] 1 [__] (5) Net increase in cash, cash equivalents, and restricted cash · 691 [__] 1,534 [__] 14,247 [__] 3,188 [__] 97,517

**Anthropic, PBC 合并现金流量表（续）**

**Anthropic, PBC Consolidated Statements of Cash Flows (continued)**

（单位：百万）

(In million s)

**截至 12 月 31 日止年度**

**Year Ended December 31,**

30,

30,

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 期初现金、现金等价物及受限现金 · 929 [__] 1,620 [__] 3,154 [__] 3,154 [__] 17,401

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Cash, cash equivalents, and restricted cash at beginning of period · 929 [__] 1,620 [__] 3,154 [__] 3,154 [__] 17,401

期末现金、现金等价物及受限现金

Cash, cash equivalents, and restricted cash at end of period

$1,620 · $3,154 · $17,401 · $6,342 · $114,918

$1,620 · $3,154 · $17,401 · $6,342 · $114,918

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

**Anthropic, PBC 合并财务报表附注**

**Anthropic, PBC Notes to Consolidated Financial Statements**

1. 业务描述与重要会计政策摘要 1. Description of Business and Summary of Significant Accounting Policies

Anthropic, PBC（以下简称“公司”）是一家公益公司（PBC），于 2021 年 1 月依据特拉华州法律注册成立。公司开发并维护先进的人工智能（AI）模型，并通过其平台和应用程序向客户提供智能服务。公司的公益宗旨是负责任地开发并维护先进 AI，以造福人类的长期利益。公司总部位于加利福尼亚州旧金山。

Anthropic, PBC (the “Company”) is a public benefit corporation (“PBC”) incorporated under Delaware law in January 2021. The Company develops and maintains advanced artificial intelligence (“AI”) models and provides its intelligence service through its platform and applications to customers. The Company’s public benefit purpose is to responsibly develop and maintain advanced AI for the long-term benefit of humanity. The Company is headquartered in San Francisco, California.

#### 列报基础

#### Basis of Presentation

随附的合并财务报表系按照美国公认会计原则（“GAAP”）编制。公司合并其控制的全资子公司，以及公司被视为主要受益人的可变利益实体（“VIE”）。合并实体之间的所有公司间余额和交易均已在合并中抵销。

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company consolidates its wholly owned subsidiaries over which it exercises control, as well as variable interest entities (“VIEs”) where the Company is deemed to be the primary beneficiary. All intercompany balances and transactions between consolidated entities have been eliminated in consolidation.

#### 列报方式变更及以前期间重分类

#### Change in Presentation and Reclassification of Prior Periods

公司以前期间合并财务报表中列报的某些金额已进行重分类，以符合本期列报方式。在截至 2025 年 12 月 31 日的年度内，公司将经营费用的列报方式从按功能分类（即将收入成本、毛利（亏损）、研发、销售和营销以及一般及行政费用作为单独项目列报）变更为按费用性质分类。由于此项列报方式变更，收入成本、毛利（亏损）、研发、销售和营销以及一般及行政费用不再在合并经营报表中作为单独项目列报。

Certain amounts reported in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. During the year ended December 31, 2025, the Company changed its presentation of operating expenses from a functional classification under which cost of revenue, gross profit (loss), research and development, sales and marketing, and general and administrative were presented as separate line items, to a classification based on the nature of expenses. As a result of this change in presentation, cost of revenue, gross profit (loss), research and development, sales and marketing, and general and administrative are no longer presented as separate line items in the consolidated statements of operations.

在新的列报方式下，费用按主要类别列报，包括算力和基础设施；人员；销售、营销和合作伙伴关系；Bartz 和解；以及其他经营和行政费用。此外，公司合并了合并资产负债表和合并现金流量表上的某些项目。这些重分类以及某些其他以前期间金额已对所有列报的前期进行了追溯调整，以符合本期列报方式。这些重分类仅影响列报方式，并未影响总资产、总负债、股东权益（赤字）总额、经营亏损总额、净亏损，或经营活动、投资活动或融资活动提供（使用）的现金净额。

Under the new presentation, expenses are presented by major categories, including compute and infrastructure; personnel; sales, marketing, and partnerships; Bartz settlement; and other operating and administrative. In addition, the Company combined certain captions on its consolidated balance sheets and consolidated statements of cash flows. These reclassifications and certain other prior period amounts have been recast for all prior periods presented to conform to the current period presentation. These reclassifications affect presentation only and did not impact total assets, total liabilities, total stockholders’ equity (deficit), total operating loss, net loss, or net cash provided by (used in) operating, investing, or financing activities.

#### 未经审计的中期合并财务信息

#### Unaudited Interim Consolidated Financial Information

随附的截至 2026 年 6 月 30 日的中期合并资产负债表，以及截至 2025 年 6 月 30 日和 2026 年 6 月 30 日止六个月的中期合并经营报表、综合亏损表、可赎回可转换优先股及股东权益赤字表和现金流量表，以及该等中期合并财务报表的相关附注，均未经审计。该等未经审计的中期合并财务报表系按照美国证券交易委员会的规则和规定编制，并未包含按照 GAAP 编制的年度合并财务报表通常要求的所有披露。管理层认为，该等未经审计的中期合并财务报表与年度合并财务报表采用相同基础编制，并反映了为公允列报公司截至 2026 年 6 月 30 日的财务状况以及公司截至 2025 年 6 月 30 日和 2026 年 6 月 30 日止六个月的合并经营成果和现金流量所必需的所有正常且经常性的调整。截至 2026 年 6 月 30 日止六个月的经营成果不一定预示全年或任何其他未来中期或年度期间的预期业绩。

The accompanying interim consolidated balance sheet as of June 30, 2026 and the interim consolidated statements of operations, comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows for the six months ended June 30, 2025 and 2026 and the related notes to such interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2026 and the Company’s consolidated results of operations and cash flows for the six months ended June 30, 2025 and 2026. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

#### 股票拆分

#### Stock Split

2026 年 9 月 17 日，公司对其已授权、已发行和流通在外的 A 类普通股和 N 类普通股实施了 10 比 1 的股票拆分。公司可赎回可转换优先股的转换比例已按比例调整，以反映该股票拆分。同日，公司还对其已授权和已发行的 T 类普通股实施了 1 比 1,000 的反向股票拆分。所有股份及每股信息均已追溯调整，以反映所列报各期间的股票拆分和反向股票拆分。

On September 17, 2026, the Company effected a 10-for-1 stock split of its authorized, issued, and outstanding shares of Class A common stock and Class N common stock. The conversion rate of the Company’s redeemable convertible preferred stock was proportionately adjusted to factor in the stock split. On the same date, the Company also effected a 1-for-1,000 reverse stock split of its authorized and issued shares of Class T common stock. All share and per share information has been retroactively adjusted to reflect the stock split and reverse stock split for all periods presented.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 估计的使用

#### Use of Estimates

按照 GAAP 编制合并财务报表要求管理层作出估计和假设，这些估计和假设会影响合并财务报表及随附附注中资产和负债、收入和费用的报告金额，以及或有资产和负债的相关披露。实际结果可能与这些估计存在重大差异。受此类估计和假设影响的重要项目包括：普通股公允价值的确定、递延所得税资产及相关估值备抵的估值、已在合并财务报表或纳税申报表中确认的不确定税务状况的潜在结果、未来股权简单协议（SAFE）的估值、可转换本票的估值、商誉的估值、股权激励费用、长期资产和无形资产使用寿命的评估、或有事项、金融工具的估值，以及经营租赁和融资租赁的增量借款利率。

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions include the determination of the fair value of common stock, valuation of deferred tax assets and the related valuation allowance, the potential outcome of uncertain tax positions that have been recognized in the consolidated financial statements or tax returns, valuation of the simple agreements for future equity (“SAFEs”), valuation of convertible notes, valuation of goodwill, stock-based compensation, the assessment of useful lives of long-lived assets and intangible assets, contingencies, the valuation of financial instruments, and incremental borrowing rates for operating and finance leases.

#### 风险集中

#### Concentrations of Risk

信用风险集中

Concentration of Credit Risk

可能使公司面临信用风险集中的金融工具主要包括现金及现金等价物、受限现金、应收账款和短期投资。公司将现金存放于高信用质量的金融机构，且未发生此类账户的任何损失，并且认为除商业银行关系固有的正常信用风险外，公司不存在任何异常信用风险敞口。存放于该等金融机构的存款金额超过联邦存款保险公司对该等存款提供的保险限额。在所呈报期间内，公司未发生与上述集中相关的任何损失。公司的短期投资主要用于促进流动性和资本保全，主要由高流动性投资级固定收益证券构成，并在行业和单个发行人之间进行分散。公司的投资政策旨在限制来自任何特定发行人或机构的敞口。

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, accounts receivable, and short-term investments. The Company maintains cash with financial institutions of high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Deposits held with these financial institutions are in excess of the amount of Federal Deposit Insurance Corporation insured limits provided on such deposits. The Company has not experienced any losses related to these concentrations during the periods presented. The Company’s short-term investments are primarily intended to facilitate liquidity and capital preservation and consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. The Company’s investment policy is designed to limit exposure from any particular issuer or institution.

重要客户

Significant Customers

下表列示了来自占公司应收账款总额 [__] 10% 或以上的主要客户的应收账款信用风险集中情况：

The table below sets forth concentrations of credit risk with respect to accounts receivable from major customers that accounted for [__] 10% or more of the Company’s total accounts receivable:

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 客户 A · * · 13% · 13% 客户 C · * · * · 10%

2024 · 2025 · 2026 (unaudited) Customer A · * · 13% · 13% Customer C · * · * · 10%

______________

______________

* [__] 低于总额的 10%

* [__] Less than 10% of total

下表列示了来自占公司总收入 [__] 10% 或以上的客户的收入集中情况：

The table below sets forth concentrations of revenue from customers that accounted for [__] 10% or more of the Company’s total revenue:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 客户 A · * · * · 12% · * · * 客户 B · * · * · 12% · 18% · * 客户 C · 43% · * · * · * · 11% 客户 D · 11% · * · * · * · *

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Customer A · * · * · 12% · * · * Customer B · * · * · 12% · 18% · * Customer C · 43% · * · * · * · 11% Customer D · 11% · * · * · * · *

______________

______________

* [__] 低于总额的 10%

* [__] Less than 10% of total

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

其他集中度

Other Concentrations

在 2026 年之前，公司的算力基础设施绝大部分来自三家云服务商（CSP）[__]。[__] 在截至 2026 年 6 月 [__] 30 日止六个月（未经审计）内，公司根据长期托管和租赁协议，从数量有限的 CSP 及其他供应商处获得了其算力基础设施的绝大部分。这形成了依赖关系和潜在脆弱性，即影响这些交易对手的中断可能对公司的运营造成不利影响。公司在扩大与现有 CSP 关系的同时，也通过与其他 CSP 的承诺以及通过其他来源获取的算力（包括为其运营而租赁的基础设施）来扩大其算力容量[__]。

Prior to 2026, the Company obtained substantially all of its compute infrastructure from three cloud service providers (“CSPs”) [__] . [__] During the six months ended June [__] 30, 2026 (unaudited), the Company obtained a substantial majority of its compute infrastructure from a limited number of CSPs and other suppliers under long-term hosting and lease agreements. This created dependencies and potential vulnerabilities, in that a disruption affecting these counterparties could have adversely affected the Company’s operations. While the Company is expanding its relationships with its existing CSPs, it is also expanding its compute capacity through commitments with additional CSPs and through compute procured from other sources, including leased infrastructure operated on its behalf [__] .

公司还通过 CSP 市场提供其智能服务的访问渠道，在这些交易中 CSP 作为公司的收款代理[__]。[__] 在截至 2023 年、2024 年和 2025 年 12 月 31 日止年度内，通过 CSP 市场向客户销售产生的收入分别约占总收入的 [__] 11%、32% 和 47%。在截至 2025 年和 2026 年 6 月 30 日止六个月（未经审计）内，通过 CSP 市场向客户销售产生的收入分别约占总收入的 [__] 44% 和 48%。截至 2024 年 12 月 31 日和 2025 年 12 月 31 日以及 2026 年 6 月 30 日（未经审计），通过 CSP 市场向客户销售产生的应收账款净额分别占公司应收账款净额的 [__] 42%、60% 和 [__] 58%。

The Company also provides access to its intelligence service through CSP marketplaces, with CSPs acting as collection agents for the Company in these transactions [__] . [__] During the years ended December 31, 2023, 2024, and 2025, revenue generated from sales through CSP marketplaces to customers represented approximately [__] 11%, 32%, and 47% of total revenue, respectively. During the six months ended June 30, 2025 and 2026 (unaudited), revenue generated from sales through CSP marketplaces to customers represented approximately [__] 44% and 48% of total revenue, respectively. As of December 31, 2024 and 2025 and June 30, 2026 (unaudited), net accounts receivable from sales through CSP marketplaces to customers represented [__] 42%, 60%, and [__] 58% of the Company’s net accounts receivable, respectively.

部分 CSP 还持有公司的无投票权可赎回可转换优先股和可转换票据。更多信息参见附注 [__] 9 和 10。

Certain of the CSPs also hold the Company’s non-voting redeemable convertible preferred stock and convertible notes. See Notes [__] 9 and 10 for further information.

#### 现金及现金等价物

#### Cash and Cash Equivalents

现金及现金等价物包括存放于支票账户和计息账户的现金，以及对货币市场基金和自购买日起原始到期日为三个月或更短的高流动性投资。

Cash and cash equivalents consist of cash held in checking and interest-bearing accounts as well as investments in money market funds and highly liquid investments with original maturities of three months or less from the date of purchase.

#### 受限现金

#### Restricted Cash

公司的受限现金根据剩余限制的合同期限或估计期限分类为非流动，由作为公司租赁及其他合同义务担保而质押的金额构成。该等金额不得用于一般公司用途，并将在相关条件满足时解除限制或用于抵偿相关义务。

The Company’s restricted cash is classified as noncurrent based on the contractual or estimated term of the remaining restriction and consists of amounts pledged as collateral for the Company’s lease and other contractual obligations. These amounts are restricted from general corporate use and will be released or applied against the related obligations as the underlying conditions are satisfied.

#### 短期投资

#### Short-Term Investments

公司的短期投资主要由债务证券构成，包括：美国国债及机构证券、公司债务证券和商业票据。公司在购买时确定其短期投资的适当分类，并在每个资产负债表日重新评估该等指定。公司已将其短期投资分类为可供出售证券并进行相应会计处理，因为公司可随时出售该等证券用于其当前经营或其他目的，即使在到期之前亦可如此。因此，短期投资（包括标明到期日在 12 个月以上的证券）在合并资产负债表中归类为流动资产。

The Company’s short-term investments primarily consist of debt securities, including: U.S. Treasury and agency securities, corporate debt securities, and commercial paper. The Company determines the appropriate classification of its short-term investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, short-term investments, including securities with stated maturities beyond 12 months, are classified within current assets in the consolidated balance sheets.

可供出售证券在每个报告期按公允价值记录，并按单项证券定期评估减值。对于公司拟持有且不太可能（not-more-likely-than-not）被要求在恢复前出售的证券的未实现损失，公司进一步评估公允价值低于摊余成本的下降是否由信用或非信用相关因素所致。

Available-for-sale securities are recorded at fair value each reporting period and are periodically evaluated for impairment at the individual security level. For unrealized losses in securities that the Company intends to hold and will not-more-likely-than-not be required to sell before recovery, the Company further evaluates whether declines in fair value below amortized cost are due to credit or non-credit related factors.

公司将信用相关减值视为由债权人履行其付款义务能力的变化所驱动的价值变动，并在减值发生时记录减值准备，同时在其他收入（费用）净额中确认相应损失。未实现的非信用相关损失和未实现收益在实现之前，作为累计其他综合收益（损失）的单独组成部分在合并资产负债表中列报。已实现收益和损失按个别认定法确定，并在合并经营报表的其他收入（费用）净额中列报。

The Company considers credit-related impairments to be changes in value that are driven by a change in the creditor’s ability to meet its payment obligations and records an allowance and recognizes a corresponding loss in other income (expense), net when the impairment is incurred. Unrealized non-credit related losses and unrealized gains are reported as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets until realized. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 可变利益实体

#### Variable Interest Entities

公司评估其在各实体中的所有权、合同及其他权益，以确定其是否在某一实体中拥有可变利益。该等评估较为复杂，涉及判断，并使用基于可获得的历史和前瞻性信息等因素作出的估计和假设。如果公司确定其持有合同或所有权权益的某一实体为 VIE，且公司为该 VIE 的主要受益人，则公司将该实体纳入其合并财务报表。对 VIE 拥有控制性财务利益的企业，如果被视为主要受益人，则必须合并该 VIE；主要受益人是指同时具备以下两项条件者：(1) 有权主导对 VIE 经济表现影响最重大的 VIE 活动，以及(2) 有权获得可能对 VIE 而言属重大的 VIE 利益或承担 VIE 损失的义务。公司合并了若干为融资和部署算力及基础设施能力而设立的 VIE。更多信息请参见附注 7。

The Company evaluates its ownership, contractual, and other interests in entities to determine if it has a variable interest in an entity. These evaluations are complex, involve judgment, and use estimates and assumptions based on available historical and prospective information, among other factors. If the Company determines that an entity for which it holds a contractual or ownership interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. An enterprise having a controlling financial interest in a VIE must consolidate the VIE if it is considered the primary beneficiary, which is described as having both (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the right to receive benefits or the obligation to absorb losses of the VIE that potentially could be significant to the VIE. The Company consolidates certain VIEs formed to finance and deploy compute and infrastructure capacity. Refer to Note 7 for further information.

长期利益信托

Long-Term Benefit Trust

2023 年，公司设立了长期利益信托（“LTBT”）。LTBT 旨在作为一个独立的、在财务上无利害关系的受托人机构运作，其受托人具备 AI 安全、国家安全、公共政策和社会企业方面的专业知识。在设立 LTBT 的过程中，公司创设了一个普通股类别（“T 类普通股”），该类别普通股仅由 LTBT 持有，并赋予 LTBT 选举和罢免公司若干董事的权力。

In 2023, the Company established the Long-Term Benefit Trust (“LTBT”). The LTBT is intended to operate as an independent body of financially disinterested trustees with expertise in AI safety, national security, public policy, and social enterprise. In connection with establishing the LTBT, the Company created a class of common stock (the “Class T common stock”) that is held exclusively by the LTBT and gives the LTBT authority to elect and remove certain of the Company’s directors.

LTBT 被视为合并 VIE，因为其依赖公司提供财务支持。公司是该 VIE 的主要受益人，因为公司有权主导对 LTBT 经济表现影响最显著的活动，向 LTBT 提供财务支持，并且在 LTBT 终止的情况下将获得 LTBT 的金融资产（T 类普通股除外）。公司在设立时即合并该 VIE，并将基于任何重新考虑事项对 VIE 进行持续重新评估，以在每个报告期重新评估是否需要改变合并结论。截至 2024 年 12 月 31 日及 2025 年 [__] 以及 2026 年 6 月 30 日（未经审计）的合并资产负债表包含 LTBT 的资产，该等资产仅可用于清偿 LTBT 的义务和负债。截至 2024 年 12 月 31 日及 2025 年以及 2026 年 6 月 30 日（未经审计），LTBT 的总资产和负债并不重大 [__] 。

The LTBT is considered a consolidated VIE as it relies on the Company for financial support. The Company is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact the LTBT’s economic performance, provides financial support to the LTBT, and would receive the LTBT’s financial assets (other than the Class T common stock) in the event that the LTBT terminates. The Company consolidated the VIE at inception and will perform on-going reassessments of the VIE based on any reconsideration events to reevaluate whether a change to the consolidation conclusion is required each reporting period. The consolidated balance sheets as of December 31, 2024 and [__] 2025 and June 30, 2026 (unaudited) include assets of the LTBT, which can only be used to settle obligations and liabilities of the LTBT. As of December 31, 2024 and 2025 and June 30, 2026 (unaudited), total assets and liabilities of the LTBT were not material [__] .

#### 公允价值计量与金融工具

#### Fair Value Measurements and Financial Instruments

公允价值定义为在计量日市场参与者之间进行的有序交易中，出售资产所收取或转移负债所支付的价格。根据会计准则汇编（“ASC”）第 820 号《公允价值计量》（“ASC 820”），公司使用公允价值层级，该层级对用于计量公允价值的输入值进行优先排序。如下文所定义，该层级将相同资产或负债在活跃市场中的未经调整报价价格赋予最高优先级，将不可观察输入值赋予最低优先级。公允价值层级的三个层次如下所述：

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurement (“ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below:

第 1 层：可观察输入值，例如相同资产或负债在活跃市场中的报价价格。

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

第 2 层：第 1 层价格以外的可观察输入值，例如类似资产或负债在活跃市场中的报价价格、在非活跃市场中的报价价格，或在资产或负债整个存续期内可直接或间接观察到的报价价格以外的输入值。

Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities.

第 3 层：市场数据很少或没有市场数据、且对资产或负债公允价值具有重要意义的不可观察输入值。

Level 3: Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.

公司的金融工具包括应收账款、短期投资、预付费用及其他流动资产、其他资产、应付账款、应计费用及其他流动负债、应付可转换票据、SAFE 负债以及某些衍生品合约。其他金融工具（包括现金及受限现金）的估计公允价值按账面价值列示，由于预计收款或付款日期较短，账面价值近似于公允价值。此外，应收账款、预付费用及其他流动资产、应付账款、应计费用及其他流动负债的账面金额因其短期性质而近似于公允价值。

The Company’s financial instruments include accounts receivable, short-term investments, prepaid expenses and other current assets, other assets, accounts payable, accrued expenses, and other current liabilities, convertible notes payable, SAFE liabilities, and certain derivative contracts. The estimated fair value of other financial instruments, including cash and restricted cash, are stated at their carrying value which approximates fair value due to the short time to the expected receipt or payment date. Additionally, the carrying amounts of accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, and other current liabilities approximate fair value due to their short-term nature.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 应收账款与坏账准备

#### Accounts Receivable and Allowances

应收账款指尚未向客户收取的款项，以及渠道合作伙伴代公司向客户收取但尚未汇付给公司的款项。应收账款按扣除信用损失准备后的开票金额入账，且不计息。公司截至 2023 年 12 月 31 日、[__] 2024 年及 2025 年 12 月 31 日以及 2026 年 6 月 30 日（未经审计）的应收账款余额分别为 $10 million、$95 million、$909 million 和 $5.8 billion。

Accounts receivable represent uncollected payments from customers and payments collected by channel partners from customers on the Company’s behalf which have not yet been remitted to the Company. Accounts receivable are recorded at the invoiced amount net of the allowance for credit losses and do not bear interest. The Company’s accounts receivable balances as of December 31, 2023, [__] 2024, and 2025 and June 30, 2026 (unaudited) were $10 million, $95 million, $909 million, and $5.8 billion, respectively.

公司定期监控客户回款及付款情况，并针对客户或渠道合作伙伴无法支付或汇付应付款项所导致的估计损失计提信用损失准备。管理层在估计公司信用损失准备时，会考虑历史信用损失经验和当前状况、应收账款逾期时长、客户付款历史、已识别的任何特定客户收款问题，以及可能影响客户财务状况的当前市场状况等因素。当客户群体内存在相似特征时，该评估以汇总基础进行；当识别出存在可收回性风险的特定客户时，则以个别基础进行。当管理层确定某笔余额无法收回且不再积极追收该应收账款时，公司将该应收账款与准备进行核销。

The Company regularly monitors collections and payments from customers and maintains an allowance for credit losses for estimated losses resulting from the inability of customers or channel partners to make or remit required payments. Management estimates the Company’s allowance for credit losses by considering factors such as historical credit loss experience and current conditions, the length of time accounts receivable are past due, customer payment histories, any specific customer collection issues identified, and current market conditions which may affect customer financial condition. This assessment is performed on an aggregate basis when similar characteristics exist within a customer group and on an individual basis when specific customers with collectability risks are identified. The Company writes off accounts receivable against the allowance when management determines a balance is uncollectible and no longer actively pursues collection of the receivable.

信用损失准备变动如下（单位：百万）：

Changes in the allowance for credit losses were as follows (in million s):

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

截至 6 月 30 日止

Ended June 30,

2024 · 2025 · 2026 （未经审计） 期初余额 · $— · $5 · $17 信用损失准备变动 · 5 · 20 · 57 无法收回应收账款核销 · — · (8) · (3) 期末余额 · $5 · $17 · $71

2024 · 2025 · 2026 (unaudited) Balance at beginning of period · $— · $5 · $17 Change in allowance for credit losses · 5 · 20 · 57 Write-off of uncollectible accounts receivable · — · (8) · (3) Balance at end of period · $5 · $17 · $71

#### 物业及设备净额

#### Property and Equipment, Net

物业及设备按成本减累计折旧列示。折旧采用直线法在相关资产的估计可使用年限内计提，估计可使用年限为三至五年 [__] 。租赁改良按估计可使用年限或剩余租赁期孰短进行摊销 [__] 。

Property and equipment is stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the related asset, ranging from three to five years [__] . Leasehold improvements are amortized over the shorter of estimated useful life or the remaining lease term [__] .

公司在初始确认时估计不动产及设备的可使用年限，并定期评估可使用年限以及是否存在事件或情况变化表明需要修订可使用年限。

The Company estimates the useful lives of property and equipment upon initial recognition and periodically evaluates the useful lives and whether events or changes in circumstances warrant a revision to the useful lives.

不延长资产可使用年限的维护和修理费用在发生时计入费用。

Maintenance and repair costs that do not extend the useful life of the assets are expensed as incurred.

当资产报废或以其他方式处置时，其成本及累计折旧从账目中转出，由此产生的任何利得或损失在实现当期计入合并经营报表。

When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized.

#### 软件开发成本

#### Software Development Costs

软件开发成本包括开发先进 AI 模型及相关软件解决方案的成本，该等软件解决方案用于向外部用户提供公司服务。软件开发成本还包括仅为内部使用而开发软件的成本以及用于支持公司运营的应用程序的成本。由于开发过程本身存在重大开发不确定性，模型开发成本一般在发生时计入费用。

Software development costs include costs to develop advanced AI models and related software solutions used to deliver the Company’s services to external users. Software development costs also include costs to develop software solely for internal use and applications used to support the Company’s operations. Model development costs are generally expensed as incurred due to the significant development uncertainty inherent in the development process.

当(i)拥有相关权限的管理层已授权并承诺为软件项目提供资金，且(ii)项目很可能完成且软件将用于履行其预期功能时，公司将符合条件的软件开发成本予以资本化。当软件基本完成并可供其预期使用时（包括完成所有重大测试），资本化即停止。所列示年度内资本化的软件开发成本并不重大。

The Company capitalizes qualifying software development costs when (i) management, with relevant authority, has authorized and committed to fund the software project and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Software development costs capitalized were not significant for the years presented.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 长期资产减值评估

#### Evaluation of Long-Lived Assets for Impairment

长期资产，如不动产及设备、使用权（“ROU”）资产以及需摊销的有限寿命无形资产，在发生事件或情况变化表明某项资产或资产组（统称“资产组”）的账面金额可能无法收回时，进行减值审查。拟持有并使用的资产组的可收回性，通过将账面金额与预期产生的估计未折现未来现金流量进行比较来衡量。如果账面金额超过未折现现金流量，则资产组被确定为已减值，并按账面金额超过其公允价值的部分确认减值费用。

Long-lived assets, such as property and equipment, right-of-use (“ROU”) assets, and finite-lived intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group (collectively, the “asset group”) may not be recoverable. Recoverability of asset groups to be held and used is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount exceeds the undiscounted cash flows, the asset groups are determined to be impaired, and an impairment charge is recognized as the amount by which the carrying amount exceeds its fair value.

#### 无形资产净额

#### Intangible Assets, Net

需摊销的无形资产在其估计可使用年限内按直线法摊销，可使用年限为一年至六年。公司根据长期资产模型对需摊销的无形资产进行减值审查。

Intangible assets which are subject to amortization are amortized on a straight-line basis over their estimated useful lives, which range from one to six years. The Company reviews intangible assets which are subject to amortization for impairment under the long-lived asset model.

#### 商誉

#### Goodwill

商誉是指企业合并中的购买价格超过所收购有形及无形资产公允价值的部分。商誉不进行摊销，但需每年进行减值测试，测试于每年第四季度进行，或在发生事件或情况变化表明报告单元账面价值可能超过其公允价值时进行。

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill is not subject to amortization but is tested for impairment on an annual basis, performed in the fourth quarter of each year, or whenever events or changes in circumstances indicate the carrying value of the reporting unit may be in excess of the reporting unit’s fair value.

商誉在报告单元层面进行减值测试，首先评估定性因素，以确定公司单一报告单元的公允价值是否很可能低于其账面金额。所评估的定性指标包括对宏观经济、行业及市场状况、公司整体财务表现以及人员或战略变化的考量。基于定性评估，如果公司确定其单一报告单元的公允价值很可能低于其账面金额，则通过将公司单一报告单元的公允价值与其账面价值进行比较来进行定量分析。如果报告单元的账面金额超过其公允价值，则确认减值损失，金额等于该超出部分，但以分配至该报告单元的商誉总额为限。公司在截至 2023 年 12 月 31 日和 [__] 2024 年 12 月 31 日止年度内未确认任何商誉。在截至 2025 年 12 月 31 日止年度或截至 2026 年 6 月 30 日止六个月（未经审计）内，未确认与商誉相关的减值损失。

Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry, and market conditions, the Company’s overall financial performance, and personnel or strategy changes. Based on the qualitative assessment, if the Company determines that it is more likely than not that the Company’s single reporting unit’s fair value is less than its carrying amount, a quantitative analysis is performed by comparing the fair value of the Company’s single reporting unit to its carrying value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to the reporting unit. The Company did not recognize any goodwill during the years ended December 31, 2023 and [__] 2024. No impairment losses related to goodwill were recognized during the year ended December 31, 2025 or the six months ended June 30, 2026 (unaudited).

#### 收购

#### Acquisitions

公司按照 ASC 805《企业合并》（“ASC 805”）对符合企业定义的实体或资产组的收购进行会计处理。收购的购买价格根据收购日各项资产和承担负债的估计公允价值，分配至所收购的有形及无形资产和承担的负债。购买价格超过上述公允价值的部分记为商誉。在计量期内（可能长达自收购日起一年），公司可能对所收购资产和承担负债记录调整，并相应调整商誉。在计量期结束或对所收购资产或承担负债的价值作出最终确定之日（以较早者为准）之后，任何后续调整均计入合并经营报表。

The Company accounts for acquisitions of entities or asset groups that qualify as businesses in accordance with ASC 805, Business Combinations (“ASC 805”). The purchase price of the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements of operations.

#### 租赁

#### Leases

公司在租赁开始日判断一项安排是否为租赁。公司在租赁开始日评估租赁的分类，并在必要时于租赁修改时进行评估。公司作为承租人，将租赁期长于 [__] 12 个月的租赁分类为经营租赁或融资租赁。如果一项租赁在租赁开始日符合 ASC 842 中融资租赁分类标准中的任何一项，则分类为融资租赁；所有其他租赁均分类为经营租赁。公司的融资租赁通常是指那些允许公司在资产的估计经济寿命的主要部分内使用该资产的租赁、其折现后的租赁付款额实质上等于该资产估计公允价值的租赁，或包含公司合理确定将行使的购买选择权的租赁。

The Company determines if an arrangement is a lease at inception. The Company evaluates the classification of leases at commencement and, as necessary, at modification. The Company, as the lessee, classifies leases with lease terms longer than [__] 12 months as either operating or finance. A lease is classified as a finance lease if it meets any of the finance lease classification criteria in ASC 842 at lease commencement; all other leases are classified as operating leases. The Company’s finance leases are generally those leases that allow the Company to utilize the asset for a major part of its estimated economic life, that have discounted lease payments that are substantially all the estimated fair value of the asset, or that include a purchase option which the Company is reasonably certain to exercise.

公司根据经营租赁和融资租赁租赁设施和设备。公司在租赁开始日判断一项安排是否为租赁或包含租赁，并在合并资产负债表上记录租赁负债和使用权资产

The Company leases facilities and equipment under operating and finance leases. The Company determines whether an arrangement is or contains a lease at inception and records lease liabilities and right-of-use assets

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

于租赁开始日。如果公司的租赁未提供隐含利率，公司在确定租赁付款额现值时，根据租赁开始日可获得的信息确定其增量借款利率。增量借款利率的确定基于对公司无担保借款利率的估计，并根据期限和抵押担保特征进行调整。租赁负债按租赁开始日未来租赁付款额的现值确认。使用权资产按相应的租赁负债计量，并调整 (i) 在租赁开始日或之前向出租人支付的款项、(ii) 发生的初始直接成本以及 (iii) 根据租赁收到、发生或应付的租户激励。除非公司在租赁开始日合理确定将行使续租或提前终止选择权，否则公司不假设租赁续租或提前终止。

on its consolidated balance sheets at lease commencement. Where the Company’s leases do not provide an implicit rate, the Company determines its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The determination of the incremental borrowing rate is based on an estimate of the Company’s unsecured borrowing rate, adjusted for tenor and collateralized security features. Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. ROU assets are measured based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives received, incurred or payable under the lease. The Company does not assume renewals or early terminations of its leases unless it is reasonably certain to exercise these options at commencement.

经营租赁成本在租赁期内按直线法确认。融资租赁使用权资产在相关资产估计使用寿命或租赁期（以较短者为准）内按直线法摊销；如果租赁期结束时所有权不转移且公司合理确定不会行使购买选择权，则按租赁期摊销，并根据租赁资产的性质在经营费用中确认。融资租赁的利息部分在租赁期内采用实际利率法确认，并与相关使用权资产的摊销分开列示。

Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or, where title does not transfer at the end of the lease term and the Company is not reasonably certain to exercise a purchase option, the lease term, and are recognized within operating expenses based on the nature of the leased asset. The interest component of a finance lease is recognized using the effective interest method over the lease term and is presented separately from the amortization of the related ROU asset.

经营租赁使用权资产和经营租赁负债在合并资产负债表上单独列示。融资租赁使用权资产计入物业和设备净额。融资租赁负债计入应付账款、应计费用和其他流动负债，以及其他非流动负债。

Operating lease ROU assets and operating lease liabilities are presented separately on the consolidated balance sheets. Finance lease ROU assets are included in property and equipment, net. Finance lease liabilities are included in accounts payable, accrued expenses, and other current liabilities, and in other noncurrent liabilities.

公司的租赁协议可能包含租赁组成部分和非租赁组成部分。与被租赁资产相关的非租赁组成部分不与租赁组成部分分离，对所有现有资产类别均作为单一租赁组成部分进行会计处理。

The Company’s lease agreements may contain lease and non-lease components. Non-lease components related to the asset being leased are not separated from the lease components and are accounted for as a single lease component for all existing classes of assets.

公司对期限为 12 个月或更短的租赁协议作出了会计政策选择，不就该等协议确认使用权（ROU）资产和租赁负债。与短期租赁相关的任何付款均在发生时计入费用。

The Company made an accounting policy election for lease agreements with a term of 12 months or less and does not recognize ROU assets and lease liabilities in respect of those agreements. Any payments related to short-term leases are expensed as incurred.

可变租赁付款在发生时计入费用，主要由公用事业费、公共区域维护费及其他运营费用构成。

Variable lease payments are expensed as incurred and are mainly composed of utilities, common area maintenance, and other operating expenses.

与上文讨论的其他长期资产类似，当事件或情况变化表明此类资产的账面价值可能无法收回时，管理层会对 ROU 资产进行减值评估。融资租赁 ROU 资产与公司其他不动产和设备一并评估减值。对于租赁资产，此类情况将包括决定签订转租协议，而该协议的估计现金流量不能完全覆盖相关租赁的成本。

Similar to other long-lived assets discussed above, management assesses ROU assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Finance lease ROU assets are assessed for impairment together with the Company’s other property and equipment. For leased assets, such circumstances would include the decision to enter into a sublease for which estimated cash flows do not fully cover the costs of the associated lease.

#### 收入确认

#### Revenue Recognition

公司通过其智能服务向客户（包括企业和专业消费者）产生收入，该服务使客户能够提交文本、文档和其他材料（“提示词”），并从公司专有的 Claude 模型系列获得 AI 生成的结果（“结果”）。提示词和结果以消耗的 token 数量计量。公司通过其网页、移动端和桌面端界面及 API，以及通过向公司客户分发该智能服务的 CSP 市场，提供该智能服务。该智能服务不可供客户进行本地下载或托管。

The Company generates revenue from customers, including enterprises and prosumers, utilizing its intelligence service, which enables customers to submit text, documents, and other materials (“Prompts”), and receive AI-generated results (“Results”) from its proprietary Claude model family. Prompts and Results are measured in the number of tokens consumed. The Company provides the intelligence service through its web, mobile, and desktop interfaces and APIs as well as through CSP marketplaces that distribute the intelligence service to the Company’s customers. The intelligence service is not available for on-premise download or hosting by customers.

公司根据 ASC 606《与客户之间的合同产生的收入》对收入进行会计处理。收入按公司预计在向客户提供智能服务时有权收取的对价金额确认。收入不包括代第三方收取的金额（如销售税和间接税），以及估计的折让、抵用金和退款。

The Company accounts for revenue under ASC 606, Revenue from Contracts with Customers. Revenue is recognized based on the amount of consideration the Company expects to receive when the Company provides its intelligence service to customers. Revenue excludes amounts collected on behalf of third parties, such as sales and indirect taxes, as well as estimated concessions, credits, and refunds.

公司的智能服务按消费或订阅方式提供。收入在客户使用公司智能服务时，根据消耗的 token 数量确认。按订阅方式提供的智能服务受使用限额约束，该限额在较短期间内重置，因此收入在订阅期内按比例确认，订阅期通常为 12 个月或更短。付款条款因客户和销售渠道而异，但通常少于 60 天。订阅费通常为预付。某些企业合同可能包含最低消费承诺。

The Company’s intelligence service is provided on a consumption or subscription basis. Revenue is recognized when customers use the Company’s intelligence service, based on the quantity of tokens consumed. Intelligence service provided on a subscription basis is subject to usage limits that reset over short periods, which results in revenue being recognized ratably over the subscription period, which is generally 12 months or less. Payment terms vary by customer and sales channel but are generally less than 60 days. Subscription fees are generally prepaid. Certain enterprise contracts may include minimum spend commitments.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

当公司利用向客户分发智能服务的 CSP 市场时，客户获得的智能服务与通过其网页、移动端和桌面端界面及 API 提供的智能服务相同，且该智能服务在客户合同中构成单一履约义务。在此类安排中，公司为主要责任人，并按总额确认收入，因为公司与客户存在直接合同关系，主要负责向客户提供智能服务，并制定定价。此类安排中的 CSP 在向客户转让之前，任何时候均未取得公司智能服务的控制权。

When the Company utilizes CSP marketplaces that distribute the intelligence service to customers, the customer receives the same intelligence service as is available through its web, mobile, and desktop interfaces and APIs, and the intelligence service represents a single promise in customer contracts. In these arrangements, the Company is the principal and recognizes revenue on a gross basis because the Company has a direct contractual relationship with customers, is primarily responsible for providing the intelligence service to customers, and establishes pricing. The CSPs in these arrangements do not obtain control of the Company’s intelligence service at any point prior to transfer to the customer.

#### 递延收入

#### Deferred Revenue

递延收入由公司在履行履约义务之前已开票或已收取的金额构成，并在向客户提供服务时确认为收入。递延收入主要涉及受短期重置的使用限额约束的订阅，这导致收入在订阅期内按比例确认，订阅期通常为 12 个月或更短。

Deferred revenue consists of amounts billed or received in advance of the Company satisfying its performance obligations, and is recognized as revenue as services are delivered to customers. Deferred revenue relates primarily to subscriptions that are subject to usage limits that reset over short periods, which results in revenue being recognized ratably over the subscription period, which is generally 12 months or less.

#### 算力与基础设施

#### Compute and Infrastructure

算力与基础设施费用主要包括运营公司技术基础设施所产生的成本，该基础设施支持公司模型的全方位工作负载，包括研究、模型开发、服务客户以及 Claude 的内部使用。这些成本主要包括根据承诺和按需安排向 CSP 支付的云计算费用，包括存储、网络和连接及相关支持成本、通过合作伙伴渠道服务客户工作负载相关的基础设施成本、托管设施成本、与公司数据中心运营相关的设备租赁和承诺电力成本，以及与公司算力运营直接相关的第三方应用基础设施软件成本。

Compute and infrastructure expenses primarily consist of costs attributable to operating the Company’s technology infrastructure, which supports the full range of workloads for the Company’s models, including research, model development, serving customers, and internal usage of Claude. These costs primarily consist of cloud compute fees paid to CSPs under committed and on-demand arrangements, including storage, networking and connectivity, and related support costs, infrastructure costs associated with serving customer workloads through partner channels, colocation facility costs, equipment leases and committed power costs associated with the Company’s data center operations, and third-party application infrastructure software costs directly related to the Company’s compute operations.

#### 人员

#### Personnel

人员费用主要包括股权激励费用，包括与股票期权、限制性股票单位（“RSU”）和限制性股票奖励相关的费用，现金薪酬，包括基本工资和奖金，员工福利，包括健康和福利福利，以及雇主工资税。

Personnel expenses primarily consist of stock-based compensation, including expense related to stock options, restricted stock units (“RSUs”), and restricted stock awards, cash compensation, including base salaries and bonuses, employee benefits, including health and welfare benefits, and employer payroll taxes.

#### Bartz 和解

#### Bartz Settlement

Bartz 和解由公司于 2025 年记录的和解 Bartz 版权侵权诉讼的费用构成。更多信息请参见附注 13。

Bartz settlement consists of the charge the Company recorded in 2025 to settle the Bartz copyright infringement suit. Refer to Note 13 for further information.

#### 销售、营销与合作伙伴关系

#### Sales, Marketing, and Partnerships

销售、营销与合作伙伴关系费用主要包括渠道合作伙伴成本以及营销和广告成本，包括媒体和公共关系支出。

Sales, marketing, and partnerships expenses primarily consist of channel partner costs and marketing and advertising costs, including media and public relations spend.

广告成本在发生时计入费用。截至 2024 年 12 月 31 日和 [__] 2025 年 12 月 31 日止年度的广告费用分别为 $33 million 和 $147 million。 [__] 2023 年发生的广告费用不重大 [__] 。

Advertising costs are expensed as incurred. Advertising expenses were $33 million and $147 million for the years ended December 31, 2024 and [__] 2025, respectively. Advertising expenses incurred in [__] 2023 were not material [__] .

#### 其他运营及行政费用

#### Other Operating and Administrative

其他运营及行政费用主要包括与公司捐赠配比计划相关的慈善捐赠费用、与数据质量和绩效评估服务相关的供应商成本、信息技术和云软件成本、支付处理和平台费用、设施和占用成本、非所得税、专业服务成本、坏账费用，以及与数据中心以外资产相关的折旧和摊销。

Other operating and administrative expenses primarily consist of charitable donations expense related to the Company’s donation matching program, vendor costs related to data quality and performance evaluation services, information technology and cloud software costs, payment processing and platform fees, facility and occupancy costs, non-income taxes, professional services costs, bad debt expense, and depreciation and amortization related to non-data center assets.

#### 股权激励费用

#### Stock-Based Compensation

公司的股权激励计划规定可向员工、顾问、高管和董事授予股票期权、限制性股票单位（RSU）和限制性股票奖励。公司按授予日公允价值计量股权激励奖励的补偿成本，并在必要的服务期内确认。公司在

The Company’s equity incentive plan provides for the granting of stock options, RSUs, and restricted stock awards to employees, consultants, officers, and directors. The Company measures compensation cost for stock-based awards at grant-date fair value and recognizes it over the requisite service period. The Company accounts

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

实际发生没收时进行会计处理。已授予或修改的股权激励奖励的公允价值，在授予日（或修改日或收购日，如适用）采用适当的估值技术确定。股权激励费用计入合并经营报表中的人事费用。截至 2023 年、[__] 2024 年和 2025 年 12 月 31 日止年度，公司分别发生股权激励费用 $29 million、$192 million 和 $1.2 billion。截至 2025 年和 2026 年 6 月 30 日止六个月（未经审计），公司分别发生股权激励费用 $286 million 和 $2.2 billion。截至 2023 年、[__] 2024 年和 2025 年 12 月 31 日止年度以及截至 2025 年和 2026 年 6 月 30 日止六个月（未经审计）期间，合并经营报表中就股权激励安排确认的税收利益并不重大。

for forfeitures when they occur. The fair value of stock-based awards, granted or modified, is determined on the grant date (or modification or acquisition dates, if applicable) using appropriate valuation techniques. Stock-based compensation is included within personnel expenses in the consolidated statements of operations. The Company incurred stock-based compensation expense of $29 million, $192 million, and $1.2 billion for the years ended December 31, 2023, [__] 2024, and 2025, respectively. The Company incurred stock-based compensation expense of $286 million and $2.2 billion for the six months ended June 30, 2025 and 2026 (unaudited), respectively. The tax benefits recognized in the consolidated statements of operations for stock-based compensation arrangements were not material during the years ended December 31, 2023, [__] 2024, and 2025 and during the six months ended June 30, 2025 and 2026 (unaudited).

股票期权

Stock Options

股权激励费用在员工需提供服务以换取奖励的期间（通常为奖励的归属期）内按直线法确认。公司于授予日使用 Black-Scholes-Merton 期权定价模型确定股票期权的公允价值，该模型受公司普通股估计公允价值以及若干高度复杂且主观的假设变量变动的影响。这些变量概述如下：

Stock-based compensation expense is recognized on a straight-line basis over the period during which an employee is required to provide services in exchange for the award (generally the vesting period of the award). The Company determines the fair value of stock options on the date of grant using the Black-Scholes-Merton option pricing model which is impacted by the estimated fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. These variables are summarized as follows:

- 普通股公允价值 – 在公司普通股公开交易之前，公司必须估计普通股的公允价值。公司董事会（“董事会”）考虑众多客观和主观因素以确定公司普通股的公允价值，包括：公司普通股的同期第三方估值、投资者为公司普通股和可赎回可转换优先股支付的价格、实际和预测的经营与财务业绩、市场状况、可比上市公司的表现、公司内部的发展和里程碑、公司普通股和可赎回可转换优先股的权利、优先权和特权，以及实现流动性事件的可能性和时间等。

- Fair value of common stock – Until the Company’s common stock is publicly traded, the Company must estimate the fair value of common stock. The Company’s board of directors (the “Board”) considers numerous objective and subjective factors to determine the fair value of the Company’s common stock including: contemporaneous third-party valuations of the Company’s common stock, price paid by investors for the Company’s common and redeemable convertible preferred stock, actual and forecasted operating and financial performance, market conditions, performance of comparable publicly traded companies, developments and milestones within the Company, the rights, preferences, and privileges of the Company’s common and redeemable convertible preferred stock, and the likelihood and timing of achieving a liquidity event, among other factors.

- 预期波动率 – 预期波动率是衡量股票价格预期波动幅度的指标。由于公司普通股没有交易历史，公司通过取一组可比上市公司在等于期权预期期限的期间内的加权平均历史波动率，来估计其标的普通股在股票期权授予日的预期波动率。

- Expected volatility – Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company has no trading history of its common stock, it estimates the expected volatility of its underlying common stock as of the grant date of its stock options by taking the weighted-average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options.

- 预期期限 – 预期期限代表公司预计股权激励奖励将存续的期间。公司根据期权的归属期限和合同条款估计预期期限，使预期期限等于股权激励奖励的加权平均归属期与其合同期限的平均值。

- Expected term – Expected term represents the period over which the Company anticipates stock-based awards to be outstanding. The Company estimates the expected term based on the options’ vesting term and contractual terms, such that the expected life is equal to the average of the stock-based award’s weighted-average vesting period and its contractual term.

- 无风险利率 – 所使用的无风险利率基于授予时与股票期权预期期限相近的美国国债的实际收益率。

- Risk-free interest rate – The risk-free interest rate used is based on the implied yield in effect at the time of grant of U.S. Treasury securities with maturities similar to the expected term of the stock options.

- 预期股息率 – 预期股息率为零，因为公司从未宣布或支付任何股息，且目前没有这样做的计划。

- Expected dividend yield – The expected dividend yield is zero, as the Company has never declared or paid any dividends and has no current plans to do so.

限制性股票单位

Restricted Stock Units

公司根据授予日标的普通股的估计公允价值，计量并确认限制性股票单位（RSU）的股权激励费用。公司的 RSU 在服务条件和业绩条件均满足时归属。这些奖励的服务条件通常在四年归属期内满足。业绩条件在以下任一情形发生时满足：(i) 公司发生符合条件的控制权变更，或 (ii) 公司股权证券在成熟证券市场上市（包括通过传统公开发行、直接上市或与特殊目的收购公司进行业务合并），且在任何情况下均须在授予日起第七个周年日或之前发生，具体以该等 RSU 协议中的进一步定义为准。如果业绩条件未在授予日起七年内满足，所有未归属的 RSU 将被没收。与这些 RSU 相关的补偿成本必须在

The Company measures and recognizes stock-based compensation expense for RSUs based on the estimated fair value of the underlying common stock on the date of grant. The Company’s RSUs vest upon the satisfaction of both service and performance conditions. The service condition for these awards is generally satisfied over a four-year vesting period. The performance condition is satisfied upon the occurrence of either (i) a qualifying change in control of the Company or (ii) a listing of the Company’s equity securities on an established securities market (including through a traditional public offering, direct listing, or business combination with a special purpose acquisition company), in each case, on or before the seventh anniversary of the grant date, as further defined in such RSU agreements. If the performance condition is not satisfied within seven years of the grant date, all unvested RSUs are forfeited. Compensation cost related to these RSUs must be recognized over the

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

采用加速归属法在所需服务期内确认，前提是业绩归属条件很可能得到满足。业绩归属条件在完成收购或控制权变更或公司首次公开[__]时，将被视为很可能得到满足。

requisite service period using the accelerated attribution method, if it is probable that the performance-based vesting condition will be satisfied. The performance-based vesting condition will be deemed probable of being satisfied upon either the consummation of an acquisition or change in control or the Company’s initial public

发行。截至 2025 年 12 月 31 日和 2026 年 6 月 30 日（未经审计），尚未就 RSU 确认任何股权激励费用，因为管理层判定业绩条件很可能无法实现。

offering. As of December 31, 2025 and June 30, 2026 (unaudited), no stock-based compensation expense had been recognized for the RSUs because management determined that it is not probable that the performance condition will be achieved.

#### 可赎回可转换优先股

#### Redeemable Convertible Preferred Stock

公司按发行日各自的公允价值扣除发行费用后记录可赎回可转换优先股。可赎回可转换优先股记录在永久性权益之外，因为其并非强制可赎回，且赎回取决于并非完全由公司控制的一定被视为清算事件的发生。公司未将可赎回可转换优先股的账面价值调整至该等股份的清算优先权，因为很可能不会发生使公司有义务向可赎回可转换优先股持有人支付清算优先权的被视为清算事件。仅当该等被视为清算事件很可能发生时，方会将账面价值后续调整至清算优先权。

The Company records shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because it is not mandatorily redeemable and redemption is contingent upon the occurrence of certain deemed liquidation events that are not solely within the Company’s control. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it is not probable that a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Subsequent adjustments of the carrying values to the liquidation preferences will be made only when it becomes probable that such a deemed liquidation event will occur.

#### 外币

#### Foreign Currency

公司境外子公司的功能货币为当地货币或美元，取决于子公司活动的性质。以功能货币以外的货币计价的货币性资产和负债以及交易，按期末有效汇率重新计量为功能货币，并计入当期合并经营报表。重新计量产生的利得和损失计入合并经营报表其他收入（费用）净额中的汇兑收益（损失）净额。功能货币为非美元的子公司资产和负债按月末汇率折算，留存收益和其他权益项目按历史汇率折算，收入和费用按年度平均汇率折算。累计折算调整额计入累计其他综合收益（损失），作为公司合并资产负债表股东权益赤字总额的单独组成部分。

The functional currencies of the Company’s foreign subsidiaries are the local currency or the U.S. dollar depending on the nature of the subsidiaries’ activities. Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured to the functional currency at the exchange rate in effect at the end of the period and are recorded in the current period consolidated statements of operations. Gains and losses resulting from remeasurement are recorded in foreign exchange gains (losses), net within other income (expense), net in the consolidated statements of operations. Subsidiary assets and liabilities with non-U.S. dollar functional currencies are translated at the month-end rate, retained earnings and other equity items are translated at historical rates, and revenue and expenses are translated at average exchange rates during the year. Cumulative translation adjustments are recorded within accumulated other comprehensive income (loss), a separate component of total stockholders’ deficit in the Company’s consolidated balance sheets.

#### 或有损失

#### Loss Contingencies

公司会不时涉及在日常经营过程中可能产生的各类法律索赔、诉讼程序及其他监管和行政程序。其中某些事项可能包含针对大额或不确定金额损害赔偿的推测性索赔。公司定期审查各项重大事项的进展状况，并评估其潜在的财务风险敞口。当公司认为损失很可能已经发生且金额能够合理估计时，即确认相应负债。如果公司认定损失有可能发生且该损失或损失区间能够合理估计，公司会在合并财务报表中披露该或有损失。

The Company is periodically involved in various legal claims, proceedings and other regulatory and administrative proceedings that may arise in the ordinary course of business. Certain of these matters may include speculative claims for substantial or indeterminate amounts of damages. The Company routinely reviews the status of each significant matter and assesses its potential financial exposure. The Company records a liability when it believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss in the consolidated financial statements.

由于这些法律事项存在固有的不确定性，确定损失发生的可能性及估计金额均需要作出重大判断。上述估计基于公司对各资产负债表日事实与情况的评估，并可能因新信息和未来事件而发生变化。随着更多信息的获取，公司会重新评估其潜在责任并可能修订其估计。如果一项或多项事项以超出管理层预期的金额对公司作出不利裁决，公司的经营业绩和财务状况（包括在任何此类结果变得很可能且可估计的特定报告期内）可能受到重大不利影响。

Because of inherent uncertainties related to these legal matters, significant judgment is required to determine both the probability and the estimated amount of loss. These estimates have been based on the Company’s assessment of the facts and circumstances at each balance sheet date and are subject to change based on new information and future events. As additional information becomes available, the Company reassesses its potential liability and may revise its estimates. If one or more matters were resolved against the Company for amounts in excess of management’s expectations, the Company’s results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

#### 股份回购

#### Share Repurchase

股份回购在交易日记账。当股份被立即注销时，回购股份的价值通过普通股从股东权益赤字中扣除，超出面值的部分计入累计赤字。

Share repurchases are recorded on the trade date. When shares are immediately retired, the value of repurchased shares is deducted from stockholders’ deficit through common stock with the excess over par value recorded to accumulated deficit.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 所得税

#### Income Taxes

公司采用资产负债法核算所得税。当期所得税费用或收益代表本年度预计应缴纳或可退还的所得税金额。在该方法下，递延所得税资产和负债根据财务报表报告基础与资产和负债的计税基础之间的差异以及净经营亏损和税收抵免结转确定。递延所得税资产和负债采用已颁布的税率计量，该税率适用于预计该等暂时性差异将被收回或结算的年度内的应纳税所得额。在必要时设立估值备抵，以将递延所得税资产减至根据正面和负面证据的权重更可能实现（more-likely-than-not）的金额。递延所得税资产的未来实现最终取决于在适用税法允许的结转期内是否存在足够数量的适当性质（例如，普通所得或资本利得）的应纳税所得额。公司根据历史应纳税所得额、预计未来应纳税所得额、现有暂时性差异转回的预期时间以及税务筹划策略，定期审查递延所得税资产的可收回性。公司对未来盈利能力的判断可能因多种因素而发生变化，包括未来市场状况以及成功执行业务计划和/或税务筹划策略的能力。如果可收回递延所得税资产的能力发生变化，公司的所得税拨备将在评估发生变化的期间增加或减少。公司将净 CFC 测试所得（Net CFC Tested Income，原称全球无形资产低税所得或“GILTI”）作为期间费用处理。

The Company uses the asset and liability method to account for income taxes. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more-likely-than-not expected to be realized based on the weighting of positive and negative evidence. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback or carryforward periods available under the applicable tax law. The Company regularly reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The Company’s judgment regarding future profitability may change due to many factors, including future market conditions and the ability to successfully execute the business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed. The Company treats Net CFC Tested Income (formerly referred to as Global Intangible Low-Taxed Income or “GILTI”) as a period cost.

公司根据 ASC 740-10《所得税不确定性的会计处理》核算不确定的税务立场。公司仅在某一不确定税务立场仅基于其截至报告日的技术依据更可能（more likely than not）得以维持时，且仅以经税务机关审查后更可能得以维持的金额，确认该不确定税务立场的税务影响。公司在合并经营报表的所得税拨备中确认与未确认税收利益相关的应计利息和罚款。

The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if such position is more likely than not to be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statements of operations.

#### 每股净亏损

#### Net Loss per Share

归属于普通股股东的每股基本和稀释净亏损按照参与性证券所要求的两类法计算。两类法要求将当期可供普通股股东分配的收益在普通股和参与性证券之间按其各自收取股息的权利进行分配，如同当期全部收益均已分配。

Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

公司将各系列可赎回可转换优先股视为参与性证券，因为该等股票的持有人有权按同等顺位（pari passu）参与向普通股股东的任何分配。

The Company considers all series of its redeemable convertible preferred stock to be participating securities as the holders of such stock have the right to participate on a pari passu basis in any distributions to common stockholders.

可赎回可转换优先股的持有人有权在宣派股息时按指定比率优先于普通股股东获得股息。任何剩余股息金额随后将按假设全部可赎回可转换优先股转换为普通股的比例，分配给普通股持有人、限制性普通股持有人及可赎回可转换优先股持有人。该等参与性证券在合同上不要求其持有人参与公司的亏损。因此，所列示期间的净亏损未分配给公司的参与性证券。

The holders of the redeemable convertible preferred stock would be entitled to dividends in preference to common stockholders, at specified rates, if declared. Any remaining dividend amounts would then be distributed to the holders of common stock, restricted common stock, and the holders of the redeemable convertible preferred stock on a pro-rata basis assuming conversion of all redeemable convertible preferred stock into common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities.

每股基本净亏损的计算方法为：将归属于普通股股东的净亏损除以该期间发行在外的普通股加权平均股数（减去须予回购的股份）。每股稀释净亏损的计算方法为：采用库存股法或转换法（若具有稀释效应），计入该期间所有发行在外的潜在稀释性证券的影响。在公司报告净亏损的期间，每股稀释净亏损与每股基本净亏损相同，因为所有潜在稀释性证券均具有反稀释效应。

Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method if the effect is dilutive. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share, because all potentially dilutive securities are anti-dilutive.

#### 近期采用的会计准则

#### Recently Adopted Accounting Pronouncements

2023 年 11 月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2023-07《分部报告（主题 280）：可报告分部披露的改进》(“ASU

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

2023-07”)，该准则要求按年度和中期披露增量分部信息，主要通过加强对分部费用的披露来实现。该指引对 2023 年 12 月 15 日之后开始的年度期间及 2024 年 12 月 15 日之后开始的中期期间生效，允许提前采用。公司自 2024 年 1 月 1 日起采用 ASU 2023-07，并采用追溯法应用该指引。更多信息请参见附注 14。

2023-07”), which requires disclosure of incremental segment information on an annual and interim basis, primarily through enhanced disclosures of segment expenses. This guidance is effective for the annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024 with early adoption permitted. The Company adopted ASU 2023-07, effective on January 1, 2024, applying the guidance on a retrospective basis. Refer to Note 14 for further information.

2023 年 12 月，FASB 发布了 ASU 2023-09《所得税（主题 740）：所得税披露的改进》（“ASU 2023-09”）[__]。[__] ASU 2023-09 要求披露有关报告主体实际税率调节的分解信息以及已支付所得税的信息。该 ASU 中的更新对 2024 年 12 月 15 日之后开始的年度期间生效。允许提前采用。公司自 2025 年 1 月 1 日起采用 ASU 2023-09，并采用未来适用法应用该指引。更多信息请参见附注 11。

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) [__] . [__] ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company adopted ASU 2023-09, effective on January 1, 2025, applying guidance on a prospective basis. Refer to Note 11 for further information.

2025 年 7 月，FASB 发布了 ASU 2025-05《金融工具——信用损失（主题 326）：应收账款和合同资产的信用损失计量》（“ASU 2025-05”）。ASU 2025-05 为所有主体在估计由按 ASC 606 核算的交易产生的当期应收账款和当期合同资产的预期信用损失时，提供了一项实务简便方法。所有主体均可选择一项实务简便方法，即假设资产负债表日的当前状况在资产剩余寿命内不会发生变化。本 ASU 中的修订将对 2025 年 12 月 15 日之后开始的年度报告期以及这些年度报告期内的中期报告期生效。在财务报表尚未发布或尚未可供发布的中期和年度报告期内，允许提前采用。公司已提前采用 ASU 2025-05，自 2025 年 1 月 1 日起生效，选择该实务简便方法并前瞻性应用该指引。本 ASU 未对公司的合并财务报表产生重大影响。

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in this ASU will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company early adopted ASU 2025-05, effective January 1, 2025, electing the practical expedient and applying the guidance prospectively. This ASU did not have a significant impact to the Company’s consolidated financial statements.

2025 年 9 月，FASB 发布了 ASU 2025-06《无形资产——商誉及其他——内部使用软件（子主题 350-40）：内部使用软件会计处理的针对性改进》（“ASU 2025-06”）。ASU 2025-06 通过删除对规定性开发阶段的引用，使与内部使用软件相关的成本指引现代化。根据 ASU 2025-06，主体可在以下条件满足时开始将内部使用软件成本资本化：(a) 拥有相关权限的管理层隐含或明确地授权并承诺为某一计算机软件项目提供资金，且 (b) 该项目很可能完成且该软件将被用于执行预期功能（“很可能完成确认门槛”）。ASU 2025-06 将对 2027 年 12 月 15 日之后开始的年度报告期以及这些年度报告期内的中期期间生效；允许提前采用。本 ASU 可采用前瞻性、追溯性或经修改的前瞻性过渡方式采用。公司已提前采用 ASU 2025-06，自 2025 年 1 月 1 日起生效，并前瞻性应用该指引。本 ASU 未对公司的合并财务报表产生重大影响。

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the guidance for costs incurred in connection with internal-use software by removing references to prescriptive development stages. Under ASU 2025-06, an entity may begin capitalizing internal-use software costs when (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”). ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods; early adoption is permitted. The ASU may be adopted prospectively, retrospectively, or via a modified prospective transition. The Company early adopted ASU 2025-06, effective January 1, 2025, applying the guidance on a prospective basis. This ASU did not have a significant impact to the Company’s consolidated financial statements.

#### 已发布但尚未采用的近期会计公告

#### Recently Issued Accounting Pronouncements Not Yet Adopted

2024 年 11 月，FASB 发布了 ASU 2024-03《利润表费用的分解（子主题 220-40）》（“ASU 2024-03”）；2025 年 1 月，FASB 发布了 ASU 2025-01《利润表—报告综合收益—费用分解披露（子主题 220-40）：澄清生效日期》（“ASU 2025-01”）。ASU 2024-03 要求在财务报表附注中加强披露某些成本和费用的分解信息。经 ASU 2025-01 澄清的 ASU 2024-03 适用于 2026 年 12 月 15 日之后开始的年度报告期，以及 2027 年 12 月 15 日之后开始的年度报告期内的中期报告期。允许提前采用。采用后，该指引可前瞻性或追溯性应用。公司目前正在评估该新准则对公司合并财务报表的影响。

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires enhanced disclosure in the notes to the financial statements regarding the disaggregation of certain costs and expenses. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements.

FASB 还发布了其他新会计公告，公司已采用或将在适用时采用，且公司认为这些会计公告均未对其合并财务报表或披露产生重大影响，也不会产生重大影响。

There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

2. 收入 2. Revenue

下表按客户账单地址列示各地区收入（单位：百万美元）：

The following table presents revenue by geographical region, determined by the billing address of the customer (in million s):

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 美国 · $34 · $263 · $3,362 · $820 · $11,763 国际 · 7 · 123 · 1,223 · 343 · 4,523 合计 · $41 · $386 · $4,585 · $1,163 · $16,286

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) United States · $34 · $263 · $3,362 · $820 · $11,763 International · 7 · 123 · 1,223 · 343 · 4,523 Total · $41 · $386 · $4,585 · $1,163 · $16,286

下表列示基于消费的收入和基于订阅的收入（单位：百万美元）：

The following table presents consumption-based and subscription-based revenue (in million s):

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 基于用量 · $39 · $288 · $3,796 · $983 · $13,064 基于订阅 · 2 · 98 · 789 · 180 · 3,222 合计 · $41 · $386 · $4,585 · $1,163 · $16,286 Deferred R · evenue

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Consumption-based · $39 · $288 · $3,796 · $983 · $13,064 Subscription-based · 2 · 98 · 789 · 180 · 3,222 Total · $41 · $386 · $4,585 · $1,163 · $16,286 Deferred R · evenue

递延收入余额的重大变动如下（单位：百万美元）：

Significant changes in the deferred revenue balance are as follows (in million s):

**合计**

**Total**

截至 2023 年 12 月 31 日的余额 · $7 期初递延收入中确认的收入 [__] (7) 预收或预缴且未确认为收入的金额及其他 [__] 28 截至 2024 年 12 月 31 日的余额 · 28 期初递延收入中确认的收入 [__] (28) 预收或预缴且未确认为收入的金额及其他 [__] 269 截至 2025 年 12 月 31 日的余额 · 269 期初递延收入中确认的收入（未经审计）[__] (196) 预收或预缴且未确认为收入的金额及其他（未经审计）[__] 1,577 截至 2026 年 6 月 30 日的余额（未经审计） · $1,650

Balance as of December 31, 2023 · $7 Revenue recognized from deferred revenue at the beginning of the period [__] (7) Amounts billed or received in advance and not recognized as revenue and other [__] 28 Balance as of December 31, 2024 · 28 Revenue recognized from deferred revenue at the beginning of the period [__] (28) Amounts billed or received in advance and not recognized as revenue and other [__] 269 Balance as of December 31, 2025 · 269 Revenue recognized from deferred revenue at the beginning of the period (unaudited) [__] (196) Amounts billed or received in advance and not recognized as revenue and other (unaudited) [__] 1,577 Balance as of June 30, 2026 (unaudited) · $1,650

#### 剩余履约义务

#### Remaining Performance Obligations

剩余履约义务是指具有不可撤销承诺的安排项下的递延收入以及将在未来期间确认为收入的金额。截至 2026 年 6 月 30 日（未经审计），剩余履约义务为 $10.8 billion。公司预计约 [__] 75%（未经审计）的该金额将在未来 12 个月内确认为收入，其余部分在此之后确认。收入确认的金额和时点取决于客户使用情况以及公司按合同条款履约的情况。

Remaining performance obligations represent deferred revenue and amounts that will be recognized as revenue in future periods for arrangements with non-cancelable commitments. As of June 30, 2026 (unaudited), remaining performance obligations amounted to $10.8 billion. The Company expects to recognize approximately [__] 75% (unaudited) of this amount as revenue over the next 12 months and the remainder thereafter. The amount and timing of revenue recognition is driven by customer usage and the Company’s performance in accordance with contractual terms.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

3. 投资 3. Investments

#### 现金等价物与短期投资

#### Cash Equivalents and Short-Term Investments

截至 2024 年 12 月 31 日、2025 年 12 月 31 日及 2026 年 6 月 30 日（未经审计），公司按主要证券类型列示的现金等价物与短期投资的摊余成本、未实现收益及损失总额和公允价值如下（单位：百万）：

The amortized cost, gross unrealized gains and losses, and fair value of the Company’s cash equivalents and short-term investments by major security type as of December 31, 2024 and 2025 and June 30, 2026 (unaudited) consisted of the following (in million s):

**截至 2024 年 12 月 31 日**

**As of December 31, 2024**

摊余成本

Amortized Cost

未实现 · 毛额 收益 未实现 · 毛额 损失

Unrealized · Gross Gains Unrealized · Gross Losses

**公允价值**

**Fair Value**

现金等价物：

Cash equivalents:

货币市场基金 · $3,029 · $— · $— · $3,029 现金等价物合计 · $3,029 · $— · $— · $3,029

Money market funds · $3,029 · $— · $— · $3,029 Total cash equivalents · $3,029 · $— · $— · $3,029

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

摊余成本

Amortized Cost

未实现 · 毛额 收益 未实现 · 毛额 亏损

Unrealized · Gross Gains Unrealized · Gross Losses

**公允价值**

**Fair Value**

现金等价物：

Cash equivalents:

货币市场基金 · $16,455 · $— · $— · $16,455 公司债务证券 · 4 · — · — · 4 现金等价物合计 · $16,459 · $— · $— · $16,459 短期投资： 商业票据 · $123 · $— · $— · $123 美国国债及机构证券 · 2,111 · 3 · — · 2,114 公司债务证券 · 651 · 1 · — · 652 短期投资合计 · $2,885 · $4 · $— · $2,889

Money market funds · $16,455 · $— · $— · $16,455 Corporate debt securities · 4 · — · — · 4 Total cash equivalents · $16,459 · $— · $— · $16,459 Short-term investments: Commercial paper · $123 · $— · $— · $123 U.S. Treasury and agency securities · 2,111 · 3 · — · 2,114 Corporate debt securities · 651 · 1 · — · 652 Total short-term investments · $2,885 · $4 · $— · $2,889

**截至 2026 年 6 月 30 日**

**As of June 30, 2026**

摊余成本

Amortized Cost

未实现 · 毛 收益 未实现 · 毛 损失

Unrealized · Gross Gains Unrealized · Gross Losses

**公允价值**

**Fair Value**

（未经审计）

(unaudited)

现金等价物：

Cash equivalents:

货币市场基金 · $108,603 · $— · $— · $108,603 商业票据 · 18 · — · — · 18 美国国债及机构证券 · 264 · — · — · 264 公司债务证券 · 4 · — · — · 4 市政证券 · 8 · — · — · 8 现金等价物合计 · $108,897 · $— · $— · $108,897 短期投资： 商业票据 · $1,592 · $— · $(3) · $1,589 美国国债及机构证券 · 14,818 · — · (33) · 14,785 公司债务证券 · 2,896 · — · (8) · 2,888 短期投资合计 · $19,306 · $— · $(44) · $19,262

Money market funds · $108,603 · $— · $— · $108,603 Commercial paper · 18 · — · — · 18 U.S. Treasury and agency securities · 264 · — · — · 264 Corporate debt securities · 4 · — · — · 4 Municipal securities · 8 · — · — · 8 Total cash equivalents · $108,897 · $— · $— · $108,897 Short-term investments: Commercial paper · $1,592 · $— · $(3) · $1,589 U.S. Treasury and agency securities · 14,818 · — · (33) · 14,785 Corporate debt securities · 2,896 · — · (8) · 2,888 Total short-term investments · $19,306 · $— · $(44) · $19,262

截至 2025 年 12 月 31 日和 2026 年 6 月 30 日（未经审计），摊余成本和公允价值余额分别不包括应收利息 $16 million 和 $123 million，该等应收利息已计入合并资产负债表中的预付费用及其他流动资产。截至 2024 年 12 月 31 日，公司没有应计利息

Amortized cost and fair value balances exclude accrued interest receivable of $16 million and $123 million as of December 31, 2025 and June 30, 2026 (unaudited), respectively, which was included in prepaid expenses and other current assets on the consolidated balance sheets. The Company did not have an accrued interest

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

截至 2024 年 12 月 31 日的应收款项。公司不对应计应收利息计提信用损失准备，因为任何无法收回的应计利息均会及时核销。

receivable as of December 31, 2024. The Company does not measure an allowance for credit losses on accrued interest receivable, as any uncollectible accrued interest is written off in a timely manner.

现金等价物及短期投资的合同到期情况如下（单位：百万美元）：

The contractual maturities of cash equivalents and short-term investments are as follows (in million s):

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

成本 · 摊余成本 · 公允价值 · 摊余成本 · 公允价值

CostCost · Amortized · Fair Value · Amortized · Fair Value

**（未经审计）**

**(unaudited)**

一年内到期 · $18,632 · $18,634 · $120,668 · $120,654 一年以上至五年内到期 · 712 · 714 · 7,535 · 7,505 合计 · $19,344 · $19,348 · $128,203 · $128,159

Due within one year · $18,632 · $18,634 · $120,668 · $120,654 Due after one year through five years · 712 · 714 · 7,535 · 7,505 Total · $19,344 · $19,348 · $128,203 · $128,159

实际到期日可能与合同到期日不同，因为借款人有权在有无赎回或提前还款罚金的情况下赎回或提前偿还债务。

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

截至 2025 年 12 月 31 日和 2026 年 6 月 30 日（未经审计），公司未就其投资确认任何信用损失准备或减值费用。

As of December 31, 2025 and June 30, 2026 (unaudited), the Company did not recognize any allowance for credit losses or impairment charges on its investments.

下表按主要证券类型汇总了处于未实现亏损状态的短期投资的公允价值及未实现亏损总额（单位：百万美元）：

The following table summarizes the fair value and gross unrealized losses of short-term investments that are in an unrealized loss position aggregated by major security type (in million s):

**截至 2026 年 6 月 30 日**

**As of June 30, 2026**

亏损 (1) · 公允价值 · 未实现

Loss (1) · Fair Value · Unrealized

**（未经审计）**

**(unaudited)**

商业票据 · $1,444 · $(3) 美国国债及机构证券 · 14,237 · (33) 公司债务证券 · 2,478 · (8) 合计 · $18,159 · $(44)

Commercial paper · $1,444 · $(3) U.S. Treasury and agency securities · 14,237 · (33) Corporate debt securities · 2,478 · (8) Total · $18,159 · $(44)

______________

______________

(1) [__] 公司所有短期投资处于持续未实现亏损状态的时间均不足 12 个月。

(1) [__] All of the Company’s short-term investments have been in a continuous unrealized loss position for less than 12 months.

公司不打算出售、且不太可能被要求出售在摊销成本基础恢复之前（可能是在到期时）存在未实现亏损的短期投资。

The Company does not intend to sell, nor is it more-likely-than-not that the Company will be required to sell, short-term investments with unrealized losses prior to the recovery of its amortized cost bases, which may be at maturity.

截至 2025 年 12 月 31 日，公司不存在处于未实现亏损状态的短期投资。

As of December 31, 2025, the Company did not have short-term investments in an unrealized loss position.

截至 2025 年 12 月 31 日止年度以及截至 2025 年 6 月 30 日和 2026 年 6 月 30 日止六个月（未经审计）期间，从累计其他综合收益（亏损）中重分类转出的现金等价物和短期投资未产生重大已实现收益或亏损。

For the year ended December 31, 2025 and the six months ended June 30, 2025 and 2026 (unaudited), there were no material realized gains or losses from cash equivalents and short-term investments that were reclassified out of accumulated other comprehensive income (loss).

#### 权益法投资

#### Equity Method Investments

公司持有按权益法核算的投资，即公司能够对被投资方施加重大影响但不行使控制权。权益法投资计入公司合并资产负债表中的非流动资产——其他资产，公司应享有的权益法被投资方收益或亏损份额在公司合并经营报表中的其他收益（费用）净额中确认。截至 2026 年 6 月 30 日（未经审计），公司该等投资的账面价值不重大。公司已作出最高 [__] $325 million 的出资承诺，其中截至 2026 年 6 月 30 日（未经审计）尚有 $265 million 未出资。

The Company holds investments accounted for under the equity method of accounting where the Company can exercise significant influence, but not control, over an investee. Equity method investments are included within other assets, noncurrent, on the Company’s consolidated balance sheets, and the Company’s share of the income or losses of the equity method investees are recognized in other income (expense), net, in the Company’s consolidated statements of operations. As of June 30, 2026 (unaudited), the Company’s carrying value of such investments was not material. The Company has made funding commitments of up to [__] $325 million, of which $265 million remained unfunded as of June 30, 2026 (unaudited).

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

4. 公允价值计量 4. Fair Value Measurements

下表列示了本公司按经常性基础以公允价值计量的金融资产和负债的相关信息，该等信息依据以下公允价值层级划分（单位：百万美元）：

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the fair value hierarchy as follows (in million s):

**截至 2024 年 12 月 31 日**

**As of December 31, 2024**

第 1 层级 · 第 2 层级 · 第 3 层级 · 合计 资产： 现金等价物： 货币市场基金 · $3,029 · $— · $— · $3,029 公允价值资产合计 · $3,029 · $— · $— · $3,029 负债： 可转换票据(1) · $— · $— · $14,116 · $14,116 其他非流动负债： 衍生工具负债 · — · — · 150 · 150 公允价值负债合计 · $— · $— · $14,266 · $14,266

Level 1 · Level 2 · Level 3 · Total Assets: Cash equivalents: Money market funds · $3,029 · $— · $— · $3,029 Total fair value assets · $3,029 · $— · $— · $3,029 Liabilities: Convertible notes(1) · $— · $— · $14,116 · $14,116 Other noncurrent liabilities: Derivative liability · — · — · 150 · 150 Total fair value liabilities · $— · $— · $14,266 · $14,266

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

第 1 层级 · 第 2 层级 · 第 3 层级 · 合计 资产： 现金等价物： 货币市场基金 · $16,455 · $— · $— · $16,455 公司债务证券 · — · 4 · — · 4 短期投资： 商业票据 · — · 123 · — · 123 美国国债及机构证券 · — · 2,114 · — · 2,114 公司债务证券 · — · 652 · — · 652 其他资产： 认股权证权利 · — · — · 345 · 345 公允价值资产合计 · $16,455 · $2,893 · $345 · $19,693 负债： 应付账款、应计费用及其他流动负债： 捐赠配捐计划负债(2) · $— · $— · $541 · $541 可转换票据(1) · — · — · 41,677 · 41,677 其他非流动负债： 暂扣款负债(3) · — · — · 28 · 28 公允价值负债合计 · $— · $— · $42,246 · $42,246

Level 1 · Level 2 · Level 3 · Total Assets: Cash equivalents: Money market funds · $16,455 · $— · $— · $16,455 Corporate debt securities · — · 4 · — · 4 Short-term investments: Commercial paper · — · 123 · — · 123 U.S. Treasury and agency securities · — · 2,114 · — · 2,114 Corporate debt securities · — · 652 · — · 652 Other assets: Warrant rights · — · — · 345 · 345 Total fair value assets · $16,455 · $2,893 · $345 · $19,693 Liabilities: Accounts payable, accrued expenses, and other current liabilities: Donation matching program liability(2) · $— · $— · $541 · $541 Convertible notes(1) · — · — · 41,677 · 41,677 Other noncurrent liabilities: Holdback liability(3) · — · — · 28 · 28 Total fair value liabilities · $— · $— · $42,246 · $42,246

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

**截至 2026 年 6 月 30 日**

**As of June 30, 2026**

第 1 层级 · 第 2 层级 · 第 3 层级 · 合计 （未经审计） 资产： 现金等价物： 货币市场基金 · $108,603 · $— · $— · $108,603 商业票据 · — · 18 · — · 18 美国国债及机构证券 · — · 264 · — · 264 公司债务证券 · — · 4 · — · 4 市政证券 · — · 8 · — · 8 短期投资： 商业票据 · — · 1,589 · — · 1,589 美国国债及机构证券 · — · 14,785 · — · 14,785 公司债务证券 · — · 2,888 · — · 2,888 其他资产： 认股权证权利 · — · — · 1,069 · 1,069 票据购买协议 · — · — · 2,405 · 2,405 公允价值资产合计 · $108,603 · $19,556 · $3,474 · $131,633 负债： 应付账款、应计费用及其他流动负债： 暂扣款负债(3) · $— · $— · $58 · $58 可转换票据(1) · — · — · 108,566 · 108,566 公允价值负债合计 · $— · $— · $108,624 · $108,624

Level 1 · Level 2 · Level 3 · Total (unaudited) Assets: Cash equivalents: Money market funds · $108,603 · $— · $— · $108,603 Commercial paper · — · 18 · — · 18 U.S. Treasury and agency securities · — · 264 · — · 264 Corporate debt securities · — · 4 · — · 4 Municipal securities · — · 8 · — · 8 Short-term investments: Commercial paper · — · 1,589 · — · 1,589 U.S. Treasury and agency securities · — · 14,785 · — · 14,785 Corporate debt securities · — · 2,888 · — · 2,888 Other assets: Warrant rights · — · — · 1,069 · 1,069 Note purchase agreements · — · — · 2,405 · 2,405 Total fair value assets · $108,603 · $19,556 · $3,474 · $131,633 Liabilities: Accounts payable, accrued expenses, and other current liabilities: Holdback liability(3) · $— · $— · $58 · $58 Convertible notes(1) · — · — · 108,566 · 108,566 Total fair value liabilities · $— · $— · $108,624 · $108,624

______________

______________

(1) [__] 由于选择对金融工具采用公允价值选择权进行会计处理，该等项目按公允价值计量，公允价值变动计入损益。更多信息请参见附注 9。

(1) [__] Recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments. Refer to Note 9 for further information.

(2) 更多信息请参见附注 10。

(2) Refer to Note 10 for further information.

(3) 更多信息请参见附注 15。

(3) Refer to Note 15 for further information.

在截至 2024 年 12 月 31 日和 [__] 2025 年 12 月 31 日的年度以及截至 2025 年 6 月 30 日和 2026 年 6 月 30 日的六个月（未经审计）内，公司按公允价值计量的资产在公允价值层级之间未发生转移。

During the years ended December 31, 2024 and [__] 2025 and the six months ended June 30, 2025 and 2026 (unaudited), the Company had no transfers between levels of the fair value hierarchy of its assets measured at fair value.

公司以公允价值计量现金等价物和短期投资。第 1 层级工具的估值基于相同基础证券的市场报价。第 2 层级工具的估值取自可比工具、较不活跃市场中的相同工具的现成定价来源，或使用市场可观察输入的模型。

The Company measures cash equivalents and short-term investments at fair value. Level 1 instrument valuations are based on quoted market prices of the identical underlying security. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs.

在截至 2025 年 12 月 31 日的年度内，公司签订了一份合同，作为已签订但尚未开始的协议项下的对价，获得收购一家非上市公司普通股的认股权证权利。该认股权证权利为独立金融工具，因其包含净额结算特征而符合衍生工具的定义。该认股权证未被指定为套期工具，并将在相关安排开始时作为租赁激励授予并确认，同时作为相关使用权资产的减少予以确认。公司采用概率加权预期回报法估计该认股权证权利的公允价值。在应用该方法时，公司基于可获得的信息使用了第 3 层级估值输入，包括认股权证权利的条款和特征、发行人其他已发行类别权益证券、发行人证券的可观察交易（如其最近一轮融资）、股权波动率估计以及预期实现流动性事件的时间。该认股权证权利的初始公允价值确认为衍生资产，分类为合并资产负债表中的其他资产，相应递延负债分类为其他非流动负债。

During the year ended December 31, 2025, the Company entered into a contract to receive warrant rights to acquire common shares of a privately-held company as consideration under an agreement entered into but not yet commenced. The warrant rights are freestanding financial instruments that meet the definition of a derivative as they contain a net settlement feature. The warrants have not been designated as hedging instruments and will be granted and recognized as lease incentives upon commencement of the related arrangements and recognized as a reduction of the related ROU assets. The Company estimated the fair value of the warrant rights using a probability-weighted expected return method. In applying this method, the Company utilized Level 3 valuation inputs based on information available, including terms and features of the warrant rights and other outstanding classes of the issuer’s equity securities, observable transactions in the issuer’s securities such as its most recent financing round, estimates of equity volatility, and expected time to a liquidity event. The initial fair value of the warrant rights was recognized as a derivative asset classified within other assets on the consolidated balance sheets, with a corresponding deferred liability classified within other noncurrent liabilities.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

2026 年 3 月（未经审计），公司与 Google LLC（“Google”）签订了一份票据购买协议（“Google 2026 NPA”），其中包括承诺按每股 [__] $259.1364 出售 38.6 百万股公司 G-2 系列

In March 2026 (unaudited), the Company entered into a note purchase agreement (the “Google 2026 NPA”) with Google LLC (“Google”), which included a commitment to sell 38.6 million shares of the Company’s Series

G-2 可赎回可转换优先股，价格为每股 [__] $259.1364。2026 年 4 月（未经审计），本公司与 Amazon Web Services, Inc.（“Amazon”）签订了一份票据购买协议（“Amazon 2026 NPA”），其中包含出售 1,930 万股本公司 G-2 系列可赎回

G-2 redeemable convertible preferred stock at [__] $259.1364 per share. In April 2026 (unaudited), the Company entered into a note purchase agreement (the “Amazon 2026 NPA”) with Amazon Web Services, Inc. (“Amazon”), which included a commitment to sell 19.3 million shares of the Company’s Series G-2 redeemable

可转换优先股，价格为每股 [__] $259.1364。更多信息请参见附注 [__] 9 和附注 16。这些协议每期按市值计价。公允价值变动在合并经营报表的其他收入（费用）净额中确认。这些票据购买协议项下的资产按公允价值计入合并资产负债表非流动其他资产。

convertible preferred stock at [__] $259.1364 per share. Refer to Note [__] 9 and Note 16 for further information. These agreements are marked-to-market each period. Changes in fair value are recognized in other income (expense), net on the consolidated statements of operations. Assets under these note purchase agreements are recorded at fair value within other assets, noncurrent on the consolidated balance sheet.

本票购买协议的估计公允价值采用概率加权期望回报法确定。G-2 系列可赎回可转换优先股的公允价值采用由或有索偿分析（“CCA”）与普通股等价物（“CSE”）法构成的混合方法确定。所采用的假设包括假定的未来流动性和融资事件、协议的条款与特征、各情景适用的权重、折现率、适用的无风险利率、G-2 系列可赎回可转换优先股的公允价值，以及缺乏市场流通性折价。

The estimated fair value of the note purchase agreements was determined by using a probability-weighted expected return method. The fair value of the Series G-2 redeemable convertible preferred stock was determined by using a hybrid approach comprising a contingent claims analysis (“CCA”) and a common stock equivalent (“CSE”) method. Assumptions included assumed future liquidity and financing events, the terms and features of the agreement, weights applied to each scenario, discount rates, applicable risk free rates, the fair value of the Series G-2 redeemable convertible preferred stock, and a discount for lack of marketability.

第 3 层级负债包括 SAFE 负债（附注 9）、可转换本票（附注 [__] 9）、衍生工具负债（附注 9）、捐赠配捐计划负债（附注 [__] 10），以及就收购 Codeblog Corp.（“Bun”）中部分可发行股份计提的暂扣款负债（附注 15）。这些负债目前没有市场，因此公允价值的确定需要重大判断或估计。公允价值层级中第 3 层级内的公允价值计量变动，每期根据估计或假设的变动进行分析并酌情记录。截至 2025 年 12 月 31 日止年度，公司在合并经营报表的其他收入（费用）净额中记录了暂扣款负债公允价值变动 $3 million。

Level 3 liabilities consist of the SAFE liabilities (Note 9), convertible notes (Note [__] 9), derivative liabilities (Note 9), donation matching program liability (Note [__] 10), and a holdback liability for a portion of shares issuable in the acquisition of Codeblog Corp. (“Bun”) (Note 15). There is no current market for these liabilities such that determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company recorded a $3 million change in fair value of the holdback liability during the year ended December 31, 2025 in other income (expense), net in the consolidated statements of operations.

SAFE 负债按公允价值记录，其公允价值基于第三方估值确定，该估值采用情景分析和 CCA，考虑纳入时间、概率和融资规模的特定情景。该模型考虑合同条款以及多项输入值，例如公司可赎回可转换优先股价格、无风险利率和预期波动率，其中部分输入值公司无法以可观察市场数据加以印证。在 2023 年 12 月 31 日和 2024 年 1 月 30 日转换时对 SAFE 负债进行估值所使用的假设包括波动率、无风险利率和至流动性事件的期限。SAFE 负债公允价值的变动与转换情景相关，并在合并经营报表中记录为可转换本票、衍生工具负债和 SAFE 的公允价值变动。截至 2024 年 12 月 31 日，所有 SAFE 均已转换 [__]。

The SAFE liabilities are recorded at fair value, which is determined based on a third-party valuation utilizing a scenario-based analysis and a CCA, that considers specific scenarios that factor in timing, probability, and financing size. This model takes into account the contract terms as well as multiple inputs, such as the Company’s redeemable convertible preferred stock price, risk free interest rates, and expected volatility, some of which the Company could not corroborate with observable market data. The assumptions used in valuing the SAFE liability upon conversion on December 31, 2023 and on January 30, 2024, include volatility, risk free interest rate, and term to liquidity. Changes in the fair value measurement of the SAFE liabilities relate to the conversion scenarios and are recorded as change in fair value of convertible notes, derivative liabilities, and SAFEs in the consolidated statements of operations. All SAFEs have been converted as of December 31, 2024 [__] .

可转换本票的估计公允价值采用由 CCA 与 CSE 方法构成的混合方法确定。该分析基于概率加权的预期未来投资回报估计可转换本票的公允价值，并考虑本票持有人可获得的可能结果，包括转换为可赎回可转换优先股、N 类普通股以及到期。假设包括应用于 CCA 与 CSE 方法的权重、假设波动率、距流动性事件的时间、融资需求及条款或预期融资，以及无风险利率。可转换本票公允价值的变动在合并经营报表中记录为可转换本票、衍生负债及 SAFE 的公允价值变动。

The estimated fair value of the convertible notes is determined by using a hybrid approach comprising a CCA and a CSE method. The analysis estimates the fair value of the convertible notes based on the probability-weighted expected future investment returns, considering possible outcomes available to the note holder, including conversions to redeemable convertible preferred stock, Class N common stock, and maturity. Assumptions include weight applied to the CCA and CSE methods, assumed volatility, time to a liquidity event, need for and terms of financings or expected financings, and the risk free interest rate. Changes in fair value of the convertible notes are recorded as change in fair value of convertible notes, derivative liabilities, and SAFEs in the consolidated statements of operations.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

下表列示了公司第 3 层级金融工具公允价值变动的汇总（单位：百万）：

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in million s):

认股权证 权利 购买 协议 匹配 计划 负债负债 本票 负债应付 截至

Warrant Rights Purchase Agreements Matching Program LiabilityLiability Notes LiabilityPayable Balance as of

2023 年 12 月 31 日

December 31, 2023

$— · $— · $— · $— · $128 · $1,678 · $1,110 新增 · — · — · — · — · — · 5,900 · 150 转换 · — · — · — · — · (134) · — · — 衍生负债的公允价值变动及结算 · — · — · — · — · 6 · 6,538 · (1,110)

$— · $— · $— · $— · $128 · $1,678 · $1,110 Additions · — · — · — · — · — · 5,900 · 150 Conversion · — · — · — · — · (134) · — · — Change in fair value and settlement of derivative liability · — · — · — · — · 6 · 6,538 · (1,110)

截至 2024 年 12 月 31 日

Balance as of December 31, 2024

— · — · — · — · — · 14,116 · 150 新增 · 345 · — · 541 · 25 · — · 3,450 · — 转换 · — · — · — · — · — · (10,347) · — 衍生负债的公允价值变动及结算 · — · — · — · 3 · — · 34,458 · (150)

— · — · — · — · — · 14,116 · 150 Additions · 345 · — · 541 · 25 · — · 3,450 · — Conversion · — · — · — · — · — · (10,347) · — Change in fair value and settlement of derivative liability · — · — · — · 3 · — · 34,458 · (150)

截至 2025 年 12 月 31 日

Balance as of December 31, 2025

345 · — · 541 · 28 · — · 41,677 · —

345 · — · 541 · 28 · — · 41,677 · —

新增（未经审计）

Additions (unaudited)

— · 2,348 · — · — · — · — · —

— · 2,348 · — · — · — · — · —

转换（未经审计）

Conversion (unaudited)

— · — · — · — · — · (5,499) · —

— · — · — · — · — · (5,499) · —

公允价值变动（未经审计）

Change in fair value (unaudited)

724 · (11,753) · 126 · 30 · — · 72,388 · —

724 · (11,753) · 126 · 30 · — · 72,388 · —

结算（未经审计）

Settlement (unaudited)

— · 11,810 · (667) · — · — · — · —

— · 11,810 · (667) · — · — · — · —

截至 2026 年 6 月 30 日的余额（未经审计）

Balance as of June 30, 2026 (unaudited)

$1,069 · $2,405 · $— · $58 · $— · $108,566 · $—

$1,069 · $2,405 · $— · $58 · $— · $108,566 · $—

归类为第 3 层级的公允价值计量对用于确定公允价值的假设或方法的变化较为敏感，此类变化可能导致公允价值大幅增加或减少。

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value.

5. 商誉与无形资产 5. Goodwill and Intangible Assets

#### 商誉

#### Goodwill

下表列示商誉变动情况（单位：百万美元）：

The following table presents goodwill activity (in million s):

**合计**

**Total**

2024 年 12 月 31 日余额 · $— 收购 · 154 2025 年 12 月 31 日余额 · 154 收购及其他（未经审计） · 422 2026 年 6 月 30 日余额（未经审计） · $576

Balance, as of December 31, 2024 · $— Acquisition · 154 Balance, as of December 31, 2025 · 154 Acquisitions and other (unaudited) · 422 Balance, as of June 30, 2026 (unaudited) · $576

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 无形资产

#### Intangible Assets

无形资产由以下各项构成（单位：百万美元，年限除外）：

Intangible assets consisted of the following (in million s, except years):

**截至 2024 年 12 月 31 日**

**As of December 31, 2024**

账面总值 累计摊销 账面净值 加权平均剩余使用寿命（年）

Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Remaining Useful Life (in years)

技术相关 · $3 · $— · $3 · 4.5 合同相关 · 5 · (3) · 2 · 0.5 合计 · $8 · $(3) · $5

Technology-related · $3 · $— · $3 · 4.5 Contract-related · 5 · (3) · 2 · 0.5 Total · $8 · $(3) · $5

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

账面总值 累计摊销 账面净值 加权平均剩余使用寿命（年）

Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Remaining Useful Life (in years)

技术相关 · $7 · $(1) · $6 · 4.7 合同相关 · 24 · (10) · 14 · 0.6 合计 · $31 · $(11) · $20

Technology-related · $7 · $(1) · $6 · 4.7 Contract-related · 24 · (10) · 14 · 0.6 Total · $31 · $(11) · $20

**截至 2026 年 6 月 30 日**

**As of June 30, 2026**

账面总值 累计摊销 账面净值 加权平均剩余使用寿命（年）（未经审计）

Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted- Average Remaining Useful Life (in years) (unaudited)

技术相关 · $102 · $(13) · $89 · 1.8 合同相关 · 36 · (16) · 20 · 0.6 合计 · $138 · $(29) · $109

Technology-related · $102 · $(13) · $89 · 1.8 Contract-related · 36 · (16) · 20 · 0.6 Total · $138 · $(29) · $109

公司就无形资产确认的摊销费用分别为截至 2023 年 12 月 31 日、[__] 2024 年及 2025 年度的 $0 million、$3 million 及 [__] $13 million，以及截至 2025 年 6 月 30 日和 2026 年 6 月 30 日止六个月的 $4 million 和 $27 million（未经审计）。

The Company recognized amortization expense related to intangible assets of $0 million, $3 million, and [__] $13 million for the years ended December 31, 2023, [__] 2024, and 2025, and $4 million and $27 million for the six months ended June 30, 2025 and 2026 (unaudited), respectively.

截至 2025 年 12 月 31 日，须摊销无形资产的预计未来摊销费用总额汇总如下（单位：百万）：

The estimated aggregate future amortization expense for intangible assets subject to amortization as of December 31, 2025, is summarized below (in million s):

**财年**

**Fiscal Year**

未来摊销费用

Future Amortization Expense

2026 · $15 · 2027 · 2 · 2028 · 1 · 2029 · 1 · 2030 · 1 合计 · $20

2026 · $15 · 2027 · 2 · 2028 · 1 · 2029 · 1 · 2030 · 1 Total · $20

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

6. 物业及设备净额 6. Property and Equipment, Net

物业及设备净额由以下各项构成（单位：百万美元）：

Property and equipment, net consisted of the following (in million s):

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 租赁改良 · $16 · $51 · $58 服务器、网络及基础设施设备 · — · 34 · 618 在建工程 · 4 · 63 · 536 其他资产 · 3 · 10 · 22 物业及设备总额 · 23 · 158 · 1,234 减：累计折旧 · (4) · (12) · (47) 物业及设备净额 · $19 · $146 · $1,187

2024 · 2025 · 2026 (unaudited) Leasehold improvements · $16 · $51 · $58 Servers, networking, and infrastructure equipment · — · 34 · 618 Construction in progress · 4 · 63 · 536 Other assets · 3 · 10 · 22 Total property and equipment, gross · 23 · 158 · 1,234 Less: Accumulated depreciation · (4) · (12) · (47) Total property and equipment, net · $19 · $146 · $1,187

截至 2023 年、[__] 2024 年及 2025 年 12 月 31 日止年度的折旧费用分别为$1 百万、$3 百万和$10 百万，截至 2025 年及 2026 年 6 月 30 日止六个月的折旧费用分别为$4 百万和$35 百万（未经审计）。

Depreciation expense was $1 million, $3 million, and $10 million for the years ended December 31, 2023, [__] 2024, and 2025, and $4 million and $35 million for the six months ended June 30, 2025 and 2026 (unaudited), respectively.

7. 租赁 7. Leases

公司就公司办公场所及基础设施设备签订了经营租赁和融资租赁，到期日各不相同。该等租赁的不可撤销剩余期限为不足一年至 [__] 20 年，其中部分包含最长可续期 14 年的续租选择权 [__] 。

The Company has operating and finance leases for corporate offices and infrastructure equipment with various expiration dates. The leases have non-cancelable remaining terms of less than one year to [__] 20 years, some of which include options to extend for up to 14 years [__] .

公司租赁费用的构成如下（单位：百万美元）：

The components of the Company’s lease expense were as follows (in million s):

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 经营租赁成本 · $3 · $17 · $22 · $8 · $56 融资租赁成本： 租赁资产摊销 · — · — · — · — · 13 租赁负债利息 · — · — · — · — · 5 融资租赁成本 · — · — · — · — · 18 短期租赁成本 · — · — · — · — · 7 可变租赁成本 · — · — · — · — · 8 租赁费用总额 · $3 · $17 · $22 · $8 · $89

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Operating lease cost · $3 · $17 · $22 · $8 · $56 Finance lease cost: Amortization of lease assets · — · — · — · — · 13 Interest on lease liabilities · — · — · — · — · 5 Finance lease cost · — · — · — · — · 18 Short-term lease cost · — · — · — · — · 7 Variable lease cost · — · — · — · — · 8 Total lease cost · $3 · $17 · $22 · $8 · $89

公司租赁的加权平均剩余租赁期限和折现率如下：

Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 加权平均剩余租赁期限 - 经营租赁 · 3.3 年 · 7.7 年 · 10.8 年 加权平均剩余租赁期限 - 融资租赁 · * · * · 4.9 年 加权平均折现率 - 经营租赁 · 10.4 % · 8.1% · 7.5% 加权平均折现率 - 融资租赁 · * · * · 7.1%

2024 · 2025 · 2026 (unaudited) Weighted-average remaining lease term - operating leases · 3.3 years · 7.7 years · 10.8 years Weighted-average remaining lease term - finance leases · * · * · 4.9 years Weighted-average discount rate - operating leases · 10.4 % · 8.1% · 7.5% Weighted-average discount rate - finance leases · * · * · 7.1%

______________

______________

* [__] 截至 2024 年 12 月 31 日和 2025 年 12 月 31 日，公司没有融资租赁。

* [__] The Company did not have finance leases as of December 31, 2024 and 2025.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

融资租赁的补充资产负债表信息(1)如下（单位：百万美元）：

Supplemental balance sheet information for finance leases(1) were as follows (in million s):

**2026 年 6 月 30 日**

**June 30, 2026**

（未经审计）

(unaudited)

财产和设备，按成本 · $445 累计折旧 · (13) 财产和设备，净额 · $432

Property and equipment, at cost · $445 Accumulated depreciation · (13) Property and equipment, net · $432

应付账款、应计费用及其他流动负债 [__] $86

Accounts payable, accrued expenses, and other current liabilities [__] $86

其他非流动负债 · 357 融资租赁负债总额 · $443

Other noncurrent liabilities · 357 Total finance lease liabilities · $443

______________

______________

(1) [__] 截至 2025 年 12 月 31 日，公司没有融资租赁。

(1) [__] The Company did not have finance leases as of December 31, 2025.

租赁负债到期情况如下（单位：百万）：

Maturities of lease liabilities are as follows (in million s):

**12 月 31 日，**

**December 31,**

2025 年经营租赁 经营租赁 融资租赁 (1)（未经审计）

2025 Operating Leases Operating Leases Finance Leases (1) (unaudited)

2026 · $45 · $52 · $62 · 2027 · 35 · 109 · 106 · 2028 · 22 · 194 · 106 · 2029 · 4 · 162 · 106 · 2030 · 4 · 173 · 106 此后 · 39 · 911 · 37 未折现租赁付款总额 · 149 · 1,601 · 523 减：推算利息 · (32) · (522) · (80) 租赁负债现值 · $117 · $1,079 · $443

2026 · $45 · $52 · $62 · 2027 · 35 · 109 · 106 · 2028 · 22 · 194 · 106 · 2029 · 4 · 162 · 106 · 2030 · 4 · 173 · 106 Thereafter · 39 · 911 · 37 Total undiscounted lease payments · 149 · 1,601 · 523 Less: imputed interest · (32) · (522) · (80) Present value of lease liabilities · $117 · $1,079 · $443

______________

______________

(1) [__] 截至 2025 年 12 月 31 日，公司没有融资租赁。

(1) [__] The Company did not have finance leases as of December 31, 2025.

#### 尚未开始的租赁

#### Leases Not Yet Commenced

截至 2025 年 12 月 31 日和 2026 年 6 月 30 日（未经审计），公司已签订主要与算力和基础设施容量相关的、尚未开始的租赁协议，估计未来未折现租赁义务总额分别约为 $50.2 billion 和 $321.4 billion，其中部分安排须满足若干合同条件 [__] 。[__] 该等租赁义务将于 2026 年至 [__] 2028 年之间开始，租赁期限从不足一年至 20 年不等。公司可选择通过发行可转换本票来履行部分义务。更多信息请参见附注 9。

As of December 31, 2025 and June 30, 2026 (unaudited), the Company had entered into lease agreements primarily related to compute and infrastructure capacity that had not yet commenced, with total estimated future undiscounted lease obligations of approximately $50.2 billion and $321.4 billion, respectively, with some arrangements subject to certain contractual conditions being met [__] . [__] These lease obligations will commence between 2026 and [__] 2028, with lease terms ranging from less than one year to 20 years. The Company may elect to satisfy a portion of its obligations by issuing convertible promissory notes. Refer to Note 9 for further information.

#### 通过合并可变利益实体持有的租赁

#### Leases Held Through a Consolidated Variable Interest Entity

公司合并了若干为融资和部署算力及基础设施容量而设立的可变利益实体（VIE）。截至 2026 年 6 月 30 日（未经审计），除这些 VIE 签订的合同或文书中可能明确规定的范围外，一般不可用于清偿这些 VIE 以外任何主体义务的资产为 $296 million，主要计入经营租赁使用权资产。

The Company consolidates certain VIEs formed to finance and deploy compute and infrastructure capacity. As of June 30, 2026 (unaudited), assets that are not, except as may be expressly provided in any contract or instrument entered into by these VIEs, generally available to satisfy the obligations of any person other than these VIEs were $296 million, primarily included in operating lease right-of-use assets.

公司为若干 VIE 义务提供担保；因此，若干 VIE 的债权人对公司的整体信用享有追索权。截至 2026 年 6 月 30 日（未经审计），与这些 VIE 相关的负债为 [__] $328 million，其中主要包括 $310 million 的租赁负债，而租赁负债中有 $257 million 计入非流动经营租赁负债。公司可通过以下方式履行若干 VIE 租金义务：

The Company guarantees certain VIE obligations; as a result, certain VIEs’ creditors have recourse to the general credit of the Company. As of June 30, 2026 (unaudited), liabilities related to these VIEs were [__] $328 million, which primarily included $310 million of lease liabilities, of which $257 million were included in operating lease liabilities, noncurrent. The Company may satisfy certain VIE rent obligations through the

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

发行可转换本票以代替现金。这些 VIE 为公司可转换本票项下的义务提供担保，并向出租人授予租赁资产的担保权益以担保该等义务，担保金额以向出租人发行的未偿票据金额为限。截至 2026 年 6 月 30 日（未经审计），尚未发行任何可转换本票。更多信息请参见附注 9。截至 2025 年 12 月 31 日，这些合并 VIE 的资产和负债不重大 [__] 。

issuance of convertible promissory notes in lieu of cash. These VIEs guarantee the Company’s obligations under the convertible promissory note and grant the lessor a security interest in the leased assets to secure them, up to the amount of notes outstanding to the lessor. As of June 30, 2026 (unaudited), no convertible promissory notes had been issued. Refer to Note 9 for further information. As of December 31, 2025, the assets and liabilities of these consolidated VIEs were not material [__] .

8. 补充财务信息 8. Supplemental Financial Information

#### 现金、现金等价物及受限现金

#### Cash, Cash Equivalents, and Restricted Cash

下表将公司合并资产负债表所列报的现金、现金等价物及受限现金调节至合并现金流量表所列报的总额（单位：百万美元）：

The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in million s):

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 现金及现金等价物 · $3,141 · $17,388 · $112,389 受限现金(1) · 13 · 13 · 2,529 期末现金、现金等价物及受限现金 [__] $3,154 [__] $17,401 [__] $114,918

2024 · 2025 · 2026 (unaudited) Cash and cash equivalents · $3,141 · $17,388 · $112,389 Restricted cash(1) · 13 · 13 · 2,529 Cash, cash equivalents, and restricted cash at end of period [__] $3,154 [__] $17,401 [__] $114,918

______________

______________

(1) [__] 根据某些安排，公司可能被要求就未来到期款项额外限制最高 $10.0 billion。截至 2026 年 6 月 30 日，不存在此类生效的要求。

(1) [__] The Company may be required to restrict up to an additional $10.0 billion for future amounts due, under certain arrangements. As of June 30, 2026, no such requirements were in effect.

#### 预付费用及其他流动资产

#### Prepaid Expenses and Other Current Assets

预付费用及其他流动资产由以下各项构成（单位：百万美元）：

Prepaid expenses and other current assets consisted of the following (in million s):

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 预付费用 · $2,073 · $2,537 · $258 其他 · 3 · 23 · 238 合计 · $2,076 · $2,560 · $496

2024 · 2025 · 2026 (unaudited) Prepaid expenses · $2,073 · $2,537 · $258 Other · 3 · 23 · 238 Total · $2,076 · $2,560 · $496

#### 其他非流动资产

#### Other Assets, Noncurrent

其他非流动资产由以下各项构成（单位：百万美元）：

Other assets, noncurrent consisted of the following (in million s):

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 预付费用 · $2,364 · $104 · $222 其他 · 9 · 372 · 3,707 合计 · $2,373 · $476 · $3,929

2024 · 2025 · 2026 (unaudited) Prepaid expenses · $2,364 · $104 · $222 Other · 9 · 372 · 3,707 Total · $2,373 · $476 · $3,929

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 应付账款、应计费用及其他流动负债

#### Accounts Payable, Accrued Expenses, and Other Current Liabilities

应付账款、应计费用及其他流动负债由以下各项构成（单位：百万）：

Accounts payable, accrued expenses, and other current liabilities consisted of the following (in million s):

**截至 12 月 31 日，**

**As of December 31,**

2024 · 2025 · 2026 （未经审计） 云服务商应付款 · $302 · $947 · $2,810 应计法律费用 · 2 · 775 · 1,309 捐赠配捐计划负债 · — · 541 · — 其他 · 29 · 248 · 1,303 合计 · $333 · $2,511 · $5,422

2024 · 2025 · 2026 (unaudited) Cloud service provider payables · $302 · $947 · $2,810 Accrued legal expenses · 2 · 775 · 1,309 Donation matching program liability · — · 541 · — Other · 29 · 248 · 1,303 Total · $333 · $2,511 · $5,422

在上述应付账款、应计费用及其他流动负债总额中，应付账款于 2024 年 12 月 31 日、[__] 2025 年及 2026 年 6 月 30 日（未经审计）分别为$313 百万、$284 百万和$766 百万。

Of the total accounts payable, accrued expenses, and other current liabilities presented above, accounts payable consisted of $313 million, $284 million, and $766 million as of December 31, 2024 and [__] 2025 and June 30, 2026 (unaudited), respectively.

#### 其他收入（费用）净额

#### Other Income (Expense), Net

其他收入（费用）净额由以下各项构成（单位：百万）：

Other income (expense), net consisted of the following (in million s):

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 票据购买协议的确认及公允价值变动 (1) · $— · $— · $— · $— · $(9,405)

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Recognition and change in fair value of note purchase agreements (1) · $— · $— · $— · $— · $(9,405)

保留款负债公允价值变动

Change in fair value of holdback liability

— · — · (3) · — · (39)

— · — · (3) · — · (39)

认股权证权利公允价值变动

Change in fair value of warrant rights

— · — · — · — · 724 其他 · (2) · — · (5) · — · (37) 合计 · $(2) · $— · $(8) · $— · $(8,757)

— · — · — · — · 724 Other · (2) · — · (5) · — · (37) Total · $(2) · $— · $(8) · $— · $(8,757)

______________

______________

(1) [__] 更多信息请参见附注 4。

(1) [__] Refer to Note 4 for further information.

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 补充现金流量信息

#### Supplemental Cash Flow Information

下表列示补充现金流量信息（单位：百万）：

The following table shows supplemental cash flow information (in million s):

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 现金流量信息补充披露：

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Supplemental disclosure of cash flow information:

支付的所得税款，扣除退款后净额

Cash paid for income taxes, net of refunds

$— · $— · $8 · $7 · $34

$— · $— · $8 · $7 · $34

非现金投资和融资活动：

Noncash investing and financing activities:

已购置但尚未支付的财产和设备的增加额

Increase in property and equipment acquired but not yet paid

$— · $1 · $10 · $1 · $148

$— · $1 · $10 · $1 · $148

可转换本票转换为 E-2 系列、E-3 系列、E-4 系列、E-5 系列和 F-2 系列无投票权可赎回可转换优先股

Conversion of convertible notes into Series E-2, Series E-3, Series E-4, Series E-5 and Series F-2 non-voting redeemable convertible preferred stock

$— · $— · $10,347 · $8,168 · $—

$— · $— · $10,347 · $8,168 · $—

可转换本票转换为 G-3 系列和 G-4 系列可赎回可转换优先股

Conversion of convertible notes into Series G-3 and Series G-4 redeemable convertible preferred stock

$— · $— · $— · $— · $5,499

$— · $— · $— · $— · $5,499

票据购买协议转换为 G-2 系列可赎回可转换优先股

Conversion of note purchase agreements into Series G-2 redeemable convertible preferred stock

$— · $— · $— · $— · $11,810

$— · $— · $— · $— · $11,810

未来股权简单协议（SAFE）票据转换为 C-1 系列、D-1 系列和 D-2 系列可赎回可转换优先股

Conversion of SAFE notes into Series C-1, Series D-1, and Series D-2 redeemable convertible preferred stock

$1 · $134 · $— · $— · $—

$1 · $134 · $— · $— · $—

捐赠配捐计划结算时发行 N 类普通股

Issuance of Class N common stock upon settlement of donation matching program

$— · $— · $— · $— · $667 认股权证权利 · $— · $— · $345 · $— · $— 与企业收购相关的股权发行 · $— · $— · $136 · $— · $534

$— · $— · $— · $— · $667 Warrant rights · $— · $— · $345 · $— · $— Equity issued in connection with business acquisition · $— · $— · $136 · $— · $534

以经营租赁负债换取的使用权资产

Right-of-use assets obtained in exchange for operating lease liabilities

$38 · $8 · $82 · $1 · $963

$38 · $8 · $82 · $1 · $963

以融资租赁负债换取的使用权资产

Right-of-use assets obtained in exchange for finance lease liabilities

$— · $— · $— · $— · $445

$— · $— · $— · $— · $445

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

#### 补充经营费用信息

#### Supplemental Operating Expense Information

下表按功能列示了公司的经营费用（单位：百万美元）：

The following table presents the Company’s operating expenses grouped by function (in million s):

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2023 · 2024 · 2025 · 2025 · 2026 （未经审计） 收入成本(1) · $26 · $752 · $2,773 · $1,019 · $2,380 研究与开发(2) · 422 · 2,275 · 6,338 · 1,850 · 9,741 销售与营销(3) · 76 · 163 · 911 · 239 · 3,808 Bartz 和解 · — · — · 1,500 · — · — 一般及行政(4) · 68 · 176 · 1,123 · 190 · 1,050 经营费用总额 · $592 · $3,366 · $12,645 · $3,298 · $16,979

2023 · 2024 · 2025 · 2025 · 2026 (unaudited) Cost of revenue(1) · $26 · $752 · $2,773 · $1,019 · $2,380 Research and development (2) · 422 · 2,275 · 6,338 · 1,850 · 9,741 Sales and marketing(3) · 76 · 163 · 911 · 239 · 3,808 Bartz settlement · — · — · 1,500 · — · — General and administrative(4) · 68 · 176 · 1,123 · 190 · 1,050 Total operating expenses · $592 · $3,366 · $12,645 · $3,298 · $16,979

______________

______________

(1) [__] 几乎全部收入成本由与客户服务负载相关的算力和基础设施成本构成。此外，收入成本还包括某些人事相关成本和分摊的管理费用。

(1) [__] Substantially all of cost of revenue consists of compute and infrastructure costs associated with customer-serving workloads. Additionally, cost of revenue includes certain personnel-related costs and allocated overhead costs.

(2) 研发费用主要包括与模型开发、研究和内部使用负载相关的算力和基础设施成本、人事相关成本、软件费用以及分摊的管理费用。

(2) Research and development expenses primarily consist of compute and infrastructure costs associated with model development, research, and internal usage workloads, personnel-related costs, software expenses, and allocated overhead costs.

(3) 销售和营销费用主要包括渠道合作伙伴成本、营销和广告、人事相关成本、与向客户提供公司智能服务免费访问相关的算力和基础设施成本，以及分摊的管理费用。

(3) Sales and marketing expenses primarily consist of channel partner costs, marketing and advertising, personnel-related costs, compute and infrastructure costs associated with providing free access to the Company’s intelligence service, and allocated overhead costs.

(4) 一般及行政费用主要包括公司的捐赠配比义务、人事相关成本、设施成本、分摊的管理费用、法律费用以及非所得税类税费。

(4) General and administrative expenses primarily consist of the Company’s donation matching obligation, personnel-related costs, facility costs, allocated overhead costs, legal fees, and non-income-based taxes.

9. 可转换票据、循环信贷协议与 SAFE 9. Convertible Notes, Revolving Credit Agreement and SAFEs

#### 可转换本票

#### Convertible Notes

本公司与各方签订了票据购买协议，约定发行一笔或多笔可转换本票。若票据购买协议产生未来发行票据的义务，则在相关票据发行之前，该等义务在合并资产负债表上作为衍生负债核算。

The Company has entered into note purchase agreements which provide for the issuance of one or more convertible notes. To the extent that the note purchase agreements create an obligation to issue notes in the future, these obligations are accounted for as derivative liabilities on the consolidated balance sheets until the related note is issued.

Google Google

Google 2023 年票据购买协议

Google 2023 Note Purchase Agreement

2023 年 9 月，本公司与 Google LLC（“Google”）签订了一份票据购买协议（“Google 2023 年 NPA”），用于发行本金总额最高为 [__] $2.0 billion 的可转换本票，可分三批发行。本公司于 2023 年 9 月发行了本金总额为 $500 million 的第一批票据，于 2024 年 9 月发行了本金总额为 $750 million 的第二批票据，并于 2025 年 9 月发行了本金总额为 [__] $750 million 的第三批票据。

In September 2023, the Company entered into a note purchase agreement (“Google 2023 NPA”) with Google LLC (“Google”), for the issuance of convertible promissory notes in an aggregate principal amount of up to [__] $2.0 billion, issuable in three tranches. The Company issued the first tranche of notes in an aggregate principal amount of $500 million in September 2023, the second tranche of notes in an aggregate principal amount of $750 million in September 2024, and the third tranche of notes in an aggregate principal amount of [__] $750 million in September 2025.

根据 Google 2023 年 NPA 发行的票据按年利率 [__] 10.0% 计息，按年复利，并于各自发行日期后 48 个月到期时支付。本公司还与 Google 签订了一份商业协议，以提供智能服务。

The notes issued under Google 2023 NPA bore interest at a rate of [__] 10.0% per annum, compounded annually, and payable upon maturity, 48 months after the respective issuance date. The Company also has a commercial agreement with Google for the provision of intelligence service.

就本公司 2025 年 E-1 系列可赎回可转换优先股融资而言，根据 Google 2023 年 NPA 发行的第一批和第二批票据已分别按每股 $44.8692 的转换价格全额转换为合计 12.7 million 股本公司的 E-3 系列无投票权可赎回可转换优先股，以及按每股 [__] $50.4779 的转换价格全额转换为合计 15.3 million 股 E-4 系列无投票权可赎回可转换优先股。该等转换价格反映了相对于 E-1 系列原始发行价格 [__] $56.0865 每股的合同折扣。截至 2025 年 12 月 31 日，根据 Google 2023 年 NPA 发行的第三批票据项下仍有本金总额 $750 million 未偿还 [__] 。

In connection with the Company’s Series E-1 redeemable convertible preferred stock financing in 2025, the first and second tranches of notes issued under Google 2023 NPA converted in full into an aggregate of 12.7 million shares of the Company’s Series E-3 non-voting redeemable convertible preferred stock at a conversion price of $44.8692 per share and an aggregate of 15.3 million shares of Series E-4 non-voting redeemable convertible preferred stock at a conversion price of [__] $50.4779 per share, respectively. The conversion prices reflect the contractual discounts to the Series E-1 original issuance price of [__] $56.0865 per share. As of December 31, 2025, $750 million aggregate principal amount remained outstanding under the third tranche of notes issued under Google 2023 NPA [__] .

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

2026 年 1 月，就 G-1 系列融资的首次交割而言，根据 Google 2023 年 NPA 发行的第三批票据已按每股 $233.2228 的转换价格全额转换为 3.3 million 股 G-4 系列无投票权可赎回可转换优先股。该转换价格反映了相对于 G-1 系列价格每股 $259.1364 的合同折扣。截至 2026 年 6 月 30 日（未经审计），Google 2023 年 NPA 项下无未偿还金额。

In January 2026, in connection with the initial closing of the Series G-1 financing, the third tranche of notes issued under Google 2023 NPA converted in full into 3.3 million shares of Series G-4 non-voting redeemable convertible preferred stock at a conversion price of $233.2228 per share. The conversion price reflects the contractual discounts to the Series G-1 price of $259.1364 per share. As of June 30, 2026 (unaudited), no amounts remain outstanding under Google 2023 NPA.

Google 2024 年票据购买协议

Google 2024 Note Purchase Agreement

2024 年 8 月，本公司与 Google 签订了另一份票据购买协议（“Google 2024 年 NPA”），用于发行本金总额约为 $1.3 billion 的可转换本票。该票据按年利率 [__] 8.5% 计息，按年复利，且除非提前转换或偿还，否则于 2030 年 8 月到期时支付。

In August 2024, the Company entered into an additional note purchase agreement (“Google 2024 NPA”) with Google for the issuance of a convertible promissory note in an aggregate principal amount of approximately $1.3 billion. Such note bore interest at a rate of [__] 8.5% per annum compounded annually, and, unless earlier converted or repaid, was payable upon maturity in August 2030.

就 2025 年 E-1 系列可赎回可转换优先股融资而言，根据 Google 2024 年 NPA 发行的票据已按每股 [__] $53.2822 的转换价格全额转换为合计 24.2 million 股 E-5 系列无投票权可赎回可转换优先股，该转换价格反映了相对于 E-1 系列原始发行价格 [__] $56.0865 每股的合同折扣。截至 2025 年 12 月 31 日和 2026 年 6 月 30 日（未经审计），Google 2024 年 NPA 项下无未偿还金额 [__] 。

In connection with the Series E-1 redeemable convertible preferred stock financing in 2025, the note issued under Google 2024 NPA was converted in full into an aggregate of 24.2 million shares of Series E-5 non-voting redeemable convertible preferred stock at a conversion price of [__] $53.2822 per share, reflecting a contractual discount to the Series E-1 original issuance price of [__] $56.0865 per share. As of December 31, 2025 and June 30, 2026 (unaudited), no amounts remain outstanding under Google 2024 NPA [__] .

Google 2026 票据购买协议（未经审计）

Google 2026 Note Purchase Agreement (Unaudited)

2026 年 3 月（未经审计），本公司与 Google 订立票据购买协议（“Google 2026 NPA”），根据该协议，在满足若干条件的前提下，本公司可在 2030 年 12 月 31 日之前发行最高 $30.0 billion 的可转换本票或无表决权普通股。无表决权普通股将按 30 日追踪成交量加权平均价格发行，且就已发行的部分而言，该等票据将按年利率 [__] 9.0% 计息，按年复利计算，于到期时支付，并自发行之日起六年到期，除非根据协议条款提前偿还或转换。

In March 2026 (unaudited), the Company entered into a note purchase agreement (“Google 2026 NPA”) under which, subject to certain conditions, up to $30.0 billion of convertible promissory notes or non-voting common stock through December 31, 2030 may be issued. Non-voting common stock would be issued at the 30-day trailing volume-weighted average price and, to the extent issued, the notes will bear interest at [__] 9.0% per annum compounded annually, payable at maturity, and mature six years after issuance, unless earlier repaid or converted pursuant to the terms of the agreement.

2026 年 5 月（未经审计），Google 向本公司 H 系列可赎回可转换优先股融资投资 $10.0 billion，使 Google 2026 NPA 项下可供发行的金额减少至 $20.0 billion。截至 2026 年 6 月 30 日，Google 2026 NPA 项下尚未发行任何无表决权普通股或票据 [__] 。

In May 2026 (unaudited), Google invested $10.0 billion in the Company’s Series H redeemable convertible preferred stock financing, which reduced the amount available for issuance under the Google 2026 NPA to $20.0 billion. As of June 30, 2026, no non-voting common stock or notes had been issued under the Google 2026 NPA [__] .

Amazon Amazon

Amazon 2023 及 2024 年票据购买协议

Amazon 2023 and 2024 Note Purchase Agreements

2023 年 9 月，本公司与 Amazon 签订了一份票据购买协议（“Amazon 2023 NPA”），约定发行本金总额最高达 $4.0 billion 的可转换本票，可分两批发行。本公司于 2023 年 9 月发行了本金总额为 $1.2 billion 的第一批票据，并于 2024 年 3 月发行了本金总额为 $3.4 billion 的第二批票据，该金额反映了第二批票据所收到 $2.8 billion 收益之上的发行溢价。

In September 2023, the Company entered into a note purchase agreement (“Amazon 2023 NPA”) with Amazon for the issuance of convertible promissory notes in an aggregate principal amount of up to $4.0 billion issuable in two tranches. The Company issued the first tranche of notes in an aggregate principal amount of $1.2 billion in September 2023, and the second tranche of notes in an aggregate principal amount of $3.4 billion in March 2024, reflecting an issuance premium to the $2.8 billion in proceeds received for the second tranche of notes.

2024 年 11 月，本公司与 Amazon 签订了另一份票据购买协议（“Amazon 2024 NPA”），约定发行本金总额最高达 [__] $4.0 billion 的可转换本票，可分三批发行。本公司于 2024 年 11 月发行了本金总额为 $1.3 billion 的第一批票据，于 2025 年 5 月发行了本金总额为 $1.3 billion 的第二批票据，并于 2025 年 11 月发行了本金总额为 $1.4 billion 的第三批票据。

In November 2024, the Company entered into an additional note purchase agreement (“Amazon 2024 NPA”) with Amazon for the issuance of convertible promissory notes in an aggregate principal amount of up to [__] $4.0 billion, issuable in three tranches. The Company issued the first tranche of notes in an aggregate principal amount of $1.3 billion in November 2024, the second tranche of notes in an aggregate principal amount of $1.3 billion in May 2025, and the third tranche of notes in an aggregate principal amount of $1.4 billion in November 2025.

根据 Amazon 2023 NPA 发行的票据按 [__] 8.0% 的年利率计息，按年复利计算并于到期时支付，且自各自发行日起 10 年后到期，除非提前偿还或转换。根据 Amazon 2024 NPA 发行的第一批票据按 [__] 8.5% 的年利率计息，按年复利计算并于到期时支付，且于 2034 年 11 月到期，除非提前偿还或转换。根据 Amazon 2024 NPA 发行的第二批和第三批票据均不计息，分别于 2035 年 5 月和 2035 年 11 月到期，除非提前偿还或转换。

The notes issued under Amazon 2023 NPA bear interest at a rate of [__] 8.0%per annum compounded annually and payable upon maturity, and mature 10 years after the respective issuance date, unless earlier repaid or converted. The first tranche of notes issued under Amazon 2024 NPA bears interest at a rate of [__] 8.5% per annum, compounded annually and payable at maturity, and matures in November 2034, unless earlier repaid or converted. The second and third tranche of notes issued under Amazon 2024 NPA are each non-interest bearing and mature in May 2035 and November 2035, respectively, unless earlier repaid or converted.

根据 Amazon 2023 NPA 和 Amazon 2024 NPA 发行的票据可按等于以下两者中较低者的转换价格转换为无表决权可赎回可转换优先股：(i) [__] 每股 $20.9280(就

The notes issued under Amazon 2023 NPA and Amazon 2024 NPA are convertible into non-voting redeemable convertible preferred stock at a conversion price equal to the lesser of (i) [__] $20.9280 per share (in the case of

**Anthropic, PBC 合并财务报表附注（续）**

**Anthropic, PBC Notes to Consolidated Financial Statements (Continued)**

根据 Amazon 2023 NPA 发行的票据而言)，或 [__] 每股 $50.4779（就根据 Amazon 2024 NPA 发行的票据而言），以及 (ii) 本公司最近一次 (1) 优先股股权融资（就根据 Amazon 2023 NPA 发行的票据而言）或 (2) 合格股权融资（就根据 Amazon 2024 NPA 发行的票据而言）中的每股价格，在每种情况下均受下述 Amazon 持股上限的约束。

notes issued under Amazon 2023 NPA), or [__] $50.4779 per share (in the case of notes issued under Amazon 2024 NPA), and (ii) the price per share in the Company’s most recent (1) preferred stock equity financing (in the case of the notes issued under Amazon 2023 NPA) or (2) qualified equity financing (in the case of the notes issued under Amazon 2024 NPA), subject, in each case, to Amazon’s ownership cap, as described below.

在若干清算交易中，Amazon 可选择不按适用转换价格转换该等本票，而是收取相当于未偿本金金额及其应计未付利息的现金。根据 Amazon 2024 NPA 的条款，在若干清算交易中，公司可能被要求向 Amazon 支付额外现金款项，具体计算方式载于 Amazon 2024 NPA。此外，在首次公开发行、直接上市或特殊目的收购公司交易中，适用 Amazon NPA 项下的任何未偿本金金额及其应计未付利息将自动转换为公司 N 类普通股，转换价格等于以下两者中的较低者：(i) 就 Amazon 2023 NPA 而言为 [__] $2.0928 每股，或就 Amazon 2024 NPA 而言为 [__] $5.0478 每股，以及 (ii) 该交易中向公众发售的普通股每股价格。Amazon 本票中因 Amazon 持股上限而无法转换的任何部分，将在首次公开发行后的每个财季末自动转换为 N 类普通股（受 Amazon 持股上限约束），转换价格等于以下三者中的最低者：(i) 上文所列的适用转换价格，(ii) 与该首次公开发行相关的向公众发售的普通股每股价格，以及 (iii) 基于 10 日成交量加权移动平均交易价格计算的公司普通股当时市场价格。Amazon NPA 项下发行的本票亦可在到期时以现金结算，或经 Amazon 选择，以 Amazon 根据与 Amazon 的若干商业协议欠付公司的款项进行抵销结算。