Occupy has been criticised for a lack of organisation and ideological direction, its persistent failure to articulate practical reforms and its anarchism. Occupy’s extensive influence calls for scholarly analysis of its underlying ideas and its praxis. This article develops a conceptual understanding of the movement and argues that the criticisms above overlook both how the movement’s participants rationalise its praxis and the consistently anarchist forms of this praxis. The article draws on recent scholarship that distinguishes between ideological anarchism and anarchical forms of praxis inspired by anarchist principles. It argues that Occupy’s praxis is anarchical. Though not ideologically anarchist, Occupy expresses a commitment to anarchist ideals. The article develops a particular conception of anarchism and in this context, discusses Occupy’s anticapitalist position, reflected in its catchcry ‘we are the 99 per cent’. It concludes by explicating the anarchical elements of Occupy’s praxis.