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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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Table of Contents

Our Customers and Approach to Claude Diffusion

Our Customers

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.

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.

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.

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. 

Our Approach to Claude Diffusion

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.

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.

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. 

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.

139

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  1. Founders’ letterp. 3SEC
  2. Defined termsp. 12SEC
  3. Prospectus summaryp. 16SEC
  4. Risk factorsp. 38SEC
  5. Management’s discussion & analysisp. 144SEC
  6. Businessp. 190SEC
  7. Governancep. 254SEC
  8. Executive compensationp. 275SEC
  9. Related-person transactionsp. 293SEC
  10. Principal & selling stockholdersp. 299SEC
  11. Capital-stock rightsp. 303SEC
  12. Shares eligible for future salep. 318SEC
  13. Underwritingp. 327SEC
  14. Auditor change & expertsp. 345SEC
  15. Financial statements & notesp. 347SEC
  16. Part II & exhibit indexp. 413SEC

How this was made

Read in full.
Kept in context.

A snapshot of the filing dated , rather than a live record of later events.

3primary reviewers
421pages reviewed
43image instances checked

The review

Three primary reviewers read non-overlapping ranges of the complete main filing. All 43 embedded image instances were transcribed and visually reviewed, including the founders’ letter, charts, and customer case studies. Financial tables were also checked visually for dates, units, and column alignment.

A separate reviewer checked the draft’s calculations, accounting interpretations, and customer qualifications. An additional check covered the later merged findings. The result is 62 findings and 21 customer examples.

The boundary

Companion contracts and other exhibits named in the filing’s index are separate documents and were not independently reviewed. Customer outcomes, technical benchmarks, forecasts, and scientific priority claims remain attributed company or customer disclosures.

The numbers

Dollar figures are U.S. dollars. H1 means the six months ended June 30; Q2 means the three months ended June 30. The 2026 interim financial statements are unaudited. Our calculations show their inputs and are labeled separately from reported values.

Blank fields stay undisclosed. Figures with different periods, conditions, or potentially overlapping scopes are kept separate. An earlier tender price is not an IPO price.

What the evidence labels mean
Reported in filing
A company disclosure, with the period and accounting basis retained.
Company estimate / company claim
An estimate or assertion attributed to the company, with its uncertainty preserved.
Our calculation
A derived figure using cited inputs. It is not a separately reported company metric.
Customer example
A selected case study, with its measurement limits. It is not representative ROI.
Proposed / conditional
A status qualifier for an arrangement that is not yet effective or depends on stated conditions.

About updates. This edition is tied to the October 26, 2026 filing. Any later revision should identify its new source date and preserve the basis of earlier claims.

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Anthropic · Form S-1PDF 1

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Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.