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Table of Contents

First, our ability to translate model improvements into accessible products and platform capabilities. 

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.

Second, our ability to expand and diversify distribution. 

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.

Third, our ability to land new customers and expand within existing accounts. 

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. 

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.

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. 

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