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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  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. 

Customer Usage Patterns

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.

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.

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. 

Our Commitment to Public Benefit

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. 

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 

5 For purposes of this measure, we include only Fortune 500 customers that are publicly traded and calculate the measure using total 

expenses as reported in their publicly available financial statements.

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