Small print.
Wide open.

Table of Contents

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.

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 is Transforming Intelligence

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:

•

•

•

•

•

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

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

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

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

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

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.

A Near-Term Opportunity to Transform Cognitive Work

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 

6