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Table of Contents

Business 

Overview

For  the  first  time  in  history,  intelligence  is  something  humans  can  build.  The  cognitive  capability  to  reason, 
analyze,  synthesize,  decide,  and  create  is  producible  at  scale  and  accessible  on  demand.  We  believe  this 
abundance of AI will rapidly transform every sector of the global economy in ways greater than the impact of 
industrialization, electricity, semiconductors, and the internet. AI that truly delivers on its potential—with the 
risks  well  managed—could  significantly  accelerate  global  growth  and  dramatically  improve  quality  of  life  for 
people around the world.

Anthropic was founded in 2021 by a team of researchers responsible for many of the breakthroughs that define 
AI. We are first and foremost a research lab—our mission is the responsible development and maintenance of 
advanced AI for the long-term benefit of humanity. This mission directs our focus—along with our talent and 
culture, our frontier and safety research, our approach to compute, and our enterprise strategy, it is one of the 
core advantages that set us apart. These advantages enable us to continuously advance frontier AI and shape 
the  standards  for  its  safe  and  responsible  development.  Our  frontier  AI,  Claude,  is  delivered  to  customers 
through our models, platform, and applications. Claude has experienced the fastest enterprise adoption of any 
technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 
2023 to $           for the three months ended September 30, 2026. This rapid and growing adoption generates 
two self-reinforcing dynamics—an improvement loop that advances Claude and an investment loop that helps 
fund our continued research in frontier AI.

We believe the diffusion of AI through the global economy represents one of the largest opportunities in history 
to improve how humans live and work, and this process is just beginning. In our view, the world has only begun 
to use the capabilities of today’s frontier models, and the gap between what Claude can do and how broadly it is 
used represents one of our largest growth opportunities, alongside continued advances at the frontier. Claude’s 
capabilities have evolved significantly in recent years, and we expect they will continue advancing rapidly. This 
will lead not only to an expanding addressable market, but also to an expanding scope of impact on the world. 
We aim to ensure that impact is as positive as possible.

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Our core Enterprise adoption Our financial
advantages of Claude model

Mission & focus Virtual collaborator Revenue growth
Talent & culture Platform and applications Compute efficiency
Frontier & safety research Diffusion of Al Operating efficiency
Approach to compute

Enterprise strategy

Improvement loop

Investment loop