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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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operations, incident response, and authorized penetration testing, shifting security to a continuous protection 
model.

We  expect  other  sectors  to  follow  as  Claude’s  frontier  capabilities  extend  beyond  current  markets  to  open 
entirely new ones, reaching domains such as robotics, advanced manufacturing, and logistics, and accelerating 
progress in scientific research, including drug discovery and materials science. 

For  example,  in  the  life  sciences  sector,  where  annual  global  pharmaceutical  spend  is  expected  to  exceed  $2 
trillion  in  2026,9  Claude  is  used  in  drug  discovery  and  development  by  our  customers,  our  biotechnology 
partners,  and  our  own  researchers.  We  are  also  extending  Claude  into  robotics,  where  our  Model  Hardware 
Standard enables AI agents to operate lab and manufacturing equipment such as microscopes, liquid handlers, 
and off-the-shelf robotic arms. 

Ultimately,  we  believe  frontier  AI  will  help  drive  global  economic  growth.  As  frontier  AI  makes  workers  and 
organizations more productive, becomes embedded in the products and services they deliver, and unlocks new 
business  models,  it  creates  economic  output  that  did  not  previously  exist.  We  believe  our  opportunity  is  to 
capture  a  share  not  only  of  today’s  economic  activity  but  also  of  that  newly  created  output  as  the  global 
economy expands.

The Importance of Safety and Ethical Behavior

While the potential benefits of AI are extraordinary, its rapid advancement will impact the economy and society 
in  ways  that  could  create  significant  disruption,  particularly  if  the  technology  is  not  developed  and  deployed 
responsibly. For example, bad actors have already conducted high-profile cyberattacks using AI’s capabilities to 
discover  vulnerabilities,  generate  malware,  and  evade  detection  tools;  other  risks  associated  with  misuse, 
including in the domain of biology, could result in even greater harm. AI deployed at scale also has the potential 
to  concentrate  power  and  wealth  both  within  and  between  countries  in  ways  that  could  erode  trust,  harm 
society,  and  destabilize  the  geopolitical  order.  Misaligned  AI  systems  could  corrupt  institutional  decision-
making or cause large-scale harm through autonomous actions that are not visible or understandable to their 
users and operators. We believe that frontier AI companies must invest in safety and alignment to help ensure 
the  responsible  diffusion  of  this  technology.  We  also  believe  that  safety,  alignment,  and  ethical  behavior 
resonate  particularly  strongly  with  enterprises,  where  rigorous  safeguards,  predictable  model  behavior,  and 
demonstrable  accountability  have  become  decisive  criteria  in  selecting  an  AI  partner  for  mission-critical 
workloads.

Our Core Advantages

We  have  five  core  advantages  that  define  our  position  at  the  frontier:  our  mission  and  focus,  our  talent  and 
culture, our frontier and safety research, our approach to compute, and our enterprise strategy. 

Mission and Focus

Anthropic  was  founded  in  2021  by  a  team  of  researchers  responsible  for  many  of  the  consequential 
breakthroughs that define frontier AI. They share a conviction that safety must be a foundational principle for 
building Powerful AI. We have a corporate structure consistent with that objective, incorporating as a Delaware 
PBC and implementing the LTBT with an explicit mandate to advance our mission. Further, we publish safety 
methodologies,  model  evaluations,  and  our  Responsible  Scaling  Policy  because  we  believe  transparency  is  a 
prerequisite for trust, and trust is a prerequisite for the responsible deployment of frontier AI at scale.

Every employee at Anthropic works towards the same mission, and that mission guides every decision—from 
model architectures, to product strategy, to partnership terms, and to how we direct research and compute. We 
do not pursue projects based on commercial opportunity or research novelty alone; our efforts must advance 
our mission. When difficult tradeoffs arise between commercial gain and safety or trust, we have a clear answer. 
For  example,  in  April  2026,  we  initially  released  our  frontier  model,  Mythos,  as  a  gated  research  preview 
through Project Glasswing, available to select organizations for cybersecurity applications, rather than making 
it broadly available at launch due to its advanced capabilities in cyber vulnerability discovery. We believe this 

9 IQVIA Institute for Human Data Science, Global Medicine Use Trends 2026, February 2026.

186

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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.