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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
01The original SEC filingThe authoritative source, in your browser.SEC · HTML 02Download the saved filingThe complete 421-page document, optimized for downloading.PDF · 46 MB 03Download the full researchFindings, customer examples, calculations, and source references.Markdown

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continue extending them to knowledge workers globally, a population that is estimated to exceed one billion in 
2028.10

Claude Code

The clearest manifestation of Virtual Collaborators today is Claude Code, our coding agent and the product we 
believe  has  most  concretely  defined  what  autonomous  AI  work  looks  like.  Claude  Code  shifted  the  market’s 
understanding of what an AI system could do in collaboration with software developers: the model suggests the 
next  line  of  code  and  goes  further  by  planning,  writing,  testing,  and  debugging—a  process  that  results  in 
production-grade  code.  Within  months  of  its  release,  autonomous  coding  became  the  reference  point  for 
measuring the progress of frontier AI. For enterprise AI use cases, we believe the launch of Claude Code was 
comparable  in  its  impact  to  the  introduction  of  the  first  widely  adopted  conversational  AI  assistants.  What 
makes  Claude  Code  a  Virtual  Collaborator  is  its  sustained  reasoning,  a  harness  that  translates  intent  into 
actions, an execution environment that maintains a persistent state whether on a developer’s machine or in a 
sandboxed  cloud  environment,  integration  with  existing  tools  and  systems,  and  a  user-friendly  interface.  Its 
uses are highly varied and often surprising: for example, NASA engineers used Claude Code to plan and write 
navigation commands for the Mars Perseverance rover, resulting in the first AI-planned drive on Mars.

Software  developers  are  powerful  advocates  for  Claude—they  understand  how  systems  work,  have  credibility 
evaluating technical tools, and often serve as internal champions for adopting new technologies. Winning their 
trust creates a foundation for broader diffusion of Virtual Collaborators across enterprise workforces. We are 
already  seeing  this  pattern  play  out  with  non-technical  teams  increasingly  adopting  Claude  Code  and  Claude 
Cowork to manage their own workflows. 

Claude Cowork

All  digital  work  is  ultimately  an  expression  of  code,  and  Claude’s  mastery  of  it  powers  Virtual  Collaborators 
capable of handling complex work far beyond software development. Claude Cowork extends the same agentic 
architecture of Claude Code to knowledge workers broadly by translating a user’s intent into completed work, 
autonomously  reading  files,  navigating  applications,  and  executing  multi-step  workflows  on  a  user’s  desktop 
while the underlying code is abstracted away. By extending beyond Claude Code with applications purpose-built 
for specific professions and industry verticals, we accelerate Claude’s diffusion into new categories of knowledge 
work  and  deepen  our  presence  across  the  enterprise. As  of  September  30,  2026,  adoption  of  Claude  Cowork, 

10 IDC, Worldwide Developer Population Growth Forecast, 2025–2029, doc # US53789825, September 2025.

190

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Virtual
collaborators

Takes a goal and works
alongside you

Long-running
autonomous work

Judgment

Self-correction
& iteration

Tool access

Claude e running 38m

Close the month: reconcile the ledger, investigate

variances, draft the MD&A commentary, build the
CFO deck, and route for sign-off.

Progress v.
ry) Reconciled 14,302 transactions

ry) Flagged 6 variances, drafted explanations
ry) Wrote MD&A commentary (3 pages)

(4) Building CFO deck... slide 7 of 12

5 Route to controller for sign-off

Working folder Gv

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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

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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.