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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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Table of Contents

which  we  made  available  as  a  research  preview  in  January  2026,  outpaced  the  adoption  that  Claude  Code 
achieved at the equivalent point following its research preview release in February 2025. In September 2026, 
we  began  merging  Claude  Cowork  and  Claude.ai,  bringing  agentic  and  conversational  work  into  a  unified 
application. Users can now move from a simple question to complex, multi-step tasks in the same conversation. 

Extending Virtual Collaborators

We believe the trajectory for Virtual Collaborators is clear and accelerating. Each generation of Claude models 
has expanded along multiple dimensions: the depth and rigor of their reasoning, the duration and autonomy of 
the work they can sustain, the complexity of tasks they can complete, and the volume of useful output they can 
produce. Capability evaluations and benchmarking have shown substantial improvements across Claude model 
versions  in  the  duration  and  complexity  of  tasks  that  can  be  completed  reliably,  with  more  recent  model 
versions demonstrating particularly significant advances. 

We  are  building  towards  a  world  where  Claude  can  be  given  open-ended  tasks  lasting  hours,  days,  or  weeks, 
and  then  execute  them  autonomously  with  the  judgment  and  initiative  of  a  brilliant  colleague.  Ultimately, 
millions  of  Virtual  Collaborators  can  run  in  parallel,  each  working  independently  on  unrelated  problems  or 
collaborating  seamlessly  to  achieve  a  shared  objective.  The  result  is  something  without  historical  precedent: 
what  we  refer  to  as  a  country  of  geniuses  in  a  data  center,  available  to  every  organization  and  sector  of  the 
economy.

Claude is the Partner of Choice for Enterprises

Enterprise  customers  across  different  industries  rely  on  Claude  to  enhance  their  productivity  and  transform 
their businesses. These customers range from AI-native startups to the largest enterprises in the world. 

We believe customers choose Claude for a wide variety of use cases, from routine knowledge work to their most 
important problems. They come to us for access to frontier AI across our platform and applications that deliver 
real-world  outcomes.  We  see  this  conviction  in  customer  behavior:  enterprises  consistently  utilize  our  latest 
and most capable models as soon as they are released, gravitating to the most advanced option for their highest-
value  work.  Our  customers  see  us  as  a  long-term  partner  for  the  frontier  capabilities  we  offer  today,  for  the 
innovation they expect from us in the future, and for our ability to meet their needs across the capability-cost-
speed curve.

Beyond our models, the Claude Platform provides primitives that enable customers to accelerate time-to-value 
and leverage Claude’s intelligence in a variety of use cases. These primitives are the same ones we use to build 
our  own  applications. Our  applications,  such  as  Claude  Code  and  Claude  Cowork,  multiply  the  impact  of 
employees.  Over  time,  our  applications  have  become  more  capable  and  are  now  frequently  being  used  to 
conduct  long-running  autonomous  work  alongside  employees.  Improvements  to  our  models,  platform,  and 
applications accrue to the benefit of our customers and drive continued adoption.

Our commitment to our mission instills confidence in our customers to choose Claude as a trusted partner. Our 
investments in research on AI alignment, interpretability, cybersecurity, and enterprise-grade controls aim to 
deliver the predictability and dependability that organizations need in customer-facing and regulated contexts. 
This trust means that enterprises can expand the scope of the work that they delegate to Claude, as well as the 
systems  into  which  Claude  is  integrated.  Enterprises  are  aligning  their  strategies  around  Claude  with  the 
confidence that we are building frontier AI that serves their needs in the long term. 

We deliver this intelligence through an integrated approach. Our Claude model family is the foundation, with 
model classes optimized for different points along the capability-cost-speed curve. On top of our models, Claude 
Platform gives developers access to the primitives we use ourselves, which they can use to build their own AI 
solutions. We have also built first-party applications on Claude Platform for customers that prefer a ready-to-
deploy option.

Claude Platform—A Composable System for Building AI Solutions

We seek to bring Claude to every corner of the economy at whatever level of autonomy each task demands, from 
a  single  suggestion  to  an  agent  that  runs  independently  for  hours.  Achieving  this  goal  requires  more  than  a 

191

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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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A closer look at the filing

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.