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

capable  model.  The  most  demanding  deployments  need  intelligence  that  is  reliable,  connectable,  and 
deployable  within  the  specific  data  environments,  regulatory  constraints,  and  workflow  patterns  of  each 
organization.  Intelligence  is  one  limiting  factor,  but  so  are  connectors  that  do  not  yet  exist,  governance 
frameworks that are not yet written, and orchestration logic that needs to be built from scratch. Our platform 
seeks to close these gaps, and we believe the breadth and speed with which we have done so is a primary reason 
customers build on Claude.

Our platform provides our customers with direct access to the primitives to build, deploy, and scale AI-native 
applications. At the foundation are model capabilities that make Claude’s autonomy possible: native tool use, 
computer  use  for  desktop  control,  memory,  and  extended  thinking.  Long  context  and  low-latency  model 
variants make that action sustainable: for example, an agent could hold an entire codebase, a full data room, or 
hours of accumulated task state in working memory and iterate fast enough that autonomy persists rather than 
stalls.  Above  these  sit  composition  primitives  such  as  our  Agent  Software  Development  Kit  (“SDK”),  Claude 
Managed Agents, agent skills, multi-agent orchestration, and the Model Context Protocol (“MCP”) for universal 
connectivity to enterprise data and tools. Together, these assemble into complex production workflows.

These building blocks are composable and interoperable. The same primitives that power a coding agent also 
power  a  research  agent,  a  financial  analyst  agent,  or  a  compliance-review  agent.  While  these  agents  have 
different  connectors  and  agent  skills,  they  have  the  same  SDK,  protocol,  and  orchestration  framework.  That 
composability is one of the reasons our customer base spans across industries and why customer expansion can 
happen seamlessly across additional use cases without significant integration work. 

Applications That Meet Users Where They Are

Our portfolio of applications sits on top of our platform and is deliberately broad to meet users across a number 
of key dimensions:

•

•

•

In  their  Work.  Claude  Code  works  with  software  developers  in  the  terminal,  while  Claude  Cowork 
extends the same agentic paradigm to knowledge workers.

In their Domain. Claude for Financial Services, Claude for Financial Advisors, Claude for Healthcare, 
Claude  for  Life  Sciences,  Claude  for  Legal,  Claude  for  Education,  and  Claude  for  Government  come 
with domain knowledge, data connectors, skills, and compliance controls pre-loaded.

In their Applications. Claude for Microsoft 365 and Claude in Chrome are embedded into the software 
that knowledge workers use every day.

A Platform Customers Build Their Businesses On

Customers of all sizes and across every major industry have adopted Claude. Fortune 500 companies, including 
American  International  Group,  Inc.  and  Bristol  Myers  Squibb,  rely  on  Claude  for  mission-critical  workflows. 
Research  institutions,  such  as  the  Garvan  Institute  of  Medical  Research,  Gladstone  Institutes,  and  the 
University of California, San Francisco, are applying Claude to some of the world’s hardest scientific problems. 
In addition, prosumers around the world use Claude as a daily tool. 

As enterprises adopt our platform and applications, we become deeply embedded in their businesses over time. 
Software developers build applications and internal tools on our platform, and they encode their workflows and 
institutional  knowledge  into  Claude-powered  agents.  Organizations  integrate  Claude  into  essential  business 
processes. Each additional integration deepens the relationship and increases the value customers derive from 
the  platform.  This  dynamic  extends  beyond  our  direct  customers.  Leading  companies  such  as  Legora  and 
Salesforce have built AI-powered products on Claude that reach millions of end users. This reach can increase 
awareness  of  Claude,  which  we  believe  drives  adoption  far  beyond  our  direct  customer  base.  When  such  end 
users  experience  Claude,  it  can  build  preference  and  familiarity  that  travel  with  users  across  roles  and 
organizations.

The result is an ecosystem where we build on our own platform and applications, our customers build on us, 
our  partners  build  on  us,  and  their  end  users  experience  Claude  across  surfaces,  creating  the  kind  of  deep 
workflow  integration  that  makes  our  platform  and  applications  increasingly  central  to  how  organizations 
operate. We believe the revenue we generate today does not reflect the full economic value Claude creates for 

192

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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.

The footnotes are only the beginning.Explore the findings Read the story
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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.