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

our  customers—not  just  for  the  organizations  that  build  on  us,  but  for  the  people  whose  work,  learning,  and 
creativity  are  expanded  by  the  intelligence  and  skills  they  gain  through  Claude.  We  believe  that  there  is 
substantial  opportunity  ahead  as  Claude’s  capabilities,  adoption,  and  integration  into  critical  workflows 
continue to grow.

Diffusion: Intelligence Available Everywhere

Our  distribution  strategy  is  built  around  one  objective:  getting  Claude’s  intelligence  in  the  hands  of  every 
enterprise, team, and individual that can benefit from it. A core driver of Claude’s diffusion is its intelligence—
as Claude’s capabilities advance, value to customers expands, and that value drives greater adoption. Our role is 
also  to  ensure  that  intelligence  is  accessible,  and  we  do  that  in  the  following  ways:  through  our  composable 
platform and applications that meet customers where they are, through our go-to-market and Applied AI teams 
directly, and through partnerships that extend our reach at scale.

Intelligence-Led  Growth.  Our  platform  and  applications  are  the  primary  mechanism  through  which  Claude’s 
intelligence  reaches  users.  As  users  begin  building,  brainstorming,  and  problem-solving  with  Claude,  they 
quickly  come  to  rely  on  it  as  a  trusted  partner  in  their  work.  As  Claude  takes  on  more  of  their  work,  people 
experience firsthand what frontier AI makes possible and expand their usage significantly. This pattern repeats 
across  organizations:  prosumers  become  internal  champions,  teams  expand  their  use  of  Claude,  and  what 
begins as a single workflow grows into something that impacts how an entire organization operates.

Direct  Teams.  This  organic  adoption  is  complemented  and  enhanced  through  our  direct  go-to-market  teams 
who help scale Claude to organizations with complex workflows and business processes. By the time our direct 
teams engage a customer, Claude is often already in use. Our go-to-market teams use this organic momentum 
to build executive sponsorship and drive enterprise-wide adoption.

Applied  AI  Teams.  Our  Applied  AI  teams  embed  more  deeply  with  select  customers,  building  solutions  that 
make it easier for organizations to benefit from Claude’s intelligence. They work with enterprises to design and 
deploy  custom  solutions,  specialized  workflows,  and  domain-specific  implementations  tailored  to  the 
customer’s own requirements. This work drives deeper adoption within individual customers and generates the 
feedback  and  information  from  users  that  help  to  shape  our  platform  and  product  roadmap.  Our  direct  and 
Applied AI teams work together as a hybrid sales and engineering function, organized by geography and then by 
industry so that they bring domain expertise to each customer.

Partnerships.  We  complement  our  direct  efforts  through  distribution  partnerships  that  place  Claude  inside 
customers’ existing technology stacks.

•

•

Cloud  Partnerships.  Our  cloud  partnerships,  and  the  way  we  structure  them,  provide  three  distinct 
advantages. First, Amazon, Google, and Microsoft each host Claude natively on their respective cloud 
platforms,  AWS,  GCP,  and  Azure,  allowing  enterprises  to  deploy  Claude  within  the  infrastructure, 
security perimeters, and commitment structures they already operate. Second, these CSPs extend our 
reach  through  their  large  combined  field  teams  that  are  empowered  to  sell  our  platform  and 
applications,  accelerating  market  penetration  at  a  scale  we  believe  would  be  difficult  for  any  single 
organization  to  directly  replicate.  Third,  we  have  a  joint  go-to-market  approach  with  these  CSPs 
through  which  we  establish  direct  contractual  relationships  with  our  customers  while  paying  a  fee  to 
each  CSP.  This  structure  allows  us  to  foster  stronger  commercial  alignment  with  these  CSPs,  avoid 
channel  conflict,  set  pricing,  and  realize  the  financial  benefits  of  ongoing  compute  efficiency 
improvements. 

Ecosystem Partnerships. Major global SIs have built dedicated Claude practices with teams trained to 
deploy  our  platform  and  applications.  Go-to-market  alliances  with  leading  data  platforms  embed 
Claude into data infrastructure that enterprises already operate, facilitating adoption of Claude within 
existing workflows and making it easier for enterprises to realize value from Claude. To accelerate the 
growth  and  capability  of  this  ecosystem,  in  March  2026,  we  launched  the  Claude  Partner  Network, 
committing an initial $100 million in 2026 to fund partner training, technical certification, and joint 
market development with the firms that bring Claude into enterprise environments. As of September 
30, 2026, this network comprises over 150,000 practitioners across over 4,000 organizations who have 
received certifications through our Claude Certification Program. Certifications represent role-specific 

193

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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.