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capabilities  validated  through  proctored  examinations  designed  to  give  enterprises  confidence  in  the 
partner  they  are selecting.  In  October  2026,  we  launched  the  Claude  Frontier  Academy  (the 
“Academy”),  backed  by  a  $100  million  commitment,  to  address  a  key  constraint  on  enterprise  AI 
adoption: the shortage of engineers who can take AI from an initial use case into production. Drawing 
on our own experience deploying Claude inside large enterprises, the Academy trains our customers’ 
and  partners’  engineers  to  the  same  standard  as  our  own  engineers,  with  each  participant  leading  a 
Claude deployment at their own organization. We aim to train 10,000 engineers through the Academy 
by the end of 2027, beginning with cohorts from leading consulting firms and enterprises. 

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Ode with Anthropic. We recently launched an AI services company in partnership with leading private 
equity firms to bring Claude’s capabilities to mid-sized companies across sectors, building solutions on 
the  Claude  Platform  and  supporting  customers  over  the  long  term.  Ode  with  Anthropic  will  partner 
closely with our Applied AI and go-to-market teams.

Our  broad  and  diverse  distribution  strategy  seeks  to  maximize  customers’  access  to  our  platform  and 
applications  regardless  of  where  they  work.  From  there,  adoption  can  scale  frictionlessly,  and  through  our 
Applied AI teams and partnerships, we help enterprises realize more value as their adoption grows.

Unprecedented Financial Model to Support Long-Term Investments

We believe the diffusion of AI through the global economy represents one of the largest opportunities in history 
to improve how humans live and work, and it is just beginning. As of September 30, 2026, our customers with 
$100,000  or  more  of  revenue  on  a  TTM  basis  included  every  company  in  the  Fortune  10,  over  50%  of  the 
Fortune  500,  and  over  30%  of  the  Global  2000.  Within  the  Fortune  500,  these  customers  included  the  10 
largest  software  and  IT  services  companies,  the  10  largest  internet  companies,  nine  of  the  10  largest 
pharmaceutical companies, the 10 largest banks, nine of the 10 largest semiconductor companies, and eight of 
the  10  largest  healthcare  companies.  We  believe  enterprises  are  still  in  early  phases  of  deployment,  and  we 
believe  most  knowledge  workers  have  yet  to  fully  experience  what  frontier  AI  can  help  them  accomplish.  We 
believe  many  industries  have  barely  begun  to  explore  the  transformative  potential  of  AI-native  workflows. 
Furthermore,  each  successive  version  of  a  Claude  model  is  designed  to  unlock  new  use  cases,  new  customer 
types, and entirely new categories of economic value and expand our addressable market.

We will continue to invest in the responsible development and maintenance of advanced AI for the long-term 
benefit of humanity. Our financial model provides us with competitive advantages to make these investments 
and advance the frontier.

Significant Revenue Growth

Rapid Customer Adoption and Revenue Growth

Our  enterprise  strategy  is  designed  to  drive  durable  customer  adoption  by  embedding  Claude  directly  into 
business-critical  workflows  and  enabling  the  development  of  products  built  on  Claude. Over  the  past  three 
years,  we  have  seen  rapid  customer  adoption  across  companies  of  every  size  and  industry  around  the  world. 
From September 30, 2025 to September 30, 2026, we have grown customers with $100,000 or more of revenue 
on a TTM basis from more than 950 to more than 11,900. Additionally, our Run-Rate Revenue was $           as of 
October 31, 2026.11

Significant Customer Expansion

11 Run-Rate Revenue is an operating metric, is not a substitute for revenue prepared in accordance with GAAP, and is not a forecast 
of future revenue. Because consumption-based revenue represents the substantial majority of our revenue and may fluctuate 
from period to period, and because our Run-Rate Revenue growth rate is expected to decline over time, our Run-Rate Revenue 
as  of  any  measurement  date  may  not  be  indicative  of  our  revenue  for  future  periods.  Our  Run-Rate  Revenue  as  of  any 
measurement  date  has  included,  and  we  expect  will  continue  to  include,  amounts  from  customers  that  we  subsequently 
determine are using our models, platform, and applications in violation of our usage policy or commercial terms, and whose 
revenue would not be expected to recur following restriction or termination of their access. See the section titled “Risk Factors—
Certain  of  our  operating  metrics  are  subject  to  assumptions  and  limitations.  As  a  result,  these  metrics  may  not  provide  an 
accurate indication of our actual performance or future results” for additional information.

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