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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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Table of Contents

• Model Hardware Standard. Currently in research preview, our Model Hardware Standard enables AI 
agents to find, understand, and safely operate lab and manufacturing equipment such as microscopes, 
liquid handlers, and off-the-shelf robotic arms. Our Model Hardware Standard is model-agnostic and 
lets any agent harness reach devices with a programmable interface through standard protocols such as 
MCP.

Infrastructure

The Claude Platform offers high reliability and availability for enterprise-grade agentic workloads. Customers 
building on Claude need the model served dependably wherever they operate, they need it to run efficiently at 
scale  and  speed,  and  they  need  the  tooling  that  allows  a  model  to  work  on  its  own.  We  operate  that 
infrastructure so our customers do not have to build and maintain it themselves.

•

•

Availability.  The  Claude  Platform  is  available  directly  from  Anthropic  and  through  the  major  cloud 
providers, including AWS, GCP, and Azure. Feature availability varies by deployment.

Cost, Speed, and Scale. Developers can tune how Claude runs to fit the performance and economics of 
each workload:

Prompt  Caching.  Large,  reused  prompt  components  can  be  cached  for  up  to  one  hour,  reducing 
cost  by  up  to approximately 97% and latency by approximately 60% for long prompts, compared 
with processing the same requests without caching.

Batch Processing. Enables high-volume asynchronous processing at reduced cost.

Fast  Mode.  Delivers  lower-latency  responses  for  latency-sensitive  and  interactive  applications 
where speed is critical.

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◦

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Harnesses

A model alone is not an agent. Running one reliably in production is challenging, because agents must survive 
crashes  and  interruptions,  act  on  systems  with  scoped  and  auditable  credentials,  and  scale  across  variable 
workloads.  Autonomous  operation  requires  a  harness,  which  provides  the  secure  environment,  credentials, 
memory, and orchestration loop a model needs to plan, call tools, verify its work, and complete a task safely on 
its  own.  Building  and  operating  that  infrastructure  is  specialized,  continuous  work  that,  until  recently,  each 
customer had to take on themselves. We offer two ways to run a harness on the Claude Platform:

•

•

Agent SDK. This solution makes the same production-grade harness that powers Claude Code available 
to  all  developers,  to  run  on  their  own  compute.  It  provides  built-in  context  management,  session 
handling,  multi-agent  coordination,  and  prompt  optimization,  so  customers  can  build  and  run 
sophisticated agents on their own infrastructure in a fraction of the time otherwise required.

Claude  Managed  Agents.  An  out-of-the-box  solution  in  which  we  operate  the  harness  on  our 
customers’  behalf,  on  Anthropic-managed  compute.  We  host  the  sandboxes,  store  the  credentials, 
maintain  the  memory,  and  run  the  agent  loop;  customers  define  their  agent’s  tasks,  tools,  and 
guardrails. When a new model becomes available, customers do not need to rebuild their agent loop.

Direct Applications and Integrations

Our platform primitives and models are the foundation for all of our products and support a wide range of use 
cases, from coding agents to specialized products in life sciences, finance, security, and more. Paired with our 
deep understanding of current and future capabilities of our models, this foundation allows us to rapidly deliver 
products that unlock value across many user types and workflows. 

•

Claude Code. A coding agent, available as a terminal tool, desktop app, web interface, and mobile app, 
with  native  integrations  for  GitHub  and  popular  IDEs  (Integrated  Development  Environments). 
Claude  Code  handles  multi-step  software  development  tasks—planning,  writing,  editing,  testing, 
debugging, and committing code—across large codebases with sustained context and supports parallel 
agent sessions, so a single developer can keep multiple tasks moving in parallel. 

201

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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.