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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

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Claude Cowork. A knowledge work agent on desktop, web, and mobile, built on Claude Code’s agentic 
architecture.  Users  describe  a  task  in  plain  language  and  Claude  breaks  it  into  steps  and  completes 
them  across  local  files,  connected  apps,  Chrome,  and  the  desktop  itself,  clicking  and  typing  through 
native  applications  when  no  integration  exists.  It  returns  finished  documents,  spreadsheets, 
presentations, and organized folders, with no terminal or code required. An open-source plugin system 
lets users install or build packages bundling skills, data connectors, and workflows. 

Claude.ai. Our flagship conversational product, available on desktop, web, and mobile. Claude.ai is the 
broadest entry point to Claude, available to enterprises, teams, and individuals, offering access across 
our  Claude  model  family  with  support  for  file  uploads,  projects  for  persistent  context  across 
conversations,  memory,  web  search,  and  artifacts  for  real-time  code  and  document  rendering. 
Claude.ai  delivers  top-of-funnel  demand  generation  for  enterprise  adoption.  In  September  2026,  we 
began  merging  Claude  Cowork  and  Claude.ai  into  a  unified  application,  such  that  any  request  is 
automatically handled using the appropriate tools, drawing on Claude Cowork’s capabilities.

Claude  Security.  A  defensive  cybersecurity  product,  available  in  public  beta  to  Claude  Enterprise 
customers,  that  puts  frontier  vulnerability  detection  and  patching  into  the  hands  of  security  teams. 
Claude  Security  reasons  about  code  the  way  a  security  researcher  does,  tracing  data  flows  and 
examining  how  components  interact  across  a  codebase  to  uncover  complex,  context-dependent 
vulnerabilities that pattern-based scanners can miss. Each finding is surfaced with a confidence rating, 
severity assessment, and reproduction steps. Users can move directly into Claude Code to review and 
apply the proposed patch, compressing the time from scan to fix. 

Claude  Tag.  A  collaborative  agent  that  works  alongside  teams  in  productivity  tools  like  Slack  where 
users tag Claude into any channel or thread and delegate work in plain language. With the context of 
the  surrounding  conversation,  enterprise  software  tools,  shared  documents,  and  channel-scoped 
memory, Claude returns answers, drafts, analyses, and pull requests directly in-thread, operating as an 
ambient  teammate  that  knows  when  to  proactively  join  the  conversation.  Claude  Tag  brings  Claude 
into the multiplayer workflows where teams already coordinate, extending adoption from individuals 
to entire organizations.

Claude  Design. Enables  users  to  create  polished  designs,  prototypes,  presentations,  and  other  visual 
work  through  natural  language  conversation  and  direct  editing.  Claude  Design  extends  our  platform 
into  visual  and  creative  work,  broadening  the  range  of  professional  tasks  for  which  designers, 
marketers, founders, and go-to-market professionals can utilize Claude.

Claude Science. An AI workbench for scientific research that brings literature analysis, data processing, 
and  manuscript  preparation  into  a  single  desktop  environment.  Researchers  describe  an  analysis  in 
plain  language,  and  Claude  Science  queries  more  than  60  scientific  databases  to  complete  it  end-to-
end.  Claude  Science  executes  computationally  intensive  workloads  on  a  lab’s  own  machines, 
institutional  computing  clusters,  or  on-demand  cloud  resources,  without  requiring  researchers  to 
manage  the  underlying  infrastructure.  It  returns  publication-ready  figures  and  manuscripts—with 
natively rendered scientific outputs, fully reproducible code, agent-powered verification, and traceable 
results. Claude Science extends Claude into scientific research, putting frontier capabilities directly in 
the hands of researchers working on some of the world’s hardest problems.

Customers  can  access  each  of  these  products  through  our  Claude  Enterprise  offering.  Claude  Enterprise 
provides  security  and  compliance  controls,  including  SAML  (Security  Assertion  Markup  Language)-based 
single  sign-on  with  SCIM  (System  for  Cross-domain  Identity  Management)  provisioning,  role-based  access 
controls, audit logging, a Compliance API, and configurations designed to support Health Insurance Portability 
and Accountability Act of 1996 (“HIPAA”) compliance for healthcare and regulated-data workloads—alongside 
a centralized administrative console for IT oversight, cost visibility, and controls.

Customers in regulated industries and beyond use our most capable models for sensitive work. These customers 
must  keep  their  data  private,  and  we  must  be  able  to  detect  misuse.  In  September  2026,  we  announced 
Enterprise  Frontier  Safeguards,  which  is  designed  to  address  both  needs.  The  activity  data  we  use  for 
automated safety monitoring is stored in the customer’s own cloud account, under the customer’s encryption 
keys  and  access  controls.  Our  automated  systems  review  recent  activity  for  signs  of  serious  misuse  and  send 

202

Text is provided for reference. Check the original for tables, images, and exact formatting.

Find a section 16 starting points

Section links may begin before the exact paragraph cited in a finding. PDF numbers below use physical pages.

  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.