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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

alerts of such misuse directly to the customer’s security team. No review by Anthropic employees is required. 
We developed Enterprise Frontier Safeguards with more than 100 customers in industries including financial 
services, healthcare, and the public sector. We are rolling out this feature in phases and, until the completion of 
the rollout, eligible customers receive zero data retention on Fable 5 and Fable 5.1, meaning that, except where 
needed to comply with applicable law or combat misuse or harm, we do not store their inputs or outputs after 
we process a request.

Vertical Solutions

Beyond our horizontal platform and applications, we are building vertical solutions in industries where domain 
specificity  and  regulatory  requirements  make  general-purpose  tools  insufficient.  Our  vertical  solutions  arrive 
purpose-built  and  are  embedded  with  domain  knowledge,  controls  designed  to  support  industry-specific 
compliance  requirements,  and  pre-configured  data  integrations  that  reduce  time-to-value.  Our  vertical 
solutions are delivered through a range of channels, including our Claude Enterprise and Team plans, domain-
specific connectors and plugins available on our individual subscription plans, Claude Platform, and, in the case 
of Claude for Education, institution-wide agreements. To date, we have launched seven vertical solutions:

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Claude  for  Financial  Services. Provides  finance  professionals  with  pre-built,  customizable  AI  agents 
for common finance workflows, such as drafting pitch books, reviewing earnings, running know-your-
customer  screenings,  and  conducting  financial  analysis.  Claude  for  Financial  Services  plugs  directly 
into the data sources those firms already use (e.g., market data, data warehouses) and runs inside the 
tools  financial  professionals  utilize—such  as  Excel,  PowerPoint,  Word,  Outlook,  and  Claude’s  own 
apps. 

Claude  for  Financial  Advisors.  Provides  financial  advisors  and  wealth  management  firms  with  pre-
built,  customizable  workflows  for  common  advisory  tasks,  such  as  preparing  for  client  meetings, 
drafting  follow-ups,  reviewing  portfolio  rebalances,  and  preparing  estate  and  tax  briefs.  Claude  for 
Financial  Advisors  plugs  directly  into  the  systems  advisors  already  use  (e.g.,  custodial  platforms, 
portfolio management and financial planning tools, and customer relationship management software), 
with advisor review built into each workflow to help firms meet their compliance requirements.

Claude for Healthcare. Gives providers, payers, and health technology companies frontier models with 
domain intelligence across clinical reasoning, medical coding, and long-horizon agentic operations and 
tools  designed  to  support  HIPAA  compliance  for  medical  and  operational  workflows.  Claude  for 
Healthcare also connects to industry systems including the Centers for Medicare & Medicaid Services 
Coverage Database, ICD-10, and National Provider Identifier (NPI) Registry, with agent skills for Fast 
Healthcare Interoperability Resources (FHIR) development and prior authorization reviews. 

Claude for Life Sciences. Provides computational biologists, bioinformaticians, clinical trial managers, 
and  regulatory  affairs  specialists  with  domain  intelligence  built  into  frontier  models  across  organic 
chemistry,  structural  biology,  lab  protocols,  and  bioinformatics  pipelines.  Claude  for  Life  Sciences 
supports  work  across  the  development  chain,  from  early  discovery  and  preclinical  research  through 
clinical trial operations and regulatory submissions. Claude plugs directly into the tools and databases 
researchers already use, such as electronic lab notebooks, data repositories, and scientific literature. 

Claude  for  Legal.  Provides  legal  professionals,  in-house  counsel,  law  firm  attorneys,  and  legal 
operations teams with pre-built AI agents for common legal workflows. Claude for Legal plugs directly 
into  the  systems  and  tools  legal  professionals  already  rely  on.  Through  MCP  connectors,  Claude  for 
Legal  connects  to  e-discovery  and  legal  data  intelligence  platforms  like  Relativity,  AI  contracting 
platforms like Ironclad, legal research databases, deal rooms, and matter management systems. Each 
agent  and  workflow  is  configurable  to  a  team’s  own  precedents,  processes,  escalation  chains,  risk 
calibration, and house style—with controls designed to support attorney-client privilege, ethical walls, 
and confidentiality obligations.

Claude  for  Education.  Provides  trusted  AI  solutions  for  higher  education  institutions  and  K-12 
educators. Claude for Higher Education gives faculty, students, researchers, and administrators an AI 
partner  for  teaching,  learning,  research,  and  operations.  This  includes  a  learning  mode  for  students, 
which is designed to strengthen critical thinking. Claude also helps university faculty across tasks such 

203

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

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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
The original, in context

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A closer look at the filing

Anthropic · Form S-1PDF 1

Opening page 1…

Filed October 26, 2026. PDF is approximately 46 MB and opens only when requested. Section links may precede the exact cited paragraph.