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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

as  research,  drafting  assignments,  and  supporting  administrative  work,  all  with  the  security  and 
compliance  built  for  institutional  requirements.  Claude  for  Teachers  gives  verified  K-12  educators  in 
the United States free access to premium Claude capabilities, a library of teaching skills, and a direct 
connection to evidence-based curricula, mapped to academic standards in all 50 states. Claude helps 
with the paperwork, so teachers can spend more time with their students.

•

Claude  for  Government.  Brings  Claude  models  to  U.S.  government  agencies  for  drafting,  research, 
analysis,  and  coding  in  a  FedRAMP  High  authorized  environment,  designed  to  support  the  data 
handling and auditability requirements of government customers. Government customers outside the 
United  States,  and  customers  with  workloads  in  classified  environments,  can  access  Claude  models 
through Amazon Bedrock, subject to the authorizations and availability of that platform. 

Our Infrastructure

Our  infrastructure  underpins  our  ability  to  train  frontier  models,  serve  inference  at  scale,  manage  internal 
usage  of  Claude,  and  deliver  Claude  to  our  customers  with  the  performance  and  reliability  that  enterprise 
deployments  require.  We  have  built  a  differentiated  infrastructure  layer  that  allows  us  to  train  and  deploy 
frontier models more efficiently across multiple hardware platforms. This infrastructure advantage compounds 
over time: as we bring optimizations to each chip family, every layer of our system benefits accordingly.

Multi-Chip Compute Approach 

We  have  built  a  deliberate  and  diversified  compute  sourcing  strategy  across  multiple  chip  platforms  that 
provides the following distinct advantages: 

• We can secure compute from multiple providers rather than being constrained by any single provider.

• We  can  select  chips  based  on  the  best  price-performance  and  efficiency  characteristics  for  each 

workload, benefiting from the differentiated strengths of each platform.

• We  maintain  collaborative  relationships  with  each  of  our  providers,  and  we  influence  roadmaps  and 

features of future chip generations. Our chip platforms include:

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AWS  Trainium.  Our  strategic  collaboration  with  Amazon  provides  us  with  access  to  AI 
accelerators,  including  custom-designed  Trainium  chips,  and  compute  infrastructure,  as  well  as 
the opportunity to influence future generations of Trainium chips. 

Google  TPUs.  Our  partnerships  with  Google  and  Broadcom  provide  us  with  access  to  compute 
capacity powered by Google TPUs across multiple generations of the TPU platform.

NVIDIA GPUs. Our strategic partnership with NVIDIA Corporation (“NVIDIA”), together with our 
arrangements with Microsoft, SpaceXAI, Nscale, Lambda, and other cloud providers, provides us 
with  access  to  compute  capacity  powered  by  NVIDIA  GPUs,  including  NVIDIA  Grace  Blackwell 
and Vera Rubin GPU systems, as well as the opportunity to collaborate directly with NVIDIA on 
design and engineering to optimize future NVIDIA hardware for our workload profile. 

AMD  GPUs.  Our  relationship  with  AMD,  together  with  our  arrangements  with  approved 
manufacturers  of  AMD-based  Helios  rack-scale  systems  and  third-party  service  providers, 
provides  us  with  access  to  compute  capacity  powered  by  AMD  Instinct™  GPUs,  including  AMD 
Instinct™ MI450 Series GPUs, as well as the opportunity to collaborate directly with AMD through 
a multi-year engineering collaboration.

• We can onboard new chip platforms in a fraction of the time it once took. Historically, bringing a new 
chip  platform  into  production  required  intense  engineering  effort  over  many  months.  By  leveraging 
Claude, our engineering teams can now bring new chip platforms into production more quickly. This 
speed  and  efficiency  also  relies  on  the  robust  foundation  we  have  already  built  across  multiple  chip 
families,  including  a  proprietary  orchestration  layer  designed  to  seamlessly  test  and  measure 
performance against our actual workloads. As a result, we are able to adopt new AI accelerators as they 

204

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.