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The documentS–1Anthropic, PBC26 OCT 2026 · 421 PP.
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Table of Contents

Multi-Cloud Distribution

Claude  is  available  across  the  three  major  cloud  platforms  via  their  dedicated  AI  service  layers  (Amazon 
Bedrock,  Gemini  Enterprise  Agent  Platform,  and  Microsoft  Foundry),  ensuring  that  organizations  can  deploy 
our models within the infrastructure they already use and trust, while providing enterprises with deployment 
flexibility and avoiding vendor lock-in.

Our Customers

Organizations around the world rely on Claude. We serve a breadth of customers, from the largest enterprises 
to AI-native companies, government and research institutions, as well as prosumers.

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. Across industries, 
enterprises  deploy  Claude  in  mission-critical  production  workflows—for  example,  underwriting  insurance 
policies,  writing  clinical  reports  for  life-saving  drugs,  detecting  and  remediating  cybersecurity  threats,  and 
analyzing  portfolios  for  asset  managers.  Claude  has  achieved  particularly  deep  adoption  in  highly  regulated 
sectors where the cost of unreliable AI is prohibitive and trust cannot be retrofitted. 

In addition, leading AI-native companies build next-generation coding tools, design platforms, and productivity 
applications  on  Claude.  Government  and  research  institutions  also  apply  Claude  to  work  that  ranges  from 
materials  science  to  energy  security;  mission-driven  organizations  use  Claude  to  compress  the  expected 
timeline of scientific research, clinical workflows, and the delivery of public benefits.

Our  customer  base  has  grown  rapidly  in  both  the  number  and  scale  of  customer  relationships,  with 
organizations expanding from initial use cases into enterprise-wide production deployments. As of September 
30,  2026,  we  had  more  than  11,900  customers  with  $100,000  or  more  of  revenue  on  a  TTM  basis,  up  from 
more than 950 as of September 30, 2025.

Our customers fall into two primary categories: enterprises and prosumers.

Enterprises 

Our enterprise customers include a wide range of organizations deploying AI at scale, from AI-native startups 
building  products  to  the  world’s  largest  organizations  that  require  enterprise-grade  security,  governance,  and 
compliance before a single workflow impacts production. We serve this full spectrum from a single composable 
platform, providing frictionless access to our frontier models as well as the controls customers require, such as 
single sign-on, audit logging, data retention policies, role-based access controls, and native deployment within 
their existing cloud infrastructure.

Software developers remain a critical adoption force within enterprises: they are simultaneously customers, the 
architects  of  applications  built  on  our  platform,  and  the  internal  champions  of  organization-wide  adoption. 
Software  developers  use  Claude  Code  and  the  Claude  Platform  to  write,  debug,  and  ship  production-quality 
code  faster—architecting  systems,  implementing  features,  building  agentic  workflows,  and  resolving  complex 
issues in hours that previously took days. These production deployments surface the governance, reliability, and 
integration requirements that only emerge under real enterprise load, which creates feedback that flows back 
into our roadmap and deepens our customer relationships with every release.

Prosumers

Knowledge  workers,  including  researchers,  developers,  analysts,  and  writers,  subscribe  to  Claude  Pro  and 
Claude Max to perform complex cognitive work, including drafting analyses, synthesizing research, writing and 
reviewing  code,  building  financial  models,  and  automating  workflows.  With  Claude  Cowork,  non-technical 
prosumers  build  agentic  workflows  across  their  applications  without  writing  code,  accomplishing  in  minutes 
what previously required hours of manual effort.

Prosumers  are  some  of  our  earliest  adopters  and  often  among  our  most  discerning  users.  They  test  out 
capabilities within hours of the release of a model, push the latest version of Claude into use cases we may not 
have anticipated, and discover edge cases and failures that sharpen each successive version of a Claude model. 

206

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

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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.