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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

The  adoption  of  Claude  Code  began  with  individual  software  developers  who  noticed  the  potential  of 
autonomous coding agents before enterprise procurement teams had considered the category; Claude Code is 
now becoming the default choice inside many enterprise engineering organizations.

Prosumers serve as a powerful top-of-funnel engine—we have consistently seen that individuals who experience 
Claude’s  value  firsthand  become  advocates  within  their  organizations,  seeding  adoption  that  accelerates  from 
individual use to team-wide and ultimately organization-wide deployment.

How Claude Drives Value for Customers

Customers realize value from Claude in three primary ways: more productive employees, faster processes, and 
embedded  intelligence  in  their  products.  These  outcomes  are  different  expressions  of  the  same  intelligence, 
each drawing on the same models and primitives.

More  Productive  Employees.  Adoption  most  often  begins  here.  An  individual  experiences  the  impact  that  a 
frontier  AI  model  can  have  on  their  own  output—for  instance,  hours  of  financial  analysis  or  code  review 
completed in minutes—and that conviction spreads from the first user to their team, and from one team to the 
entire  company.  This  happens  for  Claude  Code  in  software  development;  Claude  Cowork  delivers  this  for 
knowledge  workers  more  broadly.  Our  Claude  Enterprise  plan  provides  the  governance,  security,  and 
administration to support adoption of Claude at organizational scale. 

Faster  Processes.  As  adoption  deepens,  Claude  stops  being  something  employees  consult  and  starts  being 
something the organization runs on. As organizations encode more of their workflows into Claude—their data, 
systems, conventions, and prior work—the platform becomes more valuable for them. Claude can draw on that 
accumulated  context  to  suggest  the  next  workflow  worth  automating,  reducing  the  effort  required  for  each 
successive deployment.

Embedded Intelligence. At the deepest level, Claude moves from an operational advantage to a commercial one. 
Product teams build on the Claude Platform to embed frontier AI into their own products, including customer-
facing  agents,  AI-native  features,  and  entirely  new  product  lines  that  were  not  previously  viable  without  AI 
capabilities.  Claude  is  both  a  tool  the  organization  uses  and  an  ingredient  in  the  value  it  delivers  to  its  own 
customers. 

Across  all  three  dimensions,  a  significant  share  of  expansion  requires  minimal  to  no  new  deployment  at  all. 
Each new version of a Claude model is designed to improve the performance of existing use cases: employees 
produce  higher-quality  work,  encoded  processes  run  with  greater  accuracy  and  reliability,  and  embedded 
products deliver more value to end users. As a result, customers can increase usage, utilize higher subscription 
tiers, and bring additional workflows onto the platform without a new sales cycle or procurement decision. 

Despite the pace of adoption, we believe we are in the earliest stages of penetrating the frontier AI opportunity. 
Most enterprises that use Claude today have deployed it across a small number of teams and use cases relative 
to  the  scope  of  work  Claude  can  address  today,  and  the  scope  of  work  we  believe  Claude  can  address  in  the 
future.  We  believe  most  knowledge  workers  globally  have  not  yet  used  frontier  AI.  As  each  new  version  of  a 
Claude  model  advances  in  capability,  the  range  of  tasks  and  workflows  that  become  viable  on  the  platform 
continues  to  expand.  Because  we  operate  the  platform  and  offer  applications,  model  advances  reach  our 
customers through several channels simultaneously. 

207

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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.