The paper trail

Small print.
Wide open.

A clear path from a claim to the page it came from. Here’s the filing, the research, and how we read it.

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

Page by page

Go straight to the source.

Page references count physical pages in the saved PDF, starting at 1. The printed filing number is shown separately when available.

Enter a page from 1 to 421. No PDF download needed.

From the filing

PDF page 222

No printed folio visible · Image transcription

View on the SEC
Read the page text
[Embedded graphic 1 — OCR text]
“= DOORDASH

Customer since 2023

Supporting every employee,
from coding to knowledge work

“The outcome that matters to us isn’t code merged, it’s
customers seeing the product live faster. With Claude,
our teams get from an idea to something real for customers

in far less time.”

Andy Fang, Co-Founder at DoorDash

Results

Claude Code and Claude Cowork
are available to every corporate
employee

100%

Monthly Cowork users

7,000+

Launch timelines for major
products cut by more than half

-50%+

Background

DoorDash is one of the world's leading local commerce
platforms, connecting consumers with businesses in their
neighborhoods. An Anthropic customer since 2023,
DoorDash uses Claude extensively across engineering,
where coding is its biggest use, and knowledge work, where
more than 7,000 employees now work in Claude Cowork
every month.

Impact

DoorDash first rolled out Claude Code to its engineering
team in 2025, and use spread quickly across the company.
One engineer finished a code migration in three weeks that
would once have taken four engineers more than a quarter.
Launch timelines for major products have been cut by more
than half. Designers and product managers now ship
production code alongside engineers, on an internal
platform that runs security-approved Claude sessions.

Claude Cowork followed, building on the widespread use of
Claude Code, and formalized with a company-wide rollout
in 2026. Use grew as employees connected Claude to
DoorDash's internal tools: weekly active users nearly
doubled in the first month after rollout, and today more than
7,000 employees use Cowork every month—and almost half
of them daily.

This page includes text transcribed from an image. 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
The original, in context

Open the footnote.

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.