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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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mercado
libre

Customer since 2023

Transforming e-commerce

in Latin America

Results

>100%

Merged code up year over year

Code submissions reviewed
autonomously over the past year

500,000+

Non-tech teams active in
Cowork weekly

78%

Background

Mercado Libre is the leading e-commerce and financial
technology company in Latin America, with operations in 18
countries. It made its developers more productive by rolling
out Claude Code across its engineering organization. The
goal was to help the team ship faster by shifting the upkeep
of its infrastructure—version migrations, dependency
patches, and test coverage across 40,000 microservices—
onto Claude.

Impact

Mercado Libre evaluated multiple AI providers to find one
that could autonomously handle more of its operational
burden and make its engineering team more effective. It uses
Claude Code for its most demanding workloads—codebase
migrations, automated code review, and test generation—and
for individual developer productivity. Mercado Libre became
one of the earliest adopters in January 2025; today 23,000+
developers across the organization use it. Claude also runs
the company’s wide-scale autonomous changes: over the
past year, agents with human oversight have reviewed more
than halfa million code submissions and migrated roughly
9,000 services to newer platforms.

The productivity gains are already significant: in Q2 2026,
code submissions rose 110% year over year, merged code
more than 100%, and deployments nearly 75%. Quality
improved at the same time, with rollbacks down year over
year. In 2025, about 40% of the code Mercado Libre shipped
to production was written by Claude and reviewed by a
human engineer before release. By 2026, human-written
code has become the exception. The change reshaped the
company’s development team, with 30% of managerial roles

“Productivity gains with AI have put
our most senior engineers back to
building code, not just reviewing it.
Claude Cowork now reaches 31,000
employees—one of the largest
enterprise deployments globally.”

Mercado Libre

now contributing code again. Mercado Libre’s near-term
goal is for 90% of its coding to run autonomously, including
the full pull-request review process. It also plans to fold its
separate backend, frontend, and database roles into a single
builder role, with agents filling the gaps.

Mercado Libre then extended Claude to non-engineering
teams. Finance went first: within a month, most of the team
had adopted Claude Cowork, using shared skills to generate
branded presentations in minutes—work that used to take
several people hours a week. Cowork also shortened the
monthly financial close by a third and improved internal
reporting. Finance can now preview the close on demand
instead of waiting for month end, so the team spots shifts
like rising costs sooner and reacts faster. Because Claude is
grounded in Mercado Libre’s business context, it also drafts
the first explanations for why results moved, which the
business and finance teams then validate. From there it
spread across marketing, HR, legal, compliance, and the
business and commercial teams, reaching more than 26,500
people across these teams—78% of them now active every
week. Some procurement teams even built their own
Claude-powered agents to field supplier questions, without
involving IT. “I'd almost say we no longer use spreadsheets
—everything’s automated, and we have dashboards built on
Claude all over the place. Now we're redesigning core
processes from scratch, AI-first—things people always
dreamed of but thought were impossible,” said Maria Pia
Garcia, Strategic Transformation Director at Mercado Libre.

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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.