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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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PDF page 229

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RP PayPal

Customer since 2025

Scaling Al for over 12K employees

Results

12,000+

Claude Enterprise monthly
active users

Average time saved per sales
team member per week

45 min

Background

PayPal operates one of the world’s largest digital payments
networks, trusted by hundreds of millions of consumers and
merchants. As a globally regulated financial institution, it
builds and ships technology that meets a heightened,
complex set of compliance requirements.

Impact

Claude and other tools now enable how many of PayPal’s
employees work and the intelligence it delivers to its
customers. More than 12,000 PayPal employees now use
Claude across product, technology, and sales. Claude Code
is among the most-used AI tools on its technology team.

Teams from PayPal’s product organization can now self-
serve their product analysis and dashboard creation
through Claude. Its product team built a custom MCP server
for data queries and retrieval, reducing reliance on
engineering and data analysts.

Merchant underwriting, compliance review, and deal cycles
are enhanced with Claude, increasing review efficiency and
consolidating data that were previously spread across
multiple siloed tools. Reviews that once took hours now take
a fraction of the time. Since August 2025, PayPal's sales
team has used a custom-built plugin specifically for pipeline
management and account risk review, saving an average of
45 minutes per user per week.

“In 2025, we gave our employees
access to the leading AI tools and
let the results speak for themselves.
What tells me Claude has become
a trusted collaborator at PayPal
is that our people now turn to it
as an everyday thought and
execution partner.”

Anshu Bhardwaj, Chief Al Transformation
& Simplification Officer at PayPal

Account management teams use AMOS (an Account
Management Operating System), an AI-powered analytics
platform built on Claude, to get portfolio insights, merchant
health diagnostics, and pipeline intelligence in minutes
instead of days. This Al-powered analytics platform
replaces manual dashboarding with conversational access
to live data. AMOS has cut report prep time to 5-10 minutes
and surfaces weekly merchant growth signals, some of
which were previously undetected. This frees up account
managers to spend more time with merchants.

In addition, PayPal is a partner on Anthropic’s AI Fluency
for Small Business course, which helps small business staff
—whether in customer interactions, back-office
management, supply chain operations, or leadership—build
practical collaboration skills.

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
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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.