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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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Rakuten

Customer since 2024

Turning every employee

into a builder

Results

Business units using Al

70+

Code accuracy delivered on
complex code modifications

99.97

Autonomous coding

7+ hrs

Working days for new feature
time to market

24>5 days

Background

Rakuten Group is a global internet and e-commerce
company operating more than 70 businesses across 30
countries and regions, serving over 2 billion members
worldwide. In 2023, Rakuten launched a company-wide
effort to build Al into every part of its business, an initiative
it calls “Al-nization.” For its developers, this means AI that
can build more ambitious products while holding the
company’s high standards of quality and security.

Impact

With Claude Code, Rakuten’s teams could code
autonomously for seven hours with limited human
guidance, working across complex, multi-language
codebases at 99.9% accuracy. It has cut time to market for
new features by more than 75%, and Rakuten’s teams now
ship major releases every two weeks instead of quarterly.
As Claude Code has spread across the company, it has
reshaped Rakuten’s teams: roles once split across
engineering, design, and reliability have converged,

and generalists now take product development from idea
to deployment.

“Agents like Claude Code shine
when we work with them to
minimize the cost of new innovation
—a quick transition from idea to
production. Give a capable person
agents that hold context and taste,
and it lets hidden talent scale their
potential 100 times over.”

Yusuke Kaji, General Manager, Al for Business
at Rakuten

Next, Rakuten deployed Claude Managed Agents across
the organization, with specialized agents in product, sales,
marketing, and finance, each deployed within a week.
Employees give tasks to Claude in Slack or Microsoft
Teams and receive finished work, from proposal decks

and spreadsheets to working applications. Managers work
alongside Claude to clear reviews and triage process
bottlenecks. As Claude’s capabilities have expanded,
Rakuten’s agents have taken on more autonomy and now
complete nuanced, long-running tasks overnight. Rakuten
measures every job on task completion and cost per task,
routing each to the model where the capability justifies

the cost: smaller Claude models handle routine work, while
the most demanding tasks run on frontier models at full
reasoning effort. “At the highest effort, Fable reflects on and
validates its own work. For us, that’s what makes highly
autonomous operations possible—the extra thinking pays
for itself? Kaji said.

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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.

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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.