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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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SARA

Customer since 2023

Embedding frontier intelligence
in global commercial systems

Results

Project delivery with Joule
for Consultants

Up to
14% faster

Saved per consultant per month

25 hrs

Background

SAP is a global leader in enterprise applications and
business AI, spanning finance, procurement, HR, supply
chain, and customer experience. Its vision for the agentic AI
era is the Autonomous Enterprise - a new operating model
where people set direction and policy, and AI executes work
across the organization in a coordinated, governed way.
Building the Autonomous Enterprise requires intelligence
that can reason over decades of deep business context while
working within the governance and controls that SAP’s
customers depend on.

Impact

SAP is advancing its vision by embedding models, such as
Claude, in its Business AI Platform and AI engagement
layer, Joule. The Business AI Platform uses best-in-class
models, including Claude, to help customers make critical
business decisions and implement agents. Joule enriches
every query with deep business context, then routes to the
most suitable model - such as Claude - to plan and execute
the task, connecting to internal and third-party systems
through the Model Context Protocol (MCP) and
Agent2Agent (A2A).

Joule for Consultants is an agentic AI expert that
accelerates SAP cloud transformations through instant
access to trusted SAP knowledge and saves consultants up
to 1.5 hours per day. That time-savings can translate to
massive economic benefits, allowing consultants more time
to advise clients, shape project plans, and solve more
strategic problems.

“The Autonomous Enterprise
requires AI that understands
business context and acts within the
controls organizations depend on,
and our partnership with Claude
plays an important role in this.”

Christian Klein, CEO at SAP SE

“SAP Joule for Consultants is built with SAP’s authoritative
knowledge base - spanning more than 25 million
documents and 12 terabytes of SAP expertise data -
delivering clear, cited answers in seconds. By leveraging
models, such as Claude, we're able to scale this capability for
SAP’s global consulting ecosystem, supporting consultants
at every level and helping teams deliver higher-quality SAP
projects up to 14% faster for customers,” said Sachin Kaura,
Chief Architect of SAP Joule for Consultants at SAP
Business AI.

SAP’s Al-enabled solution portfolio, including more than 50
domain-specific Joule Assistants and more than 200
specialized agents, leverages Claude as part of its reasoning
and embedded agentic capabilities. These agents close the
books at quarter-end, answer complex employee leave
questions, and reroute supplier orders mid-shipment.

SAP beneficially owns less than 1% of Anthropic's outstanding capital stock, on an as-converted basis.

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Find a section 16 starting points

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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

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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

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.