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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 234

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[Embedded graphic 1 — OCR text]
a
TRAVELERS |

Customer since 2024

Deepening risk expertise

through Al

“We strategically deploy AI across our business to deepen
our risk expertise, elevate experiences for our customers,
distribution partners and employees, and drive
productivity and efficiency. Our work with Anthropic
is an important part of that effort, and as our use of AI
evolves, we expect the benefits of this partnership to

compound over time.”

Mojgan Lefebvre, EVP, Chief Technology & Operations Officer at Travelers

Results

Employees with Claude
assistants

Nearly 25k

Reduction in time to merge code

-50%

Background

Over the past decade, Travelers has developed the
competitive advantage of an innovation skill set. Now, it is
bringing all that hard-won know-how to deploy AI broadly
and strategically across its business. “From the very
beginning, we wanted to partner with leading AI
organizations,” said Lefebvre. In January 2026, Travelers
empowered nearly 10,000 engineers, data scientists,
analysts and product owners with Claude assistants. That
access has since expanded to nearly 25,000 employees with
meaningful impact.

Impact

Among other things, Travelers is integrating AI throughout
the software development lifecycle—spanning discovery,
design, build, test and deployment. Claude supports faster
prototyping and smarter analysis across the enterprise.
Claude Code advances modern engineering practices,
including code generation and analysis, documentation,
and testing. Travelers teams are writing more code,
committing code more frequently, and merging code into
Travelers’ environment faster.

“Our partnership with Anthropic is important to how we
execute on Al at scale. We pair their leading assistants and
models with Travelers’ proprietary data and expertise to
help drive our agenda across the enterprise,” shares Matt
Gorman, Chief AI Officer.

This page includes text transcribed from an image. Check the original for tables, images, and exact formatting.

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

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

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.