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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 235

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[Embedded graphic 1 — OCR text]
U =
ST

Customer since 2023

Strengthening the foundations
of global infrastructure

Results

Associates training on Claude
worldwide

20,000

Reduction in chip validation
cycle time

50-70%

Standard validation turnaround

4 >2days

Background

UST is a global digital transformation company that builds
and runs technology for the world’s banks, telecoms,
healthcare organizations, and manufacturers. It works on its
clients’ hardest problems at the intersection of software and
the physical world: silicon validation, network operations,
and claims processing. In this work, reliability and safety
have historically depended on manual test scripting and
specialist review. UST is putting Claude to work inside these
high-stakes engineering environments.

Impact

UST proved Claude inside its own engineering organization
first. On UST’s hardware validation platform, Claude Code,
running Opus 4.8, reads chip schematics directly, then
generates and runs regression tests to check downstream
effects. Claude compares live equipment data against a
digital twin—a virtual replica of the hardware—flagging
signal-integrity issues before they reach production. UST
has cut chip validation cycle time by 50-70%, and its goal is
to make its pipeline even faster.

UST now embeds Claude into the systems it builds and runs
for clients. In healthcare, UST CarePath uses Claude to turn
scattered claims and care data into clear next steps, with
human approval before any member-facing

“Combining Claude with UST’s
engineering and industry expertise
lets us bring industry-specific
platforms to market that help clients
operationalize Al-led decisions
safely and securely.”

Krishna Sudheendra, Chief Executive Officer
at UST

recommendation. In telecom, UST IntelliOps uses Claude to
predict cellular network failures and cut alert noise for
operations teams. In banking, UST FinX embeds Claude-
powered agents directly into bank operations: intelligent
case handling, servicing automation, and decision support.
Across each industry, UST pairs Claude with human
approval steps and audit controls.

UST is training 20,000 of its engineers, architects,
consultants, and industry specialists on Claude worldwide,
and building specialized teams to deploy Claude for its
clients. With this partnership, UST is bringing Claude to
physical AI—intelligence built into the equipment and
engineering processes that produce the things people use.

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

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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.