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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 238

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[Embedded graphic 1 — OCR text]
SHY BIRD

Turning insight into action for
a neighborhood restaurant

Shy Bird is an all-day rotisserie and café founded by
restaurateurs Andrew Holden and Eli Feldman. Shy Bird
has grown to three locations across the Boston area and is
known for its rotisserie chicken and house sauces. Brunch
customers would often face long wait times and delays for
one of its most popular locations near Fenway Park.
Feldman, who had never written a line of code,
photographed the kitchen, pulled sales and ticket data,
and gathered his cooks’ observations, then shared it all
with Claude.

The bottlenecks it found were hiding in plain sight: the
avocado puree that went on nearly every order sat out of reach,
while a pan of overnight oats — ordered a few times a morning
— held the best spot on the line. Feldman worked through a
redesign of the kitchen line with his cooks and they rebuilt the
stations together. Peak-hour service is now 60% faster. Fixing
their own restaurant convinced Holden and Feldman that the
same tools could help others. What began as Shy Bird’s in-
house tool has grown into Colette, an intelligence platform
now used by 60 restaurants across the country.

TLL
KBE

DESIGN GALLERY

Giving talented designers
time to create

KBF Design Gallery is a family-owned interior design and
remodeling firm in Orlando, Florida, specializing in custom
kitchen, bathroom, and whole-home renovations. When
Adam Vellequette and his sister Ashley took over the
business from their parents, they faced acommon problem
in the industry: talented designers buried in administrative
work. Using Claude Code and Claude Cowork, KBF built
custom tools for scheduling, design-to-construction
handoff validation, and contract scope writing - giving their
lead designer back nearly a quarter of her working year,
time she now spends on the design work that differentiates
the client experience. Since adopting Claude in 2025, a
team of only 3 designers has grown the firm to 70 designed
projects a year — and 32% growth in sales — leveraging the
tools KBF built with Claude.

“Data and information aren’t useful if you
don’t have time or money — what’s useful
is insight and action, and that’s what I
realized Claude could give us.”

Eli Feldman, Partner at Shy Bird

Results

Reduction in brunch ticket times,
to 12 minutes

60%+

60 Restaurants now use Colette, the
Claude-built platform that Shy Bird
owners built
Time for Shy Bird server to become a

6 months y

full-time back-end engineer at Colette

“Learning with Claude has been the
number one thing I rely on — it’s been
like having access to a level of
intelligence you never would have been
able to get in the same room with before.”

Adam Vellequette, Co-Owner at KBF Design Gallery

Results

Per year recovered for a single employee
— nearly a quarter of a working year

490 hrs

Per project cut from contract scope
writing

7 hrs

70 Projects designed annually with Al-
assisted scheduling, handoff validation,
and client communication

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.