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Checked fact 456411 Nov 2026Research

The S-1/A defines a Qualified Customer as a customer with at least $1 of revenue during the Base Period, excluding subscribers to Claude Pro, Max, and Ultra plans, whose fixed-price subscriptions do not reflect the expansion and contraction behavior the metric is intended to capture.

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The exact words it rests on

A Qualified Customer is a customer with at least $1 of revenue during the Base Period, excluding subscribers to our Claude Pro, Max, and Ultra plans, whose fixed-price subscriptions do not reflect the expansion and contraction behavior this metric is intended to capture.

What the source said when we opened it, on 11 Nov 2026.

The source

Anthropic, PBC Amendment No. 2 to Form S-1
Anthropic, PBC (SEC EDGAR) · 2026-11-10

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Checked

Checked by the notis newsroom on , against the source above.

In the story

How net revenue retention is calculated, and what Anthropic's 900% figure covers 11 Nov 2026

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