The S-1/A risk factors say certain operating metrics, such as Run-Rate Revenue, Net Revenue Retention, customer counts and Claude's success rate, are based on numerous assumptions and limitations, are calculated using data from internal systems and tools, and have not been independently verified by third parties.

The exact words it rests on

Certain of our operating metrics, such as Run-Rate Revenue, Net Revenue Retention, customer counts, and Claude’s success rate, are based on numerous assumptions and limitations, are calculated using data from internal systems and tools, have not been independently verified by third parties

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

Open the sourcearchived copy

Checked

Checked by the notis newsroom on 11 Nov 2026, against the source above.

In the story

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