Anthropic’s IPO filing makes Claude Code the center of its enterprise growth story. The company on Monday filed to go public on Nasdaq. Its S-1 says the average Claude Enterprise user without Claude Code spent less than $75 a month in the third quarter. The top 5% of Claude Code users on Enterprise spent about 20 times that.

Anthropic’s S-1 prospectus spells out a classic land-and-expand play, with Claude Code doing the landing. An engineer picks up Claude Code, likes it, and starts pushing it internally. Anthropic’s sales team show up later, and by then, the filing says, “Claude is often already in use.”

Anthropic calls Claude Code “the product we believe has most concretely defined what autonomous AI work looks like”

Anthropic calls Claude Code “the product we believe has most concretely defined what autonomous AI work looks like” and says non-technical teams are adopting it too. That’s wild for a tool that started in the terminal.

The revenue lines up with that story: Anthropic says it had more than 11,900 customers paying $100,000 or more over the trailing 12 months as of September 30, 2026, up from more than 950 a year earlier. Revenue hit $16.3 billion in the first half of 2026, up from $1.2 billion in the same stretch of 2025. Token usage accounted for 50% of that.

Anthropic’s own engineers? Claude wrote more than 90% of the contributions to the company’s codebase in September, according to the filing.

Anthropic also says the average engineer produced more than 45 times as much code per day in the third quarter as in 2024.

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