Reading Anthropic’s S-1 as a Claude Code user

The author analyzes Anthropic’s S-1 filing, highlighting that revenue passed compute spend in early 2026 and that Claude Code drives a major share of business revenue and internal development. The filing also details Anthropic’s legal battles with the U.S. government over military contracts, a restrictive multi-class voting structure controlled by co-founders and a trust, and ongoing risks regarding model capabilities and rate limits. The author concludes that while Claude Code is powerful, users should avoid vendor lock-in. Open article →