Anthropic上市前观察：数据揭示IPO前的增长态势

INVESTORSOLUTIONS

ANTHROPICPRE-IPOPRIMER

Anthropic(

claude.ai

):

WhatSimilarwebdatasaysaheadoftheupcomingIPO

Visits6x,upgradeusers5x,M6retention45%from25%,paid0.5%ofvisits:theSimilarwebdatasupportsthegrowthcase.

950M

claude.aivisits,Aug-26

+540%Y/Y

111M

Uniquevisitors,Aug-26

+562%Y/Y

157M

ClaudeappMAU,Aug-26

17.1xY/Y

9.6%

Shareoftraffic,Aug-26

+7.6ptY/Y

SEPTEMBER17,2026LEADANALYST:ARIAERTEFAIENOTINVESTMENTADVICE

TABLEOFCONTENTS

Tableofcontents

Findings04

Conclusion

06

RecentEvents:ImpactonWebandAppUsage

09

FundamentalCross-Check

13

Section1·WebsiteAnalysis

15

1.1Websitetraffic

16

1.2Userengagement

21

1.3Sign-upsandupgrades

23

1.4SSOloginsandusagechecks

26

1.5ClaudeCodeandchats

29

1.6Downloadpagesandscorecard

31

Section2·WebsiteUsersandAudience33

2.1Cohortretention:Claude,ChatGPT,Perplexity

2.2Websiteuseroverlap

2.3Geographyandcountryexpansion

34

40

44

Section3·WebsiteUserAcquisition

46

Section4·MobileApps

52

Section5·SearchIntentandReferrals

57

Section6·DriversandRisks

60

Methodology

63

Disclaimer

65

ContactandAboutSimilarweb66

INONESENTENCE

OneverypanelSimilarwebmeasures,

claude.ai

andtheClaudeappsappearstohavegrownfasterthanthefivepeers,kepttheuserstheyadded,took

sharefrom

,

,and

perplexity.ai

,anddidsothroughunpaidchannels.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·02

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·03

SIMILARWEBINVESTORSOLUTIONS

claude.aioutgrowingitsfivepeersonwebandapp

UNIQUEVISITORS,AUG-26111M

+562%Y/Y

CLAUDEAPPMAU,AUG-26157M

+4xsinceMarch

SHAREOFTRAFFIC,AUG-269.6%

+7.6ptY/Y

CLAUDE.AIVISITS,AUG-26950M

+540%Y/Y

FUNNELSEGMENTS,RETENTION,CHANNELS

SSOLOGINS,AUG-26

3.5M

+4xvsMar-26

SIGN-UPVISITS,AUG-26

21.4M

+504%Y/Y

RETENTIONM6,FEB-26COHORT

45%

25%Dec-24cohort

PAIDSHARE,AUG-26

0.46%

ChatGPT3.5%

UPGRADEUSERS,AUG-26

14.7M

+476%Y/Y

CLAUDECODEWEB,AUG-26

8.5M

+4xvsMar-26

RETENTIONM1,JUL-

26COHORT

71%

57%Dec-24cohort

SUBJECT

AnthropicPBC(

claude.ai

)·Peers:OpenAI,Google,DeepSeek,xAI,Perplexity

DATA

SimilarwebDigitalandAppIntelligence·worldwide·monthlythroughAug-26

SIMILARWEBINVESTORSOLUTIONS

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·04

Findings

claude.aivisitsanduniquevisitorsare~

6xtheiryear-agolevel.claude.ai

drew950Mvisitsand111MuniquevisitorsinAug-26

,+540%and+562%Y/Y.MostoftheincreasecamebetweenJanuaryandApril2026(203Mto824Mvisitsamonth).SinceMay,monthlyvisitshavestayednear950Mwhile

uniquevisitorsandClaudeappmonthlyactiveuserscontinuedtomakenewhighs.

claude.ai

'sshareofcombinedvisitstothesixsitesinthisreportroseto

9.6%from2.0%.

'ssharefellto57.2%from79.3%(itsvisits

−3.6%Y/Y),

and

,and

perplexity.ai

eachlostshare;

,at26.5%,alsogained.claude.ai'sgrowthdidnotcomefromadvertising:paidchannelswere0.46%ofitsvisitsvs.3.5%at

and

6.8%at

.

Sign-upandplan-upgradetrafficonclaude.aigrew~5xY/Y,andvisitstotheusage-limitpageroseto5.5%ofclaude.aivisitsfrom6Kvisitsayearago.Sign-up-flowvisitswere21.4MinAug-26(+504%Y/Y)andupgrade-

pageusers14.7M(+476%);bothheldaboutthreequartersoftheirAprilpeakwithnoproductornewseventsince.Usage-limitvisitsof52.1Mshowa

growingshareofusersreachingthefreequota.

ClaudeCodeonthewebandenterprisesingle-sign-on(SSO)loginsarestillrisingmonthonmonth,consistentwiththereportedshiftinrevenuetowardClaudeCodeandenterprisecontracts.ClaudeCodeonthewebreached8.5Mvisitsand2.1M

usersinAug-26(+31%M/M),~4xitsMarch2026level.SSOlogins,ourproxyforenterpriseseats,were3.5Mvisitsand1.5Musers,~4xtheirMarch2026level,upeverymonthsinceJanuary.

claude.ai

retentionimprovedwhileitsuniquevisitorsgrew6x.Theshareofnewusersstillactiveonemonthlater(M1)roseto71%fortheJul-26

cohortfrom57%fortheDec-24cohort,andtheshareactivesixmonthslater(M6)to45%from25%.stillretainsbetter(M183%,M659%),butitsleadatM6narrowedto14ptfrom38pt.Usersrecruitedinatrafficspikeusuallyretainworsethanexistingusers;theseretainedbetter,whichinourviewisthemostusefulreadingintheSimilarwebdata.

Fewerclaude.aiusersalsouse

,

andmore

usersalsouseclaude.ai.61%ofclaude.ai

usersalsousedinAug-26,downfroma78%peakinApr-25;14.4%ofusersalso

usedclaude.ai

,

upfrom2.4%inAug-24.is

theexception:

40%ofclaude.ai

usersalsouseit,vs.29%twoyearsago.

claude.aiusageandAnthropic'sreportedrevenuegrewbythesame

orderofmagnitudeoverthesamemonths.Reportedannualizedrevenue(unaudited,viapress)wentfrom~$9Batend-2025to$65BbyJuly2026,7.2x;claude.aivisitsrose5.6x,uniquevisitors4.9xandClaudeappMAU8.9xoverthesamemonths.Similarwebdoesnotmeasurerevenue,andtheAPIbusiness,browser-embeddedactivityanddesktopapps(~45%ofit

combined)areoutsidethedata;thisreportoffersnoviewontheIPOpriceorthestock.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·05

SIMILARWEBDATAREAD·FUNNELSEGMENTS,RETENTION,CHANNELS

SITE

VISITS

Y/Y

UV

PAID

claude.ai

950M

+540%

111M

0.5%

5.64B

_4%

475M

3.5%

Geminiweb

2.62B

+262%

303M

6.8%

354M

+11%

39.3M

0.2%

210M

+10%

31.0M

1.2%

perplexity.ai

95.2M

_36%

17.7M

0.6%

CLAUDE.AI+APPS·AUG-26VSAUG-25PEERSNAPSHOT·AUG-26WEB

READING

AUG-26

AUG-25

Y/Y

Visits

950M

148M

+540%

Uniqueusers

111M

16.8M

+562%

Returning

82.5M

10.4M

+690%

AppMAU

157M

9.1M

17.1x

Downloads

17.7M

1.8M

+882%

FUNNELSEGMENTS·AUG-26

SEGMENT

VISITS

Y/Y

Sign-upflow

21.4M

+504%

Planupgrades

21.0M

+400%

Usagechecks

52.1M

n/m

Code(web)

8.5M

new

SSOlogins

3.5M

n/m

Downloads

6.8M

+955%

RETENTIONBYCOHORT,OVERLAP,PAID

READING

CLAUDE

CHATGPT

M1,Jul-26

71%

83%

M6,Feb-26

45%

59%

M6,Dec-24

25%

64%

Usetheothertoo

61%

14%

Paidshare

0.46%

3.5%

Subject:AnthropicPBC(

claude.ai

)·Peers:OpenAI,Google,DeepSeek,xAI,Perplexity.SimilarwebDigitalandAppIntelligence·WW·monthlythroughAug-26.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·06

CONCLUSION

Conclusion

ThegrowthAnthropicdescribestoinvestorsisvisibleinthe

Similarwebdata,andthatitappearsthattheuserswereretained,and

growthwasorganic.claude.ai

'sshareofsix-sitetrafficroseto9.6%from2.0%intwelvemonths,with950Mvisitsand111MuniquevisitorsinAug-26(+540%and+562%Y/Y)and157Mappmonthlyactiveusersfrom9.1M(quadrupledsinceMarch,vs.4.4xforGemini'sappand1.2xfor

ChatGPT's).

Thesharecamefrom

(57%from79%,visits

down3.6%Y/Y)

andfrom

,and

perplexity.ai:

and

,eachlargerthanclaude.aiayearago,are

now37%and22%ofitsvisits,and

perplexity.ai

,

whichout-drewclaude.ai

ineveryquarterthrough4Q25

,isatenthofitssize.Paidchannelswere0.46%ofvisits(

3.5%at

,6.8%atGemini),direct73%and

brandedterms97.9%ofsearchclicks.

ItappearstheusersaddedbetweenFebruaryandAprilstayed,and

thesign-up,upgrade,ClaudeCodeandSSOpageskeptgrowingaftertheSuperBowlandPentagoneventshadpassed.Retentionrosewhileuniquevisitorsgrew6x,M1to71%from57%andM6to45%from25%,

andthe36.5M-userMarchcohortstillholds42.6%atmonthfive;theM6gaptonarrowedto14ptfrom38pt.Sign-upvisitsrun5xthe2H25averageandupgradeusers14.7M(5xY/Y)at77%oftheAprilpeak;ClaudeCodeontheweb(8.5Mvisits)andSSOlogins(3.5M)haveriseneverymonthsinceMay.Overlapwithfellto61%of

Claude'susersfroma78%peakwhile14.4%ofChatGPT'susersnowalsouseClaude.Twocautions:webvisitshavebeenflatnear950MsinceMay,andtwoofthethreeeventsbehindtheincrease(theSuperBowlandthePentagonepisode)willnotrecur.

CONCLUSION

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·07

Conclusion,continued

TheSimilarwebdatasupportsthedirectionandroughmagnitudeofreportedrevenue;theS-1willhavetosupplytheAPIbusiness,whichthepaneldoesnotmeasure.Reportedannualizedrevenuerose7.2x

fromDecember2025toJuly2026;overthesamemonthsvisitsrose5.6x,uniquevisitors4.9xandappMAU8.9x,withthesameFebruarytoAprilstep-up.TheconsumerandClaudeCodelinesarevisibledirectly,enterprisecontracts(~35%ofrevenue)onlythroughloginproxies,andtheAPI,browser-embeddedactivityanddesktopapps(~45%

combined)notatall.

stillleadsonscaleandonretentionlevel(M659%vs.45%),andGemini,at2.62Bvisitsand40%ofClaude'saudience,isthepeer

whoseoverlapwithClaudeisstillrising.Betweennowandalistingwe

wouldwatchuniquevisitorsandappMAU,whichkeptmakinghighsaftervisitslevelledoff,andClaudeCodewebandSSOloginsafterFable5.1.

Thebottomlineisareadonusageanddemandfromalternativedata;itisnotanestimate,avaluationoraviewontheIPOprice.

INONESENTENCE

OneverypanelSimilarwebmeasures,

claude.ai

andtheClaudeappsappeartohavegrownfasterthanthefivepeers,kepttheuserstheyadded,took

sharefrom

,

,and

perplexity.ai

,anddidsothroughunpaidchannels;inourviewthedata

supportsthegrowthcasebehindtheIPO,andtheAPIbusiness,whichtheSimilarwebpaneldoesnotmeasure,iswhattheS-1willhavetoshow.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·08

PANELSNAPSHOT

Overviewofthepanel,Aug-26againstayearearlier

READING

AUG-26

AUG-25

CHANGE

WHATITSAYS

claude.aivisits

950M

148M

+540%

Scalemovedanorderofmagnitude;flatsinceMay

claude.aiuniquevisitors

111M

16.8M

+562%

Stillmakinghighsaftervisitslevelledoff

ClaudeappMAU

157M

9.1M

+4x

Fasterthantheweb;third-largestofthesixapps

Shareoftraffic,sixsites

9.6%

2.0%

+7.6pt

Taken

from

,DeepSeek,GrokandPerplexity

Sign-upflowvisits

21.4M

3.5M

+504%

5xthe2H25average;shareofsitefallingasusersreturn

Upgradeusers

14.7M

2.5M

+476%

77%oftheAprilpeakwithnoeventsince

ClaudeCodewebvisits

8.5M

n/a

new

UpeverymonthsinceMay,+31%M/M

SSOlogins

3.5M

21K

n/m

Enterpriseproxy,~4xvsMar-26;Aug-25basetoosmalltobemeaningful

RetentionM1/M6,latestcohortsvsfirst

71%/

45%

57%/

25%

+14.0pt/

+19.4pt

RosethroughtheFebtoAprincrease;gaptohalved

Claudeusersalsoon

61%

77%

_15.4pt

ShareofusersonClaude14%,from2.4%

Paidchannels,shareofvisits

0.46%

1.22%

_0.76pt

Organicgrowth;

3.5%

,Gemini6.8%

USshareofvisits(Jun-Aug)

23.4%

26.9%

_3.5pt

Widelyspread;India10.6%andnoothercountryabove5%

Sources:thesectionsthatfollow.Retention:latestcohortateachageagainstthefirstcohort;overlapandpaidsharearemonthlyreadings.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·09

RECENTEVENTS·IMPACTONWEBANDAPPUSAGE

Fiveofseveneventsshowinbothwebandappdata

EVENT

DATE

WEBREADING(CLAUDE.AI)

APPREADING(CLAUDEIOS+ANDROID)

ClaudeCodeontheweb

20Oct25

Newsegment:315KvisitsOct-25to8.5MAug-26from2.1Musers

MAU+14%M/Mto10.8M,inlinewithtrend

Coworkdesktopagent

12Jan26

Downloadpages171Kto3.2M(Feb)and11.3M(Mar);SSOlogins2x

MAU18.2Mto24.8M(+36%M/M);downloads2.6Mto4.4M

SuperBowladvertisement

8Feb26

Sign-upflow6.4Mto10.6M(+66%M/M);paidsearch0.46%ofvisits

iOSMAU+37%M/M,iOSdownloads+59%

Pentagonepisode

26Febto5

Visits614MinMar-26(2.1xM/M);newusers36.5M,a

MAU55.1M(2.2xM/M);downloads13.5M

Mar26

serieshigh

from4.4M

Usagelimitsdoubled

13Mar/6May26

Limitchecks6.9%to5.7%ofvisits;ClaudeCodeweb+38%M/MinJune

MAU+32%M/MinMayto102M

Summermodelandsurface

9Junto24Jul

Visitspeak969M;ClaudeCodeweb+48%M/M;SSO

MAU135MinJul-26(+12%M/M)

releases

26

+41%inJuly

Augustplatformreleases,

6Augto1Sep

ClaudeCodeweb8.5M(+31%M/M);UV111M,aseries

MAU157Manddownloads17.7M,bothseries

Fable5.1

26

high;visits−2%M/M

highs

TAKEAWAYThereleasessinceMayshowinthedeveloperandenterprisepages(ClaudeCodeweb,SSOlogins)andinappMAU,whileconsumersign-upseasedfromtheAprilpeak.Wereadthatasusageshiftingtowarddevelopersandenterpriseseats,whichiswhatthe

companysaysaboutitsrevenuemix.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·10

RECENTEVENTS·EXHIBIT1

CLAUDECODEONTHEWEB,20OCTOBER2025

Anewsegmentthathassincebecomethefastest-growingpageonthesite.Web:315KvisitsinOct-25,2.4MinNov-25and8.5Mfrom2.1MusersinAug-26.App:MAU+14%M/Mto10.8M,inlinewithtrend.Wewouldnotexpectabrowser-baseddeveloperproducttoshowintheappdata,anditdoesnot.

COWORK,12JANUARY2026(DESKTOPAGENTFORNON-CODERS)

Thefirstproductreleasevisibleineverywebandappseriesatonce.

Web:downloadvisits171KinJan-26to3.2MinFeb-26and11.3MinMar-26,fromaseriesthathadneverpassed0.7M;SSOloginsdoubledinJanuaryandagaininFebruary.App:MAU18.2Mto24.8M(+36%M/M),

downloads2.6Mto4.4M.

claude.aivisits(web,left)ClaudeappMAU,iOS+Android(right)

Monthlyvisits

1B

AppMAU

200M

950M

800M

157M

150M

600M

100M

400M

50M

200M

0

0

Nov-23Feb-24May-24Aug-24Nov-24Feb-25May-25Aug-25Nov-25Feb-26May-26Aug-26

RECENTEVENTS·EXHIBIT2

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·11

SUPERBOWLADVERTISEMENT,8FEBRUARY2026

TheresponsecamethroughtheAppStoremorethanthewebsite,and

almostnoneofitthroughpaidsearch.Web:sign-up-flowvisits6.4Mto

10.6M(+66%M/M)withpaidsearchat0.46%ofvisits.App:iOSMAU+37%M/MandiOSdownloads+59%.Thesplitisthepatternwewouldexpect

fromatelevisioncampaigncarryinganapp-installmessage.

PENTAGONEPISODE,26FEBRUARYTO5MARCH2026

(AnthropicdeclinestheDepartment'sterms;supply-chain-risk

designation;ClaudereachesNo.1ontheUSAppStoreon1March):thelargestmonthfor

newclaude.ai

usersintheseries,andonewhoseusersstayed.Web:visits614MinMar-26(2.1xM/M),newusers36.5M,sign-upflow23.7Mandupgradepages22.9Mvisits.App:MAU55.1M(2.2xM/M),downloads13.5Mfrom4.4M.Webandappmovedbythesamemultiple,andtheMarchcohortstillholds42.6%atmonthfive(Section2).Newsspikesrarelyretain;thisonedid.

Visits

Downloads

40M

30M

20M

10M

0

20M15M10M5M0

Desktopappbeta(Oct-24)ClaudeCodeweb(Oct-25)

Web:claude.aisign-upflowvisits(se

gment)

UsagelimOp

Cowork(Jan-26)itsdoubled(May-26)

us5,Coworkmobile(Jul-26)

App:Claudeappdownloads,iOS+Android(fromSep-24)

21M

18M

Nov-23Feb-24May-24Aug-24Nov-24Feb-25May-25Aug-25Nov-25Feb-26May-26Aug-26

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·12

RECENTEVENTS·CONTINUED

SummerreleasesshowinClaudeCodeandSSO

Usagelimitsraised(off-peakdoubling13to

28March;permanentdoublingofClaude

Codelimitson6May2026):quotachecksfelleachtimelimitsroseandclimbedbackwhen

theybound.Web:shareofvisits6.7%in

February,5.3%inMarch,6.9%inApril,5.7%in

MayandJune;ClaudeCodeweb+38%M/MinJune.App:thereisnoquotapage,sothe

comparisonistotalMAU,+32%M/Mto102MinMayand+18%to120MinJune.Wereadthe

quotaseriesasevidenceofdemandforpaid

tiersandasafrictioncost,andthetwoarehardtoseparate.

Summerreleases(Fable5andMythos5,9

June;Sonnet5,30June;Coworktowebandmobile,7July;Opus5asthedefault,24July):

visibleinthedeveloperandenterprisepages

andintheapp,lesssoinconsumersign-ups.

Web:visitspeakedat969MinJul-26;Claude

Codeweb+48%M/Mto6.5M;SSOlogins+38%inJuneand+41%inJulyto3.1M;sign-upseasedto22.8MfromtheAprilpeakof28.8M.App:

MAU135M(+12%M/M),downloads17.1M.

AugustreleasesandFable5.1(self-hostedClaudeCodebeta,6August;cross-surfacememory,25August;ClaudeinChrome,26August;Fable5.1andMythos5.1,1

September):newhighsineveryseriesexceptwebvisits.Web:ClaudeCodeweb8.5M(+31%M/M),SSO3.5M(+11%),uniquevisitors111M,a

serieshigh,visits950M(−2%M/M).App:MAU157M(+16%M/M)anddownloads17.7M,both

serieshighs.Fable5.1postdatesthewindow;

theSeptemberreadswillbethefirstthat

containit,andwewouldtakeClaudeCodewebabove9MvisitswithappMAUabove165Masthetrendextending.

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·13

FUNDAMENTALCROSS-CHECK·EXHIBIT3

TAKEAWAY

Thereportedannualrevenuerunrateappearstohaverisen7.2x

fromDecember

2025toJuly2026andclaude.ai

usage(visits,

uniquevisitors,appMAU)4.9xto8.9xoverthesamemonths,withthesameFebruarytoAprilstep.TheSimilarwebpanelseesthe

consumer,ClaudeCodeandenterprise-loginlinesdirectlyandtheAPIbusinessonlythroughproxies,soitindicatesonlydirectionandroughmagnitude.

Runrate7.2x;visits5.6x,appMAU8.9xsinceDec-25

MONTH

RUNRATE

VISITS

UV

APPMAU

Dec-25

$9B

173M

21.9M

15.1M

Feb-26

$14B

290M

37.2M

24.8M

Mar-26

~$19B

614M

67.0M

55.1M

Apr-26

$30B

824M

89.7M

77.2M

May-26

$47B

953M

101M

102M

Jul-26

$65B

969M

108M

135M

Jul-26/Dec-25

7.2x

5.6x

4.9x

8.9x

Index,Dec-25=100

Reportedannualizedrunrate

claude.ai

visitsclaude.aiuniquevisitorsClaudeappMAU

1000

894

800

722

561

600

400

491

200

0

Dec-25Feb-26Mar-26Apr-26May-26Jul-26

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·14

FUNDAMENTALCROSS-CHECK·REPORTEDFIGURES

2Reportedmix.PressestimatesforJuly2026:API~45%of

revenue,enterprisecontracts35%,ClaudeCode10%,consumerProandMax8%,Team2%;morethan1,000customersabove$1Mayear.TheSimilarwebpanelseestheconsumer,Teamand

ClaudeCodelinesdirectlyandtheAPIandenterpriselines

throughproxies(SSOlogins,GitHubandOktareferrals).Thusthepanelcovers~20%ofrevenuedirectlyandafurther~35%byproxy.

4Thecompetitorbenchmark.OpenAI'srunratewasreportedat$40B(from$20Batend-2025)anditsvaluationat~$852Bin

March2026;ithasalsofiledconfidentially.visitsfell

3.6%Y/YinAug-26to5.64BwhileitsappMAUrose21%to1.06B,i.e.,ChatGPTisgrowingonmobileandflattodownontheweb,whileclaude.aigrewonboth.

Reportedfiguresandvaluationmarks

1Reportedrevenuetrajectory.Annualizedrevenueastoldto

investorsandpress:~$9Batend-2025,$14BinFebruary2026,~$19BinMarch,$30BinApril,$47BinMay,$65Batend-July;

2Q26revenueabove$11.5B(~$787Mayearearlier)withafirst

positiveadjustedoperatingresultof~$559M,attributedinparttoacomputeresalearrangement.Companystatementsrelayedbypress;theS-1willbethefirstauditedview.

3Valuationmarks.SeriesG(February2026)at$380Bpost-

money,SeriesH(28May2026)at$965Bona$65Braise;pressreportssinceJuneputapossibleofferingvalueat$1Tto$2Tandtheraiseat$60Bormore,aboveSaudiAramco's$29.4Bin2019.ThedraftS-1wassubmittedconfidentiallyon1June2026;no

sharecount,priceordateisset.Onthe$65Brunrate,$965Bis~15xand$2T~31x.

SYNTHESIS:CROSS-CHECK

TherevenuemixthecompanydescribesmatcheswheretheSimilarwebpanelshowstheusage:theconsumerlineinupgradetraffic,

ClaudeCodeinitswebsegmentandinusage-limitchecks,enterpriseinsingle-sign-onloginsandidentity-providerreferrals.APItokenvolume(~45%ofreportedrevenue)isnotmeasuredandenterprisecontracts(~35%)areseenonlythroughloginproxies;bothrestontheS-1.Inshort,thepanelcorroboratesthereportedfiguresandcannotauditthem.

SECTION1

WebsiteAnalysis

1.1Websitetraffic:shareoftraffic,uniquevisitors·1.2Userengagement·1.3Sign-upsandupgrades·1.4SSOloginsandusagechecks·1.5ClaudeCodeandchats·1.6Downloadpagevisits·1.7Websitepagesscorecard

8.6

Visitsperuniquevisitor

52.1M

Usage-limitchecks,Aug-26

3.5M

SSOlogins,~4xvsMar-26

9.6%

Shareofsix-sitetraffic,from2.0%

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·16

1.1WEBSITETRAFFIC·EXHIBIT4

Shareandgrowth.gaveup22.1ptofshareandGemini

gained+16.7pt;

'suniquevisitorsaredown2.9%Y/Y,soitslost

shareislostusersratherthanlostfrequency

.Theindexedchartandtheunique-visitortableonthenextpagecarrythesamecomparisonfromaMarch2025base.

claude.ai

took8ptofshareoftrafficinayear

TAKEAWAY

Ofthesixsites,itseems

thatonlyclaude.ai

andGeminiaregainingshare;islosingit

and

,and

perplexity.ai

areall

belowtheirpeakmonths.claude.ai

and

aretakingthegrowthof

thesix-sitetotal,and

claude.ai

fromamuchsmallerstartingpoint.

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0%

Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25Dec-25Feb-26Apr-26Jun-26Aug-26

claude.ai

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3.6%

27%

57%

100%

80%

60%

40%

20%

SimilarwebResearch·NotinvestmentadviceAnthropicPre-IPOPrimer·17

1.1WEBSITETRAFFIC·QUARTERLYVISITS

Quarterlyvisits

QUARTERLYVISITS

2Q25

3Q25

4Q25

1Q26

2Q26

3Q26QTD

claude.ai

309M

431M

550M

1.11B

2.72B

1.92B

+133%

+102%

+124%

+341%

+782%

+601%

16.0B

17.5B

17.5B

16.8B

16.5B

11.1B

n/m

+113%

+57%

+37%

+3%

−4%

1.59B

2.48B

4.27B

6.78B

8.52B

5.30B

+50%

+205%

+416%

+657%

+438%

+273%

1.30B

1.00B

1.03B

922M

1.22B

700M

n/m

n/m

n/m

−34%

−7%

+5%

533M

569M

710M

939M

736M

420M

n/m

n/m

n/m

+268%

+38%

+7%

perplexity.ai

369M

458M

587M

491M

409M

199M

+171%

+153%

+104%

+47%

+11%

−31%

Calendarquarters;3Q26QTD=Jul+Aug.Y/Yonvisits