Key Points
- Anthropic confidentially filed a draft S-1 with the SEC on June 1 for a proposed IPO
- The filing set no share count or price; any listing follows SEC review and market conditions
- It comes days after a $65 billion Series H at a $965 billion valuation that passed OpenAI
- Revenue run rate reached $47 billion, up from about $10 billion in annual revenue a year earlier
Days after closing the round that made it the most valuable AI startup, Anthropic took the next step toward the public markets — and did it quietly.
What was filed
Anthropic confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission on June 1 for a proposed initial public offering. The company did not set a share count or a price; the size and terms of any offering are still open, and a listing would follow the SEC's review and depend on market conditions. The confidential route lets a company work through the regulator's comments before a public prospectus appears, so the financial detail investors want stays sealed until closer to a listing.
Why now
The filing lands days after Anthropic closed a $65 billion Series H at a $965 billion valuation, passing OpenAI's reported $852 billion to become the most valuable AI startup. Its revenue run rate reached $47 billion, up from roughly $10 billion in annual revenue a year earlier — the kind of curve, driven by enterprise adoption of Claude and the Claude Code developer tool, that a public-market debut is built to monetize. A listing near $1 trillion would rank among the largest ever, in the same conversation as SpaceX and an expected OpenAI debut.
The build-out behind that revenue now reaches down to the silicon: Anthropic is in talks with Samsung to develop a custom AI chip of its own, a bid to control more of the cost curve it is pitching to public investors.
The read
A confidential filing is a test balloon as much as a paperwork step: it lets Anthropic line up an offering without committing to a date, while gauging whether public investors will pay the prices its private backers just did. The AI IPO class of 2026 — Anthropic, SpaceX, OpenAI in the wings — is about to put the sector's private valuations in front of public markets that price growth and losses far more harshly. Anthropic going first, straight off the raise that vaulted it past OpenAI, says the frontier labs intend to keep raising on whatever terms the market will bear.
Anthropic is now expected to file publicly as soon as the end of August, and expects the offering to match or exceed SpaceX's record $75 billion raise.
Source: CNBC
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