Anthropic confidentially files S-1 with SEC; targets October 2026 Nasdaq listing at $965B valuation
Anthropic, the San Francisco AI lab behind Claude, confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on June 1, 2026, opening the option to pursue a public initial public offering. The filing does not lock Anthropic into a specific timeline; the company must submit a public S-1 at least 15 days before beginning a roadshow. The confidential submission comes one week after Anthropic closed a $65 billion Series H funding round at a $965 billion post-money valuation, surpassing OpenAI's March valuation of $852 billion.
Analysts point to an October 2026 target listing date on Nasdaq, with consensus estimates suggesting a $60+ billion raise. Goldman Sachs, JPMorgan, and Morgan Stanley are reportedly leading underwriters. Anthropic's revenue run rate has surged to $47 billion annualized as of May 2026, up from $10 billion in full-year 2025. The company has also secured a $1.25 billion-per-month compute agreement with SpaceX's Colossus 1 data center through May 2029. Despite rapid growth, Anthropic posted a $5.6 billion loss in 2024 and projects cash-flow profitability by 2028.
The IPO filing launches a high-stakes race with rivals OpenAI and SpaceX, both of which are also pursuing 2026 listings. Anthropic is structured as a public benefit corporation, binding it legally to balance shareholder returns with its stated mission on AI safety—a governance structure investors will evaluate. The company is also engaged in ongoing litigation with the Trump administration over its Pentagon blacklisting. Market observers view this filing as validation that frontier AI companies with strong enterprise traction and defensible moats can now access public capital.
Sources
- Primary source
- Anthropic confidentially submits draft S-1 to the SEC
“Anthropic confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering”
- Anthropic confidentially files IPO prospectus with SEC
“Anthropic's revenue run rate has ballooned to $47 billion, up from $10 billion in annual revenue last year. It closed a funding round at a $965 billion valuation”
- Anthropic files to go public
“The filing comes less than a week after Anthropic raised $65 billion in a Series H funding round. OpenAI continues to raise funding and prepares for its own IPO”