Anthropic is targeting an October 2026 Nasdaq IPO at an investor-expected valuation of $2 trillion, which would make it the largest public offering in history—exceeding SpaceX's $1.77 trillion IPO. Goldman Sachs, JPMorgan, and Morgan Stanley are leading the offering. The company confidentially filed its S-1 with the SEC on June 1, 2026, ahead of OpenAI by one week.
Anthropic reported $47 billion in annualized revenue as of May 2026, up from $1 billion in December 2024 (47x in 17 months). Investors are underwriting projections that ARR will reach $100 billion–$120 billion by year-end 2026. The company has eight Fortune 10 customers. Claude Code (announced May 28) is driving coding-tool adoption with an estimated $2.5B ARR contribution.
For architects: The IPO valuation debate hinges on whether Anthropic sustains a $100B+ ARR trajectory by December (a 2–2.5x jump from May in seven months). The bull case prices 77% gross margins by 2028 and $70B revenue, yielding a $1T+ long-term value. The bear case flags exposure to Chinese open-weight models, US export controls (June slowdown), and compute costs eating margins. Prediction markets place IPO odds at 76.5% by year-end 2026.