Anthropic Files for IPO With a Potential $1 Trillion Valuation Debut

Anthropic has confidentially submitted a draft Form S 1 registration statement to the US Securities and Exchange Commission for a proposed initial public offering (IPO) of its common stock, the company said Monday.

The Claude maker said the filing gives it the option to go public after the SEC completes its review. The company added that the IPO will depend on market conditions and other factors.

Reuters reported that Anthropic recently raised $65 billion at a post-money valuation of $965 billion, putting it ahead of OpenAI’s latest reported valuation. A debut above the $1 trillion mark now looks like the base case if markets cooperate.

Reuters also reported that Anthropic’s valuation has more than doubled from $380 billion in February, reflecting strong investor demand for major AI companies.

Anthropic said its run rate revenue crossed $47 billion earlier this month, Reuters reported, citing the company’s blog.

According to Fortune, Anthropic could be among the three $1 trillion listings of 2026 alongside OpenAI and SpaceX.

IPO Terms Not Finalized

Anthropic has not yet decided the number of shares it plans to offer or the price of the shares, according to the company’s statement.

The company also said the announcement is being made under Rule 135 of the Securities Act of 1933 and does not count as an offer to sell shares or a request to buy them.

Race With OpenAI

Reuters reported that Anthropic’s confidential filing moves it ahead of OpenAI in the race to reach public markets.

OpenAI was also preparing to confidentially file for a US IPO in the coming weeks. Anthropic’s filing could test public investor demand for AI companies after a sharp rise in private market valuations.

Anthropic was founded in 2021 by former OpenAI leaders and has grown into one of the leading AI companies behind the Claude chatbot.

Market Impact

Anthropic’s IPO could become one of the most important stock market debuts in years, with analysts watching whether the listing can support the wider IPO market.

The news outlet also reported that global IPO fundraising reached $87.5 billion through May 26, the highest year-to-date total since 2021, citing Dealogic data.

If Anthropic proceeds with the listing, investors will get a closer look at the financial performance of one of the largest private AI companies in the market.