Anthropic confidentially files S-1 at $965B valuation, beating OpenAI to the IPO line; targets fall 2026 listing
Anthropic confidentially submitted a draft registration statement on Form S-1 to the SEC on Monday, June 1, 2026, becoming the first major AI lab to formally begin the IPO process and beating rival OpenAI to public marke.
At a glance
- Confidential draft S-1 submitted to SEC on Monday, June 1, 2026
- ~$65 billion Series H pushed post-money valuation to roughly $965 billion, eclipsing OpenAI's for the first time
- Expected Q2 2026 revenue ~$10.9 billion (roughly doubling quarter-over-quarter) per Fortune
- Annualized run-rate revenue projected to exceed $50 billion by end of following month, up from $4 billion run-rate in July 2025 (~80-fold annualized surge)
- First profitable quarter expected
VERDICT — CORRECTED ON THE RECORD
Anthropic confidentially submitted a draft registration statement on Form S-1 to the SEC on Monday, June 1, 2026, becoming the first major AI lab to formally begin the IPO process and beating rival OpenAI to public markets. The filing follows a ~$65 billion Series H round that pushed Anthropic's post-money valuation to roughly $965 billion — eclipsing OpenAI's valuation for the first time.
The growth metrics behind the filing are striking: Fortune reports expected Q2 2026 revenue of about $10.9 billion (roughly doubling quarter-over-quarter), with annualized run-rate revenue projected to exceed $50 billion by end of the following month, up from a $4 billion run-rate in July 2025 — an ~80-fold annualized surge — and the company expected to post its first profitable quarter. Goldman Sachs, JPMorgan Chase and Morgan Stanley are under consideration as lead banks.
In a blog post, Anthropic said 'the number of shares to be offered and the price have not yet been set.' The targeted debut is fall/Q4 2026, pending SEC review. The filing slots into an unprecedented AI-IPO cluster: SpaceX (public S-1 May 20, ~$1.77T), and OpenAI (reportedly confidentially filed ~May 22, eyeing a September debut above $1T).
Why it matters
a near-trillion-dollar AI listing would reset benchmarks for tech capital-raising and serve as the definitive test of public-market appetite for the AI buildout.
Update log · verification desk
Key facts on file
- Confidential draft S-1 submitted to SEC on Monday, June 1, 2026
- ~$65 billion Series H pushed post-money valuation to roughly $965 billion, eclipsing OpenAI's for the first time
- Expected Q2 2026 revenue ~$10.9 billion (roughly doubling quarter-over-quarter) per Fortune
- Annualized run-rate revenue projected to exceed $50 billion by end of following month, up from $4 billion run-rate in July 2025 (~80-fold annualized surge)
- First profitable quarter expected
- Goldman Sachs, JPMorgan Chase, Morgan Stanley under consideration as lead banks
- Anthropic blog: 'the number of shares to be offered and the price have not yet been set'
- Context: SpaceX public S-1 May 20 (~$1.77T); OpenAI reportedly confidentially filed ~May 22 eyeing September debut above $1T
