Anthropic Files for IPO at $965 Billion Valuation
Anthropic has confidentially filed its draft registration statement (S-1) with the U.S. Securities and Exchange Commission, setting up what could become the largest pure-play AI IPO in history. The filing comes just days after the company closed a $65 billion Series H round that pushed its valuation to $965 billion — nearly tripling the $380 billion it commanded in February 2026.
The numbers are striking. Anthropic's annualized revenue run-rate hit $47 billion in May 2026, up from $9 billion in January — a fivefold increase in just five months. The company is now expected to reach its first operating profit in Q2 2026. For context, this means Anthropic outpaces OpenAI on both revenue ($47B ARR versus roughly $33B) and, at least on paper, valuation. The company also received $40 billion from Google and $25 billion from Amazon as strategic commitments.
The target listing date is October 2026. If successful, the IPO would test public market appetite for AI valuations at a scale never seen before. OpenAI, for its part, is reportedly preparing its own confidential filing targeting late 2026 at an $852 billion post-money valuation after a $122 billion round in March. The race between these two AI labs is entering a new phase — from private funding rounds to public market competition.
Anthropic's IPO filing at $965B valuation marks the start of AI companies entering public markets. The 5× revenue growth in five months suggests enterprise AI adoption is accelerating faster than most analysts predicted.
When is the Anthropic IPO expected?
Anthropic is targeting an October 2026 listing on a major U.S. exchange. The confidential S-1 was filed on June 1, 2026.
How does Anthropic compare to OpenAI?
Anthropic has $47B ARR versus OpenAI's ~$33B, and a $965B valuation versus OpenAI's $852B. Both are preparing public listings in late 2026.