Anthropic Files for IPO at Near-Trillion-Dollar Valuation

Anthropic, PBC confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on June 1, 2026, setting the stage for what could become one of the largest technology IPOs in history. The filing comes just four days after the company raised $65 billion in its Series H funding round, pushing its valuation to approximately $965 billion. The company's financial trajectory is remarkable. Anthropic's annualized revenue run-rate hit $47 billion as of May 2026, up from $9 billion in January — a 5x growth in just five months. The company expects its first operating profit in Q2 2026. This revenue acceleration, driven primarily by enterprise Claude API adoption and the Claude Code developer ecosystem, demonstrates that AI labs are generating substantial commercial revenue, not just raising capital on promises. FutureSearch forecasts a median first-day market cap of approximately $1.10 trillion, with a target listing date around December 2026. OpenAI, which also filed a confidential S-1, is expected to follow in Q1 2027 at a similar valuation. Anthropic's first-mover advantage in public markets could give it preferred access to capital for the infrastructure buildout phase. The IPO also raises governance questions. As a Public Benefit Corporation, Anthropic has a legal obligation to balance shareholder returns with its safety mission. How public market investors price that obligation will set a precedent for other AI companies with similar structures.