Anthropic Files for IPO, Valued at $965 Billion

Anthropic confidentially submitted a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC) on June 1, 2026, positioning the AI company ahead of rival OpenAI in the race to public markets [1, 2]. The filing followed a $65 billion Series H funding round that valued Anthropic at $965 billion, exceeding OpenAI's last disclosed valuation of $852 billion [1, 2].

Anthropic's Rapid Growth and Enterprise Focus

Anthropic, founded in 2021 by former OpenAI researchers, reached its $965 billion valuation after raising a cumulative $132 billion across 18 funding rounds [1]. The most recent Series H round in late May 2026, co-led by Altimeter Capital and others, pushed its valuation up from $380 billion in February 2026 [1]. This funding round closed less than a week before the IPO filing, suggesting it may have been timed to establish a valuation floor for going public [1].

The company's annualized revenue run rate reached approximately $47 billion in May 2026, a more than fourfold increase from roughly $10 billion a year earlier [1]. This growth is largely attributed to enterprise demand for Claude Code, Anthropic's AI coding assistant, which has gained market share among professional software developers [1]. Fintech company Ramp reported that in May 2026, more of its business customers used Anthropic's models than OpenAI's, a shift from the perceived market dominance of ChatGPT [1].

In contrast to its enterprise strength, Anthropic has a smaller consumer footprint, with an estimated 5.4% of US internet users expected to use Claude in 2026, compared to 36.6% for ChatGPT and 27.4% for Google's Gemini [1]. Anthropic's public market strategy is therefore centered on a business-to-business (B2B) enterprise model, rather than consumer scale [1].

The Competitive IPO Landscape

Anthropic's confidential S-1 filing allows it to begin the formal SEC review process privately, without immediately disclosing detailed financials or governance structures [1]. This mechanism, expanded under the JOBS Act of 2012, gives the company flexibility to adjust plans or withdraw without public scrutiny [1]. If Anthropic proceeds, it will convert the confidential filing into a public S-1, which must be available at least 15 days before an investor roadshow [1].

The decision to file first is seen as a strategic move, as both Anthropic and OpenAI are expected to seek tens of billions in capital from public markets [1]. Analysts believe the first company to complete its IPO will have a significant advantage, given potentially limited public investor appetite for a second mega-cap AI IPO in close succession [1]. OpenAI filed its own confidential IPO paperwork approximately a week after Anthropic, around June 8, 2026, reportedly working with Goldman Sachs and Morgan Stanley [1]. OpenAI's last disclosed valuation was $852 billion from a March 2026 funding round [1].

What to watch

• Public S-1 filing: Monitor for Anthropic's conversion of its confidential S-1 into a public document, which will reveal detailed financials and governance [1].
• OpenAI's IPO timeline: Watch for further developments in OpenAI's own IPO process, as it reportedly aims for a Q4 2026 listing [1, 2].
• Investor reception: Observe how public investors value Anthropic's enterprise-focused model compared to its private market valuation [1].

Anthropic's confidential IPO filing and its $965 billion valuation mark a significant moment in the AI industry, signaling a potential shift in market leadership and setting the stage for a competitive race to public markets among leading AI developers.