Anthropic Files Confidential IPO—65B AI Lab Eyes Public Markets
Anthropic filed a confidential S-1 with the SEC days after closing a 5B round at 65B valuation, beating OpenAI and setting up a historic AI IPO season.
In Brief
- Anthropic confidentially filed a draft S-1 with the SEC, days after closing a $65B Series H at a $965B valuation.
- The filing puts Anthropic ahead of OpenAI in the race to public markets, with SpaceX already on its roadshow this week.
- Run-rate revenue hit $47B—up from $10B last year—as Claude adoption accelerated across enterprise and consumer markets.
Anthropic submitted a draft registration statement to the SEC for a proposed initial public offering. “This gives us the option to go public after the SEC completes its review,” Anthropic said Monday. The filing is confidential, meaning financial details won’t be public until closer to a roadshow.
The move comes less than a week after Anthropic closed a $65B Series H at a $965B post-money valuation—topping OpenAI’s $852B mark from March. Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital led the round, with $15B from hyperscalers including $5B from Amazon.
Anthropic’s run-rate revenue crossed $47B earlier in May, up from $10B in annual revenue last year, according to CNBC. That growth held even after the Pentagon blacklisted Anthropic’s models earlier this year—private-sector adoption more than compensated.
AI IPO Season Heats Up
The confidential S-1 doesn’t lock Anthropic into a timeline. SpaceX submitted its own confidential filing on April 1, went public with its prospectus on May 20, and starts its roadshow this week targeting a $2T valuation, TechCrunch reports. OpenAI is readying its own confidential filing.
Three mega-IPOs in one season would test investor appetite for AI at scale. Anthropic’s $965B valuation already exceeds most public tech companies—and the public markets haven’t priced a pure-play frontier AI lab before.
Andrej Karpathy joined Anthropic this month to lead pre-training, a signal the company is investing in research depth alongside its commercial push. SpaceX’s own IPO momentum, covered in our earlier report, adds competitive pressure on timing.
FAQ
What did Anthropic file with the SEC?
A confidential draft S-1 registration statement—the first formal step toward an IPO. Financial details remain private until the company is closer to a public listing.
How much is Anthropic worth?
$965B post-money, based on its Series H round that closed May 28, 2026.
Is OpenAI also going public?
OpenAI is preparing its own confidential filing, according to CNBC, but has not yet submitted it to the SEC.
When could Anthropic go public?
A confidential filing doesn’t set a date. SpaceX’s timeline—confidential filing April 1, public prospectus May 20—suggests roughly 7 weeks from draft to public document.
Anthropic’s $47B run-rate revenue was last reported on May 28, 2026.
