Markets JUN 06, 2026

Anthropic files confidential S-1 at $965B valuation, racing OpenAI and SpaceX to the public tape

Claude-maker submitted draft paperwork Monday — one week after a $65B Series H — with Q2 revenue tracking $10.9B and annualized run-rate set to clear $50B by month-end.

BY HENLEY MARRAST · MARKETS DESK

Anthropic submitted a confidential draft S-1 to the SEC on Monday, disclosed in a blog post that left share count and pricing blank and offered only the customary hedge: “The proposed initial public offering will depend on market conditions and other factors.” The filing arrives exactly one week after the company closed a $65 billion Series H at a $965 billion post-money valuation, co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners. That mark surpasses the $852 billion OpenAI set in late March, and reframes the AI capital stack as a three-way race to the public tape.

The financials are the part that breaks the frame. Bloomberg reports Anthropic expects $10.9 billion in Q2 revenue, more than double the prior quarter, and its first profitable quarter. Fortune reports annualized run-rate revenue will clear $50 billion by the end of next month, an 80-fold jump from the $10 billion annual figure the company posted last year.

The competitive choreography is unusually tight. SpaceX filed confidentially on April 1, disclosed its public prospectus on May 20, and begins its roadshow this week targeting a $2 trillion valuation and more than $75 billion raised. OpenAI is preparing its own confidential filing in the coming weeks, also aiming for a fall debut. AI chipmaker Cerebras listed two weeks ago. Three of the largest private companies of the cycle queueing up inside a single quarter isn’t coincidence; it’s a window everyone agrees is closing.

The plumbing tells its own story. Per SpaceX’s prospectus, Anthropic signed a compute agreement last month with SpaceX’s Colossus 1 data center in Memphis, paying $1.25 billion per month through May 2029, terminable on 90 days’ notice. Anthropic’s IPO depends on training capacity it rents from a competitor’s IPO.

The risk section is where it gets interesting. Anthropic is litigating the Trump administration over a Pentagon supply-chain-risk designation that, per CNBC, has already prompted defense contractors to drop the company and could jeopardize billions in revenue. Consumer demand is moving the other direction: Claude hit No. 1 on Apple’s U.S. free-app chart in late February.

The Motley Fool notes the familiar pattern for hyped tech listings, opening-day pop, lock-up expiry, multi-quarter consolidation as execution meets scrutiny. The 2026 cohort gets to find out whether $50 billion run-rates rewrite that script or just compress it.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.