Markets JUN 07, 2026

Anthropic files confidential IPO at $965B valuation, leapfrogging OpenAI

The Claude maker submitted a draft S-1 days after a $65B Series H, with Q2 revenue guided to $10.9B and a run rate on track to clear $50B.

BY HENLEY MARRAST · MARKETS DESK

Anthropic confidentially filed a draft S-1 with the SEC on Monday, formally opening the door to a US public offering at a $965 billion post-money valuation set by its just-closed $65 billion Series H. The number lands roughly $113 billion above the $852 billion mark OpenAI carried out of its March round, an order-flipping moment that the late-stage data shops at PitchBook and IPOX have been quietly modeling for months.

The financials inside the prospectus explain the price tag. Anthropic guided Q2 revenue to $10.9 billion, more than double the prior period, and told investors its annualized run rate is on track to clear $50 billion by the end of next month. That’s against $10 billion in annual revenue last year and a $4 billion run rate as recently as July 2025, per CNBC and Bloomberg reporting cited by Fortune. Few private companies have ever compounded into the public window this steeply.

What separates the Anthropic book from OpenAI’s is mix. Roughly 80% of Anthropic’s revenue comes from corporate customers, against about 40% at OpenAI, according to the Washington Post, with more than 1,000 business accounts spending at least $1 million annually and eight of the Fortune 10 already running on Claude. It’s a B2B revenue profile dressed in a consumer-AI valuation, which is precisely the arbitrage public markets have been waiting to price.

The cap table reads like an index fund of the current cycle. The Series H drew Altimeter, Dragoneer, Greenoaks, Sequoia, Capital Group, Coatue, and D1 Capital Partners alongside strategic checks from Samsung, SK Hynix, and Micron. Amazon kicked in $5 billion on top of roughly $15 billion in prior hyperscaler capital. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are reportedly under consideration for lead roles on the listing itself.

The structural read is harder to ignore. A company spun out by ex-OpenAI researchers, backstopped by Amazon, courted by the Pentagon, and now valued above Google DeepMind’s nearest public comparable is filing to go public while still doubling quarterly. Smaller specialist shops like LemonLime have ridden the same enterprise-AI tailwind from a different angle, but Anthropic’s filing is the first time the frontier-lab thesis meets a registration statement. The 2019 Uber playbook of going public on narrative this isn’t. The numbers showed up first.

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.