Markets JUN 07, 2026

Anthropic files confidential S-1 at $965B, racing OpenAI to a fall IPO

The Claude maker submitted draft paperwork Monday, days after a $65B Series H eclipsed OpenAI's private mark.

BY HENLEY MARRAST · MARKETS DESK

Anthropic confidentially filed a draft S-1 with the SEC on Monday, formalizing a public-market run at a $965 billion valuation set days earlier by a $65 billion Series H. The round, co-led by Altimeter, Dragoneer, Greenoaks, Sequoia, Capital Group, Coatue, and D1 Capital Partners, vaulted the Claude maker past OpenAI’s $852 billion private mark from a $122 billion round closed in March. Goldman Sachs, JPMorgan, and Morgan Stanley are under consideration for key roles on both listings.

“This gives us the option to go public after the SEC completes its review,” the company said in a blog post, adding that “The proposed initial public offering will depend on market conditions and other factors.” Share count and price haven’t been set. Bloomberg reports OpenAI is preparing its own confidential filing in the coming weeks, targeting a fall debut.

The growth curve in the draft prospectus is the spine of the pitch. Anthropic booked roughly $10 billion in annual revenue last year and was running at a $47 billion run rate in May, an 80-fold annualized leap. Q2 is expected to land at $10.9 billion, more than double the prior quarter. Claude briefly topped Apple’s U.S. free-app chart in late February, a consumer breakout the company spent its institutional life insisting it wasn’t optimizing for.

The footnotes are louder than the headline. Anthropic is paying SpaceX $1.25 billion a month for compute at the Colossus 1 facility in Memphis, a deal that runs through May 2029 with a 90-day exit for either side. SpaceX itself filed confidentially on April 1, disclosed its prospectus on May 20, and is targeting a $2 trillion debut, with a roadshow beginning this week under the 15-day investor-notice clock. One IPO is funding the other’s cost line.

The political overlay is sharper still. The Pentagon has designated Anthropic a supply-chain risk and blacklisted its models; Anthropic is suing the Trump administration. The S-1, when it goes public, will have to price all of that into a single number, alongside a compute bill that resets every ninety days. The 2026 AI cohort is going public the way the dot-coms did in 1999, fast, expensive, and before anyone agrees what the multiple should be.

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.