Markets JUN 08, 2026

Anthropic files confidential S-1 at $965B, beating OpenAI to the IPO line

The Claude maker submitted a draft registration to the SEC days after a $65B Series H, setting up a head-to-head AI listing race with OpenAI and SpaceX.

BY HENLEY MARRAST · MARKETS DESK

Anthropic confidentially submitted a draft Form S-1 to the SEC on Monday, putting the Claude maker ahead of OpenAI in the foot race to test public markets on AI fundamentals. The filing landed less than a week after the company closed a $65 billion Series H at a $965 billion post-money valuation, a mark that quietly leapfrogged OpenAI’s $852 billion valuation set in March.

Share count and price range remain unset. Anthropic said offering terms “will depend on market conditions and other factors,” and SEC rules give the company at least 15 days between distributing a public prospectus and launching a roadshow. That clock is the one to watch.

The Series H co-leads read like a roll-call of the late-stage growth complex: Altimeter, Dragoneer, Greenoaks, Sequoia, Capital Group, Coatue, and D1. Samsung, SK Hynix, and Micron came in as strategic infrastructure partners, alongside $15 billion of previously committed hyperscaler money including Amazon’s $5 billion April top-up. TechCrunch reported the book was oversubscribed to the point that one institutional investor pledged $5 billion just to secure a meeting with CFO Krishna Rao. That’s not capital allocation; that’s narrative management with a wire transfer attached.

The fundamentals are doing some work here. Annualized revenue run rate hit $47 billion in May, up from $10 billion at the end of 2025, with Q2 revenue expected at $10.9 billion, more than double the prior quarter.

The framing is now a three-way listing race. SpaceX filed confidentially on April 1, disclosed publicly May 20, and is roadshowing toward a $2 trillion debut and a raise of more than $75 billion. OpenAI, per Bloomberg, is preparing its own confidential filing in the coming weeks for a fall debut. Goldman Sachs, JPMorgan, and Morgan Stanley are reportedly circling lead roles on both AI listings. Combined raise targets approach $100 billion.

One overhang the prospectus will have to address: the Pentagon labeled Anthropic a supply-chain risk earlier this year, a designation the company itself says could jeopardize billions in revenue. In April, President Trump told CNBC a settlement was “possible.” Public filers don’t typically enjoy ambient uncertainty about whether the executive branch intends to litigate them. The 15-day window will reveal how Anthropic plans to price 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.