Markets JUN 25, 2026

Anthropic and OpenAI file confidential S-1s, stacking a $3.6T AI listing pipeline behind SpaceX

Anthropic submitted draft IPO paperwork June 1 at a $965B valuation; OpenAI followed June 8 off an $852B mark. With SpaceX on the road near $1.75T, the trio targets the largest simultaneous capital raise on record.

BY HENLEY MARRAST · MARKETS DESK

Anthropic confidentially filed a draft S-1 with the SEC on June 1 at a $965 billion private mark, and seven days later OpenAI disclosed via a Rule 135 notice that it had submitted its own confidential paperwork around May 22 off an $852 billion valuation. Stacked behind SpaceX’s roadshow at roughly $1.75 trillion, the three filings line up a combined $3.6 trillion of targeted market cap into a single listing window.

That number isn’t a coincidence of the calendar. It’s a coordinated test of how much primary-market capacity the public equity system can absorb when private rounds stop being enough.

Anthropic walks in with a $47 billion annualized run rate against $10 billion of revenue last year, and a Series H that closed May 28 at $65 billion, $15 billion of it already committed by hyperscalers including Amazon’s $5 billion. The cap table reads like the AI tourist list: Altimeter, Dragoneer, Greenoaks, Sequoia, Capital Group, Coatue, D1, with Samsung, SK Hynix, and Micron strategically attached. JPMorgan Chase is structuring the Nasdaq listing. Claude demand, per Bloomberg, is the reason the timeline accelerated.

OpenAI’s disclosure is denser. The company’s March 2026 round priced at $122 billion across NVIDIA, SoftBank, a16z, D. E. Shaw Ventures, MGX, TPG, and T. Rowe Price, with a $4.7 billion revolver syndicated across JPMorgan, Citi, Goldman, Morgan Stanley, and Wells Fargo. Enterprise is now more than 40% of revenue. The API processes more than 15 billion tokens per minute. Codex weekly users sit above 2 million, up 5x in three months.

OpenAI’s own filing language hedges the timeline: the company said “it may be a while,” citing tradeoffs easier to manage privately. The translation is straightforward. The S-1 is on the desk; the listing is a strategic option, not a deadline.

What’s notable is the symmetry. Two frontier labs filing inside a week, both off valuations near a trillion, both queueing behind the Musk vehicle on the same Nasdaq runway. The last time the pipeline looked anything like this was the 1999–2000 dot-com cohort, and the comparison stops being rhetorical the moment you total the marks.

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.