Anthropic Files Confidential S-1 With SEC at $965B — October Nasdaq Listing Targeted
Anthropic announced on June 1 that it has confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission. The filing formally starts the IPO clock and gives Anthropic the option to list — it does not commit the company to a timeline.
The company’s last private round priced it at $965B post-money on $65B raised in its Series H. At the time of that raise, Anthropic disclosed an annualised revenue run-rate of $47B. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are the lead underwriters. Wilson Sonsini is legal counsel. The target exchange is Nasdaq, with an October 2026 listing as the working timeline, contingent on SEC review.
What the S-1 Will Have to Answer
Confidential filing keeps the numbers private until the public S-1 drops, roughly 21 days before the roadshow. When it does, investors will be reading for several specific tensions in Anthropic’s model:
Revenue concentration. Amazon ($25B committed, with Anthropic also anchoring a $100B AWS spend commitment) and Google ($200B over five years, plus a $40B direct equity commitment) are both Anthropic’s largest investors and its two largest cloud infrastructure providers. The S-1 will need to disclose how much of the $47B ARR runs through channels where those same parties are suppliers and shareholders.
Compute costs. Anthropic is paying SpaceX $1.25B a month for Colossus 1 capacity, has taken all 220,000 GPUs there, and signed a gigawatt-scale TPU deal with Google and Broadcom for delivery in 2027. The company reached a first profitable quarter heading into Q2 2026, but compute spending at this scale makes margin sustainability a live question.
Corporate structure. Anthropic is a Delaware Public Benefit Corporation with a Long Term Benefit Trust structure. No major tech IPO has listed under PBC governance at this valuation. The SEC review cycle will probe how the mission-lock provisions interact with shareholder rights — especially given the lab’s own publicly stated view that it may be building one of the most transformative and dangerous technologies in history.
The OpenAI comparison. OpenAI is also in the pre-IPO process at an $852B valuation, having raised $122B in its own Series in March. Both could list within months of each other. Anthropic’s ARPU at $16.20 per monthly user versus OpenAI’s $2.20 (per Counterpoint Research) suggests different customer profiles and different monetisation ceilings.
The Numbers Behind the Valuation
The Series H closed in late May at $965B, led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, and Coatue. Additional participants included Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, and Fidelity. Samsung, SK Hynix, and Micron — memory suppliers for AI training — also joined.
Secondary market activity has already priced the company above $1T, with single-offer bids reported at $1.15T. The actual listing will establish whether public markets endorse or discount the private-round ceiling.
Revenue milestones through 2026: $10B run-rate at start of year, $30B by April, $47B at Series H close. Q2 is tracking toward $10.9B in quarterly revenue — the first profitable quarter.
The public S-1 is the next visible catalyst. Until then, Amazon and Alphabet remain the most liquid proxies for investors who want exposure before the roadshow.