Anthropic, the developer of the Claude AI models, filed a confidential draft Form S-1 with the SEC on June 1, 2026. The company reached a private valuation of $965 billion following a $65 billion Series H funding round in May 2026. Investors anticipate a public market valuation that could reach or exceed $1 trillion.
The public version of the prospectus is expected in late September 2026, with an institutional roadshow tentatively planned for mid-October. The company aims for a listing around the US midterm elections in November. Morgan Stanley and Goldman Sachs are leading the underwriting, supported by JPMorgan and Citi.
Ahead of the IPO, Anthropic is working to secure a $15 billion revolving credit facility. As of May 2026, the company reported a run-rate revenue of approximately $47 billion. The firm operates as a public benefit corporation, which remains a key point of interest for future public market shareholders.
The timing of the listing coincides with the US midterm elections, which introduces potential regulatory uncertainty regarding AI. The final valuation will depend on the audited financials disclosed in the public S-1, specifically regarding the company's path to profitability and customer concentration.
