Anthropic is preparing for an IPO, with investors seeking clarity on how the company calculates revenue from cloud reseller partnerships. Potential backers are scrutinizing whether the firm reports gross or net revenue when selling models via platforms like AWS Bedrock and Google Cloud Vertex AI.
The company reported an annualized revenue run rate exceeding $65 billion by the end of July 2026, up from $9 billion at the end of 2025. Quarterly revenue reached $11.5 billion in Q2 2026, compared to $4.73 billion in Q1 2026 and $787 million in Q2 2025.
Anthropic achieved its first quarterly operating profit of approximately $559 million in Q2 2026. Enterprise clients represent 80% of total revenue, with over 1,000 businesses spending at least $1 million annually on its products as of April 2026.
In May 2026, the company closed a $65 billion Series H round at a $965 billion valuation. Investors now project a public market valuation exceeding $2 trillion. Amazon holds a 21% stake, while Alphabet owns 15%. Total private capital raised ranges from $118 billion to $130 billion.
Anthropic submitted a draft S-1 registration statement to the SEC in June 2026, with Goldman Sachs, Morgan Stanley, and JPMorgan acting as underwriters. A public filing is expected in late September 2026, followed by a potential roadshow in mid-October.
Internal projections estimate revenue between $190 billion and $200 billion by 2028. However, investors note that rapid growth leaves little historical data to predict churn or seasonality, and high costs for compute and talent result in thin profit margins.