Anthropic Files Confidentially for IPO

Anthropic submitted a confidential draft Form S-1 registration statement to the U.S. Securities and Exchange Commission on June 1, preparing the groundwork for an initial public offering. "This gives us the option to go public after the SEC completes its review," the company stated.

Following a recent funding round that valued the company at $965 billion, Anthropic has entered the center of a trillion-dollar IPO race alongside SpaceX and OpenAI. The size and price range of the offering have not yet been determined.

What a Confidential S-1 Filing Means

The submission is a preliminary step rather than an immediate listing. A confidential filing allows a company to review and adjust its registration statement with the SEC, addressing regulatory feedback before its financials and business operations are made public.

Anthropic announced the filing in accordance with Rule 135 of the Securities Act of 1933, stressing that the notice does not constitute an offer to sell or a solicitation to buy any securities. An active public listing typically occurs about one month after a public S-1 filing, subject to prevailing market conditions.

A $965 Billion Valuation on the Cusp of the Trillion-Dollar Club

Anthropic's valuation has reached the threshold of the trillion-dollar mark. In late May, the startup raised $65 billion in a Series H funding round, securing a post-money valuation of $965 billion. The round, led by Altimeter, Dragoneer, Greenoaks, and Sequoia Capital, ranks as the largest venture capital investment in history.

The valuation is nearly triple the $380 billion figure recorded in February, representing a rapid ascent over three months. Financial performance has expanded in tandem, with annualized run-rate revenue exceeding $44 billion as of May. The company is projected to record its first operating profit of approximately $559 million in the second quarter, pursuing a public offering just as its financial trajectory shifts from cash-burning growth to profitability.

A Trillion-Dollar IPO Race With SpaceX and OpenAI

The strategic move positions Anthropic ahead of its primary AI rival, OpenAI, which is reportedly preparing its own confidential submission. Reports from Axios and other outlets indicate that SpaceX, Anthropic, and OpenAI could all debut on public exchanges at valuations exceeding $1 trillion. Such a simultaneous concentration of high-value listings is unprecedented in market history.

SpaceX is projected to list as early as this month, leaving Anthropic and OpenAI to vie for the title of the next trillion-dollar public offering. This confidential filing marks the official beginning of that competition. As shown in our earlier coverage, it recently became the most valuable AI startup. The focus now shifts to whether it can hold that lead in the public capital markets.