- Valuation milestone. Anthropic confidentially submitted its draft S-1 to the Securities and Exchange Commission on 1 June 2026, at a valuation of roughly $965 billion — overtaking OpenAI’s $852 billion mark for the first time.
- Fact. The company’s second-quarter 2026 revenue exceeded $10.9 billion, more than double the prior quarter, with an annualised run-rate projected to exceed $50 billion by the end of July — up from $4 billion in July 2025, an 80-fold increase in twelve months.
- Stake. The filing arrives while Anthropic is locked in a legal dispute with the US government after the Pentagon designated the company a supply-chain risk, potentially jeopardising substantial federal revenue on the eve of its public debut.
Anthropic announced the confidential submission in a brief statement on 1 June, noting that the number of shares and pricing had not been set and that a public offering would depend on SEC review and market conditions. Lead underwriters under consideration include Goldman Sachs, JPMorgan Chase and Morgan Stanley, according to reporting by Fortune. A fall 2026 debut is being targeted.
Revenue that rewrites the AI growth curve
The revenue trajectory behind the $965 billion valuation is as striking as the headline figure. Annualised revenue stood at roughly $4 billion in July 2025; by May 2026 the run-rate had reached approximately $47 billion, and Anthropic projected the annualised figure would cross $50 billion before the end of next month. The company said it expects to record its first profitable quarter. The acceleration has been driven by enterprise adoption of its Claude model family across financial services, legal, and government contracting sectors, as well as a surge in API demand from AI-native software developers.
Topping OpenAI — and the Pentagon problem
The $965 billion valuation edges Anthropic past OpenAI’s most recent private mark of $852 billion, though both companies are targeting fall 2026 public offerings in what has become the most concentrated AI IPO window in market history. The third pillar of the wave is SpaceX, which set its IPO pricing at a $1.75 trillion valuation earlier in the same week, raising $75 billion. Together, the three listings are expected to attract over $240 billion in institutional capital by year-end.
The Pentagon’s supply-chain risk designation — which Anthropic has contested in federal court — introduces the most material cloud over the offering. Federal contracts represent a growing share of Anthropic’s revenue base, and an adverse ruling could force the company to restructure its government business before its shares begin trading publicly.
What the S-1 does not yet say
As a confidential filing, the draft S-1 has not been made public. The SEC typically reviews such filings over 30 days before a company can proceed to a public roadshow. Anthropic’s statement described the filing as giving “the option to go public” rather than a firm commitment. The timing, if market conditions hold, would place Anthropic’s debut in the same October–November window that OpenAI and SpaceX are targeting — creating a competition for institutional allocation that could test the depth of demand for AI equity at these valuations.